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
|
+$374M |
| 2 |
Oracle
ORCL
|
+$339M |
| 3 |
WFT
Weatherford International plc
WFT
|
+$297M |
| 4 |
GE Aerospace
GE
|
+$294M |
| 5 |
Howmet Aerospace
HWM
|
+$215M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Melco Resorts & Entertainment
MLCO
|
+$350M |
| 2 |
Aon
AON
|
+$240M |
| 3 |
Caterpillar
CAT
|
+$235M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$191M |
| 5 |
Intel
INTC
|
+$172M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.81% |
| 2 | Technology | 14.28% |
| 3 | Communication Services | 13.22% |
| 4 | Consumer Discretionary | 12.52% |
| 5 | Industrials | 9.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Principal Financial Group
PFG
$23.7B
| $181M | 0.33% |
2,823,271
-1,892,632
| -40% | -$120M |
|
77
IQVIA
IQV
$42.8B
| $167M | 0.3% |
1,863,607
-218,029
| -10% | -$18.4M |
|
78
Live Nation Entertainment
LYV
$42.4B
| $160M | 0.29% |
4,578,552
-571,500
| -11% | -$19.2M |
|
|
LBRDK
79
DELISTED
Liberty Broadband Class C
LBRDK
| $159M | 0.29% |
1,834,770
+154,535
| +9% | +$13.5M |
|
80
AutoNation
AN
$6.6B
| $151M | 0.27% |
3,576,454
-1,462,076
| -29% | -$59.5M |
|
81
Tenet Healthcare
THC
$22.6B
| $150M | 0.27% |
7,733,435
+108,070
| +1% | +$1.89M |
|
|
VWR
82
DELISTED
VWR Corporation
VWR
| $145M | 0.26% |
4,378,045
-872,915
| -17% | -$27.3M |
|
83
Oshkosh
OSK
$9.7B
| $140M | 0.25% |
2,026,745
-53,363
| -3% | -$3.59M |
|
84
Flowserve
FLS
$10.1B
| $131M | 0.24% |
2,829,898
-104,405
| -4% | -$5.03M |
|
|
85
Melco Resorts & Entertainment
MLCO
$2.09B
| $117M | 0.21% |
5,210,004
-16,050,356
| -75% | -$350M |
|
86
Itron
ITRI
$4.38B
| $111M | 0.2% |
1,642,928
-936,520
| -36% | -$61.4M |
|
87
Gaming and Leisure Properties
GLPI
$12.7B
| $107M | 0.19% |
2,832,950
+7,944
| +0.3% | +$285K |
|
88
US Bancorp
USB
$96.7B
| $87.8M | 0.16% |
1,691,555
-6,777
| -0.4% | -$349K |
|
89
Carter's
CRI
$1.31B
| $86.1M | 0.16% |
968,440
+29,845
| +3% | +$2.63M |
|
90
Booking.com
BKNG
$158B
| $75.9M | 0.14% |
1,013,850
-63,250
| -6% | -$4.64M |
|
91
C.H. Robinson
CHRW
$16.5B
| $70.5M | 0.13% |
1,027,045
+751,820
| +273% | +$53.3M |
|
92
Axalta
AXTA
$7.75B
| $65.7M | 0.12% |
2,051,380
+23,035
| +1% | +$736K |
|
93
Herc Holdings
HRI
$5.41B
| $55M | 0.1% |
1,399,518
+221,511
| +19% | +$9.26M |
|
|
BUFF
94
DELISTED
Blue Buffalo Pet Products, Inc
BUFF
| $53.5M | 0.1% |
+2,344,399
| New | +$55.5M |
|
|
HSNI
95
DELISTED
HSN, Inc.
HSNI
| $47.8M | 0.09% |
1,499,405
-60,801
| -4% | -$2.1M |
|
|
WCC
96
WESCO International
WCC
$17B
| $46.4M | 0.08% |
810,145
-1,802
| -0.2% | -$112K |
|
|
TIF
97
DELISTED
Tiffany & Co.
TIF
| $46M | 0.08% |
490,278
-1,326,368
| -73% | -$122M |
|
98
Manitowoc
MTW
$710M
| $39.6M | 0.07% |
1,647,937
-1,544
| -0.1% | -$36.1K |
|
99
MillerKnoll
MLKN
$1.57B
| $38.5M | 0.07% |
1,266,177
| – | – |
|
|
UPL
100
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $31.8M | 0.06% |
+2,927,833
| New | +$33M |
|
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Bill Nygren's Q2 2017 Portfolio in Review
As of Q2 2017, Bill Nygren held 124 positions worth $55.6B, up 1.6% from $54.7B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q2 2017 filing shows 8 new, 35 increased, 75 reduced and 4 closed positions. Its largest new stake was Blue Buffalo Pet Products, Inc: 2,344,399 shares worth $53.5M. The largest sale was Melco Resorts & Entertainment, an estimated $350M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Technology and Communication Services.
- Bill Nygren's largest Q2 2017 buy was Blue Buffalo Pet Products, Inc: 2,344,399 shares worth $53.5M.
- Bill Nygren added most to Baidu in Q2 2017, an estimated $374M increase.
- Bill Nygren's biggest Q2 2017 reduction was Melco Resorts & Entertainment, cutting an estimated $350M.
- Bill Nygren fully exited Check Point Software Technologies in Q2 2017, selling an estimated $28.9M.
- Bill Nygren's ten largest holdings make up 36% of its $55.6B portfolio in Q2 2017.
- Bill Nygren opened 8 new positions and closed 4 in Q2 2017.
- Bill Nygren's portfolio value rose 1.6% quarter-over-quarter to $55.6B.
Based on Harris Associates's 13F filing for Q2 2017, filed 14 Aug 2017.