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 |
Oracle
ORCL
|
+$484M |
| 2 |
NOV
NOV
|
+$251M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$238M |
| 4 |
Bank of America
BAC
|
+$233M |
| 5 |
General Motors
GM
|
+$187M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$436M |
| 2 |
Northrop Grumman
NOC
|
+$396M |
| 3 |
Flowserve
FLS
|
+$388M |
| 4 |
Devon Energy
DVN
|
+$222M |
| 5 |
Range Resources
RRC
|
+$205M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.95% |
| 2 | Technology | 17.96% |
| 3 | Consumer Discretionary | 14.68% |
| 4 | Industrials | 13.89% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Halliburton
HAL
$29.4B
| $190M | 0.37% |
3,954,400
-46,800
| -1% | -$2.19M |
|
77
State Street
STT
$51.4B
| $187M | 0.36% |
2,837,950
+1,450
| +0.1% | +$99.2K |
|
|
TGI
78
DELISTED
Triumph Group
TGI
| $184M | 0.36% |
2,624,156
+266,333
| +11% | +$20.5M |
|
79
Apple
AAPL
$4.51T
| $184M | 0.36% |
10,813,292
-1,110,620
| -9% | -$18.4M |
|
|
DRC
80
DELISTED
DRESSER-RAND GROUP INC
DRC
| $173M | 0.34% |
2,769,934
+201,950
| +8% | +$12.6M |
|
81
Live Nation Entertainment
LYV
$42.4B
| $171M | 0.33% |
9,239,750
-1,573,072
| -15% | -$26.7M |
|
82
CarMax
KMX
$8.82B
| $168M | 0.33% |
3,462,114
-1,727,501
| -33% | -$84.5M |
|
|
BNY
83
Bank of New York Mellon
BNY
$108B
| $162M | 0.31% |
5,353,019
+3,273
| +0.1% | +$100K |
|
84
Walmart Inc
WMT
$825B
| $157M | 0.31% |
6,385,557
+185,520
| +3% | +$4.68M |
|
85
Aon
AON
$75.3B
| $157M | 0.31% |
2,110,240
-18,300
| -0.9% | -$1.26M |
|
|
CPN
86
DELISTED
Calpine Corporation
CPN
| $155M | 0.3% |
7,997,104
+10,500
| +0.1% | +$208K |
|
|
CXO
87
DELISTED
CONCHO RESOURCES INC.
CXO
| $153M | 0.3% |
1,409,200
-203,355
| -13% | -$19.4M |
|
88
Carter's
CRI
$1.31B
| $148M | 0.29% |
1,948,202
-662,898
| -25% | -$48.5M |
|
89
Marriott International
MAR
$92.9B
| $146M | 0.28% |
3,477,815
+375,587
| +12% | +$15.6M |
|
90
Qualcomm
QCOM
$169B
| $142M | 0.28% |
+2,111,925
| New | +$138M |
|
|
NFX
91
DELISTED
Newfield Exploration
NFX
| $138M | 0.27% |
5,038,004
-638,134
| -11% | -$16M |
|
92
Kennametal
KMT
$2.28B
| $132M | 0.26% |
2,901,935
| – | – |
|
93
Kohl's
KSS
$2B
| $131M | 0.25% |
2,529,370
+321,050
| +15% | +$16.8M |
|
94
Signet Jewelers
SIG
$3.16B
| $128M | 0.25% |
1,792,247
-37,373
| -2% | -$2.65M |
|
|
HSNI
95
DELISTED
HSN, Inc.
HSNI
| $121M | 0.24% |
2,254,046
+487,450
| +28% | +$27.9M |
|
96
Automatic Data Processing
ADP
$112B
| $121M | 0.24% |
1,901,390
-968
| -0.1% | -$61.5K |
|
97
Bruker
BRKR
$9.07B
| $104M | 0.2% |
5,030,640
-5,850
| -0.1% | -$112K |
|
|
UPL
98
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $102M | 0.2% |
4,975,600
+3,733,000
| +300% | +$78.6M |
|
99
Baxter International
BAX
$13.6B
| $102M | 0.2% |
2,856,035
+497,346
| +21% | +$19.3M |
|
100
Howard Hughes
HHH
$3.97B
| $96.2M | 0.19% |
897,593
-24,761
| -3% | -$2.59M |
|
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Bill Nygren's Q3 2013 Portfolio in Review
As of Q3 2013, Bill Nygren held 194 positions worth $51.4B, up 7.8% from $47.6B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bill Nygren's Q3 2013 filing shows 3 new, 69 increased, 73 reduced and 13 closed positions. Its largest new stake was Qualcomm: 2,111,925 shares worth $142M. The largest sale was Boeing, an estimated $436M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q3 2013 buy was Qualcomm: 2,111,925 shares worth $142M.
- Bill Nygren added most to Oracle in Q3 2013, an estimated $484M increase.
- Bill Nygren's biggest Q3 2013 reduction was Boeing, cutting an estimated $436M.
- Bill Nygren fully exited Northrop Grumman in Q3 2013, selling an estimated $396M.
- Bill Nygren's ten largest holdings make up 31% of its $51.4B portfolio in Q3 2013.
- Bill Nygren opened 3 new positions and closed 13 in Q3 2013.
- Bill Nygren's portfolio value rose 7.8% quarter-over-quarter to $51.4B.
Based on Harris Associates's 13F filing for Q3 2013, filed 12 Nov 2013.