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 |
Citigroup
C
|
+$501M |
| 2 |
Moody's
MCO
|
+$363M |
| 3 |
GE Aerospace
GE
|
+$292M |
| 4 |
Willis Towers Watson
WTW
|
+$216M |
| 5 |
Infosys
INFY
|
+$201M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$469M |
| 2 |
Cummins
CMI
|
+$221M |
| 3 |
CMA
Comerica
CMA
|
+$201M |
| 4 |
Bank of America
BAC
|
+$200M |
| 5 |
TIF
Tiffany & Co.
TIF
|
+$174M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.02% |
| 2 | Technology | 14.12% |
| 3 | Consumer Discretionary | 13.95% |
| 4 | Communication Services | 12.6% |
| 5 | Industrials | 9.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
CVS Health
CVS
$119B
| $393M | 0.72% |
5,003,692
-1,000
| -0% | -$79.8K |
|
|
CHK
52
DELISTED
Chesapeake Energy Corporation
CHK
| $389M | 0.71% |
327,378
+160,726
| +96% | +$195M |
|
53
Goldman Sachs
GS
$303B
| $385M | 0.7% |
1,676,399
-538,464
| -24% | -$130M |
|
|
54
Moody's
MCO
$87.2B
| $379M | 0.69% |
+3,381,743
| New | +$363M |
|
55
Automatic Data Processing
ADP
$112B
| $377M | 0.69% |
3,686,725
+1,650
| +0% | +$168K |
|
56
Comcast
CMCSA
$95.3B
| $367M | 0.67% |
9,773,868
+795,360
| +9% | +$29.5M |
|
57
Philip Morris
PM
$293B
| $352M | 0.64% |
3,122,065
+500
| +0% | +$51.6K |
|
58
Blackrock
BLK
$179B
| $348M | 0.64% |
906,636
-105,787
| -10% | -$40.5M |
|
59
Qualcomm
QCOM
$169B
| $346M | 0.63% |
6,034,791
-234,468
| -4% | -$13.6M |
|
60
Whirlpool
WHR
$2.63B
| $332M | 0.61% |
1,939,180
+2,485
| +0.1% | +$441K |
|
|
IPG
61
DELISTED
Interpublic Group of Companies
IPG
| $322M | 0.59% |
13,112,931
-1,585,249
| -11% | -$38M |
|
62
Microsoft
MSFT
$3.59T
| $309M | 0.56% |
4,689,385
-976,747
| -17% | -$62.6M |
|
63
Principal Financial Group
PFG
$23.7B
| $298M | 0.54% |
4,715,903
-54,800
| -1% | -$3.34M |
|
64
BorgWarner
BWA
$13.8B
| $277M | 0.51% |
7,530,422
-1,527,352
| -17% | -$55.6M |
|
65
Medtronic
MDT
$119B
| $257M | 0.47% |
3,190,211
+802,452
| +34% | +$62.7M |
|
|
AMTD
66
DELISTED
TD Ameritrade Holding Corp
AMTD
| $248M | 0.45% |
6,390,374
-314,532
| -5% | -$13.4M |
|
|
BHI
67
DELISTED
Baker Hughes
BHI
| $233M | 0.43% |
3,892,100
-1,272
| -0% | -$77.4K |
|
68
CDW
CDW
$17.2B
| $227M | 0.41% |
3,929,142
-683,353
| -15% | -$38.5M |
|
69
Jones Lang LaSalle
JLL
$17.8B
| $226M | 0.41% |
2,029,396
-74,928
| -4% | -$8.15M |
|
70
News Corp Class A
NWSA
$16.4B
| $224M | 0.41% |
17,196,313
-19,065
| -0.1% | -$239K |
|
|
USG
71
DELISTED
Usg
USG
| $216M | 0.39% |
6,780,600
-46,900
| -0.7% | -$1.49M |
|
72
AutoNation
AN
$6.6B
| $213M | 0.39% |
5,038,530
+3,850,104
| +324% | +$184M |
|
73
Lear
LEA
$8.56B
| $205M | 0.37% |
1,446,184
-5,100
| -0.4% | -$724K |
|
|
TRCO
74
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $187M | 0.34% |
5,027,090
-1,014,218
| -17% | -$34.3M |
|
75
Howard Hughes
HHH
$3.97B
| $185M | 0.34% |
1,657,591
+22,727
| +1% | +$2.45M |
|
Similar funds
Bill Nygren's Q1 2017 Portfolio in Review
As of Q1 2017, Bill Nygren held 126 positions worth $54.7B, up 5.5% from $51.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q1 2017 filing shows 5 new, 46 increased, 64 reduced and 10 closed positions. Its largest new stake was Moody's: 3,381,743 shares worth $379M. The largest sale was JPMorgan Chase, an estimated $469M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 34% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2017 buy was Moody's: 3,381,743 shares worth $379M.
- Bill Nygren added most to Citigroup in Q1 2017, an estimated $501M increase.
- Bill Nygren's biggest Q1 2017 reduction was JPMorgan Chase, cutting an estimated $469M.
- Bill Nygren fully exited Halliburton in Q1 2017, selling an estimated $160M.
- Bill Nygren's ten largest holdings make up 34% of its $54.7B portfolio in Q1 2017.
- Bill Nygren opened 5 new positions and closed 10 in Q1 2017.
- Bill Nygren's portfolio value rose 5.5% quarter-over-quarter to $54.7B.
Based on Harris Associates's 13F filing for Q1 2017, filed 8 May 2017.