Bill Nygren Harris Associates
Bill Nygren is a portfolio manager at Harris Associates and a long-time lead voice behind the Oakmark family of funds. He is known for a value philosophy that seeks growing businesses at discounts to intrinsic value rather than statistically cheap “cigar butts” alone. Nygren’s shareholder letters are popular for clear explanations of valuation, portfolio changes, and long-term equity ownership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ConocoPhillips
COP
|
+$482M |
| 2 |
Amazon
AMZN
|
+$343M |
| 3 |
Bank of America
BAC
|
+$291M |
| 4 |
Capital One
COF
|
+$286M |
| 5 |
Intercontinental Exchange
ICE
|
+$281M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$636M |
| 2 |
HCA Healthcare
HCA
|
+$440M |
| 3 |
Netflix
NFLX
|
+$374M |
| 4 |
FISV
Fiserv Inc
FISV
|
+$231M |
| 5 |
TE Connectivity
TEL
|
+$195M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.17% |
| 2 | Communication Services | 20.7% |
| 3 | Technology | 15.31% |
| 4 | Consumer Discretionary | 15.22% |
| 5 | Industrials | 10.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
26
Charles Schwab
SCHW
$194B
| $643M | 1.25% |
12,266,936
+3,634,539
| +42% | +$266M |
|
27
Comcast
CMCSA
$95.3B
| $621M | 1.21% |
16,375,690
+297,725
| +2% | +$11.3M |
|
28
Workday
WDAY
$49.4B
| $612M | 1.19% |
2,960,963
-100,086
| -3% | -$18.2M |
|
29
Open Text
OTEX
$5.97B
| $562M | 1.09% |
14,572,307
-632,700
| -4% | -$21.9M |
|
30
Citigroup
C
$221B
| $561M | 1.09% |
11,970,871
-3,563,498
| -23% | -$175M |
|
31
Liberty Global Class A
LBTYA
$3.63B
| $532M | 1.03% |
27,268,010
-4,794,544
| -15% | -$97.4M |
|
32
BorgWarner
BWA
$13.8B
| $519M | 1.01% |
12,007,780
-1,166,779
| -9% | -$48.3M |
|
|
IPG
33
DELISTED
Interpublic Group of Companies
IPG
| $519M | 1.01% |
13,934,239
-194,952
| -1% | -$7.01M |
|
34
Meta Platforms (Facebook)
META
$1.4T
| $514M | 1% |
2,423,164
-414,844
| -15% | -$70.6M |
|
|
LBRDK
35
DELISTED
Liberty Broadband Class C
LBRDK
| $503M | 0.98% |
6,159,832
+206,731
| +3% | +$17.8M |
|
36
Pinterest
PINS
$13.3B
| $500M | 0.97% |
18,334,483
-7,302,438
| -28% | -$189M |
|
|
37
Netflix
NFLX
$331B
| $469M | 0.91% |
13,577,580
-11,315,540
| -45% | -$374M |
|
38
Blackrock
BLK
$179B
| $467M | 0.91% |
697,677
-89,511
| -11% | -$63.1M |
|
39
Hilton Worldwide
HLT
$73.5B
| $453M | 0.88% |
3,216,649
-338,725
| -10% | -$47.7M |
|
40
Masco
MAS
$14.5B
| $445M | 0.86% |
8,947,345
+552,226
| +7% | +$28.5M |
|
41
Goldman Sachs
GS
$303B
| $425M | 0.82% |
1,298,727
-86,728
| -6% | -$30.2M |
|
42
State Street
STT
$51.4B
| $425M | 0.82% |
5,610,722
-15,851
| -0.3% | -$1.33M |
|
43
Berkshire Hathaway Class B
BRK.B
$1.06T
| $419M | 0.81% |
1,357,843
-224,307
| -14% | -$69.1M |
|
44
APA Corp
APA
$15.2B
| $393M | 0.76% |
10,903,629
+777,722
| +8% | +$31.2M |
|
45
Visa
V
$693B
| $371M | 0.72% |
1,646,078
-221,774
| -12% | -$49.4M |
|
46
Lithia Motors
LAD
$8.15B
| $344M | 0.67% |
1,503,388
+169,890
| +13% | +$41.3M |
|
47
Pultegroup
PHM
$24.6B
| $335M | 0.65% |
5,747,572
-198,097
| -3% | -$10.7M |
|
48
Adobe
ADBE
$109B
| $326M | 0.63% |
847,061
+269,544
| +47% | +$95.8M |
|
49
First Citizens BancShares
FCNCA
$24.7B
| $319M | 0.62% |
328,310
+71,710
| +28% | +$53.3M |
|
50
Moody's
MCO
$87.2B
| $316M | 0.61% |
1,032,081
+406,129
| +65% | +$123M |
|
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Bill Nygren's Q1 2023 Portfolio in Review
As of Q1 2023, Bill Nygren held 158 positions worth $51.5B, up 4.9% from $49.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q1 2023 filing shows 15 new, 49 increased, 83 reduced and 9 closed positions. Its largest new stake was Truist Financial: 5,620,804 shares worth $192M. The largest sale was Booking.com, an estimated $636M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 28% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q1 2023 buy was Truist Financial: 5,620,804 shares worth $192M.
- Bill Nygren added most to ConocoPhillips in Q1 2023, an estimated $482M increase.
- Bill Nygren's biggest Q1 2023 reduction was Booking.com, cutting an estimated $636M.
- Bill Nygren fully exited Philips in Q1 2023, selling an estimated $186M.
- Bill Nygren's ten largest holdings make up 36% of its $51.5B portfolio in Q1 2023.
- Bill Nygren opened 15 new positions and closed 9 in Q1 2023.
- Bill Nygren's portfolio value rose 4.9% quarter-over-quarter to $51.5B.
Based on Harris Associates's 13F filing for Q1 2023, filed 15 May 2023.