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 |
IQVIA
IQV
|
+$1.37B |
| 2 |
Cisco
CSCO
|
+$591M |
| 3 |
Kroger
KR
|
+$342M |
| 4 |
Centene
CNC
|
+$265M |
| 5 |
Corteva
CTVA
|
+$255M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$682M |
| 2 |
Parker-Hannifin
PH
|
+$471M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$435M |
| 4 |
Oracle
ORCL
|
+$428M |
| 5 |
Workday
WDAY
|
+$382M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.73% |
| 2 | Communication Services | 18.05% |
| 3 | Consumer Discretionary | 11.25% |
| 4 | Technology | 10.27% |
| 5 | Industrials | 8.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Ally Financial
ALLY
$13.1B
| $698M | 1.36% |
26,157,051
+125,559
| +0.5% | +$3.51M |
|
27
First Citizens BancShares
FCNCA
$24.7B
| $682M | 1.33% |
494,026
-25,264
| -5% | -$34.7M |
|
|
LBRDK
28
DELISTED
Liberty Broadband Class C
LBRDK
| $614M | 1.2% |
6,725,955
+252,665
| +4% | +$22.5M |
|
29
TE Connectivity
TEL
$58.9B
| $609M | 1.19% |
4,930,961
-1,233,627
| -20% | -$165M |
|
|
30
Cisco
CSCO
$438B
| $588M | 1.15% |
+10,945,290
| New | +$591M |
|
31
APA Corp
APA
$15.2B
| $548M | 1.07% |
13,338,123
-36,335
| -0.3% | -$1.5M |
|
32
Masco
MAS
$14.5B
| $515M | 1% |
9,628,860
-99,534
| -1% | -$5.74M |
|
33
HCA Healthcare
HCA
$92.9B
| $488M | 0.95% |
1,984,345
-1,028,978
| -34% | -$282M |
|
34
Lithia Motors
LAD
$8.15B
| $487M | 0.95% |
1,647,451
-405
| -0% | -$123K |
|
|
IPG
35
DELISTED
Interpublic Group of Companies
IPG
| $477M | 0.93% |
16,660,094
+3,278,035
| +24% | +$109M |
|
36
Citigroup
C
$221B
| $459M | 0.89% |
11,150,481
+357,523
| +3% | +$15.7M |
|
37
State Street
STT
$51.4B
| $439M | 0.85% |
6,558,292
-248,433
| -4% | -$17.5M |
|
38
Hilton Worldwide
HLT
$73.5B
| $438M | 0.85% |
2,917,054
-26,570
| -0.9% | -$4.01M |
|
39
American Express
AXP
$227B
| $436M | 0.85% |
2,923,742
+1,055,104
| +56% | +$173M |
|
|
40
Parker-Hannifin
PH
$126B
| $425M | 0.83% |
1,091,239
-1,173,029
| -52% | -$471M |
|
41
Goldman Sachs
GS
$303B
| $420M | 0.82% |
1,298,799
+5,904
| +0.5% | +$1.97M |
|
42
BorgWarner
BWA
$13.8B
| $406M | 0.79% |
10,062,663
-1,463,286
| -13% | -$62M |
|
43
Altria Group
MO
$110B
| $405M | 0.79% |
9,619,982
+2,415,011
| +34% | +$107M |
|
44
Open Text
OTEX
$5.97B
| $404M | 0.79% |
11,515,807
+177,600
| +2% | +$6.95M |
|
45
Blackrock
BLK
$179B
| $364M | 0.71% |
563,639
-17,538
| -3% | -$12.3M |
|
|
BNY
46
Bank of New York Mellon
BNY
$108B
| $357M | 0.69% |
8,369,620
+1,269,370
| +18% | +$56.6M |
|
47
Liberty Global Class A
LBTYA
$3.63B
| $350M | 0.68% |
20,426,739
-273,400
| -1% | -$4.93M |
|
48
Global Payments
GPN
$24.7B
| $322M | 0.63% |
2,790,484
+507,699
| +22% | +$60.4M |
|
49
Truist Financial
TFC
$61.6B
| $307M | 0.6% |
10,714,495
+326,815
| +3% | +$10M |
|
50
Corebridge Financial
CRBG
$14.2B
| $301M | 0.59% |
15,234,999
+1,339,463
| +10% | +$24.9M |
|
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Bill Nygren's Q3 2023 Portfolio in Review
As of Q3 2023, Bill Nygren held 150 positions worth $51.4B, down 3.3% from $53.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q3 2023 filing shows 8 new, 39 increased, 81 reduced and 16 closed positions. Its largest new stake was Cisco: 10,945,290 shares worth $588M. The largest sale was Amazon, an estimated $682M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 31% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q3 2023 buy was Cisco: 10,945,290 shares worth $588M.
- Bill Nygren added most to IQVIA in Q3 2023, an estimated $1.37B increase.
- Bill Nygren's biggest Q3 2023 reduction was Amazon, cutting an estimated $682M.
- Bill Nygren fully exited PACCAR in Q3 2023, selling an estimated $132M.
- Bill Nygren's ten largest holdings make up 36% of its $51.4B portfolio in Q3 2023.
- Bill Nygren opened 8 new positions and closed 16 in Q3 2023.
- Bill Nygren's portfolio value fell 3.3% quarter-over-quarter to $51.4B.
Based on Harris Associates's 13F filing for Q3 2023, filed 14 Nov 2023.