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 |
Booking.com
BKNG
|
+$424M |
| 2 |
Constellation Brands
STZ
|
+$399M |
| 3 |
Bank of America
BAC
|
+$226M |
| 4 |
S&P Global
SPGI
|
+$170M |
| 5 |
Liberty Global Class A
LBTYA
|
+$167M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$443M |
| 2 |
GE Aerospace
GE
|
+$378M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$318M |
| 4 |
Diageo
DEO
|
+$293M |
| 5 |
Oracle
ORCL
|
+$255M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.74% |
| 2 | Communication Services | 21.65% |
| 3 | Consumer Discretionary | 14.86% |
| 4 | Industrials | 10.31% |
| 5 | Technology | 9.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Diageo
DEO
$52.6B
| $376M | 0.69% |
2,298,822
-1,920,252
| -46% | -$293M |
|
52
Philip Morris
PM
$293B
| $355M | 0.65% |
4,016,181
-156,292
| -4% | -$12.6M |
|
53
Howmet Aerospace
HWM
$108B
| $351M | 0.64% |
23,955,377
+112,329
| +0.5% | +$1.61M |
|
54
Automatic Data Processing
ADP
$112B
| $321M | 0.59% |
2,007,093
-3,845
| -0.2% | -$559K |
|
55
Cummins
CMI
$80.9B
| $296M | 0.54% |
1,872,243
+1,819
| +0.1% | +$273K |
|
56
Southwest Airlines
LUV
$19.8B
| $295M | 0.54% |
5,687,118
+894,750
| +19% | +$47.2M |
|
57
Gartner
IT
$12.4B
| $290M | 0.53% |
1,909,061
-2,957
| -0.2% | -$410K |
|
58
DXC Technology
DXC
$1.73B
| $286M | 0.53% |
4,448,547
+24,725
| +0.6% | +$1.58M |
|
|
IPG
59
DELISTED
Interpublic Group of Companies
IPG
| $276M | 0.51% |
13,132,411
+47,492
| +0.4% | +$1.06M |
|
60
Johnson Controls International
JCI
$86.7B
| $274M | 0.5% |
7,417,631
-181,750
| -2% | -$6.23M |
|
61
Goldman Sachs
GS
$303B
| $260M | 0.48% |
1,354,265
-9,820
| -0.7% | -$1.89M |
|
62
BorgWarner
BWA
$13.8B
| $251M | 0.46% |
7,436,607
-133,291
| -2% | -$4.61M |
|
63
eBay
EBAY
$46.3B
| $247M | 0.45% |
6,640,360
+5,030
| +0.1% | +$175K |
|
|
LBRDK
64
DELISTED
Liberty Broadband Class C
LBRDK
| $242M | 0.44% |
2,637,034
-1,952
| -0.1% | -$166K |
|
65
FedEx
FDX
$76.9B
| $238M | 0.44% |
1,309,209
-2,319
| -0.2% | -$410K |
|
66
Baxter International
BAX
$13.6B
| $231M | 0.42% |
2,843,046
-2,742,018
| -49% | -$200M |
|
|
FL
67
DELISTED
Foot Locker
FL
| $218M | 0.4% |
3,589,655
-563,575
| -14% | -$32.8M |
|
68
News Corp Class A
NWSA
$16.4B
| $206M | 0.38% |
16,563,337
+743,454
| +5% | +$9.36M |
|
69
UnitedHealth
UNH
$350B
| $205M | 0.38% |
828,201
-397,810
| -32% | -$101M |
|
|
70
S&P Global
SPGI
$127B
| $185M | 0.34% |
+879,766
| New | +$170M |
|
71
Howard Hughes
HHH
$3.97B
| $183M | 0.34% |
1,742,941
-42,823
| -2% | -$4.44M |
|
72
Aptiv
APTV
$10B
| $179M | 0.33% |
2,249,965
+1,675
| +0.1% | +$129K |
|
73
Tenet Healthcare
THC
$22.6B
| $173M | 0.32% |
6,005,712
-203,475
| -3% | -$5.02M |
|
74
LivaNova
LIVN
$4.34B
| $160M | 0.29% |
1,644,726
+1,058,584
| +181% | +$98.8M |
|
75
Under Armour Class C
UA
$2.25B
| $151M | 0.28% |
7,987,919
-375,457
| -4% | -$7.1M |
|
Similar funds
Bill Nygren's Q1 2019 Portfolio in Review
As of Q1 2019, Bill Nygren held 132 positions worth $54.5B, up 9.9% from $49.6B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q1 2019 filing shows 7 new, 46 increased, 71 reduced and 4 closed positions. Its largest new stake was Constellation Brands: 2,371,055 shares worth $416M. The largest sale was Wells Fargo, an estimated $443M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q1 2019 buy was Constellation Brands: 2,371,055 shares worth $416M.
- Bill Nygren added most to Booking.com in Q1 2019, an estimated $424M increase.
- Bill Nygren's biggest Q1 2019 reduction was Wells Fargo, cutting an estimated $443M.
- Bill Nygren fully exited Flex in Q1 2019, selling an estimated $44.2M.
- Bill Nygren's ten largest holdings make up 35% of its $54.5B portfolio in Q1 2019.
- Bill Nygren opened 7 new positions and closed 4 in Q1 2019.
- Bill Nygren's portfolio value rose 9.9% quarter-over-quarter to $54.5B.
Based on Harris Associates's 13F filing for Q1 2019, filed 15 May 2019.