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 |
Caterpillar
CAT
|
+$586M |
| 2 |
Microsoft
MSFT
|
+$573M |
| 3 |
GE Aerospace
GE
|
+$541M |
| 4 |
PCP
PRECISION CASTPARTS CORP
PCP
|
+$419M |
| 5 |
Flowserve
FLS
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$638M |
| 2 |
Apple
AAPL
|
+$576M |
| 3 |
Ralph Lauren
RL
|
+$412M |
| 4 |
Home Depot
HD
|
+$385M |
| 5 |
Walmart Inc
WMT
|
+$324M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.65% |
| 2 | Technology | 16.74% |
| 3 | Consumer Discretionary | 14.17% |
| 4 | Industrials | 9.86% |
| 5 | Healthcare | 6.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Omnicom Group
OMC
$24B
| $411M | 0.65% |
5,272,158
+39,855
| +0.8% | +$3.04M |
|
|
52
Flowserve
FLS
$10.1B
| $407M | 0.64% |
7,198,325
+6,467,225
| +885% | +$375M |
|
53
Lear
LEA
$8.56B
| $393M | 0.62% |
3,543,123
-419,700
| -11% | -$44.1M |
|
|
BHI
54
DELISTED
Baker Hughes
BHI
| $390M | 0.62% |
6,138,943
+1,200,910
| +24% | +$72.5M |
|
55
Qualcomm
QCOM
$169B
| $390M | 0.62% |
5,623,078
+134,523
| +2% | +$9.48M |
|
56
Automatic Data Processing
ADP
$112B
| $390M | 0.62% |
4,548,349
-1,050
| -0% | -$90.4K |
|
57
Philip Morris
PM
$293B
| $389M | 0.61% |
5,163,727
-626,700
| -11% | -$50.9M |
|
|
MON
58
DELISTED
Monsanto Co
MON
| $381M | 0.6% |
3,382,844
+183,686
| +6% | +$21.8M |
|
59
BorgWarner
BWA
$13.8B
| $371M | 0.59% |
6,972,675
+2,727
| +0% | +$139K |
|
|
HNT
60
DELISTED
HEALTH NET INC
HNT
| $354M | 0.56% |
5,852,700
-679,800
| -10% | -$38.3M |
|
|
OCR
61
DELISTED
OMNICARE INC
OCR
| $349M | 0.55% |
4,533,821
-739,493
| -14% | -$56.2M |
|
62
CarMax
KMX
$8.82B
| $344M | 0.54% |
4,981,279
-1,348,731
| -21% | -$87.9M |
|
|
TIF
63
DELISTED
Tiffany & Co.
TIF
| $337M | 0.53% |
3,827,565
+782,508
| +26% | +$70M |
|
64
General Mills
GIS
$21.4B
| $337M | 0.53% |
5,949,400
+22,200
| +0.4% | +$1.18M |
|
65
State Street
STT
$51.4B
| $331M | 0.52% |
4,501,125
+1,100
| +0% | +$82.3K |
|
|
CMCSK
66
DELISTED
COMCAST CORP SPL A (NEW)
CMCSK
| $330M | 0.52% |
5,880,883
-1,178,853
| -17% | -$66.1M |
|
67
News Corp Class A
NWSA
$16.4B
| $328M | 0.52% |
20,509,891
+469,600
| +2% | +$7.6M |
|
|
CPN
68
DELISTED
Calpine Corporation
CPN
| $314M | 0.5% |
13,724,959
+96,250
| +0.7% | +$2.08M |
|
|
HOT
69
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| $297M | 0.47% |
3,560,209
-1,204,499
| -25% | -$94.2M |
|
70
Sanofi
SNY
$110B
| $292M | 0.46% |
5,904,050
+8,100
| +0.1% | +$387K |
|
71
Tenet Healthcare
THC
$22.6B
| $289M | 0.46% |
5,837,302
-198,775
| -3% | -$9.29M |
|
72
Rockwell Automation
ROK
$48.5B
| $263M | 0.42% |
2,268,796
| – | – |
|
73
Las Vegas Sands
LVS
$30.5B
| $251M | 0.4% |
4,560,209
+97,155
| +2% | +$5.41M |
|
74
T. Rowe Price
TROW
$23.8B
| $244M | 0.39% |
3,010,809
+618,709
| +26% | +$51M |
|
75
Broadridge
BR
$20.8B
| $242M | 0.38% |
4,395,194
-542,600
| -11% | -$27.6M |
|
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Bill Nygren's Q1 2015 Portfolio in Review
As of Q1 2015, Bill Nygren held 191 positions worth $63.3B, down 1.7% from $64.4B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q1 2015 filing shows 9 new, 55 increased, 88 reduced and 24 closed positions. Its largest new stake was PRECISION CASTPARTS CORP: 1,975,378 shares worth $415M. The largest sale was FedEx, an estimated $638M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 36% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2015 buy was PRECISION CASTPARTS CORP: 1,975,378 shares worth $415M.
- Bill Nygren added most to Caterpillar in Q1 2015, an estimated $586M increase.
- Bill Nygren's biggest Q1 2015 reduction was FedEx, cutting an estimated $638M.
- Bill Nygren fully exited FAMILY DOLLAR STORES in Q1 2015, selling an estimated $219M.
- Bill Nygren's ten largest holdings make up 34% of its $63.3B portfolio in Q1 2015.
- Bill Nygren opened 9 new positions and closed 24 in Q1 2015.
- Bill Nygren's portfolio value fell 1.7% quarter-over-quarter to $63.3B.
Based on Harris Associates's 13F filing for Q1 2015, filed 14 May 2015.