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 |
IQVIA
IQV
|
+$1.37B |
| 2 |
Cisco
CSCO
|
+$591M |
| 3 |
Kroger
KR
|
+$342M |
| 4 |
Centene
CNC
|
+$265M |
| 5 |
Corteva
CTVA
|
+$255M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$682M |
| 2 |
Parker-Hannifin
PH
|
+$471M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$435M |
| 4 |
Oracle
ORCL
|
+$428M |
| 5 |
Workday
WDAY
|
+$382M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.73% |
| 2 | Communication Services | 18.05% |
| 3 | Consumer Discretionary | 11.25% |
| 4 | Technology | 10.27% |
| 5 | Industrials | 8.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Ferguson
FERG
$46.9B
| $16.7M | 0.03% |
+101,800
| New | +$16.1M |
|
|
SPNS
102
DELISTED
Sapiens International
SPNS
| $11.7M | 0.02% |
409,900
+78,300
| +24% | +$2.24M |
|
103
Texas Instruments
TXN
$241B
| $10.8M | 0.02% |
67,969
-11,353
| -14% | -$1.94M |
|
104
Crown Holdings
CCK
$13B
| $9.2M | 0.02% |
103,980
| – | – |
|
|
LBRDA
105
DELISTED
Liberty Broadband Class A
LBRDA
| $3.73M | 0.01% |
40,975
+7,196
| +21% | +$641K |
|
106
Dover
DOV
$27.2B
| $3.65M | 0.01% |
26,167
-6,144
| -19% | -$887K |
|
107
Vail Resorts
MTN
$5.45B
| $2.96M | 0.01% |
13,340
+4,175
| +46% | +$991K |
|
108
Diageo
DEO
$52.6B
| $2.83M | 0.01% |
18,953
-600
| -3% | -$100K |
|
109
MasterBrand
MBC
$1.85B
| $2.7M | 0.01% |
222,240
-16,225
| -7% | -$199K |
|
110
Automatic Data Processing
ADP
$112B
| $1.98M | ﹤0.01% |
8,230
-21,695
| -72% | -$5.29M |
|
111
S&P Global
SPGI
$127B
| $1.68M | ﹤0.01% |
4,595
-635
| -12% | -$250K |
|
112
Gartner
IT
$12.4B
| $1.38M | ﹤0.01% |
4,026
-295
| -7% | -$103K |
|
113
Herc Holdings
HRI
$5.41B
| $1.26M | ﹤0.01% |
10,590
-2,866
| -21% | -$374K |
|
114
Nasdaq
NDAQ
$54.9B
| $1.23M | ﹤0.01% |
25,222
-3,485
| -12% | -$177K |
|
115
T-Mobile US
TMUS
$196B
| $1.06M | ﹤0.01% |
7,540
-6,997
| -48% | -$969K |
|
116
Chevron
CVX
$403B
| $947K | ﹤0.01% |
5,616
+3,766
| +204% | +$608K |
|
117
Gaming and Leisure Properties
GLPI
$12.7B
| $935K | ﹤0.01% |
20,517
-21,750
| -51% | -$1.04M |
|
118
Cummins
CMI
$80.9B
| $867K | ﹤0.01% |
3,797
-4,426
| -54% | -$1.07M |
|
119
Citizens Financial Group
CFG
$29.4B
| $860K | ﹤0.01% |
32,075
-4,025
| -11% | -$115K |
|
120
UnitedHealth
UNH
$350B
| $797K | ﹤0.01% |
1,580
-473
| -23% | -$233K |
|
121
Philip Morris
PM
$293B
| $752K | ﹤0.01% |
8,122
-175
| -2% | -$16.8K |
|
122
JPMorgan Chase
JPM
$935B
| $750K | ﹤0.01% |
5,175
| – | – |
|
|
CHX
123
DELISTED
ChampionX
CHX
| $737K | ﹤0.01% |
20,700
-359,550
| -95% | -$12.8M |
|
124
Capri Holdings
CPRI
$1.55B
| $631K | ﹤0.01% |
12,000
-5,675
| -32% | -$257K |
|
125
Microsoft
MSFT
$3.59T
| $576K | ﹤0.01% |
1,825
-641
| -26% | -$212K |
|
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Bill Nygren's Q3 2023 Portfolio in Review
As of Q3 2023, Bill Nygren held 150 positions worth $51.4B, down 3.3% from $53.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q3 2023 filing shows 8 new, 39 increased, 81 reduced and 16 closed positions. Its largest new stake was Cisco: 10,945,290 shares worth $588M. The largest sale was Amazon, an estimated $682M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 31% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q3 2023 buy was Cisco: 10,945,290 shares worth $588M.
- Bill Nygren added most to IQVIA in Q3 2023, an estimated $1.37B increase.
- Bill Nygren's biggest Q3 2023 reduction was Amazon, cutting an estimated $682M.
- Bill Nygren fully exited PACCAR in Q3 2023, selling an estimated $132M.
- Bill Nygren's ten largest holdings make up 36% of its $51.4B portfolio in Q3 2023.
- Bill Nygren opened 8 new positions and closed 16 in Q3 2023.
- Bill Nygren's portfolio value fell 3.3% quarter-over-quarter to $51.4B.
Based on Harris Associates's 13F filing for Q3 2023, filed 14 Nov 2023.