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 |
Ryanair
RYAAY
|
+$722M |
| 2 |
Cenovus Energy
CVE
|
+$427M |
| 3 |
DXC Technology
DXC
|
+$249M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$240M |
| 5 |
Hilton Worldwide
HLT
|
+$182M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HCA Healthcare
HCA
|
+$344M |
| 2 |
Oracle
ORCL
|
+$278M |
| 3 |
Mastercard
MA
|
+$246M |
| 4 |
Baidu
BIDU
|
+$188M |
| 5 |
Willis Towers Watson
WTW
|
+$186M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.8% |
| 2 | Communication Services | 19.36% |
| 3 | Technology | 12.06% |
| 4 | Consumer Discretionary | 11.18% |
| 5 | Healthcare | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
VLRS
101
Controladora Vuela Compania de Aviacion
VLRS
$794M
| $50.6M | 0.08% |
6,786,250
+1,777,850
| +35% | +$12.7M |
|
|
WCC
102
WESCO International
WCC
$17B
| $43.7M | 0.07% |
710,400
-175
| -0% | -$10.5K |
|
|
SLCA
103
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
| $43.5M | 0.07% |
2,309,800
+1,313,100
| +132% | +$30.5M |
|
104
Thor Industries
THO
$4.14B
| $36.4M | 0.06% |
434,958
+421,782
| +3,201% | +$40.4M |
|
105
Axalta
AXTA
$7.75B
| $29.4M | 0.05% |
1,009,791
-634,965
| -39% | -$19M |
|
106
Zimmer Biomet
ZBH
$19.3B
| $27.4M | 0.04% |
214,814
-12,507
| -6% | -$1.49M |
|
107
Equifax
EFX
$22.6B
| $27M | 0.04% |
206,558
+26,668
| +15% | +$3.47M |
|
108
CDW
CDW
$17.2B
| $26.6M | 0.04% |
298,581
-1,051,539
| -78% | -$90.9M |
|
109
Trinity Industries
TRN
$2.37B
| $25.5M | 0.04% |
967,464
+70
| +0% | +$1.84K |
|
110
TSMC
TSM
$2.17T
| $24.6M | 0.04% |
+557,571
| New | +$23.1M |
|
111
WPP
WPP
$5.69B
| $11.7M | 0.02% |
159,400
-7,200
| -4% | -$562K |
|
112
JPMorgan Chase
JPM
$935B
| $4.47M | 0.01% |
39,574
-422,170
| -91% | -$47.9M |
|
|
ELLI
113
DELISTED
Ellie Mae Inc
ELLI
| $4.34M | 0.01% |
45,820
+7,575
| +20% | +$777K |
|
114
US Bancorp
USB
$96.7B
| $1.67M | ﹤0.01% |
31,622
-50,498
| -61% | -$2.68M |
|
115
Fortune Brands Innovations
FBIN
$5.32B
| $1.41M | ﹤0.01% |
+31,561
| New | +$1.48M |
|
116
Brunswick
BC
$5.24B
| $885K | ﹤0.01% |
13,200
-100
| -0.8% | -$6.62K |
|
117
Illinois Tool Works
ITW
$80.4B
| $564K | ﹤0.01% |
4,000
-750
| -16% | -$106K |
|
118
Range Resources
RRC
$9.59B
| $340K | ﹤0.01% |
20,000
| – | – |
|
119
Principal Financial Group
PFG
$23.7B
| $313K | ﹤0.01% |
5,350
-199,669
| -97% | -$11.1M |
|
120
Microsoft
MSFT
$3.59T
| $286K | ﹤0.01% |
2,500
-100
| -4% | -$10.8K |
|
121
Jones Lang LaSalle
JLL
$17.8B
| $281K | ﹤0.01% |
1,950
-84,165
| -98% | -$13.2M |
|
122
Chevron
CVX
$403B
| $245K | ﹤0.01% |
2,000
| – | – |
|
123
AbbVie
ABBV
$468B
| – | – |
-22,429
| Closed | -$2.08M |
|
124
Flowserve
FLS
$10.1B
| – | – |
-341,307
| Closed | -$13.8M |
|
125
IQVIA
IQV
$42.8B
| – | – |
-965,641
| Closed | -$96.4M |
|
Similar funds
Bill Nygren's Q3 2018 Portfolio in Review
As of Q3 2018, Bill Nygren held 129 positions worth $63.6B, up 2.8% from $61.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q3 2018 filing shows 4 new, 44 increased, 72 reduced and 6 closed positions. Its largest new stake was Charles Schwab: 4,691,626 shares worth $231M. The largest sale was HCA Healthcare, an estimated $344M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 28% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2018 buy was Charles Schwab: 4,691,626 shares worth $231M.
- Bill Nygren added most to Ryanair in Q3 2018, an estimated $722M increase.
- Bill Nygren's biggest Q3 2018 reduction was HCA Healthcare, cutting an estimated $344M.
- Bill Nygren fully exited IQVIA in Q3 2018, selling an estimated $96.4M.
- Bill Nygren's ten largest holdings make up 34% of its $63.6B portfolio in Q3 2018.
- Bill Nygren opened 4 new positions and closed 6 in Q3 2018.
- Bill Nygren's portfolio value rose 2.8% quarter-over-quarter to $63.6B.
Based on Harris Associates's 13F filing for Q3 2018, filed 14 Nov 2018.