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 |
Targa Resources
TRGP
|
+$939M |
| 2 |
Intercontinental Exchange
ICE
|
+$844M |
| 3 |
AerCap
AER
|
+$774M |
| 4 |
FISV
Fiserv Inc
FISV
|
+$736M |
| 5 |
Zimmer Biomet
ZBH
|
+$712M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$711M |
| 2 |
Warner Bros
WBD
|
+$400M |
| 3 |
Citigroup
C
|
+$392M |
| 4 |
Bank of America
BAC
|
+$386M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$374M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.43% |
| 2 | Healthcare | 13.9% |
| 3 | Industrials | 11.55% |
| 4 | Consumer Discretionary | 10.46% |
| 5 | Energy | 9.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Berkshire Hathaway Class B
BRK.B
$1.06T
| $13.1M | 0.02% |
25,999
-1,047
| -4% | -$521K |
|
102
Magna International
MGA
$19.5B
| $11M | 0.01% |
206,680
-1,953,617
| -90% | -$95.5M |
|
103
Colliers International
CIGI
$5.47B
| $10.7M | 0.01% |
72,600
-7,600
| -9% | -$1.14M |
|
104
Texas Instruments
TXN
$241B
| $8.37M | 0.01% |
48,265
-25
| -0.1% | -$4.28K |
|
|
BNY
105
Bank of New York Mellon
BNY
$108B
| $7.85M | 0.01% |
67,654
-3,377,183
| -98% | -$374M |
|
106
CSX Corp
CSX
$95.6B
| $7.05M | 0.01% |
194,360
| – | – |
|
107
Omnicom Group
OMC
$24B
| $4.95M | 0.01% |
+61,340
| New | +$4.69M |
|
108
Vanguard Morningstar Value ETF
VTV
$193B
| $3.79M | ﹤0.01% |
19,859
+19,111
| +2,555% | +$3.59M |
|
109
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $3.43M | ﹤0.01% |
5,037
+3,036
| +152% | +$2.05M |
|
110
Microsoft
MSFT
$3.59T
| $3.31M | ﹤0.01% |
6,854
-994
| -13% | -$498K |
|
111
Howard Hughes
HHH
$3.97B
| $3.06M | ﹤0.01% |
38,394
-20,422
| -35% | -$1.69M |
|
112
Netflix
NFLX
$331B
| $3.05M | ﹤0.01% |
32,540
+180
| +0.6% | +$19.4K |
|
113
Aptiv
APTV
$10B
| $2.95M | ﹤0.01% |
38,815
-20,340
| -34% | -$1.63M |
|
114
Meta Platforms (Facebook)
META
$1.4T
| $2.83M | ﹤0.01% |
4,285
+474
| +12% | +$317K |
|
115
Lear
LEA
$8.56B
| $2.61M | ﹤0.01% |
22,750
-18,555
| -45% | -$1.98M |
|
116
Kroger
KR
$35.5B
| $2.6M | ﹤0.01% |
41,645
-242,893
| -85% | -$15.9M |
|
117
NVIDIA
NVDA
$5.2T
| $2.45M | ﹤0.01% |
13,154
-1,838
| -12% | -$342K |
|
118
Dover
DOV
$27.2B
| $2.32M | ﹤0.01% |
11,863
-250
| -2% | -$45.5K |
|
119
JPMorgan Chase
JPM
$935B
| $1.91M | ﹤0.01% |
5,935
+230
| +4% | +$71.2K |
|
120
Carlisle Companies
CSL
$14.6B
| $1.75M | ﹤0.01% |
5,480
-755
| -12% | -$245K |
|
121
Alibaba
BABA
$286B
| $1.41M | ﹤0.01% |
9,589
+7,434
| +345% | +$1.21M |
|
122
Caterpillar
CAT
$381B
| $1.38M | ﹤0.01% |
2,408
| – | – |
|
123
Workday
WDAY
$49.4B
| $1.23M | ﹤0.01% |
5,727
-869
| -13% | -$197K |
|
124
MasterBrand
MBC
$1.85B
| $1.2M | ﹤0.01% |
108,716
-1,521
| -1% | -$17.8K |
|
125
Truist Financial
TFC
$61.6B
| $1.13M | ﹤0.01% |
23,000
| – | – |
|
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Bill Nygren's Q4 2025 Portfolio in Review
As of Q4 2025, Bill Nygren held 187 positions worth $79.1B, up 27% from $62.4B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bill Nygren deployed $13.3B of net new capital in Q4 2025, opening 10 new positions and adding to 58 existing holdings. Its largest new stake was AerCap: 5,840,480 shares worth $840M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 30% a quarter earlier, followed by Healthcare and Industrials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $711M trimmed.
- Bill Nygren's largest Q4 2025 buy was AerCap: 5,840,480 shares worth $840M.
- Bill Nygren added most to Targa Resources in Q4 2025, an estimated $939M increase.
- Bill Nygren's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $711M.
- Bill Nygren fully exited ACV Auctions in Q4 2025, selling an estimated $37.7M.
- Bill Nygren's ten largest holdings make up 31% of its $79.1B portfolio in Q4 2025.
- Bill Nygren opened 10 new positions and closed 19 in Q4 2025.
- Bill Nygren's portfolio value rose 27% quarter-over-quarter to $79.1B.
Based on Harris Associates's 13F filing for Q4 2025, filed 17 Feb 2026.