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 |
Ryanair
RYAAY
|
+$722M |
| 2 |
Cenovus Energy
CVE
|
+$427M |
| 3 |
DXC Technology
DXC
|
+$249M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$240M |
| 5 |
Hilton Worldwide
HLT
|
+$182M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HCA Healthcare
HCA
|
+$344M |
| 2 |
Oracle
ORCL
|
+$278M |
| 3 |
Mastercard
MA
|
+$246M |
| 4 |
Baidu
BIDU
|
+$188M |
| 5 |
Willis Towers Watson
WTW
|
+$186M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.8% |
| 2 | Communication Services | 19.36% |
| 3 | Technology | 12.06% |
| 4 | Consumer Discretionary | 11.18% |
| 5 | Healthcare | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CLGX
76
DELISTED
Corelogic, Inc.
CLGX
| $204M | 0.32% |
4,122,698
+169,344
| +4% | +$8.63M |
|
|
WFT
77
DELISTED
Weatherford International plc
WFT
| $195M | 0.31% |
71,800,681
+9,577,772
| +15% | +$28.1M |
|
78
Aptiv
APTV
$10B
| $189M | 0.3% |
2,249,615
+610
| +0% | +$55.7K |
|
79
Under Armour Class C
UA
$2.25B
| $177M | 0.28% |
9,091,349
+140,026
| +2% | +$2.7M |
|
80
ADT
ADT
$5.39B
| $171M | 0.27% |
18,219,029
-815,801
| -4% | -$7.27M |
|
|
PDCE
81
DELISTED
PDC Energy, Inc.
PDCE
| $160M | 0.25% |
3,264,905
+9,840
| +0.3% | +$545K |
|
82
CarMax
KMX
$8.82B
| $154M | 0.24% |
2,061,094
-1,796,378
| -47% | -$137M |
|
83
News Corp Class A
NWSA
$16.4B
| $143M | 0.23% |
10,861,238
-4,997,630
| -32% | -$70.1M |
|
84
Live Nation Entertainment
LYV
$42.4B
| $139M | 0.22% |
2,552,037
-40,100
| -2% | -$2.03M |
|
|
VISN
85
Vistance Networks Inc
VISN
$2.59B
| $135M | 0.21% |
4,404,898
-2,997,316
| -40% | -$91.9M |
|
|
USG
86
DELISTED
Usg
USG
| $135M | 0.21% |
3,110,502
-2,352,267
| -43% | -$102M |
|
|
PR
87
Permian Resources
PR
$19.9B
| $128M | 0.2% |
5,857,751
+3,156,700
| +117% | +$59.4M |
|
|
DLPH
88
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $120M | 0.19% |
3,812,758
+3,064,055
| +409% | +$121M |
|
89
Gaming and Leisure Properties
GLPI
$12.7B
| $110M | 0.17% |
3,107,258
+22,533
| +0.7% | +$798K |
|
90
Post Holdings
POST
$3.65B
| $101M | 0.16% |
+1,579,914
| New | +$97M |
|
91
Carter's
CRI
$1.31B
| $98.7M | 0.16% |
1,001,364
-2,771
| -0.3% | -$293K |
|
92
Carlisle Companies
CSL
$14.6B
| $94.5M | 0.15% |
775,870
+199,520
| +35% | +$24.4M |
|
93
Baker Hughes
BKR
$61.9B
| $85.2M | 0.13% |
2,518,624
-242,869
| -9% | -$8.03M |
|
|
CHX
94
DELISTED
ChampionX
CHX
| $85M | 0.13% |
1,950,757
-2,996
| -0.2% | -$126K |
|
95
Qorvo
QRVO
$8.43B
| $83.3M | 0.13% |
1,083,630
-7,575
| -0.7% | -$607K |
|
96
Criteo S.A.
CRTO
$855M
| $74.8M | 0.12% |
3,262,700
-306,400
| -9% | -$8.67M |
|
97
LivaNova
LIVN
$4.34B
| $72.8M | 0.11% |
587,257
-34,900
| -6% | -$4.12M |
|
98
Herc Holdings
HRI
$5.41B
| $67.4M | 0.11% |
1,316,236
+41,340
| +3% | +$2.24M |
|
99
Blackrock
BLK
$179B
| $59.8M | 0.09% |
126,838
+19,182
| +18% | +$9.32M |
|
100
C.H. Robinson
CHRW
$16.5B
| $58.4M | 0.09% |
596,483
-196,987
| -25% | -$18.5M |
|
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Bill Nygren's Q3 2018 Portfolio in Review
As of Q3 2018, Bill Nygren held 129 positions worth $63.6B, up 2.8% from $61.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q3 2018 filing shows 4 new, 44 increased, 72 reduced and 6 closed positions. Its largest new stake was Charles Schwab: 4,691,626 shares worth $231M. The largest sale was HCA Healthcare, an estimated $344M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 28% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2018 buy was Charles Schwab: 4,691,626 shares worth $231M.
- Bill Nygren added most to Ryanair in Q3 2018, an estimated $722M increase.
- Bill Nygren's biggest Q3 2018 reduction was HCA Healthcare, cutting an estimated $344M.
- Bill Nygren fully exited IQVIA in Q3 2018, selling an estimated $96.4M.
- Bill Nygren's ten largest holdings make up 34% of its $63.6B portfolio in Q3 2018.
- Bill Nygren opened 4 new positions and closed 6 in Q3 2018.
- Bill Nygren's portfolio value rose 2.8% quarter-over-quarter to $63.6B.
Based on Harris Associates's 13F filing for Q3 2018, filed 14 Nov 2018.