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 |
ConocoPhillips
COP
|
+$846M |
| 2 |
Danaher
DHR
|
+$554M |
| 3 |
Capital One
COF
|
+$377M |
| 4 |
Charter Communications
CHTR
|
+$365M |
| 5 |
American International
AIG
|
+$361M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.16B |
| 2 |
Amazon
AMZN
|
+$828M |
| 3 |
Oracle
ORCL
|
+$734M |
| 4 |
Salesforce
CRM
|
+$543M |
| 5 |
HCA Healthcare
HCA
|
+$535M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.5% |
| 2 | Communication Services | 17.84% |
| 3 | Consumer Discretionary | 13.7% |
| 4 | Technology | 11.94% |
| 5 | Industrials | 10.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Philip Morris
PM
$293B
| $810K | ﹤0.01% |
8,297
-358
| -4% | -$34.2K |
|
127
JPMorgan Chase
JPM
$935B
| $753K | ﹤0.01% |
5,175
-1,300
| -20% | -$179K |
|
|
FITB
128
Fifth Third Bancorp
FITB
$49.7B
| $642K | ﹤0.01% |
+24,500
| New | +$632K |
|
129
Capri Holdings
CPRI
$1.55B
| $634K | ﹤0.01% |
+17,675
| New | +$701K |
|
130
Regeneron Pharmaceuticals
REGN
$85.9B
| $631K | ﹤0.01% |
878
-1,008
| -53% | -$777K |
|
131
Humana
HUM
$45.5B
| $557K | ﹤0.01% |
1,245
-661
| -35% | -$333K |
|
132
IBM
IBM
$222B
| $532K | ﹤0.01% |
3,977
+177
| +5% | +$22.8K |
|
133
Berkshire Hathaway Class A
BRK.A
$1.06T
| $518K | ﹤0.01% |
1
| – | – |
|
134
Howmet Aerospace
HWM
$108B
| $496K | ﹤0.01% |
10,000
-63,519
| -86% | -$2.83M |
|
135
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $450K | ﹤0.01% |
1,016
-50
| -5% | -$21K |
|
136
AbbVie
ABBV
$468B
| $439K | ﹤0.01% |
+3,255
| New | +$477K |
|
137
Tenet Healthcare
THC
$22.6B
| $317K | ﹤0.01% |
3,900
-5,071,769
| -100% | -$361M |
|
138
Post Holdings
POST
$3.65B
| $301K | ﹤0.01% |
3,475
-23,992
| -87% | -$2.1M |
|
139
Chevron
CVX
$403B
| $291K | ﹤0.01% |
1,850
-500
| -21% | -$80.2K |
|
140
Huntington Ingalls Industries
HII
$11.8B
| $282K | ﹤0.01% |
1,239
-650
| -34% | -$135K |
|
141
McDonald's
MCD
$192B
| $269K | ﹤0.01% |
+900
| New | +$261K |
|
142
Diamondback Energy
FANG
$59B
| $220K | ﹤0.01% |
1,672
| – | – |
|
143
Aon
AON
$75.3B
| – | – |
-1,910
| Closed | -$602K |
|
144
Aramark
ARMK
$15.8B
| – | – |
-21,778
| Closed | -$563K |
|
145
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$46.4B
| – | – |
-1,250
| Closed | -$416K |
|
146
Illinois Tool Works
ITW
$80.4B
| – | – |
-2,472
| Closed | -$602K |
|
147
LivaNova
LIVN
$4.34B
| – | – |
-425,912
| Closed | -$18.6M |
|
148
Lamb Weston
LW
$7.38B
| – | – |
-175,045
| Closed | -$18.3M |
|
149
Nuveen Municipal Value Fund
NUV
$1.88B
| – | – |
-18,150
| Closed | -$160K |
|
150
Procter & Gamble
PG
$336B
| – | – |
-1,500
| Closed | -$223K |
|
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Bill Nygren's Q2 2023 Portfolio in Review
As of Q2 2023, Bill Nygren held 158 positions worth $53.1B, up 3.1% from $51.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren withdrew a net $2.62B in Q2 2023, closing 16 positions and reducing 82 holdings. Its most notable exit was Take-Two Interactive, an estimated $191M position sold in full.
By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Danaher worth $557M.
- Bill Nygren's largest Q2 2023 buy was Danaher: 2,618,246 shares worth $557M.
- Bill Nygren added most to ConocoPhillips in Q2 2023, an estimated $846M increase.
- Bill Nygren's biggest Q2 2023 reduction was Alphabet (Google) Class A, cutting an estimated $1.16B.
- Bill Nygren fully exited Take-Two Interactive in Q2 2023, selling an estimated $191M.
- Bill Nygren's ten largest holdings make up 36% of its $53.1B portfolio in Q2 2023.
- Bill Nygren opened 9 new positions and closed 16 in Q2 2023.
- Bill Nygren's portfolio value rose 3.1% quarter-over-quarter to $53.1B.
Based on Harris Associates's 13F filing for Q2 2023, filed 14 Aug 2023.