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 |
Salesforce
CRM
|
+$1.02B |
| 2 |
Targa Resources
TRGP
|
+$649M |
| 3 |
Keurig Dr Pepper
KDP
|
+$486M |
| 4 |
Union Pacific
UNP
|
+$330M |
| 5 |
Elevance Health
ELV
|
+$281M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$910M |
| 2 |
CBRE Group
CBRE
|
+$341M |
| 3 |
Centene
CNC
|
+$341M |
| 4 |
TE Connectivity
TEL
|
+$299M |
| 5 |
General Motors
GM
|
+$237M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.34% |
| 2 | Healthcare | 12.63% |
| 3 | Consumer Discretionary | 11.43% |
| 4 | Communication Services | 11.39% |
| 5 | Industrials | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
AbbVie
ABBV
$468B
| $732K | ﹤0.01% |
3,163
| – | – |
|
127
Danaher
DHR
$154B
| $658K | ﹤0.01% |
3,318
+17
| +0.5% | +$3.38K |
|
128
Broadcom
AVGO
$1.75T
| $564K | ﹤0.01% |
1,710
-322
| -16% | -$98.8K |
|
129
Costco
COST
$420B
| $538K | ﹤0.01% |
581
| – | – |
|
130
Diageo
DEO
$52.6B
| $490K | ﹤0.01% |
5,134
-6,860
| -57% | -$720K |
|
131
UnitedHealth
UNH
$350B
| $488K | ﹤0.01% |
+1,414
| New | +$428K |
|
132
Tenet Healthcare
THC
$22.6B
| $487K | ﹤0.01% |
2,400
| – | – |
|
133
Applied Materials
AMAT
$391B
| $450K | ﹤0.01% |
2,200
| – | – |
|
134
McDonald's
MCD
$192B
| $387K | ﹤0.01% |
1,273
-143
| -10% | -$43.5K |
|
135
Alibaba
BABA
$286B
| $385K | ﹤0.01% |
2,155
-360
| -14% | -$47.2K |
|
|
LBRDA
136
DELISTED
Liberty Broadband Class A
LBRDA
| $336K | ﹤0.01% |
5,305
-8,040
| -60% | -$560K |
|
137
TSMC
TSM
$2.17T
| $331K | ﹤0.01% |
+1,185
| New | +$290K |
|
138
Carter's
CRI
$1.31B
| $330K | ﹤0.01% |
11,700
-2,170
| -16% | -$62.3K |
|
139
Eli Lilly
LLY
$1.12T
| $316K | ﹤0.01% |
414
| – | – |
|
140
ServiceNow
NOW
$133B
| $313K | ﹤0.01% |
+1,700
| New | +$318K |
|
141
HDFC Bank
HDB
$121B
| $299K | ﹤0.01% |
8,756
+2,756
| +46% | +$102K |
|
142
PepsiCo
PEP
$196B
| $298K | ﹤0.01% |
2,124
-371
| -15% | -$53K |
|
143
Idexx Laboratories
IDXX
$43.9B
| $291K | ﹤0.01% |
+455
| New | +$276K |
|
144
Procter & Gamble
PG
$336B
| $284K | ﹤0.01% |
1,846
+161
| +10% | +$25.1K |
|
145
KB Financial Group
KB
$41.4B
| $279K | ﹤0.01% |
3,365
-180
| -5% | -$14.8K |
|
146
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $279K | ﹤0.01% |
1,469
| – | – |
|
147
Cadence Design Systems
CDNS
$87.9B
| $277K | ﹤0.01% |
+790
| New | +$272K |
|
148
Abbott
ABT
$202B
| $274K | ﹤0.01% |
2,046
-25
| -1% | -$3.28K |
|
149
Walmart Inc
WMT
$825B
| $272K | ﹤0.01% |
2,637
| – | – |
|
150
Thermo Fisher Scientific
TMO
$233B
| $262K | ﹤0.01% |
+541
| New | +$252K |
|
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Bill Nygren's Q3 2025 Portfolio in Review
As of Q3 2025, Bill Nygren held 189 positions worth $62.4B, up 1.4% from $61.5B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Nygren's Q3 2025 filing shows 18 new, 41 increased, 101 reduced and 12 closed positions. Its largest new stake was Union Pacific: 1,465,587 shares worth $346M. The largest sale was Alphabet (Google) Class A, an estimated $910M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, down from 32% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bill Nygren's largest Q3 2025 buy was Union Pacific: 1,465,587 shares worth $346M.
- Bill Nygren added most to Salesforce in Q3 2025, an estimated $1.02B increase.
- Bill Nygren's biggest Q3 2025 reduction was Alphabet (Google) Class A, cutting an estimated $910M.
- Bill Nygren fully exited Open Text in Q3 2025, selling an estimated $161M.
- Bill Nygren's ten largest holdings make up 32% of its $62.4B portfolio in Q3 2025.
- Bill Nygren opened 18 new positions and closed 12 in Q3 2025.
- Bill Nygren's portfolio value rose 1.4% quarter-over-quarter to $62.4B.
Based on Harris Associates's 13F filing for Q3 2025, filed 14 Nov 2025.