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 |
Reinsurance Group of America
RGA
|
+$263M |
| 2 |
Workday
WDAY
|
+$221M |
| 3 |
HCA Healthcare
HCA
|
+$214M |
| 4 |
EOG Resources
EOG
|
+$140M |
| 5 |
General Dynamics
GD
|
+$128M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Regeneron Pharmaceuticals
REGN
|
+$619M |
| 2 |
General Motors
GM
|
+$340M |
| 3 |
TE Connectivity
TEL
|
+$228M |
| 4 |
Charter Communications
CHTR
|
+$220M |
| 5 |
Stellantis
STLA
|
+$206M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.13% |
| 2 | Communication Services | 25.03% |
| 3 | Consumer Discretionary | 13.8% |
| 4 | Technology | 9.04% |
| 5 | Healthcare | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.2B | 5.35% |
31,027,380
-1,903,240
| -6% | -$128M |
|
2
Bank of America
BAC
$431B
| $1.77B | 4.31% |
74,650,002
-2,619,111
| -3% | -$61.9M |
|
|
3
Charter Communications
CHTR
$17.9B
| $1.57B | 3.82% |
3,077,825
-433,009
| -12% | -$220M |
|
4
Citigroup
C
$221B
| $1.57B | 3.82% |
30,697,773
-1,605,051
| -5% | -$76.2M |
|
|
5
TE Connectivity
TEL
$58.9B
| $1.33B | 3.24% |
16,351,582
-3,028,594
| -16% | -$228M |
|
6
Booking.com
BKNG
$158B
| $1.28B | 3.12% |
20,144,450
-531,125
| -3% | -$32.3M |
|
|
7
General Motors
GM
$77.2B
| $1.17B | 2.86% |
46,410,057
-13,984,498
| -23% | -$340M |
|
8
American International
AIG
$39.8B
| $1.05B | 2.56% |
33,771,062
+1,798,048
| +6% | +$50.5M |
|
9
Mastercard
MA
$509B
| $1.04B | 2.53% |
3,522,455
-428,516
| -11% | -$121M |
|
|
10
Alphabet (Google) Class C
GOOG
$4.18T
| $1.02B | 2.49% |
14,489,940
-1,214,360
| -8% | -$81.9M |
|
11
Hilton Worldwide
HLT
$73.5B
| $974M | 2.37% |
13,263,190
-309,723
| -2% | -$23M |
|
12
Netflix
NFLX
$331B
| $925M | 2.25% |
20,330,850
-2,936,280
| -13% | -$125M |
|
13
Meta Platforms (Facebook)
META
$1.4T
| $911M | 2.22% |
4,013,941
-48,093
| -1% | -$10M |
|
14
Constellation Brands
STZ
$23.2B
| $874M | 2.13% |
4,995,139
-287,640
| -5% | -$47.9M |
|
15
Ryanair
RYAAY
$28.9B
| $841M | 2.05% |
31,684,220
-7,197,830
| -19% | -$182M |
|
16
Comcast
CMCSA
$95.3B
| $782M | 1.9% |
20,051,289
-1,106,924
| -5% | -$42.2M |
|
|
17
HCA Healthcare
HCA
$92.9B
| $779M | 1.89% |
8,022,145
+2,062,417
| +35% | +$214M |
|
|
18
Regeneron Pharmaceuticals
REGN
$85.9B
| $765M | 1.86% |
1,227,221
-1,089,797
| -47% | -$619M |
|
19
Liberty Global Class A
LBTYA
$3.63B
| $721M | 1.75% |
32,985,333
-2,514,664
| -7% | -$51.9M |
|
20
Moody's
MCO
$87.2B
| $677M | 1.65% |
2,465,466
-311,574
| -11% | -$79.2M |
|
21
Ally Financial
ALLY
$13.1B
| $660M | 1.6% |
33,264,227
-796,295
| -2% | -$13.5M |
|
22
CBRE Group
CBRE
$44B
| $593M | 1.44% |
13,106,339
+1,377,700
| +12% | +$59.4M |
|
23
Agilent Technologies
A
$44.9B
| $552M | 1.34% |
6,246,174
-478,481
| -7% | -$39.2M |
|
24
CVS Health
CVS
$119B
| $525M | 1.28% |
8,081,586
-455,269
| -5% | -$28.7M |
|
|
25
Workday
WDAY
$49.4B
| $512M | 1.24% |
2,730,473
+1,365,471
| +100% | +$221M |
|
Similar funds
Bill Nygren's Q2 2020 Portfolio in Review
As of Q2 2020, Bill Nygren held 139 positions worth $41.1B, up 14% from $36.1B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.83B in Q2 2020, closing 7 positions and reducing 88 holdings. Its most notable exit was Delphi Technologies PLC Ordinary Shares, an estimated $28.5M position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 25% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in General Dynamics worth $135M.
- Bill Nygren's largest Q2 2020 buy was General Dynamics: 905,869 shares worth $135M.
- Bill Nygren added most to Reinsurance Group of America in Q2 2020, an estimated $263M increase.
- Bill Nygren's biggest Q2 2020 reduction was Regeneron Pharmaceuticals, cutting an estimated $619M.
- Bill Nygren fully exited Delphi Technologies PLC Ordinary Shares in Q2 2020, selling an estimated $28.5M.
- Bill Nygren's ten largest holdings make up 34% of its $41.1B portfolio in Q2 2020.
- Bill Nygren opened 10 new positions and closed 7 in Q2 2020.
- Bill Nygren's portfolio value rose 14% quarter-over-quarter to $41.1B.
Based on Harris Associates's 13F filing for Q2 2020, filed 14 Aug 2020.