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 |
Warner Bros
WBD
|
+$753M |
| 2 |
KKR & Co
KKR
|
+$433M |
| 3 |
Oracle
ORCL
|
+$328M |
| 4 |
Wells Fargo
WFC
|
+$289M |
| 5 |
Capital One
COF
|
+$267M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$429M |
| 2 |
Keurig Dr Pepper
KDP
|
+$328M |
| 3 |
Bank of America
BAC
|
+$255M |
| 4 |
GE Aerospace
GE
|
+$248M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$248M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.33% |
| 2 | Communication Services | 16.8% |
| 3 | Consumer Discretionary | 11.55% |
| 4 | Technology | 9.68% |
| 5 | Industrials | 7.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Uber
UBER
$161B
| $141M | 0.24% |
+5,324,469
| New | +$147M |
|
77
Fortune Brands Innovations
FBIN
$5.32B
| $141M | 0.24% |
+3,074,600
| New | +$167M |
|
|
78
Regeneron Pharmaceuticals
REGN
$85.9B
| $130M | 0.22% |
188,176
-394,450
| -68% | -$248M |
|
79
Wendy's
WEN
$1.72B
| $129M | 0.22% |
6,905,227
+350,517
| +5% | +$7.06M |
|
80
Restaurant Brands International
QSR
$28.2B
| $123M | 0.21% |
2,310,603
-2,669,430
| -54% | -$151M |
|
81
American Express
AXP
$227B
| $122M | 0.21% |
907,630
-823,186
| -48% | -$125M |
|
82
Howard Hughes
HHH
$3.97B
| $118M | 0.2% |
2,228,553
-424
| -0% | -$27.1K |
|
|
PDCE
83
DELISTED
PDC Energy, Inc.
PDCE
| $115M | 0.19% |
1,994,953
+6,500
| +0.3% | +$399K |
|
84
Carter's
CRI
$1.31B
| $114M | 0.19% |
1,738,979
+22,873
| +1% | +$1.75M |
|
85
Diamondback Energy
FANG
$59B
| $112M | 0.19% |
928,056
-567,782
| -38% | -$70.8M |
|
86
CVS Health
CVS
$119B
| $106M | 0.18% |
1,106,246
-85,237
| -7% | -$8.44M |
|
|
87
GE Aerospace
GE
$361B
| $88.3M | 0.15% |
2,288,055
-5,650,286
| -71% | -$248M |
|
|
SEE
88
DELISTED
Sealed Air
SEE
| $88.2M | 0.15% |
1,982,296
+355,944
| +22% | +$19.5M |
|
89
Cushman & Wakefield Ltd
CWK
$3.48B
| $86.5M | 0.14% |
7,550,485
-1,075,337
| -12% | -$16.2M |
|
90
ManpowerGroup
MAN
$2.86B
| $83.8M | 0.14% |
1,296,186
+36,903
| +3% | +$2.78M |
|
|
ARNC
91
DELISTED
Arconic Corporation
ARNC
| $83.4M | 0.14% |
4,895,079
-55,820
| -1% | -$1.45M |
|
|
CHX
92
DELISTED
ChampionX
CHX
| $82.5M | 0.14% |
4,215,142
| – | – |
|
93
Cummins
CMI
$80.9B
| $77M | 0.13% |
378,596
-276,434
| -42% | -$58.8M |
|
94
T-Mobile US
TMUS
$196B
| $67M | 0.11% |
499,086
-1,222,798
| -71% | -$172M |
|
95
Philip Morris
PM
$293B
| $61.2M | 0.1% |
736,859
-515,000
| -41% | -$49.1M |
|
96
Johnson Controls International
JCI
$86.7B
| $51.5M | 0.09% |
1,046,060
+8,032
| +0.8% | +$426K |
|
97
Warner Music
WMG
$14.2B
| $49.6M | 0.08% |
2,136,053
-30,903
| -1% | -$851K |
|
|
OPLN
98
Openlane
OPLN
$4.08B
| $45.4M | 0.08% |
4,066,528
+1,156,070
| +40% | +$17.4M |
|
|
99
Humana
HUM
$45.5B
| $36.6M | 0.06% |
75,373
-882,050
| -92% | -$429M |
|
100
Autoliv
ALV
$9.18B
| $28.3M | 0.05% |
425,015
-99,005
| -19% | -$7.67M |
|
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Bill Nygren's Q3 2022 Portfolio in Review
As of Q3 2022, Bill Nygren held 144 positions worth $59.7B, down 5% from $62.9B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Bill Nygren withdrew a net $13.7B in Q3 2022, closing 3 positions and reducing 85 holdings. Its most notable exit was CDK Global, Inc., an estimated $31.6M position sold in full.
By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 20% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Warner Bros worth $637M.
- Bill Nygren's largest Q3 2022 buy was Warner Bros: 55,389,592 shares worth $637M.
- Bill Nygren added most to KKR & Co in Q3 2022, an estimated $433M increase.
- Bill Nygren's biggest Q3 2022 reduction was Humana, cutting an estimated $429M.
- Bill Nygren fully exited CDK Global, Inc. in Q3 2022, selling an estimated $31.6M.
- Bill Nygren's ten largest holdings make up 46% of its $59.7B portfolio in Q3 2022.
- Bill Nygren opened 5 new positions and closed 3 in Q3 2022.
- Bill Nygren's portfolio value fell 5% quarter-over-quarter to $59.7B.
Based on Harris Associates's 13F filing for Q3 2022, filed 14 Nov 2022.