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 |
Fidelity National Financial
FNF
|
+$445M |
| 2 |
Melco Resorts & Entertainment
MLCO
|
+$294M |
| 3 |
Amazon
AMZN
|
+$251M |
| 4 |
Las Vegas Sands
LVS
|
+$238M |
| 5 |
Goldman Sachs
GS
|
+$227M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McDonald's
MCD
|
+$347M |
| 2 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$307M |
| 3 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$212M |
| 4 |
FedEx
FDX
|
+$174M |
| 5 |
Aptiv
APTV
|
+$170M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.57% |
| 2 | Technology | 18.35% |
| 3 | Consumer Discretionary | 14.53% |
| 4 | Industrials | 8.46% |
| 5 | Healthcare | 6.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Tenet Healthcare
THC
$22.6B
| $353M | 0.58% |
5,949,727
-1,345,015
| -18% | -$75.1M |
|
|
IPG
52
DELISTED
Interpublic Group of Companies
IPG
| $344M | 0.57% |
18,800,865
+7,683,365
| +69% | +$149M |
|
53
Lear
LEA
$8.56B
| $342M | 0.56% |
3,962,973
-667,181
| -14% | -$64.4M |
|
|
TRW
54
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $339M | 0.56% |
3,344,279
-3,070,064
| -48% | -$307M |
|
|
MON
55
DELISTED
Monsanto Co
MON
| $336M | 0.55% |
2,988,253
+581,567
| +24% | +$68M |
|
56
General Dynamics
GD
$104B
| $334M | 0.55% |
2,627,762
-865,440
| -25% | -$105M |
|
57
State Street
STT
$51.4B
| $331M | 0.54% |
4,497,450
+83,900
| +2% | +$5.97M |
|
|
OCR
58
DELISTED
OMNICARE INC
OCR
| $331M | 0.54% |
5,314,440
-157,350
| -3% | -$10M |
|
59
Sanofi
SNY
$110B
| $331M | 0.54% |
5,859,450
+833,700
| +17% | +$44.8M |
|
60
Microsoft
MSFT
$3.59T
| $326M | 0.54% |
7,041,503
+105,420
| +2% | +$4.7M |
|
61
Walmart Inc
WMT
$825B
| $321M | 0.53% |
12,596,937
+2,117,451
| +20% | +$53.5M |
|
|
BHI
62
DELISTED
Baker Hughes
BHI
| $321M | 0.53% |
4,931,138
-1,271,077
| -20% | -$88.6M |
|
63
BorgWarner
BWA
$13.8B
| $312M | 0.51% |
6,742,976
-416,684
| -6% | -$22.8M |
|
|
HNT
64
DELISTED
HEALTH NET INC
HNT
| $299M | 0.49% |
6,491,267
-333,200
| -5% | -$14.8M |
|
65
General Mills
GIS
$21.4B
| $299M | 0.49% |
5,925,900
+341,100
| +6% | +$17.9M |
|
66
CarMax
KMX
$8.82B
| $297M | 0.49% |
6,389,753
+357,239
| +6% | +$18.3M |
|
67
Labcorp
LH
$27.3B
| $297M | 0.49% |
3,393,956
-286,852
| -8% | -$25.9M |
|
68
Kohl's
KSS
$2B
| $295M | 0.48% |
4,830,390
+860,241
| +22% | +$48.7M |
|
|
CPN
69
DELISTED
Calpine Corporation
CPN
| $293M | 0.48% |
13,480,884
+1,588,280
| +13% | +$36M |
|
|
TIF
70
DELISTED
Tiffany & Co.
TIF
| $289M | 0.47% |
2,997,688
-30,788
| -1% | -$3.07M |
|
71
Halliburton
HAL
$29.4B
| $271M | 0.44% |
4,195,430
+57,300
| +1% | +$3.93M |
|
|
FDO
72
DELISTED
FAMILY DOLLAR STORES
FDO
| $261M | 0.43% |
3,380,607
-2,873,688
| -46% | -$212M |
|
|
73
Melco Resorts & Entertainment
MLCO
$2.09B
| $256M | 0.42% |
+9,756,200
| New | +$294M |
|
|
SNI
74
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
| $253M | 0.42% |
3,240,521
-681,500
| -17% | -$54.9M |
|
75
Rockwell Automation
ROK
$48.5B
| $249M | 0.41% |
2,269,416
-248,100
| -10% | -$29.2M |
|
Similar funds
Bill Nygren's Q3 2014 Portfolio in Review
As of Q3 2014, Bill Nygren held 185 positions worth $60.9B, up 2.5% from $59.4B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren deployed $2.01B of net new capital in Q3 2014, opening 9 new positions and adding to 65 existing holdings. Its largest new stake was Melco Resorts & Entertainment: 9,756,200 shares worth $256M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 32% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was McDonald's, an estimated $347M trimmed.
- Bill Nygren's largest Q3 2014 buy was Melco Resorts & Entertainment: 9,756,200 shares worth $256M.
- Bill Nygren added most to Fidelity National Financial in Q3 2014, an estimated $445M increase.
- Bill Nygren's biggest Q3 2014 reduction was McDonald's, cutting an estimated $347M.
- Bill Nygren fully exited Marriott International in Q3 2014, selling an estimated $66.6M.
- Bill Nygren's ten largest holdings make up 34% of its $60.9B portfolio in Q3 2014.
- Bill Nygren opened 9 new positions and closed 10 in Q3 2014.
- Bill Nygren's portfolio value rose 2.5% quarter-over-quarter to $60.9B.
Based on Harris Associates's 13F filing for Q3 2014, filed 12 Nov 2014.