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 |
APA Corp
APA
|
+$643M |
| 2 |
CHK
Chesapeake Energy Corporation
CHK
|
+$597M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$362M |
| 4 |
Melco Resorts & Entertainment
MLCO
|
+$283M |
| 5 |
GE Aerospace
GE
|
+$277M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$798M |
| 2 |
FedEx
FDX
|
+$512M |
| 3 |
General Dynamics
GD
|
+$352M |
| 4 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$318M |
| 5 |
Labcorp
LH
|
+$287M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.51% |
| 2 | Technology | 17.58% |
| 3 | Consumer Discretionary | 15.02% |
| 4 | Industrials | 8.03% |
| 5 | Healthcare | 6.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
PepsiCo
PEP
$196B
| $747K | ﹤0.01% |
7,902
+200
| +3% | +$19.2K |
|
|
MHFI
152
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $712K | ﹤0.01% |
8,000
| – | – |
|
153
Danaher
DHR
$154B
| $540K | ﹤0.01% |
9,373
| – | – |
|
154
Procter & Gamble
PG
$336B
| $520K | ﹤0.01% |
5,709
| – | – |
|
155
Archer Daniels Midland
ADM
$38.7B
| $471K | ﹤0.01% |
9,050
| – | – |
|
|
MBFI
156
DELISTED
MB Financial Corp
MBFI
| $459K | ﹤0.01% |
13,969
-4,200
| -23% | -$128K |
|
157
Altria Group
MO
$110B
| $432K | ﹤0.01% |
8,762
+180
| +2% | +$8.77K |
|
|
K
158
DELISTED
Kellanova
K
| $419K | ﹤0.01% |
6,816
| – | – |
|
159
SLB Ltd
SLB
$79.9B
| $419K | ﹤0.01% |
4,900
+2,100
| +75% | +$193K |
|
|
KS
160
DELISTED
KapStone Paper and Pack Corp.
KS
| $416K | ﹤0.01% |
14,200
| – | – |
|
161
Allstate
ALL
$64.2B
| $415K | ﹤0.01% |
5,907
-1,084
| -16% | -$71.3K |
|
162
Chevron
CVX
$403B
| $411K | ﹤0.01% |
3,668
+600
| +20% | +$68.2K |
|
163
Generac Holdings
GNRC
$12.2B
| $411K | ﹤0.01% |
+8,800
| New | +$385K |
|
164
Amgen
AMGN
$238B
| $401K | ﹤0.01% |
2,519
-518
| -17% | -$80.7K |
|
|
CDK
165
DELISTED
CDK Global, Inc.
CDK
| $387K | ﹤0.01% |
+9,491
| New | +$336K |
|
166
Phillips 66
PSX
$96.9B
| $380K | ﹤0.01% |
5,300
| – | – |
|
167
Honeywell
HON
$68.4B
| $357K | ﹤0.01% |
3,972
| – | – |
|
|
LLTC
168
DELISTED
Linear Technology Corp
LLTC
| $319K | ﹤0.01% |
7,000
| – | – |
|
169
Canadian National Railway
CNI
$78.5B
| $310K | ﹤0.01% |
4,500
| – | – |
|
|
PCL
170
DELISTED
PLUM CREEK TIMBER CO (REIT)
PCL
| $291K | ﹤0.01% |
6,800
| – | – |
|
171
Baxter International
BAX
$13.6B
| $279K | ﹤0.01% |
6,996
-3,053,501
| -100% | -$119M |
|
172
Cisco
CSCO
$438B
| $278K | ﹤0.01% |
+10,000
| New | +$258K |
|
173
Eli Lilly
LLY
$1.12T
| $263K | ﹤0.01% |
3,810
+110
| +3% | +$7.42K |
|
|
AET
174
DELISTED
Aetna Inc
AET
| $259K | ﹤0.01% |
2,920
| – | – |
|
|
ESRX
175
DELISTED
Express Scripts Holding Company
ESRX
| $257K | ﹤0.01% |
3,035
-2,889
| -49% | -$226K |
|
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Bill Nygren's Q4 2014 Portfolio in Review
As of Q4 2014, Bill Nygren held 185 positions worth $64.4B, up 5.7% from $60.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q4 2014 filing shows 10 new, 74 increased, 76 reduced and 3 closed positions. Its largest new stake was Chesapeake Energy Corporation: 143,802 shares worth $563M. The largest sale was Oracle, an estimated $798M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 35% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q4 2014 buy was Chesapeake Energy Corporation: 143,802 shares worth $563M.
- Bill Nygren added most to APA Corp in Q4 2014, an estimated $643M increase.
- Bill Nygren's biggest Q4 2014 reduction was Oracle, cutting an estimated $798M.
- Bill Nygren fully exited Varian Medical Systems, Inc. in Q4 2014, selling an estimated $53.9M.
- Bill Nygren's ten largest holdings make up 34% of its $64.4B portfolio in Q4 2014.
- Bill Nygren opened 10 new positions and closed 3 in Q4 2014.
- Bill Nygren's portfolio value rose 5.7% quarter-over-quarter to $64.4B.
Based on Harris Associates's 13F filing for Q4 2014, filed 23 Jan 2015.