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 |
Apple
AAPL
|
+$626M |
| 2 |
Citigroup
C
|
+$466M |
| 3 |
CBRE Group
CBRE
|
+$394M |
| 4 |
Diageo
DEO
|
+$346M |
| 5 |
Ralph Lauren
RL
|
+$301M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRX
FOREST LABORATORIES INC
FRX
|
+$632M |
| 2 |
Aptiv
APTV
|
+$533M |
| 3 |
Illinois Tool Works
ITW
|
+$276M |
| 4 |
Devon Energy
DVN
|
+$249M |
| 5 |
Quest Diagnostics
DGX
|
+$229M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.11% |
| 2 | Technology | 19.55% |
| 3 | Consumer Discretionary | 13.52% |
| 4 | Industrials | 11.41% |
| 5 | Healthcare | 7.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
McDonald's
MCD
$192B
| $366M | 0.66% |
3,734,347
+368,565
| +11% | +$35.2M |
|
52
Texas Instruments
TXN
$241B
| $363M | 0.65% |
7,691,736
-863,292
| -10% | -$38.1M |
|
|
FDO
53
DELISTED
FAMILY DOLLAR STORES
FDO
| $360M | 0.65% |
6,213,149
-280,331
| -4% | -$17.7M |
|
54
ExxonMobil
XOM
$679B
| $359M | 0.64% |
3,677,000
-666,682
| -15% | -$63.5M |
|
55
Goldman Sachs
GS
$303B
| $355M | 0.64% |
2,164,910
+29,193
| +1% | +$4.91M |
|
56
Tenet Healthcare
THC
$22.6B
| $330M | 0.59% |
7,715,972
-8,450
| -0.1% | -$373K |
|
57
Omnicom Group
OMC
$24B
| $324M | 0.58% |
4,458,400
-34,186
| -0.8% | -$2.51M |
|
58
Labcorp
LH
$27.3B
| $309M | 0.55% |
3,664,316
-2,185,721
| -37% | -$174M |
|
|
59
Aptiv
APTV
$10B
| $309M | 0.55% |
4,548,378
-8,350,417
| -65% | -$533M |
|
|
60
Ralph Lauren
RL
$22.2B
| $300M | 0.54% |
+1,867,064
| New | +$301M |
|
|
SNI
61
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
| $298M | 0.53% |
3,922,021
-1,007,983
| -20% | -$78.5M |
|
62
Alphabet (Google) Class C
GOOG
$4.18T
| $287M | 0.51% |
10,332,062
+808,539
| +8% | +$23.5M |
|
63
Home Depot
HD
$335B
| $287M | 0.51% |
3,623,008
+1,039,948
| +40% | +$82.7M |
|
64
Microsoft
MSFT
$3.59T
| $280M | 0.5% |
6,828,377
+273,349
| +4% | +$10.3M |
|
|
COV
65
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $272M | 0.49% |
3,690,391
+14,592
| +0.4% | +$1.02M |
|
66
Cummins
CMI
$80.9B
| $267M | 0.48% |
1,792,739
-301,317
| -14% | -$41.9M |
|
67
Qualcomm
QCOM
$169B
| $255M | 0.46% |
3,235,259
+620,949
| +24% | +$46.8M |
|
68
Check Point Software Technologies
CHKP
$13.3B
| $255M | 0.46% |
3,763,700
-2,004,964
| -35% | -$133M |
|
|
FRX
69
DELISTED
FOREST LABORATORIES INC
FRX
| $251M | 0.45% |
2,717,500
-7,826,650
| -74% | -$632M |
|
|
CPN
70
DELISTED
Calpine Corporation
CPN
| $247M | 0.44% |
11,804,504
+1,164,700
| +11% | +$22.8M |
|
71
Halliburton
HAL
$29.4B
| $244M | 0.44% |
4,138,130
+179,300
| +5% | +$9.58M |
|
|
HNT
72
DELISTED
HEALTH NET INC
HNT
| $231M | 0.41% |
6,793,249
-297,401
| -4% | -$9.76M |
|
73
3M
MMM
$92.3B
| $229M | 0.41% |
2,023,065
-9,209
| -0.5% | -$1.02M |
|
74
Walmart Inc
WMT
$825B
| $225M | 0.4% |
8,849,454
+2,073,183
| +31% | +$52.1M |
|
75
Broadridge
BR
$20.8B
| $223M | 0.4% |
6,014,859
-94,950
| -2% | -$3.56M |
|
Similar funds
Bill Nygren's Q1 2014 Portfolio in Review
As of Q1 2014, Bill Nygren held 199 positions worth $55.8B, down 0.24% from $56B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q1 2014 filing shows 12 new, 58 increased, 85 reduced and 23 closed positions. Its largest new stake was Citigroup: 9,362,711 shares worth $446M. The largest sale was FOREST LABORATORIES INC, an estimated $632M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2014 buy was Citigroup: 9,362,711 shares worth $446M.
- Bill Nygren added most to Apple in Q1 2014, an estimated $626M increase.
- Bill Nygren's biggest Q1 2014 reduction was FOREST LABORATORIES INC, cutting an estimated $632M.
- Bill Nygren fully exited Quest Diagnostics in Q1 2014, selling an estimated $229M.
- Bill Nygren's ten largest holdings make up 33% of its $55.8B portfolio in Q1 2014.
- Bill Nygren opened 12 new positions and closed 23 in Q1 2014.
- Bill Nygren's portfolio value fell 0.24% quarter-over-quarter to $55.8B.
Based on Harris Associates's 13F filing for Q1 2014, filed 25 Apr 2014.