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 |
Netflix
NFLX
|
+$443M |
| 2 |
Hilton Worldwide
HLT
|
+$443M |
| 3 |
Halliburton
HAL
|
+$427M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$418M |
| 5 |
Ryanair
RYAAY
|
+$319M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$880M |
| 2 |
HCA Healthcare
HCA
|
+$783M |
| 3 |
Willis Towers Watson
WTW
|
+$736M |
| 4 |
UnitedHealth
UNH
|
+$396M |
| 5 |
Unilever
UL
|
+$392M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.58% |
| 2 | Communication Services | 20.87% |
| 3 | Consumer Discretionary | 14.15% |
| 4 | Technology | 10.39% |
| 5 | Industrials | 10.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Texas Instruments
TXN
$241B
| $363M | 0.73% |
3,840,731
-17,179
| -0.4% | -$1.66M |
|
|
52
Halliburton
HAL
$29.4B
| $337M | 0.68% |
+12,660,135
| New | +$427M |
|
53
Howmet Aerospace
HWM
$108B
| $308M | 0.62% |
23,843,048
-1,498,439
| -6% | -$23.4M |
|
|
54
UnitedHealth
UNH
$350B
| $305M | 0.62% |
1,226,011
-1,498,310
| -55% | -$396M |
|
55
Philip Morris
PM
$293B
| $279M | 0.56% |
4,172,473
-52,695
| -1% | -$4.4M |
|
|
IPG
56
DELISTED
Interpublic Group of Companies
IPG
| $270M | 0.54% |
13,084,919
-2,013,173
| -13% | -$46M |
|
57
Automatic Data Processing
ADP
$112B
| $264M | 0.53% |
2,010,938
-1,485,410
| -42% | -$210M |
|
58
Cummins
CMI
$80.9B
| $250M | 0.5% |
1,870,424
-24,970
| -1% | -$3.53M |
|
59
Gartner
IT
$12.4B
| $244M | 0.49% |
1,912,018
-20,942
| -1% | -$3.02M |
|
60
DXC Technology
DXC
$1.73B
| $235M | 0.47% |
4,423,822
+1,325,655
| +43% | +$91.6M |
|
61
BorgWarner
BWA
$13.8B
| $231M | 0.47% |
7,569,898
+1,738,893
| +30% | +$58.3M |
|
62
Goldman Sachs
GS
$303B
| $228M | 0.46% |
1,364,085
-23,740
| -2% | -$4.79M |
|
63
Johnson Controls International
JCI
$86.7B
| $225M | 0.45% |
7,599,381
-4,145,250
| -35% | -$137M |
|
64
Southwest Airlines
LUV
$19.8B
| $223M | 0.45% |
4,792,368
+687,671
| +17% | +$36.5M |
|
|
FL
65
DELISTED
Foot Locker
FL
| $221M | 0.45% |
4,153,230
-1,500
| -0% | -$75.3K |
|
66
FedEx
FDX
$76.9B
| $212M | 0.43% |
1,311,528
-1,720
| -0.1% | -$364K |
|
|
LBRDK
67
DELISTED
Liberty Broadband Class C
LBRDK
| $190M | 0.38% |
2,638,986
-105,135
| -4% | -$8.43M |
|
68
eBay
EBAY
$46.3B
| $186M | 0.38% |
+6,635,330
| New | +$195M |
|
69
News Corp Class A
NWSA
$16.4B
| $180M | 0.36% |
15,819,883
+4,958,645
| +46% | +$63.5M |
|
70
Aon
AON
$75.3B
| $167M | 0.34% |
1,149,105
-1,153,806
| -50% | -$179M |
|
71
Howard Hughes
HHH
$3.97B
| $166M | 0.34% |
1,785,764
-68,398
| -4% | -$7.11M |
|
72
Aptiv
APTV
$10B
| $138M | 0.28% |
2,248,290
-1,325
| -0.1% | -$96K |
|
73
Under Armour Class C
UA
$2.25B
| $135M | 0.27% |
8,363,376
-727,973
| -8% | -$13.8M |
|
|
CLGX
74
DELISTED
Corelogic, Inc.
CLGX
| $135M | 0.27% |
4,029,333
-93,365
| -2% | -$3.79M |
|
75
Carlisle Companies
CSL
$14.6B
| $125M | 0.25% |
1,244,010
+468,140
| +60% | +$48.2M |
|
Similar funds
Bill Nygren's Q4 2018 Portfolio in Review
As of Q4 2018, Bill Nygren held 130 positions worth $49.6B, down 22% from $63.6B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.92B in Q4 2018, closing 5 positions and reducing 73 holdings. Its most notable exit was Adient, an estimated $217M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Halliburton worth $337M.
- Bill Nygren's largest Q4 2018 buy was Halliburton: 12,660,135 shares worth $337M.
- Bill Nygren added most to Netflix in Q4 2018, an estimated $443M increase.
- Bill Nygren's biggest Q4 2018 reduction was Oracle, cutting an estimated $880M.
- Bill Nygren fully exited Adient in Q4 2018, selling an estimated $217M.
- Bill Nygren's ten largest holdings make up 34% of its $49.6B portfolio in Q4 2018.
- Bill Nygren opened 7 new positions and closed 5 in Q4 2018.
- Bill Nygren's portfolio value fell 22% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q4 2018, filed 14 Feb 2019.