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 |
Charter Communications
CHTR
|
+$638M |
| 2 |
Liberty Global Class C
LBTYK
|
+$519M |
| 3 |
Booking.com
BKNG
|
+$418M |
| 4 |
Johnson Controls International
JCI
|
+$276M |
| 5 |
Comcast
CMCSA
|
+$249M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$757M |
| 2 |
Baidu
BIDU
|
+$433M |
| 3 |
Fidelity National Financial
FNF
|
+$292M |
| 4 |
GE Aerospace
GE
|
+$246M |
| 5 |
AMTD
TD Ameritrade Holding Corp
AMTD
|
+$242M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.99% |
| 2 | Communication Services | 17.57% |
| 3 | Technology | 13.2% |
| 4 | Consumer Discretionary | 12.9% |
| 5 | Industrials | 8.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Oshkosh
OSK
$9.7B
| $33.2M | 0.05% |
365,370
-1,117,825
| -75% | -$97.9M |
|
102
Bristol-Myers Squibb
BMY
$137B
| $30.1M | 0.05% |
491,786
+99,905
| +25% | +$6.25M |
|
103
Qiagen
QGEN
$9.1B
| $24.8M | 0.04% |
756,878
-18,766
| -2% | -$647K |
|
104
Expedia Group
EXPE
$38.6B
| $22.9M | 0.04% |
190,948
-284
| -0.1% | -$36.9K |
|
105
Union Pacific
UNP
$183B
| $21.5M | 0.04% |
160,286
-3,519
| -2% | -$424K |
|
106
WPP
WPP
$5.69B
| $19.8M | 0.03% |
219,000
+41,600
| +23% | +$3.69M |
|
107
Manitowoc
MTW
$710M
| $16.8M | 0.03% |
428,116
-1,219,346
| -74% | -$47.2M |
|
108
Flowserve
FLS
$10.1B
| $16.1M | 0.03% |
383,244
-381,942
| -50% | -$16M |
|
109
DXC Technology
DXC
$1.73B
| $15.1M | 0.02% |
+183,518
| New | +$14.8M |
|
|
AMTD
110
DELISTED
TD Ameritrade Holding Corp
AMTD
| $13.8M | 0.02% |
269,589
-4,833,214
| -95% | -$242M |
|
|
CLGX
111
DELISTED
Corelogic, Inc.
CLGX
| $6.21M | 0.01% |
+134,292
| New | +$6.22M |
|
112
US Bancorp
USB
$96.7B
| $4.84M | 0.01% |
90,262
-9,953
| -10% | -$536K |
|
|
TIF
113
DELISTED
Tiffany & Co.
TIF
| $4.09M | 0.01% |
39,353
-92,794
| -70% | -$8.85M |
|
114
AbbVie
ABBV
$468B
| $4.07M | 0.01% |
42,100
-18,950
| -31% | -$1.79M |
|
115
Microsoft
MSFT
$3.59T
| $3.23M | 0.01% |
37,750
-2,407,725
| -98% | -$198M |
|
|
BIVV
116
DELISTED
Bioverativ Inc. Common Stock
BIVV
| $2.87M | ﹤0.01% |
+53,255
| New | +$2.91M |
|
117
Qorvo
QRVO
$8.43B
| $2.63M | ﹤0.01% |
+39,440
| New | +$2.87M |
|
118
Trinity Industries
TRN
$2.37B
| $2.35M | ﹤0.01% |
87,090
-7,918
| -8% | -$198K |
|
119
Southwest Airlines
LUV
$19.8B
| $2.14M | ﹤0.01% |
32,659
+6,698
| +26% | +$394K |
|
120
AGCO
AGCO
$7.48B
| $1.21M | ﹤0.01% |
16,975
-1,550
| -8% | -$111K |
|
|
ELLI
121
DELISTED
Ellie Mae Inc
ELLI
| $1.12M | ﹤0.01% |
+12,485
| New | +$1.1M |
|
|
DATA
122
DELISTED
Tableau Software, Inc.
DATA
| $974K | ﹤0.01% |
14,075
-1,350
| -9% | -$99.3K |
|
123
Brunswick
BC
$5.24B
| $797K | ﹤0.01% |
+14,425
| New | +$785K |
|
124
Illinois Tool Works
ITW
$80.4B
| $793K | ﹤0.01% |
4,750
-1,000
| -17% | -$159K |
|
125
Home Depot
HD
$335B
| $597K | ﹤0.01% |
+3,150
| New | +$544K |
|
Similar funds
Bill Nygren's Q4 2017 Portfolio in Review
As of Q4 2017, Bill Nygren held 139 positions worth $61.1B, up 3% from $59.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q4 2017 filing shows 15 new, 37 increased, 78 reduced and 9 closed positions. Its largest new stake was Johnson Controls International: 7,060,238 shares worth $269M. The largest sale was JPMorgan Chase, an estimated $757M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q4 2017 buy was Johnson Controls International: 7,060,238 shares worth $269M.
- Bill Nygren added most to Charter Communications in Q4 2017, an estimated $638M increase.
- Bill Nygren's biggest Q4 2017 reduction was JPMorgan Chase, cutting an estimated $757M.
- Bill Nygren fully exited Qualcomm in Q4 2017, selling an estimated $230M.
- Bill Nygren's ten largest holdings make up 36% of its $61.1B portfolio in Q4 2017.
- Bill Nygren opened 15 new positions and closed 9 in Q4 2017.
- Bill Nygren's portfolio value rose 3% quarter-over-quarter to $61.1B.
Based on Harris Associates's 13F filing for Q4 2017, filed 14 Feb 2018.