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 |
ConocoPhillips
COP
|
+$846M |
| 2 |
Danaher
DHR
|
+$554M |
| 3 |
Capital One
COF
|
+$377M |
| 4 |
Charter Communications
CHTR
|
+$365M |
| 5 |
American International
AIG
|
+$361M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.16B |
| 2 |
Amazon
AMZN
|
+$828M |
| 3 |
Oracle
ORCL
|
+$734M |
| 4 |
Salesforce
CRM
|
+$543M |
| 5 |
HCA Healthcare
HCA
|
+$535M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.5% |
| 2 | Communication Services | 17.84% |
| 3 | Consumer Discretionary | 13.7% |
| 4 | Technology | 11.94% |
| 5 | Industrials | 10.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Crown Holdings
CCK
$13B
| $9.03M | 0.02% |
103,980
+28,965
| +39% | +$2.38M |
|
|
SPNS
102
DELISTED
Sapiens International
SPNS
| $8.82M | 0.02% |
+331,600
| New | +$7.82M |
|
103
Automatic Data Processing
ADP
$112B
| $6.58M | 0.01% |
29,925
-665
| -2% | -$143K |
|
104
Keurig Dr Pepper
KDP
$43.6B
| $5.15M | 0.01% |
164,678
-286,062
| -63% | -$9.39M |
|
105
Euronet Worldwide
EEFT
$2.62B
| $5.07M | 0.01% |
43,216
-2,180
| -5% | -$244K |
|
106
Dover
DOV
$27.2B
| $4.77M | 0.01% |
32,311
-585
| -2% | -$83.6K |
|
107
Diageo
DEO
$52.6B
| $3.39M | 0.01% |
19,553
-500
| -2% | -$89.3K |
|
108
MasterBrand
MBC
$1.85B
| $2.77M | 0.01% |
238,465
-6,049,947
| -96% | -$58M |
|
|
LBRDA
109
DELISTED
Liberty Broadband Class A
LBRDA
| $2.69M | 0.01% |
33,779
+16,840
| +99% | +$1.3M |
|
110
Vail Resorts
MTN
$5.45B
| $2.31M | ﹤0.01% |
9,165
-130
| -1% | -$31.7K |
|
111
S&P Global
SPGI
$127B
| $2.1M | ﹤0.01% |
5,230
-165
| -3% | -$60.3K |
|
112
Gaming and Leisure Properties
GLPI
$12.7B
| $2.05M | ﹤0.01% |
42,267
-16,608
| -28% | -$828K |
|
113
Reynolds Consumer Products
REYN
$5.37B
| $2.04M | ﹤0.01% |
72,146
-390,826
| -84% | -$10.9M |
|
114
T-Mobile US
TMUS
$196B
| $2.02M | ﹤0.01% |
14,537
-20,386
| -58% | -$2.86M |
|
115
Cummins
CMI
$80.9B
| $2.02M | ﹤0.01% |
8,223
-319
| -4% | -$72.2K |
|
116
Herc Holdings
HRI
$5.41B
| $1.84M | ﹤0.01% |
13,456
-9,755
| -42% | -$1.08M |
|
117
Gartner
IT
$12.4B
| $1.51M | ﹤0.01% |
4,321
-3,950
| -48% | -$1.29M |
|
118
Nasdaq
NDAQ
$54.9B
| $1.43M | ﹤0.01% |
28,707
-6,601
| -19% | -$358K |
|
119
General Dynamics
GD
$104B
| $1.42M | ﹤0.01% |
6,590
| – | – |
|
120
Constellation Brands
STZ
$23.2B
| $1.3M | ﹤0.01% |
5,283
-30,799
| -85% | -$7.21M |
|
121
Timken Company
TKR
$8.67B
| $1.13M | ﹤0.01% |
12,355
-2,435
| -16% | -$192K |
|
122
Caterpillar
CAT
$381B
| $1.04M | ﹤0.01% |
4,225
-845
| -17% | -$188K |
|
123
UnitedHealth
UNH
$350B
| $987K | ﹤0.01% |
2,053
-100
| -5% | -$48.9K |
|
124
Citizens Financial Group
CFG
$29.4B
| $941K | ﹤0.01% |
+36,100
| New | +$995K |
|
125
Microsoft
MSFT
$3.59T
| $840K | ﹤0.01% |
2,466
-100
| -4% | -$31.3K |
|
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Bill Nygren's Q2 2023 Portfolio in Review
As of Q2 2023, Bill Nygren held 158 positions worth $53.1B, up 3.1% from $51.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren withdrew a net $2.62B in Q2 2023, closing 16 positions and reducing 82 holdings. Its most notable exit was Take-Two Interactive, an estimated $191M position sold in full.
By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Danaher worth $557M.
- Bill Nygren's largest Q2 2023 buy was Danaher: 2,618,246 shares worth $557M.
- Bill Nygren added most to ConocoPhillips in Q2 2023, an estimated $846M increase.
- Bill Nygren's biggest Q2 2023 reduction was Alphabet (Google) Class A, cutting an estimated $1.16B.
- Bill Nygren fully exited Take-Two Interactive in Q2 2023, selling an estimated $191M.
- Bill Nygren's ten largest holdings make up 36% of its $53.1B portfolio in Q2 2023.
- Bill Nygren opened 9 new positions and closed 16 in Q2 2023.
- Bill Nygren's portfolio value rose 3.1% quarter-over-quarter to $53.1B.
Based on Harris Associates's 13F filing for Q2 2023, filed 14 Aug 2023.