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 |
Aon
AON
|
+$544M |
| 2 |
Union Pacific
UNP
|
+$529M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$209M |
| 4 |
Bank of America
BAC
|
+$183M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$179M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Instruments
TXN
|
+$321M |
| 2 |
Illinois Tool Works
ITW
|
+$318M |
| 3 |
Rockwell Automation
ROK
|
+$251M |
| 4 |
PENN Entertainment
PENN
|
+$231M |
| 5 |
Cenovus Energy
CVE
|
+$225M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.33% |
| 2 | Technology | 17.42% |
| 3 | Consumer Discretionary | 14.34% |
| 4 | Industrials | 13.49% |
| 5 | Healthcare | 9.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Caterpillar
CAT
$381B
| $87.6M | 0.16% |
+964,638
| New | +$82.4M |
|
102
MillerKnoll
MLKN
$1.57B
| $78.5M | 0.14% |
2,658,048
-25,200
| -0.9% | -$754K |
|
103
Harley-Davidson
HOG
$2.93B
| $77.2M | 0.14% |
1,115,654
+1,220
| +0.1% | +$80.8K |
|
104
Itron
ITRI
$4.38B
| $74.1M | 0.13% |
1,787,600
+1,000,158
| +127% | +$42.4M |
|
|
RDC
105
DELISTED
Rowan Companies Plc
RDC
| $72.5M | 0.13% |
2,048,993
+1,542,543
| +305% | +$55.1M |
|
|
106
PENN Entertainment
PENN
$2.5B
| $70.5M | 0.13% |
4,917,293
-16,835,278
| -77% | -$231M |
|
107
Comcast
CMCSA
$95.3B
| $68.7M | 0.12% |
2,644,300
-79,010
| -3% | -$1.9M |
|
|
ORBK
108
DELISTED
Orbotech Ltd
ORBK
| $66M | 0.12% |
4,882,698
-885,300
| -15% | -$11.3M |
|
|
AAWW
109
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $62.8M | 0.11% |
1,525,100
-7,850
| -0.5% | -$320K |
|
110
Snap-on
SNA
$20.3B
| $54.8M | 0.1% |
500,251
-1,653,544
| -77% | -$172M |
|
|
NFX
111
DELISTED
Newfield Exploration
NFX
| $52.9M | 0.09% |
2,148,534
-2,889,470
| -57% | -$81.1M |
|
112
Nike
NKE
$60.5B
| $52.6M | 0.09% |
1,337,612
+11,180
| +0.8% | +$428K |
|
|
BLT
113
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $33.3M | 0.06% |
2,303,023
| – | – |
|
114
Greif
GEF
$5B
| $27.5M | 0.05% |
525,625
-9,925
| -2% | -$521K |
|
|
CXO
115
DELISTED
CONCHO RESOURCES INC.
CXO
| $26.1M | 0.05% |
241,850
-1,167,350
| -83% | -$126M |
|
|
CMA
116
DELISTED
Comerica
CMA
| $23.9M | 0.04% |
502,740
+25,590
| +5% | +$1.12M |
|
|
KATE
117
DELISTED
Kate Spade & Company
KATE
| $22.4M | 0.04% |
697,000
-531,000
| -43% | -$15.7M |
|
118
Globe Life
GL
$13.1B
| $19.4M | 0.03% |
371,513
-21,675
| -6% | -$1.08M |
|
119
Manitowoc
MTW
$710M
| $19.3M | 0.03% |
915,873
+145,309
| +19% | +$2.66M |
|
120
Crane NXT
CXT
$2.89B
| $18.5M | 0.03% |
791,696
| – | – |
|
121
Leggett & Platt
LEG
$1.29B
| $18.2M | 0.03% |
587,515
-1,663,679
| -74% | -$49.6M |
|
122
Walt Disney
DIS
$186B
| $17.2M | 0.03% |
224,983
-46,239
| -17% | -$3.2M |
|
|
MCRS
123
DELISTED
MICROS SYSTEMS INC
MCRS
| $15.6M | 0.03% |
272,650
+9,600
| +4% | +$512K |
|
124
Emerson Electric
EMR
$87.7B
| $15M | 0.03% |
214,250
-1,500
| -0.7% | -$100K |
|
125
Boeing
BA
$169B
| $11.6M | 0.02% |
85,054
-53,821
| -39% | -$7M |
|
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Bill Nygren's Q4 2013 Portfolio in Review
As of Q4 2013, Bill Nygren held 191 positions worth $56B, up 9% from $51.4B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q4 2013 filing shows 10 new, 69 increased, 73 reduced and 4 closed positions. Its largest new stake was Gaming and Leisure Properties: 4,402,618 shares worth $224M. The largest sale was Texas Instruments, an estimated $321M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 25% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q4 2013 buy was Gaming and Leisure Properties: 4,402,618 shares worth $224M.
- Bill Nygren added most to Aon in Q4 2013, an estimated $544M increase.
- Bill Nygren's biggest Q4 2013 reduction was Texas Instruments, cutting an estimated $321M.
- Bill Nygren fully exited Staples Inc in Q4 2013, selling an estimated $88.2M.
- Bill Nygren's ten largest holdings make up 33% of its $56B portfolio in Q4 2013.
- Bill Nygren opened 10 new positions and closed 4 in Q4 2013.
- Bill Nygren's portfolio value rose 9% quarter-over-quarter to $56B.
Based on Harris Associates's 13F filing for Q4 2013, filed 10 Feb 2014.