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 | |
|---|---|---|---|---|---|---|
1
Oracle
ORCL
$422B
| $2.8B | 5.02% |
68,461,485
+381,600
| +0.6% | +$14.5M |
|
2
General Motors
GM
$77.2B
| $2.19B | 3.92% |
63,541,243
+3,398,412
| +6% | +$125M |
|
3
Bank of America
BAC
$431B
| $1.86B | 3.33% |
108,164,546
+2,570,598
| +2% | +$43.2M |
|
4
Wells Fargo
WFC
$254B
| $1.74B | 3.12% |
34,983,436
+3,480,912
| +11% | +$162M |
|
5
Intel
INTC
$476B
| $1.73B | 3.09% |
66,857,835
+77,463
| +0.1% | +$1.93M |
|
6
FedEx
FDX
$76.9B
| $1.69B | 3.03% |
12,779,212
-113,386
| -0.9% | -$15.4M |
|
7
NOV
NOV
$7.28B
| $1.66B | 2.97% |
23,627,640
+236,384
| +1% | +$16.2M |
|
8
JPMorgan Chase
JPM
$935B
| $1.66B | 2.97% |
27,294,308
-156,420
| -0.6% | -$9.04M |
|
9
TE Connectivity
TEL
$58.9B
| $1.64B | 2.94% |
27,276,464
+120,804
| +0.4% | +$6.93M |
|
10
American International
AIG
$39.8B
| $1.62B | 2.9% |
32,359,296
+956,717
| +3% | +$47.6M |
|
11
Mastercard
MA
$509B
| $1.51B | 2.7% |
20,152,207
-615,323
| -3% | -$48.1M |
|
12
Franklin Templeton, Inc.
BEN
$17.4B
| $1.48B | 2.64% |
27,252,784
+4,362,209
| +19% | +$235M |
|
13
Applied Materials
AMAT
$391B
| $1.32B | 2.37% |
64,851,788
-6,929,128
| -10% | -$127M |
|
14
Union Pacific
UNP
$183B
| $967M | 1.73% |
10,308,648
+49,772
| +0.5% | +$4.42M |
|
|
15
Apple
AAPL
$4.51T
| $839M | 1.5% |
43,763,832
+32,925,060
| +304% | +$626M |
|
16
Visa
V
$693B
| $838M | 1.5% |
15,533,768
-1,889,348
| -11% | -$105M |
|
17
UnitedHealth
UNH
$350B
| $833M | 1.49% |
10,164,974
-1,067,548
| -10% | -$80.4M |
|
|
18
Diageo
DEO
$52.6B
| $830M | 1.49% |
6,658,934
+2,777,611
| +72% | +$346M |
|
19
Medtronic
MDT
$119B
| $825M | 1.48% |
13,407,823
+440,135
| +3% | +$25.6M |
|
|
20
Illinois Tool Works
ITW
$80.4B
| $818M | 1.47% |
10,061,057
-3,417,741
| -25% | -$276M |
|
21
Capital One
COF
$134B
| $795M | 1.42% |
10,298,994
+235,985
| +2% | +$17.3M |
|
22
Willis Towers Watson
WTW
$31.8B
| $789M | 1.41% |
6,750,402
+104,454
| +2% | +$11.9M |
|
23
Aon
AON
$75.3B
| $749M | 1.34% |
8,888,203
-83,457
| -0.9% | -$6.95M |
|
|
DTV
24
DELISTED
DIRECTV COM STK (DE)
DTV
| $698M | 1.25% |
9,139,462
+314,507
| +4% | +$23.1M |
|
|
QVCGA
25
DELISTED
QVC Group Inc Series A
QVCGA
| $682M | 1.22% |
574,984
+30,483
| +6% | +$35.6M |
|
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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.