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 |
CNH
CNH Industrial
CNH
|
+$2B |
| 2 |
Keurig Dr Pepper
KDP
|
+$535M |
| 3 |
Alibaba
BABA
|
+$278M |
| 4 |
Liberty Global Class A
LBTYA
|
+$195M |
| 5 |
CDK
CDK Global, Inc.
CDK
|
+$182M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$402M |
| 2 |
Ryanair
RYAAY
|
+$372M |
| 3 |
Pinterest
PINS
|
+$357M |
| 4 |
Mastercard
MA
|
+$184M |
| 5 |
Netflix
NFLX
|
+$176M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.91% |
| 2 | Communication Services | 20.71% |
| 3 | Consumer Discretionary | 14.44% |
| 4 | Industrials | 12.92% |
| 5 | Technology | 8.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Southwest Airlines
LUV
$19.8B
| $864K | ﹤0.01% |
18,540
-3,104,909
| -99% | -$135M |
|
127
JPMorgan Chase
JPM
$935B
| $780K | ﹤0.01% |
6,137
-15,000
| -71% | -$1.68M |
|
128
Armstrong World Industries
AWI
$7.55B
| $651K | ﹤0.01% |
+8,750
| New | +$633K |
|
129
Brunswick
BC
$5.24B
| $644K | ﹤0.01% |
8,450
-2,000
| -19% | -$141K |
|
130
Illinois Tool Works
ITW
$80.4B
| $632K | ﹤0.01% |
3,100
| – | – |
|
131
Teladoc Health
TDOC
$1.16B
| $469K | ﹤0.01% |
+2,344
| New | +$477K |
|
132
Microsoft
MSFT
$3.59T
| $411K | ﹤0.01% |
1,850
-300
| -14% | -$64.5K |
|
133
Arcosa
ACA
$7.12B
| – | – |
-538,760
| Closed | -$23.8M |
|
|
134
Baidu
BIDU
$31.6B
| – | – |
-3,172,049
| Closed | -$402M |
|
135
Salesforce
CRM
$171B
| – | – |
-800
| Closed | -$201K |
|
136
Live Nation Entertainment
LYV
$42.4B
| – | – |
-1,745,716
| Closed | -$94.1M |
|
137
NOV
NOV
$7.28B
| – | – |
-12,209,616
| Closed | -$111M |
|
|
AIG.WS
138
DELISTED
American International Group, Inc.
AIG.WS
| $0 | ﹤0.01% |
+58
| New | +$28 |
|
|
AMTD
139
DELISTED
TD Ameritrade Holding Corp
AMTD
| – | – |
-41,995
| Closed | -$1.64M |
|
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Bill Nygren's Q4 2020 Portfolio in Review
As of Q4 2020, Bill Nygren held 139 positions worth $51.7B, up 26% from $41.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q4 2020 filing shows 7 new, 54 increased, 71 reduced and 6 closed positions. Its largest new stake was CNH Industrial: 230,233,503 shares worth $2.53B. The largest sale was Baidu, an estimated $402M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q4 2020 buy was CNH Industrial: 230,233,503 shares worth $2.53B.
- Bill Nygren added most to Keurig Dr Pepper in Q4 2020, an estimated $535M increase.
- Bill Nygren's biggest Q4 2020 reduction was Ryanair, cutting an estimated $372M.
- Bill Nygren fully exited Baidu in Q4 2020, selling an estimated $402M.
- Bill Nygren's ten largest holdings make up 35% of its $51.7B portfolio in Q4 2020.
- Bill Nygren opened 7 new positions and closed 6 in Q4 2020.
- Bill Nygren's portfolio value rose 26% quarter-over-quarter to $51.7B.
Based on Harris Associates's 13F filing for Q4 2020, filed 16 Feb 2021.