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 |
Fidelity National Financial
FNF
|
+$445M |
| 2 |
Melco Resorts & Entertainment
MLCO
|
+$294M |
| 3 |
Amazon
AMZN
|
+$251M |
| 4 |
Las Vegas Sands
LVS
|
+$238M |
| 5 |
Goldman Sachs
GS
|
+$227M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McDonald's
MCD
|
+$347M |
| 2 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$307M |
| 3 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$212M |
| 4 |
FedEx
FDX
|
+$174M |
| 5 |
Aptiv
APTV
|
+$170M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.57% |
| 2 | Technology | 18.35% |
| 3 | Consumer Discretionary | 14.53% |
| 4 | Industrials | 8.46% |
| 5 | Healthcare | 6.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
COV
101
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $66.7M | 0.11% |
770,943
-258,847
| -25% | -$22.9M |
|
102
Comcast
CMCSA
$95.3B
| $66.6M | 0.11% |
2,475,846
-56,370
| -2% | -$1.54M |
|
103
Harley-Davidson
HOG
$2.93B
| $65.8M | 0.11% |
1,131,354
+1,800
| +0.2% | +$115K |
|
104
Nike
NKE
$60.5B
| $57.1M | 0.09% |
1,281,006
+67,682
| +6% | +$2.68M |
|
105
PENN Entertainment
PENN
$2.5B
| $54.5M | 0.09% |
4,860,721
-24,004
| -0.5% | -$271K |
|
|
VAR
106
DELISTED
Varian Medical Systems, Inc.
VAR
| $53.9M | 0.09% |
767,272
-638,591
| -45% | -$47.1M |
|
107
Dillards
DDS
$9.71B
| $53.8M | 0.09% |
494,055
+10,825
| +2% | +$1.26M |
|
|
ORBK
108
DELISTED
Orbotech Ltd
ORBK
| $42.5M | 0.07% |
2,727,260
-712,338
| -21% | -$11.4M |
|
|
AAWW
109
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $38.6M | 0.06% |
1,170,400
-220,480
| -16% | -$7.62M |
|
|
BLT
110
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $35M | 0.06% |
2,314,523
| – | – |
|
111
Snap-on
SNA
$20.3B
| $33.7M | 0.06% |
278,680
-53,375
| -16% | -$6.56M |
|
|
DTV
112
DELISTED
DIRECTV COM STK (DE)
DTV
| $31.5M | 0.05% |
364,331
-12,483
| -3% | -$1.07M |
|
|
FNFV
113
DELISTED
Fidelity Natl Financial, Inc.
FNFV
| $31.2M | 0.05% |
+2,973,092
| New | +$35.5M |
|
114
Gaming and Leisure Properties
GLPI
$12.7B
| $30.4M | 0.05% |
985,116
-418,159
| -30% | -$14.1M |
|
|
CAB
115
DELISTED
Cabela's Inc
CAB
| $30.3M | 0.05% |
+514,273
| New | +$30.8M |
|
|
116
Aptiv
APTV
$10B
| $27.1M | 0.04% |
441,240
-2,479,161
| -85% | -$170M |
|
|
117
McDonald's
MCD
$192B
| $24.2M | 0.04% |
254,878
-3,635,208
| -93% | -$347M |
|
|
CMA
118
DELISTED
Comerica
CMA
| $22.7M | 0.04% |
455,647
-8,833
| -2% | -$443K |
|
119
HNI Corp
HNI
$3.55B
| $21.4M | 0.04% |
595,631
-3,300
| -0.6% | -$124K |
|
120
Autoliv
ALV
$9.18B
| $20.1M | 0.03% |
304,180
-209,796
| -41% | -$15.4M |
|
121
Globe Life
GL
$13.1B
| $17.8M | 0.03% |
339,487
-2,551
| -0.7% | -$138K |
|
122
Manitowoc
MTW
$710M
| $11.3M | 0.02% |
530,867
-333,318
| -39% | -$8.69M |
|
123
Walt Disney
DIS
$186B
| $10M | 0.02% |
112,787
-59,200
| -34% | -$5.22M |
|
124
Berkshire Hathaway Class A
BRK.A
$1.06T
| $9.31M | 0.02% |
45
| – | – |
|
125
DNOW Inc
DNOW
$2.83B
| $6.76M | 0.01% |
222,324
-823,117
| -79% | -$27M |
|
Similar funds
Bill Nygren's Q3 2014 Portfolio in Review
As of Q3 2014, Bill Nygren held 185 positions worth $60.9B, up 2.5% from $59.4B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren deployed $2.01B of net new capital in Q3 2014, opening 9 new positions and adding to 65 existing holdings. Its largest new stake was Melco Resorts & Entertainment: 9,756,200 shares worth $256M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 32% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was McDonald's, an estimated $347M trimmed.
- Bill Nygren's largest Q3 2014 buy was Melco Resorts & Entertainment: 9,756,200 shares worth $256M.
- Bill Nygren added most to Fidelity National Financial in Q3 2014, an estimated $445M increase.
- Bill Nygren's biggest Q3 2014 reduction was McDonald's, cutting an estimated $347M.
- Bill Nygren fully exited Marriott International in Q3 2014, selling an estimated $66.6M.
- Bill Nygren's ten largest holdings make up 34% of its $60.9B portfolio in Q3 2014.
- Bill Nygren opened 9 new positions and closed 10 in Q3 2014.
- Bill Nygren's portfolio value rose 2.5% quarter-over-quarter to $60.9B.
Based on Harris Associates's 13F filing for Q3 2014, filed 12 Nov 2014.