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 |
Baidu
BIDU
|
+$1.54B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$915M |
| 3 |
Cummins
CMI
|
+$597M |
| 4 |
Caterpillar
CAT
|
+$359M |
| 5 |
GE Aerospace
GE
|
+$214M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$895M |
| 2 |
NOV
NOV
|
+$545M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$503M |
| 4 |
Visa
V
|
+$425M |
| 5 |
OCR
OMNICARE INC
OCR
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.32% |
| 2 | Technology | 16.72% |
| 3 | Consumer Discretionary | 13.03% |
| 4 | Industrials | 11.52% |
| 5 | Communication Services | 7.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Whirlpool
WHR
$2.63B
| $210M | 0.37% |
1,425,665
+306,225
| +27% | +$51.8M |
|
|
TRCO
77
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $210M | 0.37% |
5,889,566
+429,261
| +8% | +$19.1M |
|
|
PCP
78
DELISTED
PRECISION CASTPARTS CORP
PCP
| $203M | 0.36% |
885,750
-1,097,986
| -55% | -$236M |
|
79
US Bancorp
USB
$96.7B
| $195M | 0.34% |
4,759,365
-1,350
| -0% | -$58.5K |
|
80
Harley-Davidson
HOG
$2.93B
| $192M | 0.34% |
3,492,954
+1,146,400
| +49% | +$64.7M |
|
|
HSNI
81
DELISTED
HSN, Inc.
HSNI
| $187M | 0.33% |
3,267,554
-140,020
| -4% | -$9.1M |
|
|
CPN
82
DELISTED
Calpine Corporation
CPN
| $185M | 0.32% |
12,660,999
-1,052,925
| -8% | -$17.3M |
|
83
W.W. Grainger
GWW
$61.8B
| $179M | 0.31% |
834,598
+239,447
| +40% | +$53.8M |
|
|
USG
84
DELISTED
Usg
USG
| $135M | 0.24% |
5,058,800
+2,570,423
| +103% | +$75.4M |
|
85
Oceaneering
OII
$5.28B
| $126M | 0.22% |
+3,213,080
| New | +$133M |
|
86
Live Nation Entertainment
LYV
$42.4B
| $121M | 0.21% |
5,014,850
-68,100
| -1% | -$1.75M |
|
87
Illinois Tool Works
ITW
$80.4B
| $114M | 0.2% |
1,383,922
-10,250
| -0.7% | -$897K |
|
88
Bruker
BRKR
$9.07B
| $112M | 0.2% |
6,789,336
-2,725
| -0% | -$52.9K |
|
89
Omnicom Group
OMC
$24B
| $107M | 0.19% |
1,629,500
-2,294,170
| -58% | -$161M |
|
90
Howard Hughes
HHH
$3.97B
| $107M | 0.19% |
978,600
+428,450
| +78% | +$53.4M |
|
91
DNOW Inc
DNOW
$2.83B
| $99.1M | 0.17% |
6,695,711
+1,466,707
| +28% | +$25.5M |
|
|
KATE
92
DELISTED
Kate Spade & Company
KATE
| $98.3M | 0.17% |
5,145,584
+2,754,784
| +115% | +$55M |
|
93
Itron
ITRI
$4.38B
| $93.3M | 0.16% |
2,923,470
-452,400
| -13% | -$14.1M |
|
94
Carter's
CRI
$1.31B
| $85.3M | 0.15% |
941,150
-188,425
| -17% | -$18.9M |
|
|
CAB
95
DELISTED
Cabela's Inc
CAB
| $74M | 0.13% |
1,622,065
+424,687
| +35% | +$19.8M |
|
96
Check Point Software Technologies
CHKP
$13.3B
| $72.1M | 0.13% |
908,300
-7,750
| -0.8% | -$619K |
|
97
Manitowoc
MTW
$710M
| $69.7M | 0.12% |
5,131,868
+4,082,599
| +389% | +$63.1M |
|
|
WCC
98
WESCO International
WCC
$17B
| $69.1M | 0.12% |
1,486,760
-268,085
| -15% | -$15.5M |
|
99
Charter Communications
CHTR
$17.9B
| $64.7M | 0.11% |
+367,811
| New | +$67.1M |
|
100
Knowles
KN
$2.85B
| $61.4M | 0.11% |
3,333,112
-18,200
| -0.5% | -$311K |
|
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Bill Nygren's Q3 2015 Portfolio in Review
As of Q3 2015, Bill Nygren held 143 positions worth $57.2B, down 8.7% from $62.6B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q3 2015 filing shows 5 new, 48 increased, 66 reduced and 22 closed positions. Its largest new stake was Baidu: 9,325,265 shares worth $1.28B. The largest sale was Amazon, an estimated $895M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, down from 37% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q3 2015 buy was Baidu: 9,325,265 shares worth $1.28B.
- Bill Nygren added most to Cummins in Q3 2015, an estimated $597M increase.
- Bill Nygren's biggest Q3 2015 reduction was Amazon, cutting an estimated $895M.
- Bill Nygren fully exited OMNICARE INC in Q3 2015, selling an estimated $330M.
- Bill Nygren's ten largest holdings make up 35% of its $57.2B portfolio in Q3 2015.
- Bill Nygren opened 5 new positions and closed 22 in Q3 2015.
- Bill Nygren's portfolio value fell 8.7% quarter-over-quarter to $57.2B.
Based on Harris Associates's 13F filing for Q3 2015, filed 13 Nov 2015.