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 |
Oracle
ORCL
|
+$484M |
| 2 |
NOV
NOV
|
+$251M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$238M |
| 4 |
Bank of America
BAC
|
+$233M |
| 5 |
General Motors
GM
|
+$187M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$436M |
| 2 |
Northrop Grumman
NOC
|
+$396M |
| 3 |
Flowserve
FLS
|
+$388M |
| 4 |
Devon Energy
DVN
|
+$222M |
| 5 |
Range Resources
RRC
|
+$205M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.95% |
| 2 | Technology | 17.96% |
| 3 | Consumer Discretionary | 14.68% |
| 4 | Industrials | 13.89% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Oracle
ORCL
$422B
| $2.16B | 4.21% |
65,231,090
+14,911,369
| +30% | +$484M |
|
|
2
General Motors
GM
$77.2B
| $2.05B | 4% |
57,120,766
+5,212,176
| +10% | +$187M |
|
3
Intel
INTC
$476B
| $1.65B | 3.2% |
71,798,708
+4,417,016
| +7% | +$102M |
|
|
4
NOV
NOV
$7.28B
| $1.62B | 3.15% |
22,953,758
+3,747,054
| +20% | +$251M |
|
5
FedEx
FDX
$76.9B
| $1.57B | 3.05% |
13,728,361
+421,708
| +3% | +$45.5M |
|
6
Mastercard
MA
$509B
| $1.45B | 2.82% |
21,502,170
-1,452,000
| -6% | -$91.2M |
|
7
American International
AIG
$39.8B
| $1.44B | 2.8% |
29,592,462
+3,117,218
| +12% | +$148M |
|
8
JPMorgan Chase
JPM
$935B
| $1.39B | 2.71% |
26,941,090
+1,402,851
| +5% | +$75.2M |
|
9
TE Connectivity
TEL
$58.9B
| $1.38B | 2.68% |
26,584,365
+265,857
| +1% | +$13.3M |
|
10
Illinois Tool Works
ITW
$80.4B
| $1.34B | 2.6% |
17,513,022
+713,342
| +4% | +$52.1M |
|
11
Wells Fargo
WFC
$254B
| $1.3B | 2.53% |
31,497,828
+1,776,849
| +6% | +$75.8M |
|
12
Applied Materials
AMAT
$391B
| $1.3B | 2.52% |
73,922,685
+2,349,623
| +3% | +$37.5M |
|
|
13
Bank of America
BAC
$431B
| $1.29B | 2.5% |
93,241,766
+16,342,150
| +21% | +$233M |
|
|
14
Franklin Templeton, Inc.
BEN
$17.4B
| $1.05B | 2.04% |
20,695,949
+4,940,246
| +31% | +$238M |
|
15
UnitedHealth
UNH
$350B
| $901M | 1.75% |
12,584,025
-7,375
| -0.1% | -$528K |
|
16
Aptiv
APTV
$10B
| $791M | 1.54% |
13,536,354
-118,202
| -0.9% | -$6.57M |
|
17
Visa
V
$693B
| $755M | 1.47% |
15,797,216
+1,578,868
| +11% | +$73M |
|
18
Dover
DOV
$27.2B
| $745M | 1.45% |
12,364,575
-391,016
| -3% | -$22.5M |
|
|
19
Devon Energy
DVN
$54B
| $744M | 1.45% |
12,880,772
-3,889,805
| -23% | -$222M |
|
20
Willis Towers Watson
WTW
$31.8B
| $741M | 1.44% |
6,455,521
+1,112,134
| +21% | +$126M |
|
21
Medtronic
MDT
$119B
| $680M | 1.32% |
12,775,210
+130,219
| +1% | +$7.01M |
|
22
Capital One
COF
$134B
| $674M | 1.31% |
9,809,264
+72,366
| +0.7% | +$4.87M |
|
23
Rockwell Automation
ROK
$48.5B
| $666M | 1.3% |
6,229,924
-169,079
| -3% | -$16.5M |
|
24
Texas Instruments
TXN
$241B
| $653M | 1.27% |
16,215,822
-3,626,000
| -18% | -$141M |
|
25
General Dynamics
GD
$104B
| $621M | 1.21% |
7,097,726
-396,060
| -5% | -$33.6M |
|
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Bill Nygren's Q3 2013 Portfolio in Review
As of Q3 2013, Bill Nygren held 194 positions worth $51.4B, up 7.8% from $47.6B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bill Nygren's Q3 2013 filing shows 3 new, 69 increased, 73 reduced and 13 closed positions. Its largest new stake was Qualcomm: 2,111,925 shares worth $142M. The largest sale was Boeing, an estimated $436M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q3 2013 buy was Qualcomm: 2,111,925 shares worth $142M.
- Bill Nygren added most to Oracle in Q3 2013, an estimated $484M increase.
- Bill Nygren's biggest Q3 2013 reduction was Boeing, cutting an estimated $436M.
- Bill Nygren fully exited Northrop Grumman in Q3 2013, selling an estimated $396M.
- Bill Nygren's ten largest holdings make up 31% of its $51.4B portfolio in Q3 2013.
- Bill Nygren opened 3 new positions and closed 13 in Q3 2013.
- Bill Nygren's portfolio value rose 7.8% quarter-over-quarter to $51.4B.
Based on Harris Associates's 13F filing for Q3 2013, filed 12 Nov 2013.