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 |
American Airlines Group
AAL
|
+$604M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$591M |
| 3 |
Comcast
CMCSA
|
+$466M |
| 4 |
CVS Health
CVS
|
+$263M |
| 5 |
American International
AIG
|
+$246M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Infosys
INFY
|
+$543M |
| 2 |
Caterpillar
CAT
|
+$381M |
| 3 |
Harley-Davidson
HOG
|
+$375M |
| 4 |
JPMorgan Chase
JPM
|
+$315M |
| 5 |
Fidelity National Financial
FNF
|
+$314M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.27% |
| 2 | Communication Services | 18.93% |
| 3 | Technology | 12.96% |
| 4 | Consumer Discretionary | 12.06% |
| 5 | Industrials | 8.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
VLRS
101
Controladora Vuela Compania de Aviacion
VLRS
$794M
| $39.6M | 0.07% |
4,860,900
+545,200
| +13% | +$4.51M |
|
102
Southwest Airlines
LUV
$19.8B
| $36.2M | 0.06% |
632,630
+599,971
| +1,837% | +$36M |
|
|
DLPH
103
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $35.7M | 0.06% |
748,503
| – | – |
|
104
Carlisle Companies
CSL
$14.6B
| $34.9M | 0.06% |
+334,511
| New | +$36.7M |
|
|
SLCA
105
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
| $24.4M | 0.04% |
957,000
+950,200
| +13,974% | +$29.1M |
|
106
Hilton Worldwide
HLT
$73.5B
| $23.2M | 0.04% |
+295,087
| New | +$24.2M |
|
107
Zimmer Biomet
ZBH
$19.3B
| $18.5M | 0.03% |
+174,801
| New | +$20.3M |
|
108
Qiagen
QGEN
$9.1B
| $17.4M | 0.03% |
506,968
-249,910
| -33% | -$8.78M |
|
109
Trinity Industries
TRN
$2.37B
| $16.8M | 0.03% |
714,165
+627,075
| +720% | +$15.4M |
|
110
Flowserve
FLS
$10.1B
| $16.2M | 0.03% |
373,157
-10,087
| -3% | -$439K |
|
111
WPP
WPP
$5.69B
| $16.1M | 0.03% |
201,900
-17,100
| -8% | -$1.52M |
|
112
DXC Technology
DXC
$1.73B
| $15.8M | 0.03% |
181,542
-1,976
| -1% | -$173K |
|
113
Oshkosh
OSK
$9.7B
| $14.1M | 0.02% |
182,650
-182,720
| -50% | -$15.6M |
|
114
Principal Financial Group
PFG
$23.7B
| $13.3M | 0.02% |
217,578
-1,232,575
| -85% | -$81.1M |
|
115
Expedia Group
EXPE
$38.6B
| $9.25M | 0.02% |
83,770
-107,178
| -56% | -$12.5M |
|
|
LBRDA
116
DELISTED
Liberty Broadband Class A
LBRDA
| $8.13M | 0.01% |
+95,900
| New | +$8.59M |
|
117
US Bancorp
USB
$96.7B
| $4.41M | 0.01% |
87,324
-2,938
| -3% | -$161K |
|
118
AbbVie
ABBV
$468B
| $3.91M | 0.01% |
41,300
-800
| -2% | -$87.9K |
|
|
119
Harley-Davidson
HOG
$2.93B
| $2.98M | 0.01% |
69,414
-7,847,235
| -99% | -$375M |
|
|
ELLI
120
DELISTED
Ellie Mae Inc
ELLI
| $2.91M | ﹤0.01% |
31,675
+19,190
| +154% | +$1.78M |
|
|
DATA
121
DELISTED
Tableau Software, Inc.
DATA
| $1.57M | ﹤0.01% |
19,475
+5,400
| +38% | +$428K |
|
122
AGCO
AGCO
$7.48B
| $1.05M | ﹤0.01% |
16,150
-825
| -5% | -$57K |
|
123
Brunswick
BC
$5.24B
| $821K | ﹤0.01% |
13,825
-600
| -4% | -$35.5K |
|
124
Illinois Tool Works
ITW
$80.4B
| $744K | ﹤0.01% |
4,750
| – | – |
|
125
Range Resources
RRC
$9.59B
| $291K | ﹤0.01% |
+20,000
| New | +$299K |
|
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Bill Nygren's Q1 2018 Portfolio in Review
As of Q1 2018, Bill Nygren held 142 positions worth $59.9B, down 1.9% from $61.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q1 2018 filing shows 11 new, 48 increased, 66 reduced and 13 closed positions. Its largest new stake was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M. The largest sale was Infosys, an estimated $543M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 31% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q1 2018 buy was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M.
- Bill Nygren added most to American Airlines Group in Q1 2018, an estimated $604M increase.
- Bill Nygren's biggest Q1 2018 reduction was Caterpillar, cutting an estimated $381M.
- Bill Nygren fully exited Infosys in Q1 2018, selling an estimated $543M.
- Bill Nygren's ten largest holdings make up 36% of its $59.9B portfolio in Q1 2018.
- Bill Nygren opened 11 new positions and closed 13 in Q1 2018.
- Bill Nygren's portfolio value fell 1.9% quarter-over-quarter to $59.9B.
Based on Harris Associates's 13F filing for Q1 2018, filed 15 May 2018.