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 |
Warner Bros
WBD
|
+$753M |
| 2 |
KKR & Co
KKR
|
+$433M |
| 3 |
Oracle
ORCL
|
+$328M |
| 4 |
Wells Fargo
WFC
|
+$289M |
| 5 |
Capital One
COF
|
+$267M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$429M |
| 2 |
Keurig Dr Pepper
KDP
|
+$328M |
| 3 |
Bank of America
BAC
|
+$255M |
| 4 |
GE Aerospace
GE
|
+$248M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$248M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.33% |
| 2 | Communication Services | 16.8% |
| 3 | Consumer Discretionary | 11.55% |
| 4 | Technology | 9.68% |
| 5 | Industrials | 7.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
S&P Global
SPGI
$127B
| $2.05M | ﹤0.01% |
6,725
| – | – |
|
|
LBRDA
127
DELISTED
Liberty Broadband Class A
LBRDA
| $1.57M | ﹤0.01% |
21,079
-689
| -3% | -$72.9K |
|
128
Aon
AON
$75.3B
| $1.12M | ﹤0.01% |
4,190
-50
| -1% | -$14.1K |
|
129
Caterpillar
CAT
$381B
| $1.11M | ﹤0.01% |
6,775
| – | – |
|
130
Halliburton
HAL
$29.4B
| $827K | ﹤0.01% |
33,593
-41,982
| -56% | -$1.2M |
|
131
Intel
INTC
$476B
| $644K | ﹤0.01% |
25,000
| – | – |
|
132
JPMorgan Chase
JPM
$935B
| $541K | ﹤0.01% |
5,175
| – | – |
|
133
Illinois Tool Works
ITW
$80.4B
| $496K | ﹤0.01% |
2,745
+549
| +25% | +$108K |
|
134
Baxter International
BAX
$13.6B
| $488K | ﹤0.01% |
9,052
| – | – |
|
135
Microsoft
MSFT
$3.59T
| $423K | ﹤0.01% |
1,816
| – | – |
|
136
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $388K | ﹤0.01% |
1,086
-52,386
| -98% | -$20.8M |
|
137
Trinity Industries
TRN
$2.37B
| $344K | ﹤0.01% |
16,100
| – | – |
|
138
Micron Technology
MU
$1.09T
| $229K | ﹤0.01% |
+4,576
| New | +$265K |
|
139
MGM Resorts International
MGM
$11B
| $219K | ﹤0.01% |
7,375
| – | – |
|
140
SAP
SAP
$252B
| $202K | ﹤0.01% |
+2,480
| New | +$219K |
|
|
GOCO
141
DELISTED
GoHealth
GOCO
| – | – |
-148,912
| Closed | -$1.34M |
|
|
RTLR
142
DELISTED
Rattler Midstream LP Common Units
RTLR
| – | – |
-69,588
| Closed | -$950K |
|
|
CDK
143
DELISTED
CDK Global, Inc.
CDK
| – | – |
-577,837
| Closed | -$31.6M |
|
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Bill Nygren's Q3 2022 Portfolio in Review
As of Q3 2022, Bill Nygren held 144 positions worth $59.7B, down 5% from $62.9B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Bill Nygren withdrew a net $13.7B in Q3 2022, closing 3 positions and reducing 85 holdings. Its most notable exit was CDK Global, Inc., an estimated $31.6M position sold in full.
By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 20% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Warner Bros worth $637M.
- Bill Nygren's largest Q3 2022 buy was Warner Bros: 55,389,592 shares worth $637M.
- Bill Nygren added most to KKR & Co in Q3 2022, an estimated $433M increase.
- Bill Nygren's biggest Q3 2022 reduction was Humana, cutting an estimated $429M.
- Bill Nygren fully exited CDK Global, Inc. in Q3 2022, selling an estimated $31.6M.
- Bill Nygren's ten largest holdings make up 46% of its $59.7B portfolio in Q3 2022.
- Bill Nygren opened 5 new positions and closed 3 in Q3 2022.
- Bill Nygren's portfolio value fell 5% quarter-over-quarter to $59.7B.
Based on Harris Associates's 13F filing for Q3 2022, filed 14 Nov 2022.