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 |
Apple
AAPL
|
+$626M |
| 2 |
Citigroup
C
|
+$466M |
| 3 |
CBRE Group
CBRE
|
+$394M |
| 4 |
Diageo
DEO
|
+$346M |
| 5 |
Ralph Lauren
RL
|
+$301M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRX
FOREST LABORATORIES INC
FRX
|
+$632M |
| 2 |
Aptiv
APTV
|
+$533M |
| 3 |
Illinois Tool Works
ITW
|
+$276M |
| 4 |
Devon Energy
DVN
|
+$249M |
| 5 |
Quest Diagnostics
DGX
|
+$229M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.11% |
| 2 | Technology | 19.55% |
| 3 | Consumer Discretionary | 13.52% |
| 4 | Industrials | 11.41% |
| 5 | Healthcare | 7.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Procter & Gamble
PG
$336B
| $646K | ﹤0.01% |
8,009
-1,200
| -13% | -$94.6K |
|
152
PepsiCo
PEP
$196B
| $643K | ﹤0.01% |
7,702
| – | – |
|
|
MHFI
153
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $610K | ﹤0.01% |
8,000
| – | – |
|
154
Danaher
DHR
$154B
| $480K | ﹤0.01% |
9,522
+149
| +2% | +$7.58K |
|
155
Warner Bros
WBD
$71.6B
| $480K | ﹤0.01% |
11,368
-3,135
| -22% | -$132K |
|
|
CYS
156
DELISTED
CYS Investments Inc.
CYS
| $472K | ﹤0.01% |
57,142
| – | – |
|
157
Chevron
CVX
$403B
| $448K | ﹤0.01% |
3,768
-39,800
| -91% | -$4.63M |
|
|
ESRX
158
DELISTED
Express Scripts Holding Company
ESRX
| $445K | ﹤0.01% |
5,924
-71
| -1% | -$5.32K |
|
|
LLTC
159
DELISTED
Linear Technology Corp
LLTC
| $419K | ﹤0.01% |
8,600
-3,400
| -28% | -$157K |
|
|
KS
160
DELISTED
KapStone Paper and Pack Corp.
KS
| $410K | ﹤0.01% |
14,200
| – | – |
|
161
Phillips 66
PSX
$96.9B
| $408K | ﹤0.01% |
5,300
| – | – |
|
|
K
162
DELISTED
Kellanova
K
| $401K | ﹤0.01% |
6,816
| – | – |
|
163
Allstate
ALL
$64.2B
| $396K | ﹤0.01% |
6,991
-300
| -4% | -$16.1K |
|
164
Archer Daniels Midland
ADM
$38.7B
| $393K | ﹤0.01% |
9,050
| – | – |
|
165
Amgen
AMGN
$238B
| $377K | ﹤0.01% |
3,055
| – | – |
|
166
Honeywell
HON
$68.4B
| $331K | ﹤0.01% |
3,972
-2,226
| -36% | -$184K |
|
167
Altria Group
MO
$110B
| $321K | ﹤0.01% |
8,582
| – | – |
|
|
MBFI
168
DELISTED
MB Financial Corp
MBFI
| $302K | ﹤0.01% |
9,769
| – | – |
|
|
UN
169
DELISTED
Unilever NV New York Registry Shares
UN
| $287K | ﹤0.01% |
6,989
| – | – |
|
|
PCL
170
DELISTED
PLUM CREEK TIMBER CO (REIT)
PCL
| $286K | ﹤0.01% |
6,800
-850
| -11% | -$36.6K |
|
171
Northern Trust
NTRS
$33.6B
| $285K | ﹤0.01% |
4,350
| – | – |
|
172
SLB Ltd
SLB
$79.9B
| $273K | ﹤0.01% |
2,800
-45
| -2% | -$4.07K |
|
173
Canadian National Railway
CNI
$78.5B
| $253K | ﹤0.01% |
4,500
| – | – |
|
|
AET
174
DELISTED
Aetna Inc
AET
| $219K | ﹤0.01% |
2,920
| – | – |
|
175
Eli Lilly
LLY
$1.12T
| $218K | ﹤0.01% |
+3,700
| New | +$206K |
|
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Bill Nygren's Q1 2014 Portfolio in Review
As of Q1 2014, Bill Nygren held 199 positions worth $55.8B, down 0.24% from $56B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q1 2014 filing shows 12 new, 58 increased, 85 reduced and 23 closed positions. Its largest new stake was Citigroup: 9,362,711 shares worth $446M. The largest sale was FOREST LABORATORIES INC, an estimated $632M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2014 buy was Citigroup: 9,362,711 shares worth $446M.
- Bill Nygren added most to Apple in Q1 2014, an estimated $626M increase.
- Bill Nygren's biggest Q1 2014 reduction was FOREST LABORATORIES INC, cutting an estimated $632M.
- Bill Nygren fully exited Quest Diagnostics in Q1 2014, selling an estimated $229M.
- Bill Nygren's ten largest holdings make up 33% of its $55.8B portfolio in Q1 2014.
- Bill Nygren opened 12 new positions and closed 23 in Q1 2014.
- Bill Nygren's portfolio value fell 0.24% quarter-over-quarter to $55.8B.
Based on Harris Associates's 13F filing for Q1 2014, filed 25 Apr 2014.