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 |
Charter Communications
CHTR
|
+$638M |
| 2 |
Liberty Global Class C
LBTYK
|
+$519M |
| 3 |
Booking.com
BKNG
|
+$418M |
| 4 |
Johnson Controls International
JCI
|
+$276M |
| 5 |
Comcast
CMCSA
|
+$249M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$757M |
| 2 |
Baidu
BIDU
|
+$433M |
| 3 |
Fidelity National Financial
FNF
|
+$292M |
| 4 |
GE Aerospace
GE
|
+$246M |
| 5 |
AMTD
TD Ameritrade Holding Corp
AMTD
|
+$242M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.99% |
| 2 | Communication Services | 17.57% |
| 3 | Technology | 13.2% |
| 4 | Consumer Discretionary | 12.9% |
| 5 | Industrials | 8.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TRCO
126
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $578K | ﹤0.01% |
13,600
-105,186
| -89% | -$4.34M |
|
127
Chevron
CVX
$403B
| $426K | ﹤0.01% |
3,400
+1,400
| +70% | +$166K |
|
128
Johnson & Johnson
JNJ
$651B
| $307K | ﹤0.01% |
+2,200
| New | +$306K |
|
129
Procter & Gamble
PG
$336B
| $231K | ﹤0.01% |
+2,515
| New | +$226K |
|
|
SLCA
130
DELISTED
U.S. SILICA HOLDINGS, INC.
SLCA
| $221K | ﹤0.01% |
+6,800
| New | +$217K |
|
131
Globe Life
GL
$13.1B
| – | – |
-10,050
| Closed | -$805K |
|
132
W.W. Grainger
GWW
$61.8B
| – | – |
-98,618
| Closed | -$17.7M |
|
133
Itron
ITRI
$4.38B
| – | – |
-771,403
| Closed | -$59.7M |
|
134
Melco Resorts & Entertainment
MLCO
$2.09B
| – | – |
-2,840,959
| Closed | -$68.5M |
|
135
MillerKnoll
MLKN
$1.57B
| – | – |
-1,261,177
| Closed | -$45.3M |
|
136
Oceaneering
OII
$5.28B
| – | – |
-21,200
| Closed | -$557K |
|
137
Qualcomm
QCOM
$169B
| – | – |
-4,432,481
| Closed | -$230M |
|
|
ESRX
138
DELISTED
Express Scripts Holding Company
ESRX
| – | – |
-118,776
| Closed | -$7.52M |
|
|
VWR
139
DELISTED
VWR Corporation
VWR
| – | – |
-3,566,705
| Closed | -$118M |
|
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Bill Nygren's Q4 2017 Portfolio in Review
As of Q4 2017, Bill Nygren held 139 positions worth $61.1B, up 3% from $59.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q4 2017 filing shows 15 new, 37 increased, 78 reduced and 9 closed positions. Its largest new stake was Johnson Controls International: 7,060,238 shares worth $269M. The largest sale was JPMorgan Chase, an estimated $757M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q4 2017 buy was Johnson Controls International: 7,060,238 shares worth $269M.
- Bill Nygren added most to Charter Communications in Q4 2017, an estimated $638M increase.
- Bill Nygren's biggest Q4 2017 reduction was JPMorgan Chase, cutting an estimated $757M.
- Bill Nygren fully exited Qualcomm in Q4 2017, selling an estimated $230M.
- Bill Nygren's ten largest holdings make up 36% of its $61.1B portfolio in Q4 2017.
- Bill Nygren opened 15 new positions and closed 9 in Q4 2017.
- Bill Nygren's portfolio value rose 3% quarter-over-quarter to $61.1B.
Based on Harris Associates's 13F filing for Q4 2017, filed 14 Feb 2018.