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 |
Televisa
TV
|
+$253M |
| 2 |
Baxter International
BAX
|
+$195M |
| 3 |
Ally Financial
ALLY
|
+$138M |
| 4 |
State Street
STT
|
+$135M |
| 5 |
Goldman Sachs
GS
|
+$130M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$372M |
| 2 |
Union Pacific
UNP
|
+$371M |
| 3 |
Apple
AAPL
|
+$323M |
| 4 |
HNT
HEALTH NET INC
HNT
|
+$295M |
| 5 |
Aon
AON
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.25% |
| 2 | Technology | 16.63% |
| 3 | Industrials | 12.36% |
| 4 | Consumer Discretionary | 12.23% |
| 5 | Communication Services | 10.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
General Motors
GM
$77.2B
| $2.47B | 4.65% |
78,563,924
-2,519,588
| -3% | -$75.8M |
|
2
Oracle
ORCL
$422B
| $1.95B | 3.67% |
47,717,681
-2,548,950
| -5% | -$94.3M |
|
3
Bank of America
BAC
$431B
| $1.95B | 3.67% |
144,293,742
+5,398,390
| +4% | +$72.9M |
|
4
American International
AIG
$39.8B
| $1.91B | 3.59% |
35,326,117
-3,056,132
| -8% | -$165M |
|
5
TE Connectivity
TEL
$58.9B
| $1.79B | 3.38% |
28,968,143
-132,179
| -0.5% | -$7.67M |
|
6
JPMorgan Chase
JPM
$935B
| $1.73B | 3.25% |
29,150,469
-2,796,888
| -9% | -$163M |
|
7
Mastercard
MA
$509B
| $1.59B | 3% |
16,853,582
-991,100
| -6% | -$87.6M |
|
8
Alphabet (Google) Class C
GOOG
$4.18T
| $1.48B | 2.78% |
39,680,060
-3,745,380
| -9% | -$134M |
|
9
GE Aerospace
GE
$361B
| $1.46B | 2.74% |
9,564,003
-920,692
| -9% | -$130M |
|
10
Wells Fargo
WFC
$254B
| $1.44B | 2.7% |
29,706,576
-3,010,296
| -9% | -$147M |
|
11
Intel
INTC
$476B
| $1.41B | 2.66% |
43,695,178
-7,764,000
| -15% | -$238M |
|
12
Citigroup
C
$221B
| $1.2B | 2.25% |
28,688,029
+2,172,579
| +8% | +$90.8M |
|
13
Caterpillar
CAT
$381B
| $1.16B | 2.18% |
15,144,200
-1,955,372
| -11% | -$131M |
|
14
Cummins
CMI
$80.9B
| $1.06B | 1.99% |
9,636,502
-1,501,173
| -13% | -$145M |
|
15
Microsoft
MSFT
$3.59T
| $987M | 1.86% |
17,878,229
-3,719,038
| -17% | -$195M |
|
|
16
Aon
AON
$75.3B
| $927M | 1.74% |
8,872,540
-2,687,514
| -23% | -$252M |
|
17
Baidu
BIDU
$31.6B
| $896M | 1.69% |
4,692,943
+496,188
| +12% | +$84.5M |
|
|
18
Goldman Sachs
GS
$303B
| $849M | 1.6% |
5,405,384
+840,555
| +18% | +$130M |
|
19
Applied Materials
AMAT
$391B
| $826M | 1.56% |
39,002,495
-5,889,413
| -13% | -$107M |
|
20
APA Corp
APA
$15.2B
| $791M | 1.49% |
16,203,627
-1,158,826
| -7% | -$48.2M |
|
|
21
Televisa
TV
$1.47B
| $679M | 1.28% |
24,718,062
+9,656,372
| +64% | +$253M |
|
22
UnitedHealth
UNH
$350B
| $669M | 1.26% |
5,188,614
-77,150
| -1% | -$9.13M |
|
23
Visa
V
$693B
| $624M | 1.18% |
8,161,605
-2,269,499
| -22% | -$165M |
|
|
QVCGA
24
DELISTED
QVC Group Inc Series A
QVCGA
| $622M | 1.17% |
507,113
-5,260
| -1% | -$6.41M |
|
25
Diageo
DEO
$52.6B
| $615M | 1.16% |
5,700,967
-28,778
| -0.5% | -$3.04M |
|
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Bill Nygren's Q1 2016 Portfolio in Review
As of Q1 2016, Bill Nygren held 134 positions worth $53.1B, down 10% from $59B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren withdrew a net $4.51B in Q1 2016, closing 11 positions and reducing 82 holdings. Its most notable exit was HEALTH NET INC, an estimated $295M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
Against the trend, Bill Nygren opened a new position in Baxter International worth $210M.
- Bill Nygren's largest Q1 2016 buy was Baxter International: 5,106,845 shares worth $210M.
- Bill Nygren added most to Televisa in Q1 2016, an estimated $253M increase.
- Bill Nygren's biggest Q1 2016 reduction was American Express, cutting an estimated $372M.
- Bill Nygren fully exited HEALTH NET INC in Q1 2016, selling an estimated $295M.
- Bill Nygren's ten largest holdings make up 33% of its $53.1B portfolio in Q1 2016.
- Bill Nygren opened 10 new positions and closed 11 in Q1 2016.
- Bill Nygren's portfolio value fell 10% quarter-over-quarter to $53.1B.
Based on Harris Associates's 13F filing for Q1 2016, filed 11 May 2016.