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 |
Amazon
AMZN
|
+$917M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$601M |
| 3 |
Citigroup
C
|
+$525M |
| 4 |
General Motors
GM
|
+$264M |
| 5 |
Bank of America
BAC
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$714M |
| 2 |
Applied Materials
AMAT
|
+$451M |
| 3 |
Devon Energy
DVN
|
+$414M |
| 4 |
ExxonMobil
XOM
|
+$284M |
| 5 |
Cummins
CMI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.99% |
| 2 | Technology | 18.24% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 9.31% |
| 5 | Healthcare | 6.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DRC
126
DELISTED
DRESSER-RAND GROUP INC
DRC
| $3.67M | 0.01% |
57,663
-891,399
| -94% | -$54.4M |
|
127
Berkshire Hathaway Class B
BRK.B
$1.06T
| $3.42M | 0.01% |
27,059
-849
| -3% | -$107K |
|
128
3M
MMM
$92.3B
| $2.86M | ﹤0.01% |
23,860
-1,999,205
| -99% | -$235M |
|
129
Dick's Sporting Goods
DKS
$16.4B
| $2.82M | ﹤0.01% |
60,475
+17,925
| +42% | +$876K |
|
130
Fidelity National Financial
FNF
$12.7B
| $2.69M | ﹤0.01% |
143,625
+30,870
| +27% | +$578K |
|
131
AbbVie
ABBV
$468B
| $2.4M | ﹤0.01% |
42,457
-1,734
| -4% | -$91K |
|
132
IBM
IBM
$222B
| $2.33M | ﹤0.01% |
13,464
-843
| -6% | -$152K |
|
133
Leggett & Platt
LEG
$1.29B
| $2.31M | ﹤0.01% |
67,400
-457,348
| -87% | -$15.2M |
|
134
Coca-Cola
KO
$392B
| $2.05M | ﹤0.01% |
48,340
-6,400
| -12% | -$260K |
|
135
GE Aerospace
GE
$361B
| $1.99M | ﹤0.01% |
15,780
-59
| -0.4% | -$7.5K |
|
136
Johnson & Johnson
JNJ
$651B
| $1.96M | ﹤0.01% |
18,698
-300
| -2% | -$30.3K |
|
137
Abbott
ABT
$202B
| $1.74M | ﹤0.01% |
42,444
-1,734
| -4% | -$68.1K |
|
138
Capital Southwest
CSWC
$1.59B
| $1.65M | ﹤0.01% |
125,108
| – | – |
|
|
WBA
139
DELISTED
Walgreens Boots Alliance
WBA
| $1.62M | ﹤0.01% |
21,800
-5,400
| -20% | -$377K |
|
140
Starbucks
SBUX
$122B
| $1.59M | ﹤0.01% |
41,200
-1,000
| -2% | -$36.3K |
|
|
HUB.B
141
DELISTED
HUBBELL INC CL-B
HUB.B
| $1.47M | ﹤0.01% |
11,920
| – | – |
|
142
Thermo Fisher Scientific
TMO
$233B
| $1.38M | ﹤0.01% |
11,698
| – | – |
|
143
Pfizer
PFE
$160B
| $1.22M | ﹤0.01% |
43,443
-421
| -1% | -$12K |
|
144
Merck
MRK
$376B
| $1.13M | ﹤0.01% |
20,415
-28,849
| -59% | -$1.57M |
|
145
ConocoPhillips
COP
$162B
| $986K | ﹤0.01% |
11,500
| – | – |
|
|
WCC
146
WESCO International
WCC
$17B
| $980K | ﹤0.01% |
+11,350
| New | +$990K |
|
|
CELG
147
DELISTED
Celgene Corp
CELG
| $903K | ﹤0.01% |
10,516
| – | – |
|
148
Bristol-Myers Squibb
BMY
$137B
| $757K | ﹤0.01% |
15,600
-6,000
| -28% | -$296K |
|
149
PepsiCo
PEP
$196B
| $688K | ﹤0.01% |
7,702
| – | – |
|
|
MHFI
150
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $664K | ﹤0.01% |
8,000
| – | – |
|
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Bill Nygren's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Nygren held 182 positions worth $59.4B, up 6.4% from $55.8B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q2 2014 filing shows 6 new, 60 increased, 84 reduced and 5 closed positions. Its largest new stake was Amazon: 57,950,720 shares worth $941M. The largest sale was DIRECTV COM STK (DE), an estimated $714M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q2 2014 buy was Amazon: 57,950,720 shares worth $941M.
- Bill Nygren added most to Alphabet (Google) Class C in Q2 2014, an estimated $601M increase.
- Bill Nygren's biggest Q2 2014 reduction was DIRECTV COM STK (DE), cutting an estimated $714M.
- Bill Nygren fully exited Kennametal in Q2 2014, selling an estimated $131M.
- Bill Nygren's ten largest holdings make up 34% of its $59.4B portfolio in Q2 2014.
- Bill Nygren opened 6 new positions and closed 5 in Q2 2014.
- Bill Nygren's portfolio value rose 6.4% quarter-over-quarter to $59.4B.
Based on Harris Associates's 13F filing for Q2 2014, filed 12 Aug 2014.