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 |
Netflix
NFLX
|
+$443M |
| 2 |
Hilton Worldwide
HLT
|
+$443M |
| 3 |
Halliburton
HAL
|
+$427M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$418M |
| 5 |
Ryanair
RYAAY
|
+$319M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$880M |
| 2 |
HCA Healthcare
HCA
|
+$783M |
| 3 |
Willis Towers Watson
WTW
|
+$736M |
| 4 |
UnitedHealth
UNH
|
+$396M |
| 5 |
Unilever
UL
|
+$392M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.58% |
| 2 | Communication Services | 20.87% |
| 3 | Consumer Discretionary | 14.15% |
| 4 | Technology | 10.39% |
| 5 | Industrials | 10.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Live Nation Entertainment
LYV
$42.4B
| $124M | 0.25% |
2,516,452
-35,585
| -1% | -$1.88M |
|
|
USG
77
DELISTED
Usg
USG
| $120M | 0.24% |
2,803,502
-307,000
| -10% | -$13.1M |
|
78
Post Holdings
POST
$3.65B
| $111M | 0.22% |
1,903,338
+323,424
| +20% | +$19.5M |
|
79
TSMC
TSM
$2.17T
| $108M | 0.22% |
2,928,771
+2,371,200
| +425% | +$90.3M |
|
80
Gaming and Leisure Properties
GLPI
$12.7B
| $107M | 0.22% |
3,317,187
+209,929
| +7% | +$7.1M |
|
81
Tenet Healthcare
THC
$22.6B
| $106M | 0.21% |
6,209,187
-1,285,768
| -17% | -$31.1M |
|
82
Dover
DOV
$27.2B
| $97.8M | 0.2% |
1,378,079
-1,791,735
| -57% | -$146M |
|
|
CHK
83
DELISTED
Chesapeake Energy Corporation
CHK
| $88M | 0.18% |
209,442
-131,893
| -39% | -$90.8M |
|
84
Carter's
CRI
$1.31B
| $74.3M | 0.15% |
909,818
-91,546
| -9% | -$8.32M |
|
85
ADT
ADT
$5.39B
| $71.3M | 0.14% |
11,862,845
-6,356,184
| -35% | -$47.9M |
|
|
PDCE
86
DELISTED
PDC Energy, Inc.
PDCE
| $69.9M | 0.14% |
2,348,459
-916,446
| -28% | -$36.8M |
|
87
Criteo S.A.
CRTO
$855M
| $60.1M | 0.12% |
2,644,800
-617,900
| -19% | -$13.8M |
|
88
Blackrock
BLK
$179B
| $58.5M | 0.12% |
148,897
+22,059
| +17% | +$9.04M |
|
89
LivaNova
LIVN
$4.34B
| $53.6M | 0.11% |
586,142
-1,115
| -0.2% | -$120K |
|
|
CHX
90
DELISTED
ChampionX
CHX
| $52.4M | 0.11% |
1,933,860
-16,897
| -0.9% | -$621K |
|
|
PR
91
Permian Resources
PR
$19.9B
| $51.2M | 0.1% |
4,645,582
-1,212,169
| -21% | -$20.8M |
|
92
Qorvo
QRVO
$8.43B
| $46.2M | 0.09% |
761,259
-322,371
| -30% | -$21.7M |
|
93
C.H. Robinson
CHRW
$16.5B
| $44.9M | 0.09% |
534,133
-62,350
| -10% | -$5.58M |
|
94
Flex
FLEX
$40.8B
| $44.2M | 0.09% |
7,705,080
-22,927,018
| -75% | -$160M |
|
95
Trip.com Group
TCOM
$29B
| $41M | 0.08% |
+1,515,900
| New | +$46.2M |
|
|
96
Unilever
UL
$138B
| $40.8M | 0.08% |
694,610
-6,507,521
| -90% | -$392M |
|
|
VLRS
97
Controladora Vuela Compania de Aviacion
VLRS
$794M
| $38.5M | 0.08% |
7,195,950
+409,700
| +6% | +$2.6M |
|
|
WCC
98
WESCO International
WCC
$17B
| $34.1M | 0.07% |
709,750
-650
| -0.1% | -$33.7K |
|
99
Thor Industries
THO
$4.14B
| $29.1M | 0.06% |
559,822
+124,864
| +29% | +$8.45M |
|
100
CarMax
KMX
$8.82B
| $25.2M | 0.05% |
401,583
-1,659,511
| -81% | -$110M |
|
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Bill Nygren's Q4 2018 Portfolio in Review
As of Q4 2018, Bill Nygren held 130 positions worth $49.6B, down 22% from $63.6B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.92B in Q4 2018, closing 5 positions and reducing 73 holdings. Its most notable exit was Adient, an estimated $217M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Halliburton worth $337M.
- Bill Nygren's largest Q4 2018 buy was Halliburton: 12,660,135 shares worth $337M.
- Bill Nygren added most to Netflix in Q4 2018, an estimated $443M increase.
- Bill Nygren's biggest Q4 2018 reduction was Oracle, cutting an estimated $880M.
- Bill Nygren fully exited Adient in Q4 2018, selling an estimated $217M.
- Bill Nygren's ten largest holdings make up 34% of its $49.6B portfolio in Q4 2018.
- Bill Nygren opened 7 new positions and closed 5 in Q4 2018.
- Bill Nygren's portfolio value fell 22% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q4 2018, filed 14 Feb 2019.