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 |
Warner Bros
WBD
|
+$753M |
| 2 |
KKR & Co
KKR
|
+$433M |
| 3 |
Oracle
ORCL
|
+$328M |
| 4 |
Wells Fargo
WFC
|
+$289M |
| 5 |
Capital One
COF
|
+$267M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$429M |
| 2 |
Keurig Dr Pepper
KDP
|
+$328M |
| 3 |
Bank of America
BAC
|
+$255M |
| 4 |
GE Aerospace
GE
|
+$248M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$248M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.33% |
| 2 | Communication Services | 16.8% |
| 3 | Consumer Discretionary | 11.55% |
| 4 | Technology | 9.68% |
| 5 | Industrials | 7.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
First Citizens BancShares
FCNCA
$24.7B
| $275M | 0.46% |
344,265
-500
| -0.1% | -$391K |
|
52
Televisa
TV
$1.47B
| $271M | 0.45% |
50,365,514
-9,234,572
| -15% | -$64.8M |
|
53
Equifax
EFX
$22.6B
| $260M | 0.44% |
1,518,330
+23,538
| +2% | +$4.61M |
|
54
NOV
NOV
$7.28B
| $260M | 0.44% |
16,051,337
-1,830,760
| -10% | -$30.8M |
|
55
Gartner
IT
$12.4B
| $259M | 0.43% |
935,733
-237,114
| -20% | -$66.5M |
|
56
Masco
MAS
$14.5B
| $252M | 0.42% |
5,391,271
+1,360,886
| +34% | +$70.8M |
|
57
Altria Group
MO
$110B
| $248M | 0.42% |
6,135,690
-52,388
| -0.8% | -$2.29M |
|
58
Vipshop
VIPS
$6.98B
| $241M | 0.4% |
28,670,782
-7,177,559
| -20% | -$71.4M |
|
59
Howmet Aerospace
HWM
$108B
| $231M | 0.39% |
7,475,013
-1,894,500
| -20% | -$66.5M |
|
60
Alphabet (Google) Class C
GOOG
$4.18T
| $225M | 0.38% |
2,339,508
-12,432
| -0.5% | -$1.39M |
|
61
Carlisle Companies
CSL
$14.6B
| $224M | 0.37% |
797,447
-132,761
| -14% | -$38.1M |
|
62
Pultegroup
PHM
$24.6B
| $223M | 0.37% |
5,950,319
+1,114,790
| +23% | +$46.9M |
|
|
BNY
63
Bank of New York Mellon
BNY
$108B
| $216M | 0.36% |
5,605,718
-540,199
| -9% | -$23M |
|
64
Thor Industries
THO
$4.14B
| $214M | 0.36% |
3,064,146
-132,180
| -4% | -$10.8M |
|
65
Lithia Motors
LAD
$8.15B
| $207M | 0.35% |
966,291
+60,095
| +7% | +$15.7M |
|
|
LBRDK
66
DELISTED
Liberty Broadband Class C
LBRDK
| $205M | 0.34% |
2,773,846
-479,515
| -15% | -$51M |
|
67
Take-Two Interactive
TTWO
$44.8B
| $195M | 0.33% |
1,786,455
+36
| +0% | +$4.47K |
|
68
Etsy
ETSY
$7.44B
| $190M | 0.32% |
1,893,140
+1,818,358
| +2,432% | +$186M |
|
69
LivaNova
LIVN
$4.34B
| $182M | 0.31% |
3,590,497
-111,280
| -3% | -$6.6M |
|
70
Walt Disney
DIS
$186B
| $181M | 0.3% |
1,922,714
-9,636
| -0.5% | -$1.03M |
|
71
PACCAR
PCAR
$69B
| $176M | 0.3% |
3,158,418
+5,179
| +0.2% | +$301K |
|
72
Allison Transmission
ALSN
$11B
| $173M | 0.29% |
5,115,523
-59,320
| -1% | -$2.22M |
|
73
eBay
EBAY
$46.3B
| $166M | 0.28% |
4,504,975
-385,213
| -8% | -$17.2M |
|
74
Flowserve
FLS
$10.1B
| $159M | 0.27% |
6,545,667
-360,320
| -5% | -$10.9M |
|
75
Moody's
MCO
$87.2B
| $149M | 0.25% |
612,137
-243,293
| -28% | -$70.7M |
|
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Bill Nygren's Q3 2022 Portfolio in Review
As of Q3 2022, Bill Nygren held 144 positions worth $59.7B, down 5% from $62.9B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Bill Nygren withdrew a net $13.7B in Q3 2022, closing 3 positions and reducing 85 holdings. Its most notable exit was CDK Global, Inc., an estimated $31.6M position sold in full.
By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 20% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Warner Bros worth $637M.
- Bill Nygren's largest Q3 2022 buy was Warner Bros: 55,389,592 shares worth $637M.
- Bill Nygren added most to KKR & Co in Q3 2022, an estimated $433M increase.
- Bill Nygren's biggest Q3 2022 reduction was Humana, cutting an estimated $429M.
- Bill Nygren fully exited CDK Global, Inc. in Q3 2022, selling an estimated $31.6M.
- Bill Nygren's ten largest holdings make up 46% of its $59.7B portfolio in Q3 2022.
- Bill Nygren opened 5 new positions and closed 3 in Q3 2022.
- Bill Nygren's portfolio value fell 5% quarter-over-quarter to $59.7B.
Based on Harris Associates's 13F filing for Q3 2022, filed 14 Nov 2022.