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 |
APA Corp
APA
|
+$643M |
| 2 |
CHK
Chesapeake Energy Corporation
CHK
|
+$597M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$362M |
| 4 |
Melco Resorts & Entertainment
MLCO
|
+$283M |
| 5 |
GE Aerospace
GE
|
+$277M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$798M |
| 2 |
FedEx
FDX
|
+$512M |
| 3 |
General Dynamics
GD
|
+$352M |
| 4 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$318M |
| 5 |
Labcorp
LH
|
+$287M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.51% |
| 2 | Technology | 17.58% |
| 3 | Consumer Discretionary | 15.02% |
| 4 | Industrials | 8.03% |
| 5 | Healthcare | 6.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CAB
101
DELISTED
Cabela's Inc
CAB
| $60.7M | 0.09% |
1,152,026
+637,753
| +124% | +$33.5M |
|
|
COV
102
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
| $59M | 0.09% |
576,586
-194,357
| -25% | -$18.6M |
|
|
AAWW
103
DELISTED
Atlas Air Worldwide Holdings, Inc.
AAWW
| $56.1M | 0.09% |
1,137,925
-32,475
| -3% | -$1.32M |
|
104
Lam Research
LRCX
$393B
| $49.7M | 0.08% |
6,264,560
-11,229,470
| -64% | -$87.1M |
|
105
Flowserve
FLS
$10.1B
| $43.7M | 0.07% |
+731,100
| New | +$46.5M |
|
106
PENN Entertainment
PENN
$2.5B
| $42.9M | 0.07% |
3,121,700
-1,739,021
| -36% | -$22.5M |
|
|
BLT
107
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $40.7M | 0.06% |
2,314,523
| – | – |
|
|
ORBK
108
DELISTED
Orbotech Ltd
ORBK
| $40.4M | 0.06% |
2,727,260
| – | – |
|
109
Snap-on
SNA
$20.3B
| $37.3M | 0.06% |
273,021
-5,659
| -2% | -$742K |
|
|
FNFV
110
DELISTED
Fidelity Natl Financial, Inc.
FNFV
| $35.9M | 0.06% |
2,995,927
+22,835
| +0.8% | +$245K |
|
111
Aptiv
APTV
$10B
| $30.5M | 0.05% |
419,140
-22,100
| -5% | -$1.52M |
|
112
Nike
NKE
$60.5B
| $30.1M | 0.05% |
625,814
-655,192
| -51% | -$30.7M |
|
|
DTV
113
DELISTED
DIRECTV COM STK (DE)
DTV
| $30M | 0.05% |
346,508
-17,823
| -5% | -$1.53M |
|
114
Gaming and Leisure Properties
GLPI
$12.7B
| $29.4M | 0.05% |
1,002,616
+17,500
| +2% | +$539K |
|
|
TRW
115
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $23.4M | 0.04% |
227,526
-3,116,753
| -93% | -$318M |
|
116
Autoliv
ALV
$9.18B
| $22M | 0.03% |
288,079
-16,101
| -5% | -$1.13M |
|
|
CMA
117
DELISTED
Comerica
CMA
| $21.4M | 0.03% |
456,203
+556
| +0.1% | +$26.1K |
|
118
Globe Life
GL
$13.1B
| $18.3M | 0.03% |
338,087
-1,400
| -0.4% | -$74.2K |
|
119
McDonald's
MCD
$192B
| $16.1M | 0.02% |
171,493
-83,385
| -33% | -$7.81M |
|
120
Southern Copper
SCCO
$182B
| $13.8M | 0.02% |
+534,527
| New | +$14.2M |
|
|
121
Labcorp
LH
$27.3B
| $13.4M | 0.02% |
144,231
-3,249,725
| -96% | -$287M |
|
|
LVNTA
122
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $10.7M | 0.02% |
+284,008
| New | +$9.92M |
|
123
Manitowoc
MTW
$710M
| $9.87M | 0.02% |
493,167
-37,700
| -7% | -$684K |
|
124
Walt Disney
DIS
$186B
| $9.62M | 0.01% |
102,090
-10,697
| -9% | -$964K |
|
125
Berkshire Hathaway Class A
BRK.A
$1.06T
| $7.46M | 0.01% |
33
-12
| -27% | -$2.6M |
|
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Bill Nygren's Q4 2014 Portfolio in Review
As of Q4 2014, Bill Nygren held 185 positions worth $64.4B, up 5.7% from $60.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q4 2014 filing shows 10 new, 74 increased, 76 reduced and 3 closed positions. Its largest new stake was Chesapeake Energy Corporation: 143,802 shares worth $563M. The largest sale was Oracle, an estimated $798M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 35% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q4 2014 buy was Chesapeake Energy Corporation: 143,802 shares worth $563M.
- Bill Nygren added most to APA Corp in Q4 2014, an estimated $643M increase.
- Bill Nygren's biggest Q4 2014 reduction was Oracle, cutting an estimated $798M.
- Bill Nygren fully exited Varian Medical Systems, Inc. in Q4 2014, selling an estimated $53.9M.
- Bill Nygren's ten largest holdings make up 34% of its $64.4B portfolio in Q4 2014.
- Bill Nygren opened 10 new positions and closed 3 in Q4 2014.
- Bill Nygren's portfolio value rose 5.7% quarter-over-quarter to $64.4B.
Based on Harris Associates's 13F filing for Q4 2014, filed 23 Jan 2015.