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 |
Apple
AAPL
|
+$626M |
| 2 |
Citigroup
C
|
+$466M |
| 3 |
CBRE Group
CBRE
|
+$394M |
| 4 |
Diageo
DEO
|
+$346M |
| 5 |
Ralph Lauren
RL
|
+$301M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRX
FOREST LABORATORIES INC
FRX
|
+$632M |
| 2 |
Aptiv
APTV
|
+$533M |
| 3 |
Illinois Tool Works
ITW
|
+$276M |
| 4 |
Devon Energy
DVN
|
+$249M |
| 5 |
Quest Diagnostics
DGX
|
+$229M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.11% |
| 2 | Technology | 19.55% |
| 3 | Consumer Discretionary | 13.52% |
| 4 | Industrials | 11.41% |
| 5 | Healthcare | 7.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Cenovus Energy
CVE
$60.7B
| $220M | 0.39% |
7,599,589
-567,223
| -7% | -$15.1M |
|
77
State Street
STT
$51.4B
| $215M | 0.39% |
3,095,150
+256,800
| +9% | +$17.8M |
|
78
US Bancorp
USB
$96.7B
| $205M | 0.37% |
4,791,489
-2,448,377
| -34% | -$101M |
|
79
CarMax
KMX
$8.82B
| $198M | 0.36% |
4,236,237
+754,001
| +22% | +$35.2M |
|
80
Gaming and Leisure Properties
GLPI
$12.7B
| $193M | 0.35% |
5,306,150
+903,532
| +21% | +$34.2M |
|
|
UPL
81
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $183M | 0.33% |
6,793,366
+21,366
| +0.3% | +$510K |
|
|
XEC
82
DELISTED
CIMAREX ENERGY CO
XEC
| $178M | 0.32% |
1,493,219
-1,902,878
| -56% | -$204M |
|
83
Live Nation Entertainment
LYV
$42.4B
| $166M | 0.3% |
7,651,350
-765,900
| -9% | -$16.6M |
|
84
Marriott International
MAR
$92.9B
| $163M | 0.29% |
2,910,128
-607,003
| -17% | -$31.4M |
|
|
HSNI
85
DELISTED
HSN, Inc.
HSNI
| $160M | 0.29% |
2,678,579
+209,834
| +8% | +$12.2M |
|
86
Autoliv
ALV
$9.18B
| $154M | 0.28% |
2,125,600
-1,348,303
| -39% | -$91.1M |
|
87
Kohl's
KSS
$2B
| $146M | 0.26% |
2,562,018
+30,598
| +1% | +$1.64M |
|
88
Sanofi
SNY
$110B
| $138M | 0.25% |
+2,641,500
| New | +$134M |
|
89
Kennametal
KMT
$2.28B
| $131M | 0.23% |
2,945,935
+44,000
| +2% | +$2.01M |
|
90
Automatic Data Processing
ADP
$112B
| $130M | 0.23% |
1,923,885
-77,310
| -4% | -$5.27M |
|
91
Baxter International
BAX
$13.6B
| $123M | 0.22% |
3,073,568
+62,605
| +2% | +$2.34M |
|
92
Advance Auto Parts
AAP
$2.57B
| $121M | 0.22% |
953,400
-85,725
| -8% | -$10.4M |
|
|
VAR
93
DELISTED
Varian Medical Systems, Inc.
VAR
| $119M | 0.21% |
1,617,018
-670,131
| -29% | -$48.3M |
|
94
Knowles
KN
$2.85B
| $118M | 0.21% |
+3,724,423
| New | +$116M |
|
95
General Mills
GIS
$21.4B
| $114M | 0.2% |
+2,202,616
| New | +$109M |
|
|
RDC
96
DELISTED
Rowan Companies Plc
RDC
| $99M | 0.18% |
2,938,141
+889,148
| +43% | +$29.1M |
|
97
Bruker
BRKR
$9.07B
| $98.1M | 0.18% |
4,303,523
-721,017
| -14% | -$15.7M |
|
98
Itron
ITRI
$4.38B
| $95.3M | 0.17% |
2,680,825
+893,225
| +50% | +$33.8M |
|
99
Lam Research
LRCX
$393B
| $94.4M | 0.17% |
17,156,970
-1,686,480
| -9% | -$8.96M |
|
100
Howard Hughes
HHH
$3.97B
| $87.9M | 0.16% |
646,315
-233,114
| -27% | -$29.3M |
|
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Bill Nygren's Q1 2014 Portfolio in Review
As of Q1 2014, Bill Nygren held 199 positions worth $55.8B, down 0.24% from $56B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q1 2014 filing shows 12 new, 58 increased, 85 reduced and 23 closed positions. Its largest new stake was Citigroup: 9,362,711 shares worth $446M. The largest sale was FOREST LABORATORIES INC, an estimated $632M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2014 buy was Citigroup: 9,362,711 shares worth $446M.
- Bill Nygren added most to Apple in Q1 2014, an estimated $626M increase.
- Bill Nygren's biggest Q1 2014 reduction was FOREST LABORATORIES INC, cutting an estimated $632M.
- Bill Nygren fully exited Quest Diagnostics in Q1 2014, selling an estimated $229M.
- Bill Nygren's ten largest holdings make up 33% of its $55.8B portfolio in Q1 2014.
- Bill Nygren opened 12 new positions and closed 23 in Q1 2014.
- Bill Nygren's portfolio value fell 0.24% quarter-over-quarter to $55.8B.
Based on Harris Associates's 13F filing for Q1 2014, filed 25 Apr 2014.