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 |
Amazon
AMZN
|
+$917M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$601M |
| 3 |
Citigroup
C
|
+$525M |
| 4 |
General Motors
GM
|
+$264M |
| 5 |
Bank of America
BAC
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$714M |
| 2 |
Applied Materials
AMAT
|
+$451M |
| 3 |
Devon Energy
DVN
|
+$414M |
| 4 |
ExxonMobil
XOM
|
+$284M |
| 5 |
Cummins
CMI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.99% |
| 2 | Technology | 18.24% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 9.31% |
| 5 | Healthcare | 6.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DD
151
DELISTED
Du Pont De Nemours E I
DD
| $651K | ﹤0.01% |
10,477
-116
| -1% | -$7.45K |
|
152
Danaher
DHR
$154B
| $496K | ﹤0.01% |
9,373
-149
| -2% | -$7.65K |
|
|
KS
153
DELISTED
KapStone Paper and Pack Corp.
KS
| $470K | ﹤0.01% |
14,200
| – | – |
|
154
Procter & Gamble
PG
$336B
| $449K | ﹤0.01% |
5,709
-2,300
| -29% | -$185K |
|
155
Chevron
CVX
$403B
| $427K | ﹤0.01% |
3,268
-500
| -13% | -$62.2K |
|
156
Warner Bros
WBD
$71.6B
| $427K | ﹤0.01% |
11,251
-117
| -1% | -$4.6K |
|
157
Phillips 66
PSX
$96.9B
| $426K | ﹤0.01% |
5,300
| – | – |
|
|
K
158
DELISTED
Kellanova
K
| $420K | ﹤0.01% |
6,816
| – | – |
|
159
Allstate
ALL
$64.2B
| $411K | ﹤0.01% |
6,991
| – | – |
|
|
ESRX
160
DELISTED
Express Scripts Holding Company
ESRX
| $411K | ﹤0.01% |
5,924
| – | – |
|
161
Archer Daniels Midland
ADM
$38.7B
| $399K | ﹤0.01% |
9,050
| – | – |
|
162
Altria Group
MO
$110B
| $360K | ﹤0.01% |
8,582
| – | – |
|
163
Amgen
AMGN
$238B
| $359K | ﹤0.01% |
3,037
-18
| -0.6% | -$2.08K |
|
164
Honeywell
HON
$68.4B
| $332K | ﹤0.01% |
3,972
| – | – |
|
165
SLB Ltd
SLB
$79.9B
| $330K | ﹤0.01% |
2,800
| – | – |
|
|
LLTC
166
DELISTED
Linear Technology Corp
LLTC
| $329K | ﹤0.01% |
7,000
-1,600
| -19% | -$74.2K |
|
|
PCL
167
DELISTED
PLUM CREEK TIMBER CO (REIT)
PCL
| $307K | ﹤0.01% |
6,800
| – | – |
|
168
Canadian National Railway
CNI
$78.5B
| $293K | ﹤0.01% |
4,500
| – | – |
|
|
UN
169
DELISTED
Unilever NV New York Registry Shares
UN
| $283K | ﹤0.01% |
6,460
-529
| -8% | -$22.7K |
|
170
Northern Trust
NTRS
$33.6B
| $279K | ﹤0.01% |
4,350
| – | – |
|
|
MBFI
171
DELISTED
MB Financial Corp
MBFI
| $264K | ﹤0.01% |
9,769
| – | – |
|
|
CYS
172
DELISTED
CYS Investments Inc.
CYS
| $238K | ﹤0.01% |
26,380
-30,762
| -54% | -$272K |
|
|
AET
173
DELISTED
Aetna Inc
AET
| $237K | ﹤0.01% |
2,920
| – | – |
|
174
Eli Lilly
LLY
$1.12T
| $230K | ﹤0.01% |
3,700
| – | – |
|
175
BP
BP
$115B
| $218K | ﹤0.01% |
+5,042
| New | +$208K |
|
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Bill Nygren's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Nygren held 182 positions worth $59.4B, up 6.4% from $55.8B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q2 2014 filing shows 6 new, 60 increased, 84 reduced and 5 closed positions. Its largest new stake was Amazon: 57,950,720 shares worth $941M. The largest sale was DIRECTV COM STK (DE), an estimated $714M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q2 2014 buy was Amazon: 57,950,720 shares worth $941M.
- Bill Nygren added most to Alphabet (Google) Class C in Q2 2014, an estimated $601M increase.
- Bill Nygren's biggest Q2 2014 reduction was DIRECTV COM STK (DE), cutting an estimated $714M.
- Bill Nygren fully exited Kennametal in Q2 2014, selling an estimated $131M.
- Bill Nygren's ten largest holdings make up 34% of its $59.4B portfolio in Q2 2014.
- Bill Nygren opened 6 new positions and closed 5 in Q2 2014.
- Bill Nygren's portfolio value rose 6.4% quarter-over-quarter to $59.4B.
Based on Harris Associates's 13F filing for Q2 2014, filed 12 Aug 2014.