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 |
Targa Resources
TRGP
|
+$939M |
| 2 |
Intercontinental Exchange
ICE
|
+$844M |
| 3 |
AerCap
AER
|
+$774M |
| 4 |
FISV
Fiserv Inc
FISV
|
+$736M |
| 5 |
Zimmer Biomet
ZBH
|
+$712M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$711M |
| 2 |
Warner Bros
WBD
|
+$400M |
| 3 |
Citigroup
C
|
+$392M |
| 4 |
Bank of America
BAC
|
+$386M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$374M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.43% |
| 2 | Healthcare | 13.9% |
| 3 | Industrials | 11.55% |
| 4 | Consumer Discretionary | 10.46% |
| 5 | Energy | 9.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Herc Holdings
HRI
$5.41B
| $1.05M | ﹤0.01% |
7,105
-170
| -2% | -$23.3K |
|
127
Moody's
MCO
$87.2B
| $995K | ﹤0.01% |
1,948
-652
| -25% | -$318K |
|
128
Johnson Controls International
JCI
$86.7B
| $978K | ﹤0.01% |
8,165
-466
| -5% | -$53.5K |
|
129
Philip Morris
PM
$293B
| $818K | ﹤0.01% |
5,099
| – | – |
|
130
AbbVie
ABBV
$468B
| $613K | ﹤0.01% |
2,682
-481
| -15% | -$110K |
|
131
Broadcom
AVGO
$1.75T
| $592K | ﹤0.01% |
1,710
| – | – |
|
132
Blackstone
BX
$108B
| $578K | ﹤0.01% |
+3,750
| New | +$570K |
|
133
Costco
COST
$420B
| $566K | ﹤0.01% |
656
+75
| +13% | +$68K |
|
134
Applied Materials
AMAT
$391B
| $565K | ﹤0.01% |
2,200
| – | – |
|
135
Danaher
DHR
$154B
| $518K | ﹤0.01% |
2,261
-1,057
| -32% | -$232K |
|
136
Palo Alto Networks
PANW
$292B
| $486K | ﹤0.01% |
+2,640
| New | +$533K |
|
137
Tenet Healthcare
THC
$22.6B
| $477K | ﹤0.01% |
2,400
| – | – |
|
138
UnitedHealth
UNH
$350B
| $467K | ﹤0.01% |
1,414
| – | – |
|
139
Eli Lilly
LLY
$1.12T
| $445K | ﹤0.01% |
414
| – | – |
|
140
Walmart Inc
WMT
$825B
| $391K | ﹤0.01% |
3,512
+875
| +33% | +$94K |
|
141
McDonald's
MCD
$192B
| $389K | ﹤0.01% |
1,273
| – | – |
|
142
Advanced Micro Devices
AMD
$773B
| $328K | ﹤0.01% |
1,530
| – | – |
|
143
Thermo Fisher Scientific
TMO
$233B
| $313K | ﹤0.01% |
541
| – | – |
|
144
Idexx Laboratories
IDXX
$43.9B
| $308K | ﹤0.01% |
455
| – | – |
|
145
PepsiCo
PEP
$196B
| $305K | ﹤0.01% |
2,124
| – | – |
|
146
Diageo
DEO
$52.6B
| $302K | ﹤0.01% |
3,495
-1,639
| -32% | -$151K |
|
147
Procter & Gamble
PG
$336B
| $272K | ﹤0.01% |
1,897
+51
| +3% | +$7.52K |
|
148
KB Financial Group
KB
$41.4B
| $268K | ﹤0.01% |
3,115
-250
| -7% | -$21.1K |
|
149
Parker-Hannifin
PH
$126B
| $259K | ﹤0.01% |
295
| – | – |
|
150
Abbott
ABT
$202B
| $256K | ﹤0.01% |
2,046
| – | – |
|
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Bill Nygren's Q4 2025 Portfolio in Review
As of Q4 2025, Bill Nygren held 187 positions worth $79.1B, up 27% from $62.4B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bill Nygren deployed $13.3B of net new capital in Q4 2025, opening 10 new positions and adding to 58 existing holdings. Its largest new stake was AerCap: 5,840,480 shares worth $840M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 30% a quarter earlier, followed by Healthcare and Industrials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $711M trimmed.
- Bill Nygren's largest Q4 2025 buy was AerCap: 5,840,480 shares worth $840M.
- Bill Nygren added most to Targa Resources in Q4 2025, an estimated $939M increase.
- Bill Nygren's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $711M.
- Bill Nygren fully exited ACV Auctions in Q4 2025, selling an estimated $37.7M.
- Bill Nygren's ten largest holdings make up 31% of its $79.1B portfolio in Q4 2025.
- Bill Nygren opened 10 new positions and closed 19 in Q4 2025.
- Bill Nygren's portfolio value rose 27% quarter-over-quarter to $79.1B.
Based on Harris Associates's 13F filing for Q4 2025, filed 17 Feb 2026.