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 |
GE Aerospace
GE
|
+$789M |
| 2 |
Liberty Global Class C
LBTYK
|
+$780M |
| 3 |
Liberty Global Class A
LBTYA
|
+$378M |
| 4 |
Netflix
NFLX
|
+$282M |
| 5 |
American International
AIG
|
+$242M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$630M |
| 2 |
Union Pacific
UNP
|
+$258M |
| 3 |
Blackrock
BLK
|
+$227M |
| 4 |
BHI
Baker Hughes
BHI
|
+$212M |
| 5 |
Oracle
ORCL
|
+$177M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Communication Services | 15.77% |
| 3 | Technology | 13.38% |
| 4 | Consumer Discretionary | 13.34% |
| 5 | Industrials | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WCC
101
WESCO International
WCC
$17B
| $41.8M | 0.07% |
717,675
-92,470
| -11% | -$4.97M |
|
102
Adient
ADNT
$1.54B
| $40.3M | 0.07% |
479,630
+17,740
| +4% | +$1.26M |
|
103
Flowserve
FLS
$10.1B
| $32.6M | 0.06% |
765,186
-2,064,712
| -73% | -$86.8M |
|
104
Expedia Group
EXPE
$38.6B
| $27.5M | 0.05% |
191,232
-15,417
| -7% | -$2.28M |
|
105
Qiagen
QGEN
$9.1B
| $25.9M | 0.04% |
775,644
| – | – |
|
106
Bristol-Myers Squibb
BMY
$137B
| $25M | 0.04% |
+391,881
| New | +$22.9M |
|
|
107
Union Pacific
UNP
$183B
| $19M | 0.03% |
163,805
-2,401,829
| -94% | -$258M |
|
108
W.W. Grainger
GWW
$61.8B
| $17.7M | 0.03% |
98,618
-18,566
| -16% | -$3.13M |
|
109
WPP
WPP
$5.69B
| $16.5M | 0.03% |
+177,400
| New | +$17.4M |
|
|
TIF
110
DELISTED
Tiffany & Co.
TIF
| $12.1M | 0.02% |
132,147
-358,131
| -73% | -$32.8M |
|
|
VLRS
111
Controladora Vuela Compania de Aviacion
VLRS
$794M
| $9.46M | 0.02% |
+796,811
| New | +$10.7M |
|
|
ESRX
112
DELISTED
Express Scripts Holding Company
ESRX
| $7.52M | 0.01% |
118,776
+8,676
| +8% | +$539K |
|
|
PDCE
113
DELISTED
PDC Energy, Inc.
PDCE
| $6M | 0.01% |
+122,475
| New | +$5.27M |
|
114
AbbVie
ABBV
$468B
| $5.42M | 0.01% |
61,050
+37,350
| +158% | +$2.84M |
|
115
US Bancorp
USB
$96.7B
| $5.37M | 0.01% |
100,215
-1,591,340
| -94% | -$83.3M |
|
|
TRCO
116
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $4.85M | 0.01% |
118,786
-22,800
| -16% | -$927K |
|
117
Trinity Industries
TRN
$2.37B
| $2.18M | ﹤0.01% |
95,008
-486
| -0.5% | -$10K |
|
118
Southwest Airlines
LUV
$19.8B
| $1.45M | ﹤0.01% |
+25,961
| New | +$1.46M |
|
119
AGCO
AGCO
$7.48B
| $1.37M | ﹤0.01% |
18,525
-350
| -2% | -$24.5K |
|
|
DATA
120
DELISTED
Tableau Software, Inc.
DATA
| $1.16M | ﹤0.01% |
15,425
-100
| -0.6% | -$6.94K |
|
121
Illinois Tool Works
ITW
$80.4B
| $851K | ﹤0.01% |
5,750
-1,000
| -15% | -$142K |
|
122
Globe Life
GL
$13.1B
| $805K | ﹤0.01% |
10,050
-13,475
| -57% | -$1.05M |
|
123
Oceaneering
OII
$5.28B
| $557K | ﹤0.01% |
21,200
-13,825
| -39% | -$335K |
|
124
Chevron
CVX
$403B
| $235K | ﹤0.01% |
2,000
-500
| -20% | -$54.6K |
|
|
CMA
125
DELISTED
Comerica
CMA
| – | – |
-2,785
| Closed | -$204K |
|
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Bill Nygren's Q3 2017 Portfolio in Review
As of Q3 2017, Bill Nygren held 130 positions worth $59.3B, up 6.7% from $55.6B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren's Q3 2017 filing shows 10 new, 39 increased, 74 reduced and 6 closed positions. Its largest new stake was Liberty Global Class C: 24,160,579 shares worth $790M. The largest sale was Baidu, an estimated $630M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 34% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2017 buy was Liberty Global Class C: 24,160,579 shares worth $790M.
- Bill Nygren added most to GE Aerospace in Q3 2017, an estimated $789M increase.
- Bill Nygren's biggest Q3 2017 reduction was Baidu, cutting an estimated $630M.
- Bill Nygren fully exited Baker Hughes in Q3 2017, selling an estimated $212M.
- Bill Nygren's ten largest holdings make up 37% of its $59.3B portfolio in Q3 2017.
- Bill Nygren opened 10 new positions and closed 6 in Q3 2017.
- Bill Nygren's portfolio value rose 6.7% quarter-over-quarter to $59.3B.
Based on Harris Associates's 13F filing for Q3 2017, filed 14 Nov 2017.