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 |
Humana
HUM
|
+$235M |
| 2 |
Agilent Technologies
A
|
+$211M |
| 3 |
DXC Technology
DXC
|
+$162M |
| 4 |
Open Text
OTEX
|
+$146M |
| 5 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$86.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Willis Towers Watson
WTW
|
+$453M |
| 2 |
Mastercard
MA
|
+$302M |
| 3 |
Liberty Global Class C
LBTYK
|
+$289M |
| 4 |
Charter Communications
CHTR
|
+$241M |
| 5 |
Apple
AAPL
|
+$208M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.75% |
| 2 | Communication Services | 20.78% |
| 3 | Consumer Discretionary | 15.36% |
| 4 | Industrials | 10.77% |
| 5 | Technology | 9.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
76
Open Text
OTEX
$5.97B
| $146M | 0.28% |
+3,581,300
| New | +$146M |
|
77
Tenet Healthcare
THC
$22.6B
| $142M | 0.28% |
6,421,062
+175,525
| +3% | +$3.74M |
|
78
Live Nation Entertainment
LYV
$42.4B
| $135M | 0.26% |
2,033,487
-76,695
| -4% | -$5.36M |
|
79
Post Holdings
POST
$3.65B
| $134M | 0.26% |
1,937,964
+95,178
| +5% | +$6.49M |
|
|
80
DXC Technology
DXC
$1.73B
| $124M | 0.24% |
4,195,867
+3,797,291
| +953% | +$162M |
|
81
Gaming and Leisure Properties
GLPI
$12.7B
| $124M | 0.24% |
3,230,252
-50,884
| -2% | -$1.95M |
|
82
Under Armour Class C
UA
$2.25B
| $123M | 0.24% |
6,811,177
+32,440
| +0.5% | +$639K |
|
83
TSMC
TSM
$2.17T
| $98.9M | 0.19% |
2,128,391
-572,700
| -21% | -$24.4M |
|
|
84
Willis Towers Watson
WTW
$31.8B
| $93.1M | 0.18% |
482,369
-2,319,033
| -83% | -$453M |
|
85
Carter's
CRI
$1.31B
| $91.9M | 0.18% |
1,007,515
+102,584
| +11% | +$9.35M |
|
|
CHK
86
DELISTED
Chesapeake Energy Corporation
CHK
| $87M | 0.17% |
308,625
-2,035
| -0.7% | -$661K |
|
87
ADT
ADT
$5.39B
| $69.8M | 0.14% |
11,137,130
-431,941
| -4% | -$2.45M |
|
|
CHX
88
DELISTED
ChampionX
CHX
| $69.5M | 0.13% |
2,568,347
+469,719
| +22% | +$13.7M |
|
89
Trinity Industries
TRN
$2.37B
| $68.5M | 0.13% |
3,479,975
+1,102,125
| +46% | +$20.8M |
|
90
Blackrock
BLK
$179B
| $63.9M | 0.12% |
143,414
-2,438
| -2% | -$1.09M |
|
|
VLRS
91
Controladora Vuela Compania de Aviacion
VLRS
$794M
| $62.5M | 0.12% |
6,243,758
-548,692
| -8% | -$5.28M |
|
|
AMTD
92
DELISTED
TD Ameritrade Holding Corp
AMTD
| $59.6M | 0.12% |
1,275,765
+1,920
| +0.2% | +$92K |
|
93
Herc Holdings
HRI
$5.41B
| $52.7M | 0.1% |
1,133,705
+23,219
| +2% | +$1.01M |
|
|
DLPH
94
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $51.1M | 0.1% |
3,815,850
+547
| +0% | +$8.68K |
|
95
Aon
AON
$75.3B
| $50.2M | 0.1% |
259,192
-57,649
| -18% | -$11.1M |
|
96
Autoliv
ALV
$9.18B
| $47.7M | 0.09% |
604,315
-55,885
| -8% | -$3.98M |
|
|
PDCE
97
DELISTED
PDC Energy, Inc.
PDCE
| $46.6M | 0.09% |
1,679,722
-709,754
| -30% | -$21.3M |
|
|
WCC
98
WESCO International
WCC
$17B
| $43.7M | 0.08% |
914,751
-525
| -0.1% | -$24.7K |
|
99
Criteo S.A.
CRTO
$855M
| $42.6M | 0.08% |
2,277,000
-122,800
| -5% | -$2.31M |
|
100
Thor Industries
THO
$4.14B
| $36.6M | 0.07% |
646,637
-1,345
| -0.2% | -$70.6K |
|
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Bill Nygren's Q3 2019 Portfolio in Review
As of Q3 2019, Bill Nygren held 135 positions worth $51.5B, down 5.3% from $54.4B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren withdrew a net $2.23B in Q3 2019, closing 5 positions and reducing 87 holdings. Its most notable exit was News Corp Class A, an estimated $89M 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 Humana worth $214M.
- Bill Nygren's largest Q3 2019 buy was Humana: 836,585 shares worth $214M.
- Bill Nygren added most to DXC Technology in Q3 2019, an estimated $162M increase.
- Bill Nygren's biggest Q3 2019 reduction was Willis Towers Watson, cutting an estimated $453M.
- Bill Nygren fully exited News Corp Class A in Q3 2019, selling an estimated $89M.
- Bill Nygren's ten largest holdings make up 37% of its $51.5B portfolio in Q3 2019.
- Bill Nygren opened 5 new positions and closed 5 in Q3 2019.
- Bill Nygren's portfolio value fell 5.3% quarter-over-quarter to $51.5B.
Based on Harris Associates's 13F filing for Q3 2019, filed 14 Nov 2019.