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 |
Amazon
AMZN
|
+$917M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$601M |
| 3 |
Citigroup
C
|
+$525M |
| 4 |
General Motors
GM
|
+$264M |
| 5 |
Bank of America
BAC
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$714M |
| 2 |
Applied Materials
AMAT
|
+$451M |
| 3 |
Devon Energy
DVN
|
+$414M |
| 4 |
ExxonMobil
XOM
|
+$284M |
| 5 |
Cummins
CMI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.99% |
| 2 | Technology | 18.24% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 9.31% |
| 5 | Healthcare | 6.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Carter's
CRI
$1.31B
| $60.7M | 0.1% |
880,300
-6,800
| -0.8% | -$494K |
|
102
PENN Entertainment
PENN
$2.5B
| $59.3M | 0.1% |
4,884,725
-16,952
| -0.3% | -$200K |
|
103
Dillards
DDS
$9.71B
| $56.4M | 0.09% |
483,230
+471,405
| +3,987% | +$49.2M |
|
|
ORBK
104
DELISTED
Orbotech Ltd
ORBK
| $52.2M | 0.09% |
3,439,598
-1,185,600
| -26% | -$17.9M |
|
|
AAWW
105
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $51.3M | 0.09% |
1,390,880
-207,717
| -13% | -$7.54M |
|
106
Gaming and Leisure Properties
GLPI
$12.7B
| $47.7M | 0.08% |
1,403,275
-3,902,875
| -74% | -$136M |
|
107
Nike
NKE
$60.5B
| $47M | 0.08% |
1,213,324
+14,038
| +1% | +$522K |
|
|
108
Devon Energy
DVN
$54B
| $42.2M | 0.07% |
530,900
-5,691,195
| -91% | -$414M |
|
109
Autoliv
ALV
$9.18B
| $39.5M | 0.07% |
513,976
-1,611,624
| -76% | -$120M |
|
110
Snap-on
SNA
$20.3B
| $39.4M | 0.07% |
332,055
-87,100
| -21% | -$10.1M |
|
111
DNOW Inc
DNOW
$2.83B
| $37.9M | 0.06% |
+1,045,441
| New | +$36M |
|
|
BLT
112
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $32.7M | 0.06% |
2,314,523
| – | – |
|
|
DTV
113
DELISTED
DIRECTV COM STK (DE)
DTV
| $32M | 0.05% |
376,814
-8,762,648
| -96% | -$714M |
|
114
Manitowoc
MTW
$710M
| $25.7M | 0.04% |
864,185
-39,936
| -4% | -$1.06M |
|
115
HNI Corp
HNI
$3.55B
| $23.4M | 0.04% |
598,931
+105,521
| +21% | +$3.85M |
|
|
CMA
116
DELISTED
Comerica
CMA
| $23.3M | 0.04% |
464,480
-24,930
| -5% | -$1.22M |
|
|
XEC
117
DELISTED
CIMAREX ENERGY CO
XEC
| $19.1M | 0.03% |
133,200
-1,360,019
| -91% | -$173M |
|
118
Globe Life
GL
$13.1B
| $18.7M | 0.03% |
342,038
-1,500
| -0.4% | -$80.3K |
|
|
MCRS
119
DELISTED
MICROS SYSTEMS INC
MCRS
| $15.5M | 0.03% |
227,976
-55,372
| -20% | -$3.03M |
|
120
Walt Disney
DIS
$186B
| $14.7M | 0.02% |
171,987
-10,336
| -6% | -$844K |
|
121
Berkshire Hathaway Class A
BRK.A
$1.06T
| $8.55M | 0.01% |
45
-2
| -4% | -$380K |
|
|
FRX
122
DELISTED
FOREST LABORATORIES INC
FRX
| $6.38M | 0.01% |
64,400
-2,653,100
| -98% | -$247M |
|
123
Greif
GEF
$5B
| $4.3M | 0.01% |
78,850
-446,240
| -85% | -$24M |
|
|
DISCK
124
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $4.23M | 0.01% |
116,502
-13,338
| -10% | -$489K |
|
|
125
Cummins
CMI
$80.9B
| $4.14M | 0.01% |
26,833
-1,765,906
| -99% | -$267M |
|
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Bill Nygren's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Nygren held 182 positions worth $59.4B, up 6.4% from $55.8B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q2 2014 filing shows 6 new, 60 increased, 84 reduced and 5 closed positions. Its largest new stake was Amazon: 57,950,720 shares worth $941M. The largest sale was DIRECTV COM STK (DE), an estimated $714M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q2 2014 buy was Amazon: 57,950,720 shares worth $941M.
- Bill Nygren added most to Alphabet (Google) Class C in Q2 2014, an estimated $601M increase.
- Bill Nygren's biggest Q2 2014 reduction was DIRECTV COM STK (DE), cutting an estimated $714M.
- Bill Nygren fully exited Kennametal in Q2 2014, selling an estimated $131M.
- Bill Nygren's ten largest holdings make up 34% of its $59.4B portfolio in Q2 2014.
- Bill Nygren opened 6 new positions and closed 5 in Q2 2014.
- Bill Nygren's portfolio value rose 6.4% quarter-over-quarter to $59.4B.
Based on Harris Associates's 13F filing for Q2 2014, filed 12 Aug 2014.