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 |
Intercontinental Exchange
ICE
|
+$604M |
| 2 |
Amazon
AMZN
|
+$572M |
| 3 |
Capital One
COF
|
+$486M |
| 4 |
Oracle
ORCL
|
+$347M |
| 5 |
KKR & Co
KKR
|
+$269M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Keurig Dr Pepper
KDP
|
+$463M |
| 2 |
American International
AIG
|
+$372M |
| 3 |
Netflix
NFLX
|
+$362M |
| 4 |
Citigroup
C
|
+$339M |
| 5 |
Meta Platforms (Facebook)
META
|
+$314M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.71% |
| 2 | Communication Services | 19.78% |
| 3 | Consumer Discretionary | 14.9% |
| 4 | Technology | 14.35% |
| 5 | Industrials | 10.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Lithia Motors
LAD
$8.15B
| $273M | 0.56% |
1,333,498
+367,207
| +38% | +$78.5M |
|
52
Pultegroup
PHM
$24.6B
| $271M | 0.55% |
5,945,669
-4,650
| -0.1% | -$196K |
|
53
Tenet Healthcare
THC
$22.6B
| $267M | 0.54% |
5,463,374
-80,195
| -1% | -$3.71M |
|
54
Vipshop
VIPS
$6.98B
| $259M | 0.53% |
18,990,366
-9,680,416
| -34% | -$96.1M |
|
|
BNY
55
Bank of New York Mellon
BNY
$108B
| $255M | 0.52% |
5,598,265
-7,453
| -0.1% | -$320K |
|
56
American Express
AXP
$227B
| $244M | 0.5% |
1,650,306
+742,676
| +82% | +$110M |
|
57
Fortune Brands Innovations
FBIN
$5.32B
| $242M | 0.49% |
4,238,472
+1,163,872
| +38% | +$61.2M |
|
58
Alphabet (Google) Class C
GOOG
$4.18T
| $218M | 0.44% |
2,458,117
+118,609
| +5% | +$11.3M |
|
59
Thor Industries
THO
$4.14B
| $216M | 0.44% |
2,861,284
-202,862
| -7% | -$16.3M |
|
60
Walt Disney
DIS
$186B
| $210M | 0.43% |
2,413,095
+490,381
| +26% | +$46.9M |
|
61
eBay
EBAY
$46.3B
| $204M | 0.41% |
4,912,706
+407,731
| +9% | +$16.9M |
|
62
Lear
LEA
$8.56B
| $201M | 0.41% |
1,622,426
-1,178,725
| -42% | -$156M |
|
63
Global Payments
GPN
$24.7B
| $199M | 0.41% |
2,008,561
-1,806,809
| -47% | -$188M |
|
64
Flowserve
FLS
$10.1B
| $199M | 0.41% |
6,494,659
-51,008
| -0.8% | -$1.49M |
|
65
First Citizens BancShares
FCNCA
$24.7B
| $195M | 0.4% |
256,600
-87,665
| -25% | -$70.6M |
|
66
Adobe
ADBE
$109B
| $194M | 0.4% |
+577,517
| New | +$185M |
|
67
PACCAR
PCAR
$69B
| $187M | 0.38% |
2,841,599
-316,819
| -10% | -$20.7M |
|
68
Philips
PHG
$26.8B
| $186M | 0.38% |
14,511,663
-9,118,656
| -39% | -$110M |
|
69
Carlisle Companies
CSL
$14.6B
| $184M | 0.37% |
778,948
-18,499
| -2% | -$4.76M |
|
70
Take-Two Interactive
TTWO
$44.8B
| $175M | 0.36% |
1,679,764
-106,691
| -6% | -$11.6M |
|
71
Moody's
MCO
$87.2B
| $174M | 0.36% |
625,952
+13,815
| +2% | +$3.78M |
|
72
Howard Hughes
HHH
$3.97B
| $163M | 0.33% |
2,233,927
+5,374
| +0.2% | +$342K |
|
73
Magna International
MGA
$19.5B
| $149M | 0.3% |
+2,648,933
| New | +$149M |
|
74
Etsy
ETSY
$7.44B
| $132M | 0.27% |
1,104,600
-788,540
| -42% | -$90.2M |
|
75
Uber
UBER
$161B
| $131M | 0.27% |
5,317,381
-7,088
| -0.1% | -$194K |
|
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Bill Nygren's Q4 2022 Portfolio in Review
As of Q4 2022, Bill Nygren held 146 positions worth $49.1B, down 18% from $59.7B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $1.73B in Q4 2022, closing 3 positions and reducing 95 holdings. Its most notable exit was Halliburton, an estimated $827K position sold in full.
By sector, the portfolio is most concentrated in Financials at 28% 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 Adobe worth $194M.
- Bill Nygren's largest Q4 2022 buy was Adobe: 577,517 shares worth $194M.
- Bill Nygren added most to Intercontinental Exchange in Q4 2022, an estimated $604M increase.
- Bill Nygren's biggest Q4 2022 reduction was Keurig Dr Pepper, cutting an estimated $463M.
- Bill Nygren fully exited Halliburton in Q4 2022, selling an estimated $827K.
- Bill Nygren's ten largest holdings make up 34% of its $49.1B portfolio in Q4 2022.
- Bill Nygren opened 6 new positions and closed 3 in Q4 2022.
- Bill Nygren's portfolio value fell 18% quarter-over-quarter to $49.1B.
Based on Harris Associates's 13F filing for Q4 2022, filed 14 Feb 2023.