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 |
Netflix
NFLX
|
+$443M |
| 2 |
Hilton Worldwide
HLT
|
+$443M |
| 3 |
Halliburton
HAL
|
+$427M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$418M |
| 5 |
Ryanair
RYAAY
|
+$319M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$880M |
| 2 |
HCA Healthcare
HCA
|
+$783M |
| 3 |
Willis Towers Watson
WTW
|
+$736M |
| 4 |
UnitedHealth
UNH
|
+$396M |
| 5 |
Unilever
UL
|
+$392M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.58% |
| 2 | Communication Services | 20.87% |
| 3 | Consumer Discretionary | 14.15% |
| 4 | Technology | 10.39% |
| 5 | Industrials | 10.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Herc Holdings
HRI
$5.41B
| $24.8M | 0.05% |
953,232
-363,004
| -28% | -$12.7M |
|
102
Medtronic
MDT
$119B
| $23.1M | 0.05% |
254,463
-3,487,394
| -93% | -$326M |
|
103
Equifax
EFX
$22.6B
| $21.9M | 0.04% |
234,908
+28,350
| +14% | +$3.02M |
|
|
SLCA
104
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
| $16.4M | 0.03% |
1,615,800
-694,000
| -30% | -$10.1M |
|
105
Arcosa
ACA
$7.12B
| $14.2M | 0.03% |
+513,506
| New | +$14.1M |
|
106
Axalta
AXTA
$7.75B
| $14.1M | 0.03% |
602,461
-407,330
| -40% | -$10.1M |
|
107
CDW
CDW
$17.2B
| $13.3M | 0.03% |
164,353
-134,228
| -45% | -$11.6M |
|
108
Masco
MAS
$14.5B
| $12.7M | 0.03% |
+433,815
| New | +$13.5M |
|
109
Zimmer Biomet
ZBH
$19.3B
| $9.32M | 0.02% |
92,548
-122,266
| -57% | -$13.7M |
|
110
WPP
WPP
$5.69B
| $8.66M | 0.02% |
158,000
-1,400
| -0.9% | -$83.5K |
|
111
Trinity Industries
TRN
$2.37B
| $7.52M | 0.02% |
365,083
-602,381
| -62% | -$13.9M |
|
|
ELLI
112
DELISTED
Ellie Mae Inc
ELLI
| $6.66M | 0.01% |
106,000
+60,180
| +131% | +$4.29M |
|
113
JPMorgan Chase
JPM
$935B
| $3.86M | 0.01% |
39,574
| – | – |
|
|
AMTD
114
DELISTED
TD Ameritrade Holding Corp
AMTD
| $2.38M | ﹤0.01% |
+48,515
| New | +$2.47M |
|
115
SLB Ltd
SLB
$79.9B
| $1.24M | ﹤0.01% |
+34,425
| New | +$1.7M |
|
|
DLPH
116
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $1.14M | ﹤0.01% |
79,522
-3,733,236
| -98% | -$72.7M |
|
117
Fortune Brands Innovations
FBIN
$5.32B
| $1.05M | ﹤0.01% |
32,315
+754
| +2% | +$28.5K |
|
118
Baker Hughes
BKR
$61.9B
| $1.01M | ﹤0.01% |
46,932
-2,471,692
| -98% | -$63.1M |
|
119
US Bancorp
USB
$96.7B
| $800K | ﹤0.01% |
17,497
-14,125
| -45% | -$727K |
|
120
Brunswick
BC
$5.24B
| $608K | ﹤0.01% |
13,100
-100
| -0.8% | -$5.35K |
|
121
Illinois Tool Works
ITW
$80.4B
| $507K | ﹤0.01% |
4,000
| – | – |
|
122
Microsoft
MSFT
$3.59T
| $255K | ﹤0.01% |
2,515
+15
| +0.6% | +$1.61K |
|
123
Chevron
CVX
$403B
| $218K | ﹤0.01% |
2,000
| – | – |
|
124
Range Resources
RRC
$9.59B
| $191K | ﹤0.01% |
20,000
| – | – |
|
125
Adient
ADNT
$1.54B
| – | – |
-5,510,757
| Closed | -$217M |
|
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Bill Nygren's Q4 2018 Portfolio in Review
As of Q4 2018, Bill Nygren held 130 positions worth $49.6B, down 22% from $63.6B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.92B in Q4 2018, closing 5 positions and reducing 73 holdings. Its most notable exit was Adient, an estimated $217M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Halliburton worth $337M.
- Bill Nygren's largest Q4 2018 buy was Halliburton: 12,660,135 shares worth $337M.
- Bill Nygren added most to Netflix in Q4 2018, an estimated $443M increase.
- Bill Nygren's biggest Q4 2018 reduction was Oracle, cutting an estimated $880M.
- Bill Nygren fully exited Adient in Q4 2018, selling an estimated $217M.
- Bill Nygren's ten largest holdings make up 34% of its $49.6B portfolio in Q4 2018.
- Bill Nygren opened 7 new positions and closed 5 in Q4 2018.
- Bill Nygren's portfolio value fell 22% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q4 2018, filed 14 Feb 2019.