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 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$421M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$415M |
| 3 |
Diamondback Energy
FANG
|
+$306M |
| 4 |
Ryanair
RYAAY
|
+$240M |
| 5 |
Baidu
BIDU
|
+$223M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$922M |
| 2 |
Willis Towers Watson
WTW
|
+$344M |
| 3 |
DXC Technology
DXC
|
+$234M |
| 4 |
NOV
NOV
|
+$211M |
| 5 |
Liberty Global Class C
LBTYK
|
+$209M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.13% |
| 2 | Communication Services | 21% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 10.76% |
| 5 | Technology | 9.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Bank of America
BAC
$431B
| $2.59B | 4.76% |
89,242,115
+134,005
| +0.2% | +$3.86M |
|
2
Citigroup
C
$221B
| $2.53B | 4.66% |
36,163,994
-1,338,038
| -4% | -$89.5M |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $2.4B | 4.41% |
44,438,040
-397,620
| -0.9% | -$22.9M |
|
4
General Motors
GM
$77.2B
| $2.33B | 4.28% |
60,441,886
-1,218,064
| -2% | -$45.7M |
|
5
Charter Communications
CHTR
$17.9B
| $2.2B | 4.04% |
5,564,234
-241,640
| -4% | -$90.6M |
|
6
TE Connectivity
TEL
$58.9B
| $2.12B | 3.89% |
22,115,695
-1,598,024
| -7% | -$144M |
|
7
American International
AIG
$39.8B
| $1.7B | 3.12% |
31,900,505
-3,491,582
| -10% | -$174M |
|
8
Mastercard
MA
$509B
| $1.52B | 2.8% |
5,762,663
-810,052
| -12% | -$203M |
|
9
Hilton Worldwide
HLT
$73.5B
| $1.37B | 2.52% |
14,042,808
-409,983
| -3% | -$37.2M |
|
|
10
Ryanair
RYAAY
$28.9B
| $1.27B | 2.34% |
49,695,210
+8,477,997
| +21% | +$240M |
|
|
11
Regeneron Pharmaceuticals
REGN
$85.9B
| $1.23B | 2.25% |
3,914,719
+1,247,748
| +47% | +$415M |
|
12
Booking.com
BKNG
$158B
| $1.19B | 2.18% |
15,810,250
+1,763,875
| +13% | +$127M |
|
13
Ally Financial
ALLY
$13.1B
| $1.15B | 2.12% |
37,230,016
-435,075
| -1% | -$12.8M |
|
14
Netflix
NFLX
$331B
| $1.13B | 2.07% |
30,723,960
-239,560
| -0.8% | -$8.64M |
|
15
Comcast
CMCSA
$95.3B
| $971M | 1.78% |
22,961,284
-1,000,357
| -4% | -$42.2M |
|
16
GE Aerospace
GE
$361B
| $881M | 1.62% |
16,831,086
-561,169
| -3% | -$27.6M |
|
17
Liberty Global Class A
LBTYA
$3.63B
| $871M | 1.6% |
32,286,189
+140,965
| +0.4% | +$3.72M |
|
18
Stellantis
STLA
$20.4B
| $861M | 1.58% |
62,280,758
-1,093,843
| -2% | -$15.9M |
|
19
Capital One
COF
$134B
| $763M | 1.4% |
8,404,128
+92,093
| +1% | +$8.24M |
|
20
HCA Healthcare
HCA
$92.9B
| $716M | 1.32% |
5,295,402
-233,232
| -4% | -$29.5M |
|
21
Moody's
MCO
$87.2B
| $704M | 1.29% |
3,603,472
-48,486
| -1% | -$9.2M |
|
22
CVS Health
CVS
$119B
| $684M | 1.26% |
12,559,007
+228,485
| +2% | +$12.3M |
|
23
Constellation Brands
STZ
$23.2B
| $675M | 1.24% |
3,427,533
+1,056,478
| +45% | +$206M |
|
|
24
Baidu
BIDU
$31.6B
| $666M | 1.22% |
5,671,390
+1,568,480
| +38% | +$223M |
|
25
Apple
AAPL
$4.51T
| $663M | 1.22% |
13,404,492
-2,029,512
| -13% | -$98.9M |
|
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Bill Nygren's Q2 2019 Portfolio in Review
As of Q2 2019, Bill Nygren held 134 positions worth $54.4B, down 0.16% from $54.5B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren's Q2 2019 filing shows 6 new, 38 increased, 83 reduced and 4 closed positions. Its largest new stake was CONCHO RESOURCES INC.: 3,900,576 shares worth $402M. The largest sale was Anadarko Petroleum, an estimated $922M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q2 2019 buy was CONCHO RESOURCES INC.: 3,900,576 shares worth $402M.
- Bill Nygren added most to Regeneron Pharmaceuticals in Q2 2019, an estimated $415M increase.
- Bill Nygren's biggest Q2 2019 reduction was Anadarko Petroleum, cutting an estimated $922M.
- Bill Nygren fully exited Usg in Q2 2019, selling an estimated $70.8M.
- Bill Nygren's ten largest holdings make up 37% of its $54.4B portfolio in Q2 2019.
- Bill Nygren opened 6 new positions and closed 4 in Q2 2019.
- Bill Nygren's portfolio value fell 0.16% quarter-over-quarter to $54.4B.
Based on Harris Associates's 13F filing for Q2 2019, filed 14 Aug 2019.