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 |
GE Aerospace
GE
|
+$789M |
| 2 |
Liberty Global Class C
LBTYK
|
+$780M |
| 3 |
Liberty Global Class A
LBTYA
|
+$378M |
| 4 |
Netflix
NFLX
|
+$282M |
| 5 |
American International
AIG
|
+$242M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$630M |
| 2 |
Union Pacific
UNP
|
+$258M |
| 3 |
Blackrock
BLK
|
+$227M |
| 4 |
BHI
Baker Hughes
BHI
|
+$212M |
| 5 |
Oracle
ORCL
|
+$177M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Communication Services | 15.77% |
| 3 | Technology | 13.38% |
| 4 | Consumer Discretionary | 13.34% |
| 5 | Industrials | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Harley-Davidson
HOG
$2.93B
| $382M | 0.64% |
7,922,594
+230
| +0% | +$11.2K |
|
52
Goldman Sachs
GS
$303B
| $372M | 0.63% |
1,569,098
-40,116
| -2% | -$9.05M |
|
53
Whirlpool
WHR
$2.63B
| $363M | 0.61% |
1,965,889
-214,950
| -10% | -$38.4M |
|
54
Automatic Data Processing
ADP
$112B
| $362M | 0.61% |
3,311,737
-371,738
| -10% | -$39.8M |
|
55
Howmet Aerospace
HWM
$108B
| $349M | 0.59% |
18,277,777
+753,076
| +4% | +$14.4M |
|
56
Philip Morris
PM
$293B
| $347M | 0.58% |
3,121,993
-272
| -0% | -$31.7K |
|
|
APC
57
DELISTED
Anadarko Petroleum
APC
| $342M | 0.58% |
7,004,841
+1,828,475
| +35% | +$80.6M |
|
|
VISN
58
Vistance Networks Inc
VISN
$2.59B
| $297M | 0.5% |
8,938,494
+2,547,764
| +40% | +$87M |
|
|
IPG
59
DELISTED
Interpublic Group of Companies
IPG
| $297M | 0.5% |
14,274,602
+1,531,446
| +12% | +$33.3M |
|
60
BorgWarner
BWA
$13.8B
| $295M | 0.5% |
6,548,578
-976,051
| -13% | -$39.9M |
|
|
CHK
61
DELISTED
Chesapeake Energy Corporation
CHK
| $294M | 0.5% |
341,539
+33,759
| +11% | +$29M |
|
|
62
Netflix
NFLX
$331B
| $293M | 0.49% |
+16,149,460
| New | +$282M |
|
|
WFT
63
DELISTED
Weatherford International plc
WFT
| $259M | 0.44% |
56,555,775
-4,519,500
| -7% | -$18.7M |
|
64
Lear
LEA
$8.56B
| $249M | 0.42% |
1,439,632
-1,622
| -0.1% | -$245K |
|
|
AMTD
65
DELISTED
TD Ameritrade Holding Corp
AMTD
| $249M | 0.42% |
5,102,803
-1,240,211
| -20% | -$55.6M |
|
66
Jones Lang LaSalle
JLL
$17.8B
| $248M | 0.42% |
2,008,859
-23,374
| -1% | -$2.89M |
|
67
Medtronic
MDT
$119B
| $244M | 0.41% |
3,134,174
-44,156
| -1% | -$3.67M |
|
68
Qualcomm
QCOM
$169B
| $230M | 0.39% |
4,432,481
+690
| +0% | +$36.5K |
|
|
USG
69
DELISTED
Usg
USG
| $223M | 0.38% |
6,839,694
-79,300
| -1% | -$2.29M |
|
70
News Corp Class A
NWSA
$16.4B
| $221M | 0.37% |
16,695,663
+798,925
| +5% | +$10.8M |
|
71
Aptiv
APTV
$10B
| $221M | 0.37% |
2,247,105
+430
| +0% | +$40.6K |
|
72
CDW
CDW
$17.2B
| $213M | 0.36% |
3,224,898
-143,404
| -4% | -$8.97M |
|
|
FL
73
DELISTED
Foot Locker
FL
| $210M | 0.35% |
5,955,553
-41,652
| -0.7% | -$1.75M |
|
74
AutoNation
AN
$6.6B
| $204M | 0.34% |
4,306,064
+729,610
| +20% | +$31.6M |
|
75
Under Armour Class C
UA
$2.25B
| $196M | 0.33% |
13,079,782
+11,940,529
| +1,048% | +$201M |
|
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Bill Nygren's Q3 2017 Portfolio in Review
As of Q3 2017, Bill Nygren held 130 positions worth $59.3B, up 6.7% from $55.6B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren's Q3 2017 filing shows 10 new, 39 increased, 74 reduced and 6 closed positions. Its largest new stake was Liberty Global Class C: 24,160,579 shares worth $790M. The largest sale was Baidu, an estimated $630M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 34% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2017 buy was Liberty Global Class C: 24,160,579 shares worth $790M.
- Bill Nygren added most to GE Aerospace in Q3 2017, an estimated $789M increase.
- Bill Nygren's biggest Q3 2017 reduction was Baidu, cutting an estimated $630M.
- Bill Nygren fully exited Baker Hughes in Q3 2017, selling an estimated $212M.
- Bill Nygren's ten largest holdings make up 37% of its $59.3B portfolio in Q3 2017.
- Bill Nygren opened 10 new positions and closed 6 in Q3 2017.
- Bill Nygren's portfolio value rose 6.7% quarter-over-quarter to $59.3B.
Based on Harris Associates's 13F filing for Q3 2017, filed 14 Nov 2017.