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 |
American Airlines Group
AAL
|
+$604M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$591M |
| 3 |
Comcast
CMCSA
|
+$466M |
| 4 |
CVS Health
CVS
|
+$263M |
| 5 |
American International
AIG
|
+$246M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Infosys
INFY
|
+$543M |
| 2 |
Caterpillar
CAT
|
+$381M |
| 3 |
Harley-Davidson
HOG
|
+$375M |
| 4 |
JPMorgan Chase
JPM
|
+$315M |
| 5 |
Fidelity National Financial
FNF
|
+$314M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.27% |
| 2 | Communication Services | 18.93% |
| 3 | Technology | 12.96% |
| 4 | Consumer Discretionary | 12.06% |
| 5 | Industrials | 8.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Microsoft
MSFT
$3.59T
| $288K | ﹤0.01% |
3,150
-34,600
| -92% | -$3.16M |
|
|
AMTD
127
DELISTED
TD Ameritrade Holding Corp
AMTD
| $231K | ﹤0.01% |
3,900
-265,689
| -99% | -$15.1M |
|
128
Chevron
CVX
$403B
| $228K | ﹤0.01% |
2,000
-1,400
| -41% | -$167K |
|
129
AutoNation
AN
$6.6B
| – | – |
-1,667,782
| Closed | -$85.6M |
|
130
Home Depot
HD
$335B
| – | – |
-3,150
| Closed | -$597K |
|
|
131
Infosys
INFY
$48.4B
| – | – |
-66,903,850
| Closed | -$543M |
|
132
Johnson & Johnson
JNJ
$651B
| – | – |
-2,200
| Closed | -$307K |
|
133
Manitowoc
MTW
$710M
| – | – |
-428,116
| Closed | -$16.8M |
|
134
Procter & Gamble
PG
$336B
| – | – |
-2,515
| Closed | -$231K |
|
135
Union Pacific
UNP
$183B
| – | – |
-160,286
| Closed | -$21.5M |
|
136
Whirlpool
WHR
$2.63B
| – | – |
-771,999
| Closed | -$130M |
|
|
BKI
137
DELISTED
Black Knight, Inc. Common Stock
BKI
| – | – |
-1,792,869
| Closed | -$79.2M |
|
|
TIF
138
DELISTED
Tiffany & Co.
TIF
| – | – |
-39,353
| Closed | -$4.09M |
|
|
BIVV
139
DELISTED
Bioverativ Inc. Common Stock
BIVV
| – | – |
-53,255
| Closed | -$2.87M |
|
|
HSNI
140
DELISTED
HSN, Inc.
HSNI
| – | – |
-1,716,030
| Closed | -$69.2M |
|
|
TRCO
141
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| – | – |
-13,600
| Closed | -$578K |
|
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Bill Nygren's Q1 2018 Portfolio in Review
As of Q1 2018, Bill Nygren held 142 positions worth $59.9B, down 1.9% from $61.1B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q1 2018 filing shows 11 new, 48 increased, 66 reduced and 13 closed positions. Its largest new stake was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M. The largest sale was Infosys, an estimated $543M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 31% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q1 2018 buy was Regeneron Pharmaceuticals: 1,700,033 shares worth $585M.
- Bill Nygren added most to American Airlines Group in Q1 2018, an estimated $604M increase.
- Bill Nygren's biggest Q1 2018 reduction was Caterpillar, cutting an estimated $381M.
- Bill Nygren fully exited Infosys in Q1 2018, selling an estimated $543M.
- Bill Nygren's ten largest holdings make up 36% of its $59.9B portfolio in Q1 2018.
- Bill Nygren opened 11 new positions and closed 13 in Q1 2018.
- Bill Nygren's portfolio value fell 1.9% quarter-over-quarter to $59.9B.
Based on Harris Associates's 13F filing for Q1 2018, filed 15 May 2018.