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 |
CNH
CNH Industrial
CNH
|
+$2B |
| 2 |
Keurig Dr Pepper
KDP
|
+$535M |
| 3 |
Alibaba
BABA
|
+$278M |
| 4 |
Liberty Global Class A
LBTYA
|
+$195M |
| 5 |
CDK
CDK Global, Inc.
CDK
|
+$182M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$402M |
| 2 |
Ryanair
RYAAY
|
+$372M |
| 3 |
Pinterest
PINS
|
+$357M |
| 4 |
Mastercard
MA
|
+$184M |
| 5 |
Netflix
NFLX
|
+$176M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.91% |
| 2 | Communication Services | 20.71% |
| 3 | Consumer Discretionary | 14.44% |
| 4 | Industrials | 12.92% |
| 5 | Technology | 8.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Gartner
IT
$12.4B
| $282M | 0.54% |
1,758,451
-11,456
| -0.6% | -$1.65M |
|
52
Envista
NVST
$4.37B
| $278M | 0.54% |
8,255,383
+183,100
| +2% | +$5.31M |
|
53
Johnson Controls International
JCI
$86.7B
| $278M | 0.54% |
5,965,419
+152,456
| +3% | +$6.77M |
|
54
BorgWarner
BWA
$13.8B
| $275M | 0.53% |
8,088,133
+618,123
| +8% | +$21M |
|
55
DXC Technology
DXC
$1.73B
| $274M | 0.53% |
10,654,388
+19,627
| +0.2% | +$419K |
|
56
Aptiv
APTV
$10B
| $272M | 0.53% |
2,085,897
-710
| -0% | -$78.9K |
|
57
American Express
AXP
$227B
| $269M | 0.52% |
2,224,991
+1,967
| +0.1% | +$218K |
|
58
Regeneron Pharmaceuticals
REGN
$85.9B
| $255M | 0.49% |
528,130
-138,165
| -21% | -$74.6M |
|
59
LivaNova
LIVN
$4.34B
| $247M | 0.48% |
3,735,678
-103,670
| -3% | -$5.76M |
|
60
General Dynamics
GD
$104B
| $239M | 0.46% |
1,608,465
+619,358
| +63% | +$90.5M |
|
61
Parker-Hannifin
PH
$126B
| $237M | 0.46% |
870,313
-562,657
| -39% | -$139M |
|
62
Philip Morris
PM
$293B
| $227M | 0.44% |
2,736,413
-1,842
| -0.1% | -$143K |
|
63
eBay
EBAY
$46.3B
| $225M | 0.44% |
4,476,658
+789
| +0% | +$40.3K |
|
|
BNY
64
Bank of New York Mellon
BNY
$108B
| $214M | 0.41% |
5,047,135
-870,766
| -15% | -$33.4M |
|
65
Post Holdings
POST
$3.65B
| $211M | 0.41% |
3,195,111
+163,938
| +5% | +$10.1M |
|
|
CDK
66
DELISTED
CDK Global, Inc.
CDK
| $211M | 0.41% |
4,063,067
+3,835,889
| +1,688% | +$182M |
|
67
APA Corp
APA
$15.2B
| $210M | 0.41% |
14,770,495
+5,912,995
| +67% | +$68.8M |
|
68
Cummins
CMI
$80.9B
| $201M | 0.39% |
883,332
-412,397
| -32% | -$92.6M |
|
69
Flowserve
FLS
$10.1B
| $195M | 0.38% |
5,280,519
+1,878,774
| +55% | +$61.5M |
|
70
Carlisle Companies
CSL
$14.6B
| $184M | 0.36% |
1,178,942
+4,431
| +0.4% | +$622K |
|
71
T-Mobile US
TMUS
$196B
| $181M | 0.35% |
1,343,068
+23,058
| +2% | +$2.85M |
|
72
Halliburton
HAL
$29.4B
| $165M | 0.32% |
8,728,900
-308,895
| -3% | -$4.79M |
|
73
S&P Global
SPGI
$127B
| $159M | 0.31% |
483,787
+117
| +0% | +$39.5K |
|
74
Diamondback Energy
FANG
$59B
| $159M | 0.31% |
3,280,145
+2,616,576
| +394% | +$96.8M |
|
75
Liberty Global Class C
LBTYK
$3.55B
| $158M | 0.31% |
6,698,717
-358,399
| -5% | -$7.77M |
|
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Bill Nygren's Q4 2020 Portfolio in Review
As of Q4 2020, Bill Nygren held 139 positions worth $51.7B, up 26% from $41.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q4 2020 filing shows 7 new, 54 increased, 71 reduced and 6 closed positions. Its largest new stake was CNH Industrial: 230,233,503 shares worth $2.53B. The largest sale was Baidu, an estimated $402M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q4 2020 buy was CNH Industrial: 230,233,503 shares worth $2.53B.
- Bill Nygren added most to Keurig Dr Pepper in Q4 2020, an estimated $535M increase.
- Bill Nygren's biggest Q4 2020 reduction was Ryanair, cutting an estimated $372M.
- Bill Nygren fully exited Baidu in Q4 2020, selling an estimated $402M.
- Bill Nygren's ten largest holdings make up 35% of its $51.7B portfolio in Q4 2020.
- Bill Nygren opened 7 new positions and closed 6 in Q4 2020.
- Bill Nygren's portfolio value rose 26% quarter-over-quarter to $51.7B.
Based on Harris Associates's 13F filing for Q4 2020, filed 16 Feb 2021.