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 |
Alphabet (Google) Class A
GOOGL
|
+$457M |
| 2 |
Agilent Technologies
A
|
+$307M |
| 3 |
Constellation Brands
STZ
|
+$296M |
| 4 |
Booking.com
BKNG
|
+$281M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$273M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Regeneron Pharmaceuticals
REGN
|
+$846M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$804M |
| 3 |
Charter Communications
CHTR
|
+$543M |
| 4 |
American Airlines Group
AAL
|
+$485M |
| 5 |
Stellantis
STLA
|
+$358M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.46% |
| 2 | Communication Services | 25.12% |
| 3 | Consumer Discretionary | 14.09% |
| 4 | Healthcare | 9.73% |
| 5 | Technology | 9.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Howard Hughes
HHH
$3.97B
| $105M | 0.29% |
2,173,653
+178,419
| +9% | +$17.9M |
|
77
Aptiv
APTV
$10B
| $103M | 0.28% |
2,088,365
-111,162
| -5% | -$8.72M |
|
78
Post Holdings
POST
$3.65B
| $103M | 0.28% |
1,889,704
-30,718
| -2% | -$2M |
|
79
Match Group
MTCH
$9.38B
| $102M | 0.28% |
+1,542,219
| New | +$113M |
|
80
Tenet Healthcare
THC
$22.6B
| $92M | 0.25% |
6,390,037
+205,745
| +3% | +$5.91M |
|
81
FedEx
FDX
$76.9B
| $90.5M | 0.25% |
746,160
-508,670
| -41% | -$71.6M |
|
82
Live Nation Entertainment
LYV
$42.4B
| $87.8M | 0.24% |
1,931,477
-82,665
| -4% | -$5.11M |
|
83
NOV
NOV
$7.28B
| $87.4M | 0.24% |
8,887,361
-2,133,319
| -19% | -$40.2M |
|
84
APA Corp
APA
$15.2B
| $82.9M | 0.23% |
19,841,374
-722,145
| -4% | -$16.1M |
|
|
FL
85
DELISTED
Foot Locker
FL
| $78.7M | 0.22% |
3,570,770
-32,185
| -0.9% | -$1.09M |
|
86
Halliburton
HAL
$29.4B
| $72.9M | 0.2% |
10,642,555
-895,200
| -8% | -$15.6M |
|
87
Reinsurance Group of America
RGA
$15.9B
| $72.8M | 0.2% |
+865,330
| New | +$113M |
|
88
Carter's
CRI
$1.31B
| $65.8M | 0.18% |
1,001,246
-11,799
| -1% | -$1.14M |
|
89
Diamondback Energy
FANG
$59B
| $65.7M | 0.18% |
2,509,164
-961,501
| -28% | -$60.6M |
|
90
Blackrock
BLK
$179B
| $64.9M | 0.18% |
147,622
+1,063
| +0.7% | +$524K |
|
91
Trinity Industries
TRN
$2.37B
| $52.7M | 0.15% |
3,278,092
-70,182
| -2% | -$1.4M |
|
92
Thor Industries
THO
$4.14B
| $50.1M | 0.14% |
1,187,212
+531,465
| +81% | +$36.9M |
|
|
AMTD
93
DELISTED
TD Ameritrade Holding Corp
AMTD
| $47M | 0.13% |
1,356,625
+1,315,905
| +3,232% | +$57.3M |
|
94
Alibaba
BABA
$286B
| $39.3M | 0.11% |
+202,125
| New | +$42.2M |
|
95
Zimmer Biomet
ZBH
$19.3B
| $29.1M | 0.08% |
296,547
+216,460
| +270% | +$28.4M |
|
|
DLPH
96
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $28.5M | 0.08% |
3,540,187
-188,463
| -5% | -$2.34M |
|
97
Autoliv
ALV
$9.18B
| $28.3M | 0.08% |
614,405
+151,265
| +33% | +$10.4M |
|
98
BlackBerry
BB
$4.71B
| $27.2M | 0.08% |
6,701,100
-804,500
| -11% | -$4.37M |
|
99
Herc Holdings
HRI
$5.41B
| $26.2M | 0.07% |
1,282,841
+117,423
| +10% | +$4.28M |
|
100
Masco
MAS
$14.5B
| $25.5M | 0.07% |
737,360
-30,415
| -4% | -$1.33M |
|
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Bill Nygren's Q1 2020 Portfolio in Review
As of Q1 2020, Bill Nygren held 136 positions worth $36.1B, down 36% from $56.4B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren withdrew a net $2.49B in Q1 2020, closing 7 positions and reducing 77 holdings. Its most notable exit was American Airlines Group, an estimated $485M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 26% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in American Express worth $176M.
- Bill Nygren's largest Q1 2020 buy was American Express: 2,053,106 shares worth $176M.
- Bill Nygren added most to Alphabet (Google) Class A in Q1 2020, an estimated $457M increase.
- Bill Nygren's biggest Q1 2020 reduction was Regeneron Pharmaceuticals, cutting an estimated $846M.
- Bill Nygren fully exited American Airlines Group in Q1 2020, selling an estimated $485M.
- Bill Nygren's ten largest holdings make up 36% of its $36.1B portfolio in Q1 2020.
- Bill Nygren opened 6 new positions and closed 7 in Q1 2020.
- Bill Nygren's portfolio value fell 36% quarter-over-quarter to $36.1B.
Based on Harris Associates's 13F filing for Q1 2020, filed 15 May 2020.