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 |
GE Aerospace
GE
|
+$789M |
| 2 |
Liberty Global Class C
LBTYK
|
+$780M |
| 3 |
Liberty Global Class A
LBTYA
|
+$378M |
| 4 |
Netflix
NFLX
|
+$282M |
| 5 |
American International
AIG
|
+$242M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$630M |
| 2 |
Union Pacific
UNP
|
+$258M |
| 3 |
Blackrock
BLK
|
+$227M |
| 4 |
BHI
Baker Hughes
BHI
|
+$212M |
| 5 |
Oracle
ORCL
|
+$177M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Communication Services | 15.77% |
| 3 | Technology | 13.38% |
| 4 | Consumer Discretionary | 13.34% |
| 5 | Industrials | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Howard Hughes
HHH
$3.97B
| $189M | 0.32% |
1,679,463
+16,301
| +1% | +$1.86M |
|
77
Microsoft
MSFT
$3.59T
| $182M | 0.31% |
2,445,475
-1,019,674
| -29% | -$74.5M |
|
78
Baker Hughes
BKR
$61.9B
| $180M | 0.3% |
+4,926,750
| New | +$175M |
|
|
LBRDK
79
DELISTED
Liberty Broadband Class C
LBRDK
| $172M | 0.29% |
1,803,794
-30,976
| -2% | -$2.98M |
|
80
IQVIA
IQV
$42.8B
| $160M | 0.27% |
1,681,511
-182,096
| -10% | -$16.9M |
|
81
Live Nation Entertainment
LYV
$42.4B
| $160M | 0.27% |
3,662,852
-915,700
| -20% | -$35.5M |
|
|
BUFF
82
DELISTED
Blue Buffalo Pet Products, Inc
BUFF
| $151M | 0.26% |
5,343,266
+2,998,867
| +128% | +$73.4M |
|
83
Tenet Healthcare
THC
$22.6B
| $134M | 0.23% |
8,156,836
+423,401
| +5% | +$7.18M |
|
84
Oshkosh
OSK
$9.7B
| $122M | 0.21% |
1,483,195
-543,550
| -27% | -$39.9M |
|
85
Booking.com
BKNG
$158B
| $120M | 0.2% |
1,635,350
+621,500
| +61% | +$47.2M |
|
|
VWR
86
DELISTED
VWR Corporation
VWR
| $118M | 0.2% |
3,566,705
-811,340
| -19% | -$26.8M |
|
87
Principal Financial Group
PFG
$23.7B
| $114M | 0.19% |
1,771,266
-1,052,005
| -37% | -$67.7M |
|
88
Gaming and Leisure Properties
GLPI
$12.7B
| $104M | 0.18% |
2,823,050
-9,900
| -0.3% | -$374K |
|
89
C.H. Robinson
CHRW
$16.5B
| $104M | 0.18% |
1,364,015
+336,970
| +33% | +$23.4M |
|
90
Carter's
CRI
$1.31B
| $101M | 0.17% |
1,018,795
+50,355
| +5% | +$4.48M |
|
|
91
Blackrock
BLK
$179B
| $87.4M | 0.15% |
195,597
-530,808
| -73% | -$227M |
|
92
Lamb Weston
LW
$7.38B
| $87.4M | 0.15% |
1,863,568
+1,163,672
| +166% | +$52.2M |
|
93
Criteo S.A.
CRTO
$855M
| $84.7M | 0.14% |
+2,040,600
| New | +$97.2M |
|
94
Herc Holdings
HRI
$5.41B
| $69.3M | 0.12% |
1,410,650
+11,132
| +0.8% | +$483K |
|
95
Melco Resorts & Entertainment
MLCO
$2.09B
| $68.5M | 0.12% |
2,840,959
-2,369,045
| -45% | -$51.5M |
|
96
Itron
ITRI
$4.38B
| $59.7M | 0.1% |
771,403
-871,525
| -53% | -$63.2M |
|
97
Manitowoc
MTW
$710M
| $59.3M | 0.1% |
1,647,462
-475
| -0% | -$13.8K |
|
98
Axalta
AXTA
$7.75B
| $58M | 0.1% |
2,006,214
-45,166
| -2% | -$1.37M |
|
|
HSNI
99
DELISTED
HSN, Inc.
HSNI
| $53.3M | 0.09% |
1,363,930
-135,475
| -9% | -$5.13M |
|
100
MillerKnoll
MLKN
$1.57B
| $45.3M | 0.08% |
1,261,177
-5,000
| -0.4% | -$168K |
|
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Bill Nygren's Q3 2017 Portfolio in Review
As of Q3 2017, Bill Nygren held 130 positions worth $59.3B, up 6.7% from $55.6B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren's Q3 2017 filing shows 10 new, 39 increased, 74 reduced and 6 closed positions. Its largest new stake was Liberty Global Class C: 24,160,579 shares worth $790M. The largest sale was Baidu, an estimated $630M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 34% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2017 buy was Liberty Global Class C: 24,160,579 shares worth $790M.
- Bill Nygren added most to GE Aerospace in Q3 2017, an estimated $789M increase.
- Bill Nygren's biggest Q3 2017 reduction was Baidu, cutting an estimated $630M.
- Bill Nygren fully exited Baker Hughes in Q3 2017, selling an estimated $212M.
- Bill Nygren's ten largest holdings make up 37% of its $59.3B portfolio in Q3 2017.
- Bill Nygren opened 10 new positions and closed 6 in Q3 2017.
- Bill Nygren's portfolio value rose 6.7% quarter-over-quarter to $59.3B.
Based on Harris Associates's 13F filing for Q3 2017, filed 14 Nov 2017.