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 |
Humana
HUM
|
+$235M |
| 2 |
Agilent Technologies
A
|
+$211M |
| 3 |
DXC Technology
DXC
|
+$162M |
| 4 |
Open Text
OTEX
|
+$146M |
| 5 |
CXO
CONCHO RESOURCES INC.
CXO
|
+$86.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Willis Towers Watson
WTW
|
+$453M |
| 2 |
Mastercard
MA
|
+$302M |
| 3 |
Liberty Global Class C
LBTYK
|
+$289M |
| 4 |
Charter Communications
CHTR
|
+$241M |
| 5 |
Apple
AAPL
|
+$208M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.75% |
| 2 | Communication Services | 20.78% |
| 3 | Consumer Discretionary | 15.36% |
| 4 | Industrials | 10.77% |
| 5 | Technology | 9.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class C
GOOG
$4.18T
| $2.59B | 5.03% |
42,555,160
-1,882,880
| -4% | -$111M |
|
2
Bank of America
BAC
$431B
| $2.48B | 4.81% |
84,912,898
-4,329,217
| -5% | -$124M |
|
3
Citigroup
C
$221B
| $2.45B | 4.76% |
35,495,711
-668,283
| -2% | -$45.5M |
|
4
General Motors
GM
$77.2B
| $2.17B | 4.22% |
57,971,007
-2,470,879
| -4% | -$95M |
|
|
5
Charter Communications
CHTR
$17.9B
| $2.05B | 3.97% |
4,966,644
-597,590
| -11% | -$241M |
|
6
TE Connectivity
TEL
$58.9B
| $1.92B | 3.73% |
20,623,704
-1,491,991
| -7% | -$137M |
|
7
American International
AIG
$39.8B
| $1.64B | 3.18% |
29,450,537
-2,449,968
| -8% | -$135M |
|
8
Ryanair
RYAAY
$28.9B
| $1.34B | 2.61% |
50,654,520
+959,310
| +2% | +$23.8M |
|
9
Hilton Worldwide
HLT
$73.5B
| $1.29B | 2.5% |
13,824,328
-218,480
| -2% | -$20.7M |
|
|
10
Mastercard
MA
$509B
| $1.27B | 2.46% |
4,668,045
-1,094,618
| -19% | -$302M |
|
11
Booking.com
BKNG
$158B
| $1.23B | 2.38% |
15,625,175
-185,075
| -1% | -$14.3M |
|
12
Ally Financial
ALLY
$13.1B
| $1.17B | 2.26% |
35,179,830
-2,050,186
| -6% | -$66.4M |
|
13
Regeneron Pharmaceuticals
REGN
$85.9B
| $1.15B | 2.23% |
4,141,452
+226,733
| +6% | +$67.1M |
|
14
Comcast
CMCSA
$95.3B
| $934M | 1.81% |
20,725,873
-2,235,411
| -10% | -$99M |
|
15
Netflix
NFLX
$331B
| $827M | 1.6% |
30,892,800
+168,840
| +0.5% | +$5.28M |
|
16
Liberty Global Class A
LBTYA
$3.63B
| $804M | 1.56% |
32,487,019
+200,830
| +0.6% | +$5.36M |
|
17
Stellantis
STLA
$20.4B
| $785M | 1.52% |
60,580,052
-1,700,706
| -3% | -$22.8M |
|
18
CVS Health
CVS
$119B
| $779M | 1.51% |
12,347,703
-211,304
| -2% | -$12.5M |
|
19
Capital One
COF
$134B
| $755M | 1.47% |
8,298,666
-105,462
| -1% | -$9.48M |
|
|
20
Alphabet (Google) Class A
GOOGL
$4.22T
| $726M | 1.41% |
11,892,180
-136,140
| -1% | -$8.06M |
|
21
Moody's
MCO
$87.2B
| $708M | 1.37% |
3,455,852
-147,620
| -4% | -$30.9M |
|
22
Constellation Brands
STZ
$23.2B
| $703M | 1.37% |
3,393,443
-34,090
| -1% | -$6.85M |
|
|
SCHW
23
Charles Schwab
SCHW
$194B
| $677M | 1.31% |
16,182,762
+232,638
| +1% | +$9.39M |
|
24
GE Aerospace
GE
$361B
| $676M | 1.31% |
15,175,027
-1,656,059
| -10% | -$77.8M |
|
25
HCA Healthcare
HCA
$92.9B
| $664M | 1.29% |
5,513,094
+217,692
| +4% | +$28.1M |
|
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Bill Nygren's Q3 2019 Portfolio in Review
As of Q3 2019, Bill Nygren held 135 positions worth $51.5B, down 5.3% from $54.4B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Bill Nygren withdrew a net $2.23B in Q3 2019, closing 5 positions and reducing 87 holdings. Its most notable exit was News Corp Class A, an estimated $89M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Humana worth $214M.
- Bill Nygren's largest Q3 2019 buy was Humana: 836,585 shares worth $214M.
- Bill Nygren added most to DXC Technology in Q3 2019, an estimated $162M increase.
- Bill Nygren's biggest Q3 2019 reduction was Willis Towers Watson, cutting an estimated $453M.
- Bill Nygren fully exited News Corp Class A in Q3 2019, selling an estimated $89M.
- Bill Nygren's ten largest holdings make up 37% of its $51.5B portfolio in Q3 2019.
- Bill Nygren opened 5 new positions and closed 5 in Q3 2019.
- Bill Nygren's portfolio value fell 5.3% quarter-over-quarter to $51.5B.
Based on Harris Associates's 13F filing for Q3 2019, filed 14 Nov 2019.