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 |
HCA Healthcare
HCA
|
+$526M |
| 2 |
Baxter International
BAX
|
+$335M |
| 3 |
Baidu
BIDU
|
+$308M |
| 4 |
Ally Financial
ALLY
|
+$242M |
| 5 |
Unilever
UL
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$511M |
| 2 |
JPMorgan Chase
JPM
|
+$496M |
| 3 |
Principal Financial Group
PFG
|
+$408M |
| 4 |
Goldman Sachs
GS
|
+$379M |
| 5 |
Cummins
CMI
|
+$331M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.86% |
| 2 | Consumer Discretionary | 14.06% |
| 3 | Technology | 13.77% |
| 4 | Communication Services | 11.7% |
| 5 | Industrials | 10.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Herc Holdings
HRI
$5.41B
| $37.5M | 0.07% |
932,651
+136,192
| +17% | +$4.92M |
|
|
SCHW
102
Charles Schwab
SCHW
$194B
| $29M | 0.06% |
735,895
-488,221
| -40% | -$17.4M |
|
103
Check Point Software Technologies
CHKP
$13.3B
| $24.8M | 0.05% |
293,055
-289,665
| -50% | -$23.8M |
|
104
Expedia Group
EXPE
$38.6B
| $23.6M | 0.05% |
208,587
-13,319
| -6% | -$1.62M |
|
105
Booking.com
BKNG
$158B
| $20.9M | 0.04% |
+355,950
| New | +$21.3M |
|
106
C.H. Robinson
CHRW
$16.5B
| $20.6M | 0.04% |
281,330
-172,517
| -38% | -$12.5M |
|
107
Illinois Tool Works
ITW
$80.4B
| $15.2M | 0.03% |
123,914
-31,328
| -20% | -$3.78M |
|
108
Applied Materials
AMAT
$391B
| $14.1M | 0.03% |
436,679
-3,093,033
| -88% | -$94.1M |
|
109
Cognizant
CTSH
$27.9B
| $12.4M | 0.02% |
221,770
-150,285
| -40% | -$8.04M |
|
|
ETFC
110
DELISTED
E*Trade Financial Corporation
ETFC
| $11.5M | 0.02% |
330,990
-939,735
| -74% | -$30M |
|
111
Globe Life
GL
$13.1B
| $6.54M | 0.01% |
88,676
-22,250
| -20% | -$1.53M |
|
112
Adient
ADNT
$1.54B
| $4.41M | 0.01% |
+75,175
| New | +$3.97M |
|
|
WBT
113
DELISTED
Welbilt, Inc.
WBT
| $1.73M | ﹤0.01% |
89,500
-3,925,582
| -98% | -$67M |
|
114
Lam Research
LRCX
$393B
| $1.4M | ﹤0.01% |
132,000
-1,122,700
| -89% | -$11.4M |
|
115
AGCO
AGCO
$7.48B
| $1.25M | ﹤0.01% |
21,525
-1,450
| -6% | -$78.3K |
|
116
Oceaneering
OII
$5.28B
| $951K | ﹤0.01% |
33,700
-45,100
| -57% | -$1.21M |
|
|
CIT
117
DELISTED
CIT Group Inc.
CIT
| $928K | ﹤0.01% |
21,750
-1,325
| -6% | -$52.2K |
|
|
DATA
118
DELISTED
Tableau Software, Inc.
DATA
| $737K | ﹤0.01% |
+17,475
| New | +$814K |
|
119
Broadridge
BR
$20.8B
| $346K | ﹤0.01% |
5,220
-380
| -7% | -$24.7K |
|
120
Chevron
CVX
$403B
| $294K | ﹤0.01% |
2,500
| – | – |
|
121
Northern Trust
NTRS
$33.6B
| $236K | ﹤0.01% |
+2,652
| New | +$211K |
|
122
T. Rowe Price
TROW
$23.8B
| – | – |
-1,638,881
| Closed | -$109M |
|
|
HTZ
123
DELISTED
Hertz Global Holdings, Inc.
HTZ
| – | – |
-907,398
| Closed | -$31.7M |
|
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Bill Nygren's Q4 2016 Portfolio in Review
As of Q4 2016, Bill Nygren held 123 positions worth $51.9B, up 2.8% from $50.5B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.15B in Q4 2016, closing 2 positions and reducing 87 holdings. Its most notable exit was T. Rowe Price, an estimated $109M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Bill Nygren opened a new position in Infosys worth $190M.
- Bill Nygren's largest Q4 2016 buy was Infosys: 25,600,500 shares worth $190M.
- Bill Nygren added most to HCA Healthcare in Q4 2016, an estimated $526M increase.
- Bill Nygren's biggest Q4 2016 reduction was Bank of America, cutting an estimated $511M.
- Bill Nygren fully exited T. Rowe Price in Q4 2016, selling an estimated $109M.
- Bill Nygren's ten largest holdings make up 34% of its $51.9B portfolio in Q4 2016.
- Bill Nygren opened 6 new positions and closed 2 in Q4 2016.
- Bill Nygren's portfolio value rose 2.8% quarter-over-quarter to $51.9B.
Based on Harris Associates's 13F filing for Q4 2016, filed 10 Feb 2017.