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 |
Reinsurance Group of America
RGA
|
+$263M |
| 2 |
Workday
WDAY
|
+$221M |
| 3 |
HCA Healthcare
HCA
|
+$214M |
| 4 |
EOG Resources
EOG
|
+$140M |
| 5 |
General Dynamics
GD
|
+$128M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Regeneron Pharmaceuticals
REGN
|
+$619M |
| 2 |
General Motors
GM
|
+$340M |
| 3 |
TE Connectivity
TEL
|
+$228M |
| 4 |
Charter Communications
CHTR
|
+$220M |
| 5 |
Stellantis
STLA
|
+$206M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.13% |
| 2 | Communication Services | 25.03% |
| 3 | Consumer Discretionary | 13.8% |
| 4 | Technology | 9.04% |
| 5 | Healthcare | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
MGM Resorts International
MGM
$11B
| $251M | 0.61% |
14,913,703
-3,044,625
| -17% | -$49.2M |
|
|
LBRDK
52
DELISTED
Liberty Broadband Class C
LBRDK
| $242M | 0.59% |
1,954,538
-60,977
| -3% | -$7.65M |
|
|
BNY
53
Bank of New York Mellon
BNY
$108B
| $237M | 0.58% |
6,138,760
-12,817
| -0.2% | -$469K |
|
54
APA Corp
APA
$15.2B
| $236M | 0.58% |
17,511,660
-2,329,714
| -12% | -$26.6M |
|
55
Trip.com Group
TCOM
$29B
| $222M | 0.54% |
8,575,077
+1,497,666
| +21% | +$37.7M |
|
|
CLGX
56
DELISTED
Corelogic, Inc.
CLGX
| $222M | 0.54% |
3,302,680
-1,075,866
| -25% | -$47.8M |
|
|
QVCGA
57
DELISTED
QVC Group Inc Series A
QVCGA
| $220M | 0.53% |
476,204
-11,319
| -2% | -$4.42M |
|
58
Gartner
IT
$12.4B
| $215M | 0.52% |
1,769,503
-2,280
| -0.1% | -$263K |
|
59
American Express
AXP
$227B
| $210M | 0.51% |
2,208,728
+155,622
| +8% | +$14.3M |
|
|
IPG
60
DELISTED
Interpublic Group of Companies
IPG
| $200M | 0.49% |
11,646,275
-422,776
| -4% | -$6.97M |
|
61
Johnson Controls International
JCI
$86.7B
| $194M | 0.47% |
5,670,393
+684,630
| +14% | +$21.1M |
|
62
UnitedHealth
UNH
$350B
| $193M | 0.47% |
653,997
-79,571
| -11% | -$22.8M |
|
63
Philip Morris
PM
$293B
| $192M | 0.47% |
2,743,820
-956,050
| -26% | -$69.7M |
|
64
DXC Technology
DXC
$1.73B
| $175M | 0.43% |
10,634,180
-106,993
| -1% | -$1.7M |
|
65
Southwest Airlines
LUV
$19.8B
| $167M | 0.41% |
4,871,914
-3,051,530
| -39% | -$97M |
|
66
Liberty Global Class C
LBTYK
$3.55B
| $166M | 0.4% |
7,711,111
-10,277,353
| -57% | -$205M |
|
67
Match Group
MTCH
$9.38B
| $165M | 0.4% |
1,538,094
-4,125
| -0.3% | -$345K |
|
68
Aptiv
APTV
$10B
| $163M | 0.4% |
2,085,717
-2,648
| -0.1% | -$182K |
|
69
Envista
NVST
$4.37B
| $159M | 0.39% |
7,537,829
-682,813
| -8% | -$12.8M |
|
70
LivaNova
LIVN
$4.34B
| $158M | 0.38% |
3,286,338
+297,785
| +10% | +$14.9M |
|
71
Thor Industries
THO
$4.14B
| $155M | 0.38% |
1,459,642
+272,430
| +23% | +$21.3M |
|
72
Apple
AAPL
$4.51T
| $146M | 0.36% |
1,604,540
-1,987,408
| -55% | -$154M |
|
|
73
General Dynamics
GD
$104B
| $135M | 0.33% |
+905,869
| New | +$128M |
|
74
Automatic Data Processing
ADP
$112B
| $133M | 0.32% |
893,638
-1,815
| -0.2% | -$260K |
|
75
Gaming and Leisure Properties
GLPI
$12.7B
| $132M | 0.32% |
3,818,666
-30,985
| -0.8% | -$965K |
|
Similar funds
Bill Nygren's Q2 2020 Portfolio in Review
As of Q2 2020, Bill Nygren held 139 positions worth $41.1B, up 14% from $36.1B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.83B in Q2 2020, closing 7 positions and reducing 88 holdings. Its most notable exit was Delphi Technologies PLC Ordinary Shares, an estimated $28.5M position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 25% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in General Dynamics worth $135M.
- Bill Nygren's largest Q2 2020 buy was General Dynamics: 905,869 shares worth $135M.
- Bill Nygren added most to Reinsurance Group of America in Q2 2020, an estimated $263M increase.
- Bill Nygren's biggest Q2 2020 reduction was Regeneron Pharmaceuticals, cutting an estimated $619M.
- Bill Nygren fully exited Delphi Technologies PLC Ordinary Shares in Q2 2020, selling an estimated $28.5M.
- Bill Nygren's ten largest holdings make up 34% of its $41.1B portfolio in Q2 2020.
- Bill Nygren opened 10 new positions and closed 7 in Q2 2020.
- Bill Nygren's portfolio value rose 14% quarter-over-quarter to $41.1B.
Based on Harris Associates's 13F filing for Q2 2020, filed 14 Aug 2020.