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 |
Aon
AON
|
+$544M |
| 2 |
Union Pacific
UNP
|
+$529M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$209M |
| 4 |
Bank of America
BAC
|
+$183M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$179M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Instruments
TXN
|
+$321M |
| 2 |
Illinois Tool Works
ITW
|
+$318M |
| 3 |
Rockwell Automation
ROK
|
+$251M |
| 4 |
PENN Entertainment
PENN
|
+$231M |
| 5 |
Cenovus Energy
CVE
|
+$225M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.33% |
| 2 | Technology | 17.42% |
| 3 | Consumer Discretionary | 14.34% |
| 4 | Industrials | 13.49% |
| 5 | Healthcare | 9.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
HNI Corp
HNI
$3.55B
| $11M | 0.02% |
283,075
-257,700
| -48% | -$9.79M |
|
127
CNO Financial Group
CNO
$4.95B
| $8.94M | 0.02% |
505,600
-484,400
| -49% | -$7.76M |
|
128
Berkshire Hathaway Class A
BRK.A
$1.06T
| $8.89M | 0.02% |
50
-4
| -7% | -$694K |
|
129
Toyota
TM
$234B
| $7.27M | 0.01% |
59,600
+53,100
| +817% | +$6.68M |
|
|
DISCK
130
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $6.93M | 0.01% |
165,314
-537,448
| -76% | -$21M |
|
131
Chevron
CVX
$403B
| $5.44M | 0.01% |
43,568
+39,300
| +921% | +$4.75M |
|
|
132
Berkshire Hathaway Class B
BRK.B
$1.06T
| $2.88M | 0.01% |
24,268
+1,050
| +5% | +$121K |
|
133
IBM
IBM
$222B
| $2.6M | ﹤0.01% |
14,475
-39
| -0.3% | -$6.73K |
|
134
AbbVie
ABBV
$468B
| $2.43M | ﹤0.01% |
46,056
| – | – |
|
135
Dick's Sporting Goods
DKS
$16.4B
| $2.42M | ﹤0.01% |
41,700
| – | – |
|
136
Coca-Cola
KO
$392B
| $2.36M | ﹤0.01% |
57,140
+10,000
| +21% | +$394K |
|
|
UTIW
137
DELISTED
UTI WORLDWIDE INC
UTIW
| $2.33M | ﹤0.01% |
132,950
+43,600
| +49% | +$687K |
|
138
GE Aerospace
GE
$361B
| $2.16M | ﹤0.01% |
16,057
-209
| -1% | -$26.3K |
|
139
MetLife
MET
$60B
| $2.03M | ﹤0.01% |
+42,189
| New | +$1.89M |
|
140
Capital Southwest
CSWC
$1.59B
| $1.94M | ﹤0.01% |
151,258
-3,814
| -2% | -$46.8K |
|
|
ESL
141
DELISTED
Esterline Technologies
ESL
| $1.93M | ﹤0.01% |
18,950
-100
| -0.5% | -$8.54K |
|
142
Johnson & Johnson
JNJ
$651B
| $1.71M | ﹤0.01% |
18,698
| – | – |
|
143
Abbott
ABT
$202B
| $1.69M | ﹤0.01% |
44,178
| – | – |
|
144
Starbucks
SBUX
$122B
| $1.65M | ﹤0.01% |
42,200
-1,000
| -2% | -$39.6K |
|
145
Kroger
KR
$35.5B
| $1.61M | ﹤0.01% |
+81,254
| New | +$1.68M |
|
|
WBA
146
DELISTED
Walgreens Boots Alliance
WBA
| $1.6M | ﹤0.01% |
27,800
+7,500
| +37% | +$436K |
|
147
Bristol-Myers Squibb
BMY
$137B
| $1.6M | ﹤0.01% |
30,024
| – | – |
|
148
Thermo Fisher Scientific
TMO
$233B
| $1.3M | ﹤0.01% |
11,698
| – | – |
|
|
HUB.B
149
DELISTED
HUBBELL INC CL-B
HUB.B
| $1.3M | ﹤0.01% |
11,920
| – | – |
|
150
Pfizer
PFE
$160B
| $1.26M | ﹤0.01% |
43,443
-1,054
| -2% | -$30.7K |
|
Similar funds
Bill Nygren's Q4 2013 Portfolio in Review
As of Q4 2013, Bill Nygren held 191 positions worth $56B, up 9% from $51.4B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q4 2013 filing shows 10 new, 69 increased, 73 reduced and 4 closed positions. Its largest new stake was Gaming and Leisure Properties: 4,402,618 shares worth $224M. The largest sale was Texas Instruments, an estimated $321M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 25% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q4 2013 buy was Gaming and Leisure Properties: 4,402,618 shares worth $224M.
- Bill Nygren added most to Aon in Q4 2013, an estimated $544M increase.
- Bill Nygren's biggest Q4 2013 reduction was Texas Instruments, cutting an estimated $321M.
- Bill Nygren fully exited Staples Inc in Q4 2013, selling an estimated $88.2M.
- Bill Nygren's ten largest holdings make up 33% of its $56B portfolio in Q4 2013.
- Bill Nygren opened 10 new positions and closed 4 in Q4 2013.
- Bill Nygren's portfolio value rose 9% quarter-over-quarter to $56B.
Based on Harris Associates's 13F filing for Q4 2013, filed 10 Feb 2014.