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 |
Alphabet (Google) Class A
GOOGL
|
+$654M |
| 2 |
Televisa
TV
|
+$422M |
| 3 |
Cummins
CMI
|
+$418M |
| 4 |
Charter Communications
CHTR
|
+$310M |
| 5 |
Ally Financial
ALLY
|
+$305M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$945M |
| 2 |
Amazon
AMZN
|
+$945M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$739M |
| 4 |
Intel
INTC
|
+$390M |
| 5 |
CMCSK
COMCAST CORP SPL A (NEW)
CMCSK
|
+$280M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.4% |
| 2 | Technology | 16.62% |
| 3 | Industrials | 12.28% |
| 4 | Consumer Discretionary | 12.07% |
| 5 | Communication Services | 9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Axalta
AXTA
$7.75B
| $51.4M | 0.09% |
+1,929,150
| New | +$53.9M |
|
102
Oshkosh
OSK
$9.7B
| $50.5M | 0.09% |
1,292,700
+1,005,150
| +350% | +$40.9M |
|
103
Gaming and Leisure Properties
GLPI
$12.7B
| $48.5M | 0.08% |
1,744,901
+802,635
| +85% | +$22.9M |
|
|
ORBK
104
DELISTED
Orbotech Ltd
ORBK
| $44.6M | 0.08% |
2,016,712
-302,450
| -13% | -$5.66M |
|
|
ETFC
105
DELISTED
E*Trade Financial Corporation
ETFC
| $39.6M | 0.07% |
1,334,906
-26,335
| -2% | -$757K |
|
106
Herc Holdings
HRI
$5.41B
| $39.3M | 0.07% |
+921,117
| New | +$46.2M |
|
|
RDC
107
DELISTED
Rowan Companies Plc
RDC
| $35.6M | 0.06% |
2,097,650
-73,975
| -3% | -$1.42M |
|
|
LBRDK
108
DELISTED
Liberty Broadband Class C
LBRDK
| $27.7M | 0.05% |
+533,622
| New | +$28.3M |
|
|
109
Amazon
AMZN
$2.79T
| $25.6M | 0.04% |
758,500
-29,967,120
| -98% | -$945M |
|
110
Lam Research
LRCX
$393B
| $25.5M | 0.04% |
3,214,500
-50,400
| -2% | -$379K |
|
111
Knowles
KN
$2.85B
| $25.3M | 0.04% |
1,898,871
-1,434,241
| -43% | -$24.5M |
|
112
Las Vegas Sands
LVS
$30.5B
| $23.4M | 0.04% |
534,515
-75,540
| -12% | -$3.44M |
|
|
CMA
113
DELISTED
Comerica
CMA
| $19.7M | 0.03% |
470,951
+725
| +0.2% | +$31.7K |
|
|
BLT
114
DELISTED
BLOUNT INTERNATIONAL (NEW)
BLT
| $19.3M | 0.03% |
1,964,544
-939,642
| -32% | -$6.41M |
|
115
CDW
CDW
$17.2B
| $13.9M | 0.02% |
331,092
-4,385
| -1% | -$191K |
|
116
Globe Life
GL
$13.1B
| $7.15M | 0.01% |
125,026
-6,336
| -5% | -$371K |
|
|
QGENF
117
DELISTED
QIAGEN NV
QGENF
| $7.1M | 0.01% |
+256,800
| New | +$7.1M |
|
118
Southern Copper
SCCO
$182B
| $2.61M | ﹤0.01% |
109,166
-660,452
| -86% | -$16.3M |
|
119
Dick's Sporting Goods
DKS
$16.4B
| $1.6M | ﹤0.01% |
45,375
-1,950
| -4% | -$81.8K |
|
120
AT&T
T
$173B
| $1.49M | ﹤0.01% |
+57,264
| New | +$1.45M |
|
121
AGCO
AGCO
$7.48B
| $1.26M | ﹤0.01% |
27,725
-425
| -2% | -$20.1K |
|
122
Home Depot
HD
$335B
| $258K | ﹤0.01% |
1,953
-294
| -13% | -$37.4K |
|
|
UN
123
DELISTED
Unilever NV New York Registry Shares
UN
| $208K | ﹤0.01% |
4,800
-1,000
| -17% | -$43.8K |
|
|
UPL
124
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
| $28K | ﹤0.01% |
11,200
-1,878,900
| -99% | -$8.75M |
|
125
Advance Auto Parts
AAP
$2.57B
| – | – |
-3,087
| Closed | -$585K |
|
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Bill Nygren's Q4 2015 Portfolio in Review
As of Q4 2015, Bill Nygren held 129 positions worth $59B, up 3.2% from $57.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q4 2015 filing shows 8 new, 42 increased, 74 reduced and 5 closed positions. Its largest new stake was Alphabet (Google) Class A: 17,660,680 shares worth $687M. The largest sale was Baidu, an estimated $945M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Industrials.
- Bill Nygren's largest Q4 2015 buy was Alphabet (Google) Class A: 17,660,680 shares worth $687M.
- Bill Nygren added most to Cummins in Q4 2015, an estimated $418M increase.
- Bill Nygren's biggest Q4 2015 reduction was Baidu, cutting an estimated $945M.
- Bill Nygren fully exited COMCAST CORP SPL A (NEW) in Q4 2015, selling an estimated $280M.
- Bill Nygren's ten largest holdings make up 34% of its $59B portfolio in Q4 2015.
- Bill Nygren opened 8 new positions and closed 5 in Q4 2015.
- Bill Nygren's portfolio value rose 3.2% quarter-over-quarter to $59B.
Based on Harris Associates's 13F filing for Q4 2015, filed 9 Feb 2016.