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 |
Amazon
AMZN
|
+$917M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$601M |
| 3 |
Citigroup
C
|
+$525M |
| 4 |
General Motors
GM
|
+$264M |
| 5 |
Bank of America
BAC
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$714M |
| 2 |
Applied Materials
AMAT
|
+$451M |
| 3 |
Devon Energy
DVN
|
+$414M |
| 4 |
ExxonMobil
XOM
|
+$284M |
| 5 |
Cummins
CMI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.99% |
| 2 | Technology | 18.24% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 9.31% |
| 5 | Healthcare | 6.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
HOT
51
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| $373M | 0.63% |
4,609,329
-664,562
| -13% | -$52.2M |
|
|
OCR
52
DELISTED
OMNICARE INC
OCR
| $364M | 0.61% |
5,471,790
-735,922
| -12% | -$45.7M |
|
53
Texas Instruments
TXN
$241B
| $362M | 0.61% |
7,567,005
-124,731
| -2% | -$5.82M |
|
54
Home Depot
HD
$335B
| $352M | 0.59% |
4,347,808
+724,800
| +20% | +$57.2M |
|
55
Omnicom Group
OMC
$24B
| $343M | 0.58% |
4,812,513
+354,113
| +8% | +$24.7M |
|
56
Tenet Healthcare
THC
$22.6B
| $342M | 0.58% |
7,294,742
-421,230
| -5% | -$19M |
|
57
Labcorp
LH
$27.3B
| $324M | 0.55% |
3,680,808
+16,492
| +0.5% | +$1.43M |
|
|
SNI
58
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
| $318M | 0.54% |
3,922,021
| – | – |
|
59
Rockwell Automation
ROK
$48.5B
| $315M | 0.53% |
2,517,516
-465,759
| -16% | -$57.4M |
|
60
CarMax
KMX
$8.82B
| $314M | 0.53% |
6,032,514
+1,796,277
| +42% | +$81.6M |
|
61
Automatic Data Processing
ADP
$112B
| $313M | 0.53% |
4,491,383
+2,567,498
| +133% | +$175M |
|
62
Qualcomm
QCOM
$169B
| $305M | 0.51% |
3,852,059
+616,800
| +19% | +$49M |
|
|
TIF
63
DELISTED
Tiffany & Co.
TIF
| $304M | 0.51% |
3,028,476
-1,287,078
| -30% | -$119M |
|
|
MON
64
DELISTED
Monsanto Co
MON
| $300M | 0.51% |
2,406,686
+1,790,985
| +291% | +$210M |
|
65
State Street
STT
$51.4B
| $297M | 0.5% |
4,413,550
+1,318,400
| +43% | +$86.7M |
|
66
Halliburton
HAL
$29.4B
| $294M | 0.49% |
4,138,130
| – | – |
|
67
General Mills
GIS
$21.4B
| $293M | 0.49% |
5,584,800
+3,382,184
| +154% | +$180M |
|
68
Microsoft
MSFT
$3.59T
| $289M | 0.49% |
6,936,083
+107,706
| +2% | +$4.36M |
|
|
HNT
69
DELISTED
HEALTH NET INC
HNT
| $283M | 0.48% |
6,824,467
+31,218
| +0.5% | +$1.16M |
|
|
CPN
70
DELISTED
Calpine Corporation
CPN
| $283M | 0.48% |
11,892,604
+88,100
| +0.7% | +$2M |
|
71
Sanofi
SNY
$110B
| $267M | 0.45% |
5,025,750
+2,384,250
| +90% | +$127M |
|
72
Walmart Inc
WMT
$825B
| $262M | 0.44% |
10,479,486
+1,630,032
| +18% | +$41.9M |
|
73
Check Point Software Technologies
CHKP
$13.3B
| $250M | 0.42% |
3,734,800
-28,900
| -0.8% | -$1.9M |
|
74
Broadridge
BR
$20.8B
| $250M | 0.42% |
6,002,809
-12,050
| -0.2% | -$472K |
|
|
IPG
75
DELISTED
Interpublic Group of Companies
IPG
| $217M | 0.37% |
+11,117,500
| New | +$202M |
|
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Bill Nygren's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Nygren held 182 positions worth $59.4B, up 6.4% from $55.8B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q2 2014 filing shows 6 new, 60 increased, 84 reduced and 5 closed positions. Its largest new stake was Amazon: 57,950,720 shares worth $941M. The largest sale was DIRECTV COM STK (DE), an estimated $714M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q2 2014 buy was Amazon: 57,950,720 shares worth $941M.
- Bill Nygren added most to Alphabet (Google) Class C in Q2 2014, an estimated $601M increase.
- Bill Nygren's biggest Q2 2014 reduction was DIRECTV COM STK (DE), cutting an estimated $714M.
- Bill Nygren fully exited Kennametal in Q2 2014, selling an estimated $131M.
- Bill Nygren's ten largest holdings make up 34% of its $59.4B portfolio in Q2 2014.
- Bill Nygren opened 6 new positions and closed 5 in Q2 2014.
- Bill Nygren's portfolio value rose 6.4% quarter-over-quarter to $59.4B.
Based on Harris Associates's 13F filing for Q2 2014, filed 12 Aug 2014.