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 |
Alphabet (Google) Class A
GOOGL
|
+$654M |
| 2 |
Televisa
TV
|
+$422M |
| 3 |
Cummins
CMI
|
+$418M |
| 4 |
Charter Communications
CHTR
|
+$310M |
| 5 |
Ally Financial
ALLY
|
+$305M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$945M |
| 2 |
Amazon
AMZN
|
+$945M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$739M |
| 4 |
Intel
INTC
|
+$390M |
| 5 |
CMCSK
COMCAST CORP SPL A (NEW)
CMCSK
|
+$280M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.4% |
| 2 | Technology | 16.62% |
| 3 | Industrials | 12.28% |
| 4 | Consumer Discretionary | 12.07% |
| 5 | Communication Services | 9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AMTD
51
DELISTED
TD Ameritrade Holding Corp
AMTD
| $393M | 0.67% |
11,310,669
-2,198,652
| -16% | -$76.4M |
|
|
TIF
52
DELISTED
Tiffany & Co.
TIF
| $380M | 0.64% |
4,983,072
-34,966
| -0.7% | -$2.73M |
|
|
53
Charter Communications
CHTR
$17.9B
| $374M | 0.63% |
2,043,297
+1,675,486
| +456% | +$310M |
|
54
BorgWarner
BWA
$13.8B
| $364M | 0.62% |
9,567,907
+647,343
| +7% | +$24.3M |
|
55
State Street
STT
$51.4B
| $353M | 0.6% |
5,315,245
+305,320
| +6% | +$21.2M |
|
56
Flowserve
FLS
$10.1B
| $346M | 0.59% |
8,216,450
-96,025
| -1% | -$4.24M |
|
57
Unilever
UL
$138B
| $344M | 0.58% |
7,090,002
-259,002
| -4% | -$12.6M |
|
58
Whirlpool
WHR
$2.63B
| $344M | 0.58% |
2,340,395
+914,730
| +64% | +$142M |
|
59
Philip Morris
PM
$293B
| $342M | 0.58% |
3,886,427
-1,000
| -0% | -$86.8K |
|
60
Comcast
CMCSA
$95.3B
| $328M | 0.56% |
11,631,168
+9,742,706
| +516% | +$293M |
|
|
BHI
61
DELISTED
Baker Hughes
BHI
| $327M | 0.55% |
7,082,568
-6,980
| -0.1% | -$357K |
|
62
NOV
NOV
$7.28B
| $324M | 0.55% |
9,660,015
+528,619
| +6% | +$19.6M |
|
63
Qualcomm
QCOM
$169B
| $308M | 0.52% |
6,158,789
+200,890
| +3% | +$10.7M |
|
64
CarMax
KMX
$8.82B
| $295M | 0.5% |
5,465,704
+1,143,525
| +26% | +$65.3M |
|
|
HNT
65
DELISTED
HEALTH NET INC
HNT
| $295M | 0.5% |
4,302,367
-152,999
| -3% | -$9.8M |
|
|
66
Ally Financial
ALLY
$13.1B
| $287M | 0.49% |
+15,393,253
| New | +$305M |
|
67
News Corp Class A
NWSA
$16.4B
| $279M | 0.47% |
20,918,171
-22,410
| -0.1% | -$316K |
|
68
Tenet Healthcare
THC
$22.6B
| $253M | 0.43% |
8,346,668
+1,701,615
| +26% | +$55.8M |
|
69
Sanofi
SNY
$110B
| $246M | 0.42% |
5,775,040
-137,910
| -2% | -$6.34M |
|
70
Halliburton
HAL
$29.4B
| $243M | 0.41% |
7,137,607
-1,782,965
| -20% | -$67.2M |
|
71
General Mills
GIS
$21.4B
| $240M | 0.41% |
4,165,823
-1,786,577
| -30% | -$103M |
|
72
US Bancorp
USB
$96.7B
| $234M | 0.4% |
5,475,906
+716,541
| +15% | +$30.6M |
|
73
Rockwell Automation
ROK
$48.5B
| $232M | 0.39% |
2,259,496
+2,149
| +0.1% | +$225K |
|
|
CHK
74
DELISTED
Chesapeake Energy Corporation
CHK
| $226M | 0.38% |
251,523
+29,132
| +13% | +$36.2M |
|
75
T. Rowe Price
TROW
$23.8B
| $226M | 0.38% |
3,159,993
-627,657
| -17% | -$46.1M |
|
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Bill Nygren's Q4 2015 Portfolio in Review
As of Q4 2015, Bill Nygren held 129 positions worth $59B, up 3.2% from $57.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q4 2015 filing shows 8 new, 42 increased, 74 reduced and 5 closed positions. Its largest new stake was Alphabet (Google) Class A: 17,660,680 shares worth $687M. The largest sale was Baidu, an estimated $945M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Industrials.
- Bill Nygren's largest Q4 2015 buy was Alphabet (Google) Class A: 17,660,680 shares worth $687M.
- Bill Nygren added most to Cummins in Q4 2015, an estimated $418M increase.
- Bill Nygren's biggest Q4 2015 reduction was Baidu, cutting an estimated $945M.
- Bill Nygren fully exited COMCAST CORP SPL A (NEW) in Q4 2015, selling an estimated $280M.
- Bill Nygren's ten largest holdings make up 34% of its $59B portfolio in Q4 2015.
- Bill Nygren opened 8 new positions and closed 5 in Q4 2015.
- Bill Nygren's portfolio value rose 3.2% quarter-over-quarter to $59B.
Based on Harris Associates's 13F filing for Q4 2015, filed 9 Feb 2016.