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 |
Booking.com
BKNG
|
+$424M |
| 2 |
Constellation Brands
STZ
|
+$399M |
| 3 |
Bank of America
BAC
|
+$226M |
| 4 |
S&P Global
SPGI
|
+$170M |
| 5 |
Liberty Global Class A
LBTYA
|
+$167M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$443M |
| 2 |
GE Aerospace
GE
|
+$378M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$318M |
| 4 |
Diageo
DEO
|
+$293M |
| 5 |
Oracle
ORCL
|
+$255M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.74% |
| 2 | Communication Services | 21.65% |
| 3 | Consumer Discretionary | 14.86% |
| 4 | Industrials | 10.31% |
| 5 | Technology | 9.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Equifax
EFX
$22.6B
| $28.1M | 0.05% |
237,182
+2,274
| +1% | +$243K |
|
102
Autoliv
ALV
$9.18B
| $27.3M | 0.05% |
+371,635
| New | +$28.8M |
|
103
CarMax
KMX
$8.82B
| $26.4M | 0.05% |
378,836
-22,747
| -6% | -$1.4M |
|
104
Dover
DOV
$27.2B
| $25.4M | 0.05% |
270,442
-1,107,637
| -80% | -$95.7M |
|
105
Masco
MAS
$14.5B
| $24.9M | 0.05% |
633,530
+199,715
| +46% | +$7.12M |
|
106
Trinity Industries
TRN
$2.37B
| $19.1M | 0.04% |
879,893
+514,810
| +141% | +$11.8M |
|
107
Arcosa
ACA
$7.12B
| $18.4M | 0.03% |
603,579
+90,073
| +18% | +$2.75M |
|
108
Wabtec
WAB
$50.3B
| $14.9M | 0.03% |
+201,571
| New | +$14.5M |
|
109
Axalta
AXTA
$7.75B
| $14.8M | 0.03% |
587,621
-14,840
| -2% | -$382K |
|
110
Zimmer Biomet
ZBH
$19.3B
| $11.1M | 0.02% |
89,803
-2,745
| -3% | -$312K |
|
111
CDW
CDW
$17.2B
| $11.1M | 0.02% |
115,000
-49,353
| -30% | -$4.4M |
|
112
Qorvo
QRVO
$8.43B
| $10.4M | 0.02% |
145,609
-615,650
| -81% | -$40.8M |
|
113
Unilever
UL
$138B
| $8.08M | 0.01% |
124,386
-570,224
| -82% | -$34.7M |
|
114
WPP
WPP
$5.69B
| $7.85M | 0.01% |
148,600
-9,400
| -6% | -$524K |
|
115
JPMorgan Chase
JPM
$935B
| $3.96M | 0.01% |
39,152
-422
| -1% | -$43.5K |
|
|
AMTD
116
DELISTED
TD Ameritrade Holding Corp
AMTD
| $2.87M | 0.01% |
57,465
+8,950
| +18% | +$485K |
|
117
SLB Ltd
SLB
$79.9B
| $1.56M | ﹤0.01% |
35,850
+1,425
| +4% | +$61.6K |
|
118
Fortune Brands Innovations
FBIN
$5.32B
| $1.51M | ﹤0.01% |
37,171
+4,856
| +15% | +$186K |
|
|
ETFC
119
DELISTED
E*Trade Financial Corporation
ETFC
| $1.25M | ﹤0.01% |
+26,825
| New | +$1.28M |
|
120
Baker Hughes
BKR
$61.9B
| $1.22M | ﹤0.01% |
44,132
-2,800
| -6% | -$70.8K |
|
121
ManpowerGroup
MAN
$2.86B
| $1.17M | ﹤0.01% |
+14,190
| New | +$1.12M |
|
122
US Bancorp
USB
$96.7B
| $784K | ﹤0.01% |
16,263
-1,234
| -7% | -$61.9K |
|
123
Brunswick
BC
$5.24B
| $651K | ﹤0.01% |
12,925
-175
| -1% | -$8.82K |
|
124
Illinois Tool Works
ITW
$80.4B
| $574K | ﹤0.01% |
4,000
| – | – |
|
125
Microsoft
MSFT
$3.59T
| $295K | ﹤0.01% |
2,500
-15
| -0.6% | -$1.64K |
|
Similar funds
Bill Nygren's Q1 2019 Portfolio in Review
As of Q1 2019, Bill Nygren held 132 positions worth $54.5B, up 9.9% from $49.6B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q1 2019 filing shows 7 new, 46 increased, 71 reduced and 4 closed positions. Its largest new stake was Constellation Brands: 2,371,055 shares worth $416M. The largest sale was Wells Fargo, an estimated $443M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q1 2019 buy was Constellation Brands: 2,371,055 shares worth $416M.
- Bill Nygren added most to Booking.com in Q1 2019, an estimated $424M increase.
- Bill Nygren's biggest Q1 2019 reduction was Wells Fargo, cutting an estimated $443M.
- Bill Nygren fully exited Flex in Q1 2019, selling an estimated $44.2M.
- Bill Nygren's ten largest holdings make up 35% of its $54.5B portfolio in Q1 2019.
- Bill Nygren opened 7 new positions and closed 4 in Q1 2019.
- Bill Nygren's portfolio value rose 9.9% quarter-over-quarter to $54.5B.
Based on Harris Associates's 13F filing for Q1 2019, filed 15 May 2019.