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 |
LNKD
LinkedIn Corporation
LNKD
|
+$374M |
| 2 |
Harley-Davidson
HOG
|
+$226M |
| 3 |
IQVIA
IQV
|
+$222M |
| 4 |
CarMax
KMX
|
+$149M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$142M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$594M |
| 2 |
Applied Materials
AMAT
|
+$333M |
| 3 |
MON
Monsanto Co
MON
|
+$325M |
| 4 |
APC
Anadarko Petroleum
APC
|
+$281M |
| 5 |
GE Aerospace
GE
|
+$235M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.87% |
| 2 | Technology | 15.15% |
| 3 | Industrials | 12.16% |
| 4 | Consumer Discretionary | 12.15% |
| 5 | Communication Services | 12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
General Motors
GM
$77.2B
| $2.09B | 4.21% |
73,765,602
-4,798,322
| -6% | -$146M |
|
2
Oracle
ORCL
$422B
| $1.85B | 3.72% |
45,120,556
-2,597,125
| -5% | -$104M |
|
3
Bank of America
BAC
$431B
| $1.78B | 3.59% |
134,260,262
-10,033,480
| -7% | -$141M |
|
4
American International
AIG
$39.8B
| $1.7B | 3.42% |
32,107,817
-3,218,300
| -9% | -$178M |
|
5
JPMorgan Chase
JPM
$935B
| $1.63B | 3.28% |
26,205,547
-2,944,922
| -10% | -$184M |
|
6
TE Connectivity
TEL
$58.9B
| $1.61B | 3.24% |
28,128,618
-839,525
| -3% | -$50.5M |
|
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $1.51B | 3.04% |
43,647,060
+3,967,000
| +10% | +$142M |
|
8
Mastercard
MA
$509B
| $1.42B | 2.86% |
16,134,895
-718,687
| -4% | -$68.6M |
|
9
Wells Fargo
WFC
$254B
| $1.29B | 2.59% |
27,168,310
-2,538,266
| -9% | -$124M |
|
10
Citigroup
C
$221B
| $1.2B | 2.42% |
28,351,737
-336,292
| -1% | -$14.9M |
|
|
11
GE Aerospace
GE
$361B
| $1.2B | 2.42% |
7,953,653
-1,610,350
| -17% | -$235M |
|
12
Caterpillar
CAT
$381B
| $1.05B | 2.11% |
13,835,695
-1,308,505
| -9% | -$98M |
|
13
Cummins
CMI
$80.9B
| $974M | 1.96% |
8,660,414
-976,088
| -10% | -$111M |
|
14
Baidu
BIDU
$31.6B
| $870M | 1.75% |
5,266,680
+573,737
| +12% | +$101M |
|
15
Aon
AON
$75.3B
| $857M | 1.73% |
7,841,660
-1,030,880
| -12% | -$109M |
|
16
Goldman Sachs
GS
$303B
| $853M | 1.72% |
5,743,708
+338,324
| +6% | +$52.8M |
|
17
APA Corp
APA
$15.2B
| $840M | 1.69% |
15,085,997
-1,117,630
| -7% | -$60.8M |
|
18
Microsoft
MSFT
$3.59T
| $837M | 1.69% |
16,365,931
-1,512,298
| -8% | -$78.6M |
|
|
19
Intel
INTC
$476B
| $811M | 1.63% |
24,734,993
-18,960,185
| -43% | -$594M |
|
20
Televisa
TV
$1.47B
| $778M | 1.57% |
29,888,272
+5,170,210
| +21% | +$136M |
|
21
UnitedHealth
UNH
$350B
| $715M | 1.44% |
5,062,362
-126,252
| -2% | -$16.8M |
|
22
Diageo
DEO
$52.6B
| $637M | 1.28% |
5,645,032
-55,935
| -1% | -$6.05M |
|
|
QVCGA
23
DELISTED
QVC Group Inc Series A
QVCGA
| $605M | 1.22% |
490,997
-16,116
| -3% | -$20.3M |
|
24
Fidelity National Financial
FNF
$12.7B
| $584M | 1.18% |
22,449,141
-651,205
| -3% | -$15.3M |
|
25
Visa
V
$693B
| $583M | 1.18% |
7,863,614
-297,991
| -4% | -$23.3M |
|
Similar funds
Bill Nygren's Q2 2016 Portfolio in Review
As of Q2 2016, Bill Nygren held 127 positions worth $49.6B, down 6.6% from $53.1B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Nygren withdrew a net $3.08B in Q2 2016, closing 9 positions and reducing 77 holdings. Its most notable exit was Franklin Templeton, Inc., an estimated $211M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 34% a quarter earlier, followed by Technology and Industrials.
Against the trend, Bill Nygren opened a new position in LinkedIn Corporation worth $511M.
- Bill Nygren's largest Q2 2016 buy was LinkedIn Corporation: 2,700,650 shares worth $511M.
- Bill Nygren added most to Harley-Davidson in Q2 2016, an estimated $226M increase.
- Bill Nygren's biggest Q2 2016 reduction was Intel, cutting an estimated $594M.
- Bill Nygren fully exited Franklin Templeton, Inc. in Q2 2016, selling an estimated $211M.
- Bill Nygren's ten largest holdings make up 32% of its $49.6B portfolio in Q2 2016.
- Bill Nygren opened 4 new positions and closed 9 in Q2 2016.
- Bill Nygren's portfolio value fell 6.6% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q2 2016, filed 10 Aug 2016.