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 |
American Airlines Group
AAL
|
+$604M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$591M |
| 3 |
Comcast
CMCSA
|
+$466M |
| 4 |
CVS Health
CVS
|
+$263M |
| 5 |
American International
AIG
|
+$246M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Infosys
INFY
|
+$543M |
| 2 |
Caterpillar
CAT
|
+$381M |
| 3 |
Harley-Davidson
HOG
|
+$375M |
| 4 |
JPMorgan Chase
JPM
|
+$315M |
| 5 |
Fidelity National Financial
FNF
|
+$314M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.27% |
| 2 | Communication Services | 18.93% |
| 3 | Technology | 12.96% |
| 4 | Consumer Discretionary | 12.06% |
| 5 | Industrials | 8.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Caterpillar
CAT
$381B
| $385M | 0.64% |
2,614,562
-2,410,000
| -48% | -$381M |
|
52
Dover
DOV
$27.2B
| $385M | 0.64% |
4,855,695
-944,829
| -16% | -$77.4M |
|
53
CarMax
KMX
$8.82B
| $363M | 0.61% |
5,854,849
-601,897
| -9% | -$39.3M |
|
54
Goldman Sachs
GS
$303B
| $362M | 0.6% |
1,438,575
-95,303
| -6% | -$24.8M |
|
|
IPG
55
DELISTED
Interpublic Group of Companies
IPG
| $361M | 0.6% |
15,670,474
+130,070
| +0.8% | +$2.92M |
|
|
VISN
56
Vistance Networks Inc
VISN
$2.59B
| $355M | 0.59% |
8,876,660
+7,688
| +0.1% | +$300K |
|
57
Philip Morris
PM
$293B
| $347M | 0.58% |
3,491,444
+367,627
| +12% | +$38.3M |
|
58
Medtronic
MDT
$119B
| $320M | 0.54% |
3,994,873
-10,169
| -0.3% | -$839K |
|
59
Adient
ADNT
$1.54B
| $287M | 0.48% |
4,797,420
+2,334,229
| +95% | +$156M |
|
60
Lear
LEA
$8.56B
| $267M | 0.45% |
1,436,804
| – | – |
|
|
USG
61
DELISTED
Usg
USG
| $260M | 0.43% |
6,429,382
-335,437
| -5% | -$12.2M |
|
|
LBRDK
62
DELISTED
Liberty Broadband Class C
LBRDK
| $258M | 0.43% |
3,011,107
+1,116,574
| +59% | +$101M |
|
63
News Corp Class A
NWSA
$16.4B
| $251M | 0.42% |
15,862,953
-6,085
| -0% | -$100K |
|
64
BorgWarner
BWA
$13.8B
| $248M | 0.41% |
5,613,195
-414,299
| -7% | -$19.3M |
|
65
Howard Hughes
HHH
$3.97B
| $247M | 0.41% |
1,862,054
+55,162
| +3% | +$6.76M |
|
66
Meta Platforms (Facebook)
META
$1.4T
| $216M | 0.36% |
+1,350,095
| New | +$242M |
|
67
Jones Lang LaSalle
JLL
$17.8B
| $206M | 0.34% |
1,179,045
-797,066
| -40% | -$128M |
|
68
Flex
FLEX
$40.8B
| $200M | 0.33% |
+16,246,388
| New | +$222M |
|
69
Aflac
AFL
$58.2B
| $199M | 0.33% |
4,551,884
-5,298,602
| -54% | -$234M |
|
|
BUFF
70
DELISTED
Blue Buffalo Pet Products, Inc
BUFF
| $198M | 0.33% |
4,963,543
-330,223
| -6% | -$11.9M |
|
|
CHK
71
DELISTED
Chesapeake Energy Corporation
CHK
| $192M | 0.32% |
317,321
+1,174
| +0.4% | +$787K |
|
72
Aptiv
APTV
$10B
| $191M | 0.32% |
2,246,985
+1,465
| +0.1% | +$133K |
|
|
FL
73
DELISTED
Foot Locker
FL
| $189M | 0.32% |
4,158,130
-40,600
| -1% | -$1.89M |
|
74
Tenet Healthcare
THC
$22.6B
| $181M | 0.3% |
7,453,711
-17,300
| -0.2% | -$344K |
|
75
CDW
CDW
$17.2B
| $177M | 0.3% |
2,522,924
-346,242
| -12% | -$25.3M |
|
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Bill Nygren's Q1 2018 Portfolio in Review
As of Q1 2018, Bill Nygren held 142 positions worth $59.9B, down 1.9% from $61.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q1 2018 filing shows 11 new, 48 increased, 66 reduced and 13 closed positions. Its largest new stake was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M. The largest sale was Infosys, an estimated $543M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 31% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q1 2018 buy was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M.
- Bill Nygren added most to American Airlines Group in Q1 2018, an estimated $604M increase.
- Bill Nygren's biggest Q1 2018 reduction was Caterpillar, cutting an estimated $381M.
- Bill Nygren fully exited Infosys in Q1 2018, selling an estimated $543M.
- Bill Nygren's ten largest holdings make up 36% of its $59.9B portfolio in Q1 2018.
- Bill Nygren opened 11 new positions and closed 13 in Q1 2018.
- Bill Nygren's portfolio value fell 1.9% quarter-over-quarter to $59.9B.
Based on Harris Associates's 13F filing for Q1 2018, filed 15 May 2018.