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 |
HCA Healthcare
HCA
|
+$526M |
| 2 |
Baxter International
BAX
|
+$335M |
| 3 |
Baidu
BIDU
|
+$308M |
| 4 |
Ally Financial
ALLY
|
+$242M |
| 5 |
Unilever
UL
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$511M |
| 2 |
JPMorgan Chase
JPM
|
+$496M |
| 3 |
Principal Financial Group
PFG
|
+$408M |
| 4 |
Goldman Sachs
GS
|
+$379M |
| 5 |
Cummins
CMI
|
+$331M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.86% |
| 2 | Consumer Discretionary | 14.06% |
| 3 | Technology | 13.77% |
| 4 | Communication Services | 11.7% |
| 5 | Industrials | 10.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Itron
ITRI
$4.38B
| $179M | 0.34% |
2,844,143
-482,075
| -14% | -$29.1M |
|
77
Howard Hughes
HHH
$3.97B
| $178M | 0.34% |
1,634,864
+136,202
| +9% | +$14.4M |
|
78
Medtronic
MDT
$119B
| $170M | 0.33% |
2,387,759
+556,092
| +30% | +$43.7M |
|
|
VISN
79
Vistance Networks Inc
VISN
$2.59B
| $167M | 0.32% |
4,492,474
+1,068,634
| +31% | +$36.4M |
|
80
Oshkosh
OSK
$9.7B
| $164M | 0.32% |
2,543,185
-651,765
| -20% | -$40.3M |
|
81
Halliburton
HAL
$29.4B
| $160M | 0.31% |
2,959,113
-710,885
| -19% | -$35.4M |
|
82
Live Nation Entertainment
LYV
$42.4B
| $139M | 0.27% |
5,237,052
-90,300
| -2% | -$2.48M |
|
|
KATE
83
DELISTED
Kate Spade & Company
KATE
| $136M | 0.26% |
7,309,011
+965,500
| +15% | +$15.8M |
|
84
Sanofi
SNY
$110B
| $131M | 0.25% |
3,231,940
-41,465
| -1% | -$1.63M |
|
85
Rockwell Automation
ROK
$48.5B
| $129M | 0.25% |
957,413
-1,129,241
| -54% | -$144M |
|
|
LBRDK
86
DELISTED
Liberty Broadband Class C
LBRDK
| $121M | 0.23% |
1,637,413
-27,252
| -2% | -$1.91M |
|
87
Tenet Healthcare
THC
$22.6B
| $111M | 0.21% |
7,459,265
-952,657
| -11% | -$17.1M |
|
88
US Bancorp
USB
$96.7B
| $108M | 0.21% |
2,096,197
-3,151,609
| -60% | -$150M |
|
|
VWR
89
DELISTED
VWR Corporation
VWR
| $91.7M | 0.18% |
3,663,746
+2,440,696
| +200% | +$64.8M |
|
90
Reinsurance Group of America
RGA
$15.9B
| $91M | 0.18% |
723,086
-1,057,974
| -59% | -$124M |
|
91
Gaming and Leisure Properties
GLPI
$12.7B
| $80M | 0.15% |
2,612,941
-1,906
| -0.1% | -$59.6K |
|
|
HSNI
92
DELISTED
HSN, Inc.
HSNI
| $76.1M | 0.15% |
2,218,721
-376,601
| -15% | -$14.1M |
|
93
Carter's
CRI
$1.31B
| $71.3M | 0.14% |
825,800
-5,700
| -0.7% | -$509K |
|
94
AutoNation
AN
$6.6B
| $57.8M | 0.11% |
+1,188,426
| New | +$55.1M |
|
|
WCC
95
WESCO International
WCC
$17B
| $54.2M | 0.1% |
814,897
-32,528
| -4% | -$2.07M |
|
96
Axalta
AXTA
$7.75B
| $51.1M | 0.1% |
1,877,065
-165,096
| -8% | -$4.35M |
|
|
QGENF
97
DELISTED
QIAGEN NV
QGENF
| $48.7M | 0.09% |
1,737,240
-759,500
| -30% | -$21.3M |
|
98
W.W. Grainger
GWW
$61.8B
| $46.8M | 0.09% |
201,490
-113,004
| -36% | -$25.2M |
|
99
MillerKnoll
MLKN
$1.57B
| $45.7M | 0.09% |
1,337,652
-132,400
| -9% | -$4.13M |
|
100
Manitowoc
MTW
$710M
| $38.9M | 0.08% |
1,627,356
-24,100
| -1% | -$497K |
|
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Bill Nygren's Q4 2016 Portfolio in Review
As of Q4 2016, Bill Nygren held 123 positions worth $51.9B, up 2.8% from $50.5B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.15B in Q4 2016, closing 2 positions and reducing 87 holdings. Its most notable exit was T. Rowe Price, an estimated $109M 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 Consumer Discretionary and Technology.
Against the trend, Bill Nygren opened a new position in Infosys worth $190M.
- Bill Nygren's largest Q4 2016 buy was Infosys: 25,600,500 shares worth $190M.
- Bill Nygren added most to HCA Healthcare in Q4 2016, an estimated $526M increase.
- Bill Nygren's biggest Q4 2016 reduction was Bank of America, cutting an estimated $511M.
- Bill Nygren fully exited T. Rowe Price in Q4 2016, selling an estimated $109M.
- Bill Nygren's ten largest holdings make up 34% of its $51.9B portfolio in Q4 2016.
- Bill Nygren opened 6 new positions and closed 2 in Q4 2016.
- Bill Nygren's portfolio value rose 2.8% quarter-over-quarter to $51.9B.
Based on Harris Associates's 13F filing for Q4 2016, filed 10 Feb 2017.