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 |
Apple
AAPL
|
+$626M |
| 2 |
Citigroup
C
|
+$466M |
| 3 |
CBRE Group
CBRE
|
+$394M |
| 4 |
Diageo
DEO
|
+$346M |
| 5 |
Ralph Lauren
RL
|
+$301M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRX
FOREST LABORATORIES INC
FRX
|
+$632M |
| 2 |
Aptiv
APTV
|
+$533M |
| 3 |
Illinois Tool Works
ITW
|
+$276M |
| 4 |
Devon Energy
DVN
|
+$249M |
| 5 |
Quest Diagnostics
DGX
|
+$229M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.11% |
| 2 | Technology | 19.55% |
| 3 | Consumer Discretionary | 13.52% |
| 4 | Industrials | 11.41% |
| 5 | Healthcare | 7.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
MillerKnoll
MLKN
$1.57B
| $84.1M | 0.15% |
2,618,274
-39,774
| -1% | -$1.14M |
|
102
Caterpillar
CAT
$381B
| $81M | 0.15% |
815,176
-149,462
| -15% | -$14.1M |
|
103
Harley-Davidson
HOG
$2.93B
| $75.3M | 0.13% |
1,130,054
+14,400
| +1% | +$953K |
|
|
ORBK
104
DELISTED
Orbotech Ltd
ORBK
| $71.2M | 0.13% |
4,625,198
-257,500
| -5% | -$3.59M |
|
|
MON
105
DELISTED
Monsanto Co
MON
| $70M | 0.13% |
+615,701
| New | +$68.5M |
|
106
Carter's
CRI
$1.31B
| $68.9M | 0.12% |
887,100
-628,600
| -41% | -$45.2M |
|
107
Comcast
CMCSA
$95.3B
| $64.3M | 0.12% |
2,568,496
-75,804
| -3% | -$1.97M |
|
108
PENN Entertainment
PENN
$2.5B
| $60.4M | 0.11% |
4,901,677
-15,616
| -0.3% | -$193K |
|
|
AAWW
109
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $56.4M | 0.1% |
1,598,597
+73,497
| +5% | +$2.58M |
|
|
DRC
110
DELISTED
DRESSER-RAND GROUP INC
DRC
| $55.4M | 0.1% |
949,062
-1,922,972
| -67% | -$109M |
|
111
Snap-on
SNA
$20.3B
| $47.6M | 0.09% |
419,155
-81,096
| -16% | -$8.78M |
|
112
Nike
NKE
$60.5B
| $44.3M | 0.08% |
1,199,286
-138,326
| -10% | -$5.23M |
|
113
Greif
GEF
$5B
| $27.6M | 0.05% |
525,090
-535
| -0.1% | -$27.5K |
|
|
BLT
114
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $27.5M | 0.05% |
2,314,523
+11,500
| +0.5% | +$146K |
|
115
Manitowoc
MTW
$710M
| $25.8M | 0.05% |
904,121
-11,752
| -1% | -$301K |
|
|
CMA
116
DELISTED
Comerica
CMA
| $25.4M | 0.05% |
489,410
-13,330
| -3% | -$641K |
|
117
HNI Corp
HNI
$3.55B
| $18M | 0.03% |
493,410
+210,335
| +74% | +$7.51M |
|
118
Globe Life
GL
$13.1B
| $18M | 0.03% |
343,538
-27,975
| -8% | -$1.44M |
|
119
Leggett & Platt
LEG
$1.29B
| $17.1M | 0.03% |
524,748
-62,767
| -11% | -$1.94M |
|
|
MCRS
120
DELISTED
MICROS SYSTEMS INC
MCRS
| $15M | 0.03% |
283,348
+10,698
| +4% | +$593K |
|
121
Walt Disney
DIS
$186B
| $14.6M | 0.03% |
182,323
-42,660
| -19% | -$3.31M |
|
122
Berkshire Hathaway Class A
BRK.A
$1.06T
| $8.8M | 0.02% |
47
-3
| -6% | -$527K |
|
|
DISCK
123
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $5M | 0.01% |
129,840
-35,474
| -21% | -$1.36M |
|
|
HSP
124
DELISTED
HOSPIRA INC
HSP
| $3.91M | 0.01% |
90,496
-4,269,271
| -98% | -$183M |
|
|
125
Berkshire Hathaway Class B
BRK.B
$1.06T
| $3.49M | 0.01% |
27,908
+3,640
| +15% | +$425K |
|
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Bill Nygren's Q1 2014 Portfolio in Review
As of Q1 2014, Bill Nygren held 199 positions worth $55.8B, down 0.24% from $56B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q1 2014 filing shows 12 new, 58 increased, 85 reduced and 23 closed positions. Its largest new stake was Citigroup: 9,362,711 shares worth $446M. The largest sale was FOREST LABORATORIES INC, an estimated $632M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2014 buy was Citigroup: 9,362,711 shares worth $446M.
- Bill Nygren added most to Apple in Q1 2014, an estimated $626M increase.
- Bill Nygren's biggest Q1 2014 reduction was FOREST LABORATORIES INC, cutting an estimated $632M.
- Bill Nygren fully exited Quest Diagnostics in Q1 2014, selling an estimated $229M.
- Bill Nygren's ten largest holdings make up 33% of its $55.8B portfolio in Q1 2014.
- Bill Nygren opened 12 new positions and closed 23 in Q1 2014.
- Bill Nygren's portfolio value fell 0.24% quarter-over-quarter to $55.8B.
Based on Harris Associates's 13F filing for Q1 2014, filed 25 Apr 2014.