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 |
Televisa
TV
|
+$253M |
| 2 |
Baxter International
BAX
|
+$195M |
| 3 |
Ally Financial
ALLY
|
+$138M |
| 4 |
State Street
STT
|
+$135M |
| 5 |
Goldman Sachs
GS
|
+$130M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$372M |
| 2 |
Union Pacific
UNP
|
+$371M |
| 3 |
Apple
AAPL
|
+$323M |
| 4 |
HNT
HEALTH NET INC
HNT
|
+$295M |
| 5 |
Aon
AON
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.25% |
| 2 | Technology | 16.63% |
| 3 | Industrials | 12.36% |
| 4 | Consumer Discretionary | 12.23% |
| 5 | Communication Services | 10.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
T. Rowe Price
TROW
$23.8B
| $184M | 0.35% |
2,508,991
-651,002
| -21% | -$45.2M |
|
|
USG
77
DELISTED
Usg
USG
| $171M | 0.32% |
6,890,450
-24,500
| -0.4% | -$509K |
|
|
HSNI
78
DELISTED
HSN, Inc.
HSNI
| $170M | 0.32% |
3,243,799
-2,200
| -0.1% | -$109K |
|
79
Howard Hughes
HHH
$3.97B
| $165M | 0.31% |
1,638,247
+520,384
| +47% | +$47.8M |
|
80
Lear
LEA
$8.56B
| $159M | 0.3% |
1,427,134
+154,500
| +12% | +$16.4M |
|
81
Harley-Davidson
HOG
$2.93B
| $154M | 0.29% |
3,006,974
-458,640
| -13% | -$20M |
|
|
KATE
82
DELISTED
Kate Spade & Company
KATE
| $146M | 0.28% |
5,739,020
+468,900
| +9% | +$9.22M |
|
83
Itron
ITRI
$4.38B
| $135M | 0.25% |
3,229,160
+72,470
| +2% | +$2.68M |
|
84
Oshkosh
OSK
$9.7B
| $132M | 0.25% |
3,232,100
+1,939,400
| +150% | +$68.6M |
|
85
Centene
CNC
$32.1B
| $123M | 0.23% |
+3,989,808
| New | +$119M |
|
86
Live Nation Entertainment
LYV
$42.4B
| $120M | 0.23% |
5,366,552
+66,622
| +1% | +$1.46M |
|
|
CMA
87
DELISTED
Comerica
CMA
| $113M | 0.21% |
2,978,787
+2,507,836
| +533% | +$90.4M |
|
|
WBT
88
DELISTED
Welbilt, Inc.
WBT
| $97.5M | 0.18% |
+6,616,424
| New | +$96.2M |
|
89
W.W. Grainger
GWW
$61.8B
| $95.5M | 0.18% |
409,043
-379,720
| -48% | -$79.5M |
|
90
Carter's
CRI
$1.31B
| $88.3M | 0.17% |
837,616
-9,409
| -1% | -$902K |
|
91
Jones Lang LaSalle
JLL
$17.8B
| $86.5M | 0.16% |
+737,495
| New | +$89.4M |
|
92
Check Point Software Technologies
CHKP
$13.3B
| $86.2M | 0.16% |
985,377
+90,227
| +10% | +$7.25M |
|
93
Gaming and Leisure Properties
GLPI
$12.7B
| $84M | 0.16% |
2,715,871
+970,970
| +56% | +$26.4M |
|
94
Illinois Tool Works
ITW
$80.4B
| $66.8M | 0.13% |
652,496
-540,393
| -45% | -$50M |
|
|
LBRDK
95
DELISTED
Liberty Broadband Class C
LBRDK
| $59.8M | 0.11% |
1,032,610
+498,988
| +94% | +$25.1M |
|
96
HCA Healthcare
HCA
$92.9B
| $54.8M | 0.1% |
+702,541
| New | +$49.1M |
|
97
Axalta
AXTA
$7.75B
| $53.9M | 0.1% |
1,844,440
-84,710
| -4% | -$2.15M |
|
98
MillerKnoll
MLKN
$1.57B
| $48.4M | 0.09% |
1,568,415
-443,987
| -22% | -$11.8M |
|
99
Herc Holdings
HRI
$5.41B
| $48.4M | 0.09% |
1,531,267
+610,150
| +66% | +$17.9M |
|
|
WCC
100
WESCO International
WCC
$17B
| $46.8M | 0.09% |
856,275
-532,066
| -38% | -$23.7M |
|
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Bill Nygren's Q1 2016 Portfolio in Review
As of Q1 2016, Bill Nygren held 134 positions worth $53.1B, down 10% from $59B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren withdrew a net $4.51B in Q1 2016, closing 11 positions and reducing 82 holdings. Its most notable exit was HEALTH NET INC, an estimated $295M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
Against the trend, Bill Nygren opened a new position in Baxter International worth $210M.
- Bill Nygren's largest Q1 2016 buy was Baxter International: 5,106,845 shares worth $210M.
- Bill Nygren added most to Televisa in Q1 2016, an estimated $253M increase.
- Bill Nygren's biggest Q1 2016 reduction was American Express, cutting an estimated $372M.
- Bill Nygren fully exited HEALTH NET INC in Q1 2016, selling an estimated $295M.
- Bill Nygren's ten largest holdings make up 33% of its $53.1B portfolio in Q1 2016.
- Bill Nygren opened 10 new positions and closed 11 in Q1 2016.
- Bill Nygren's portfolio value fell 10% quarter-over-quarter to $53.1B.
Based on Harris Associates's 13F filing for Q1 2016, filed 11 May 2016.