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 |
Baidu
BIDU
|
+$374M |
| 2 |
Oracle
ORCL
|
+$339M |
| 3 |
WFT
Weatherford International plc
WFT
|
+$297M |
| 4 |
GE Aerospace
GE
|
+$294M |
| 5 |
Howmet Aerospace
HWM
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Melco Resorts & Entertainment
MLCO
|
+$350M |
| 2 |
Aon
AON
|
+$240M |
| 3 |
Caterpillar
CAT
|
+$235M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$191M |
| 5 |
Intel
INTC
|
+$172M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.81% |
| 2 | Technology | 14.28% |
| 3 | Communication Services | 13.22% |
| 4 | Consumer Discretionary | 12.52% |
| 5 | Industrials | 9.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Automatic Data Processing
ADP
$112B
| $377M | 0.68% |
3,683,475
-3,250
| -0.1% | -$329K |
|
52
Philip Morris
PM
$293B
| $367M | 0.66% |
3,122,265
+200
| +0% | +$23.2K |
|
53
Goldman Sachs
GS
$303B
| $357M | 0.64% |
1,609,214
-67,185
| -4% | -$14.9M |
|
|
IPG
54
DELISTED
Interpublic Group of Companies
IPG
| $313M | 0.56% |
12,743,156
-369,775
| -3% | -$9.04M |
|
55
Blackrock
BLK
$179B
| $307M | 0.55% |
726,405
-180,231
| -20% | -$71.9M |
|
|
CHK
56
DELISTED
Chesapeake Energy Corporation
CHK
| $306M | 0.55% |
307,780
-19,598
| -6% | -$21M |
|
|
57
Howmet Aerospace
HWM
$108B
| $304M | 0.55% |
17,524,701
+10,542,303
| +151% | +$215M |
|
|
FL
58
DELISTED
Foot Locker
FL
| $296M | 0.53% |
5,997,205
+1,075
| +0% | +$69.7K |
|
59
Medtronic
MDT
$119B
| $282M | 0.51% |
3,178,330
-11,881
| -0.4% | -$1M |
|
60
BorgWarner
BWA
$13.8B
| $281M | 0.5% |
7,524,629
-5,793
| -0.1% | -$210K |
|
61
Union Pacific
UNP
$183B
| $279M | 0.5% |
2,565,634
-1,215,730
| -32% | -$133M |
|
|
AMTD
62
DELISTED
TD Ameritrade Holding Corp
AMTD
| $273M | 0.49% |
6,343,014
-47,360
| -0.7% | -$1.84M |
|
63
Jones Lang LaSalle
JLL
$17.8B
| $254M | 0.46% |
2,032,233
+2,837
| +0.1% | +$326K |
|
64
Qualcomm
QCOM
$169B
| $245M | 0.44% |
4,431,791
-1,603,000
| -27% | -$89.6M |
|
|
VISN
65
Vistance Networks Inc
VISN
$2.59B
| $243M | 0.44% |
6,390,730
+2,361,663
| +59% | +$91.2M |
|
66
Microsoft
MSFT
$3.59T
| $239M | 0.43% |
3,465,149
-1,224,236
| -26% | -$84M |
|
|
WFT
67
DELISTED
Weatherford International plc
WFT
| $236M | 0.43% |
61,075,275
+58,380,345
| +2,166% | +$297M |
|
|
APC
68
DELISTED
Anadarko Petroleum
APC
| $235M | 0.42% |
5,176,366
-1,416,412
| -21% | -$75.1M |
|
69
News Corp Class A
NWSA
$16.4B
| $218M | 0.39% |
15,896,738
-1,299,575
| -8% | -$17M |
|
|
BHI
70
DELISTED
Baker Hughes
BHI
| $212M | 0.38% |
3,882,972
-9,128
| -0.2% | -$525K |
|
71
CDW
CDW
$17.2B
| $211M | 0.38% |
3,368,302
-560,840
| -14% | -$33.5M |
|
72
Lear
LEA
$8.56B
| $205M | 0.37% |
1,441,254
-4,930
| -0.3% | -$698K |
|
|
USG
73
DELISTED
Usg
USG
| $201M | 0.36% |
6,918,994
+138,394
| +2% | +$4.13M |
|
74
Aptiv
APTV
$10B
| $197M | 0.35% |
2,246,675
+110
| +0% | +$9.18K |
|
75
Howard Hughes
HHH
$3.97B
| $195M | 0.35% |
1,663,162
+5,571
| +0.3% | +$660K |
|
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Bill Nygren's Q2 2017 Portfolio in Review
As of Q2 2017, Bill Nygren held 124 positions worth $55.6B, up 1.6% from $54.7B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q2 2017 filing shows 8 new, 35 increased, 75 reduced and 4 closed positions. Its largest new stake was Blue Buffalo Pet Products, Inc: 2,344,399 shares worth $53.5M. The largest sale was Melco Resorts & Entertainment, an estimated $350M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Technology and Communication Services.
- Bill Nygren's largest Q2 2017 buy was Blue Buffalo Pet Products, Inc: 2,344,399 shares worth $53.5M.
- Bill Nygren added most to Baidu in Q2 2017, an estimated $374M increase.
- Bill Nygren's biggest Q2 2017 reduction was Melco Resorts & Entertainment, cutting an estimated $350M.
- Bill Nygren fully exited Check Point Software Technologies in Q2 2017, selling an estimated $28.9M.
- Bill Nygren's ten largest holdings make up 36% of its $55.6B portfolio in Q2 2017.
- Bill Nygren opened 8 new positions and closed 4 in Q2 2017.
- Bill Nygren's portfolio value rose 1.6% quarter-over-quarter to $55.6B.
Based on Harris Associates's 13F filing for Q2 2017, filed 14 Aug 2017.