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 |
Charter Communications
CHTR
|
+$598M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$453M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$420M |
| 4 |
Hilton Worldwide
HLT
|
+$363M |
| 5 |
Liberty Global Class C
LBTYK
|
+$304M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$364M |
| 2 |
Aflac
AFL
|
+$199M |
| 3 |
BUFF
Blue Buffalo Pet Products, Inc
BUFF
|
+$198M |
| 4 |
Intel
INTC
|
+$196M |
| 5 |
Oracle
ORCL
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.67% |
| 2 | Communication Services | 19.84% |
| 3 | Consumer Discretionary | 11.87% |
| 4 | Technology | 11.61% |
| 5 | Healthcare | 9.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Hilton Worldwide
HLT
$73.5B
| $377M | 0.61% |
4,756,400
+4,461,313
| +1,512% | +$363M |
|
|
IPG
52
DELISTED
Interpublic Group of Companies
IPG
| $361M | 0.58% |
15,414,677
-255,797
| -2% | -$6.01M |
|
|
CHK
53
DELISTED
Chesapeake Energy Corporation
CHK
| $358M | 0.58% |
341,509
+24,188
| +8% | +$18.7M |
|
54
Howmet Aerospace
HWM
$108B
| $352M | 0.57% |
26,985,375
+2,408,963
| +10% | +$35.7M |
|
55
Philip Morris
PM
$293B
| $343M | 0.55% |
4,251,689
+760,245
| +22% | +$64.5M |
|
56
Medtronic
MDT
$119B
| $332M | 0.54% |
3,872,374
-122,499
| -3% | -$10.2M |
|
57
Aon
AON
$75.3B
| $328M | 0.53% |
2,392,409
-847,417
| -26% | -$119M |
|
58
Goldman Sachs
GS
$303B
| $317M | 0.51% |
1,437,665
-910
| -0.1% | -$217K |
|
59
Caterpillar
CAT
$381B
| $306M | 0.49% |
2,254,685
-359,877
| -14% | -$53.8M |
|
60
FedEx
FDX
$76.9B
| $299M | 0.48% |
1,316,041
-312,726
| -19% | -$77.5M |
|
61
Dover
DOV
$27.2B
| $286M | 0.46% |
3,911,557
-944,138
| -19% | -$72.2M |
|
62
Lear
LEA
$8.56B
| $284M | 0.46% |
1,529,198
+92,394
| +6% | +$18.1M |
|
63
CarMax
KMX
$8.82B
| $281M | 0.45% |
3,857,472
-1,997,377
| -34% | -$133M |
|
64
Tenet Healthcare
THC
$22.6B
| $247M | 0.4% |
7,343,586
-110,125
| -1% | -$3.42M |
|
65
News Corp Class A
NWSA
$16.4B
| $246M | 0.4% |
15,858,868
-4,085
| -0% | -$64.5K |
|
66
Cenovus Energy
CVE
$60.7B
| $244M | 0.39% |
23,489,502
+13,734,130
| +141% | +$138M |
|
|
USG
67
DELISTED
Usg
USG
| $236M | 0.38% |
5,462,769
-966,613
| -15% | -$40.1M |
|
68
Howard Hughes
HHH
$3.97B
| $235M | 0.38% |
1,858,128
-3,926
| -0.2% | -$500K |
|
69
Adient
ADNT
$1.54B
| $226M | 0.37% |
4,602,017
-195,403
| -4% | -$11.1M |
|
70
Gartner
IT
$12.4B
| $226M | 0.37% |
+1,701,640
| New | +$218M |
|
71
Cummins
CMI
$80.9B
| $226M | 0.36% |
1,695,836
+711,100
| +72% | +$106M |
|
|
FL
72
DELISTED
Foot Locker
FL
| $219M | 0.35% |
4,156,080
-2,050
| -0% | -$99.2K |
|
|
VISN
73
Vistance Networks Inc
VISN
$2.59B
| $216M | 0.35% |
7,402,214
-1,474,446
| -17% | -$48.5M |
|
74
BorgWarner
BWA
$13.8B
| $213M | 0.34% |
5,609,361
-3,834
| -0.1% | -$169K |
|
75
Aptiv
APTV
$10B
| $206M | 0.33% |
2,249,005
+2,020
| +0.1% | +$188K |
|
Similar funds
Bill Nygren's Q2 2018 Portfolio in Review
As of Q2 2018, Bill Nygren held 134 positions worth $61.9B, up 3.3% from $59.9B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q2 2018 filing shows 5 new, 44 increased, 71 reduced and 9 closed positions. Its largest new stake was Gartner: 1,701,640 shares worth $226M. The largest sale was Baidu, an estimated $364M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 29% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q2 2018 buy was Gartner: 1,701,640 shares worth $226M.
- Bill Nygren added most to Charter Communications in Q2 2018, an estimated $598M increase.
- Bill Nygren's biggest Q2 2018 reduction was Baidu, cutting an estimated $364M.
- Bill Nygren fully exited Aflac in Q2 2018, selling an estimated $199M.
- Bill Nygren's ten largest holdings make up 35% of its $61.9B portfolio in Q2 2018.
- Bill Nygren opened 5 new positions and closed 9 in Q2 2018.
- Bill Nygren's portfolio value rose 3.3% quarter-over-quarter to $61.9B.
Based on Harris Associates's 13F filing for Q2 2018, filed 14 Aug 2018.