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
|
+$848M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$811M |
| 3 |
General Dynamics
GD
|
+$325M |
| 4 |
Keurig Dr Pepper
KDP
|
+$282M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$246M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNH
CNH Industrial
CNH
|
+$731M |
| 2 |
Agilent Technologies
A
|
+$513M |
| 3 |
TE Connectivity
TEL
|
+$444M |
| 4 |
Mastercard
MA
|
+$310M |
| 5 |
Aptiv
APTV
|
+$272M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.26% |
| 2 | Communication Services | 20.46% |
| 3 | Consumer Discretionary | 13.48% |
| 4 | Industrials | 11.64% |
| 5 | Technology | 9.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.8B | 4.78% |
27,140,760
-444,040
| -2% | -$43.8M |
|
2
Bank of America
BAC
$431B
| $2.66B | 4.54% |
68,662,249
-1,778,020
| -3% | -$61.4M |
|
|
CNH
3
CNH Industrial
CNH
$19.1B
| $2.32B | 3.96% |
172,108,006
-58,125,497
| -25% | -$731M |
|
4
General Motors
GM
$77.2B
| $2.1B | 3.59% |
36,550,095
-4,551,786
| -11% | -$242M |
|
5
Citigroup
C
$221B
| $1.99B | 3.4% |
27,322,376
+229,388
| +0.8% | +$15.3M |
|
6
Charter Communications
CHTR
$17.9B
| $1.79B | 3.06% |
2,898,855
+254,010
| +10% | +$159M |
|
7
HCA Healthcare
HCA
$92.9B
| $1.69B | 2.88% |
8,946,718
-67,421
| -0.7% | -$11.9M |
|
8
Booking.com
BKNG
$158B
| $1.66B | 2.84% |
17,810,175
-417,700
| -2% | -$37.1M |
|
|
9
Alphabet (Google) Class C
GOOG
$4.18T
| $1.53B | 2.62% |
14,818,340
+401,940
| +3% | +$39.9M |
|
|
10
Keurig Dr Pepper
KDP
$43.6B
| $1.53B | 2.61% |
44,468,875
+8,693,269
| +24% | +$282M |
|
11
American International
AIG
$39.8B
| $1.46B | 2.49% |
31,490,353
+669,614
| +2% | +$28.9M |
|
12
Liberty Global Class A
LBTYA
$3.63B
| $1.31B | 2.23% |
50,957,802
+6,449,737
| +14% | +$163M |
|
|
13
Humana
HUM
$45.5B
| $1.28B | 2.2% |
3,063,527
+2,124,735
| +226% | +$848M |
|
|
14
TE Connectivity
TEL
$58.9B
| $1.25B | 2.14% |
9,703,497
-3,457,805
| -26% | -$444M |
|
15
Meta Platforms (Facebook)
META
$1.4T
| $1.17B | 2.01% |
3,985,341
+325,453
| +9% | +$87.6M |
|
16
Hilton Worldwide
HLT
$73.5B
| $1.15B | 1.97% |
9,538,473
-2,033,966
| -18% | -$235M |
|
17
Ally Financial
ALLY
$13.1B
| $1.14B | 1.95% |
25,259,345
-2,980,417
| -11% | -$125M |
|
18
CBRE Group
CBRE
$44B
| $992M | 1.69% |
12,536,527
-2,127,228
| -15% | -$150M |
|
|
FISV
19
Fiserv Inc
FISV
$28B
| $985M | 1.68% |
8,272,349
+7,064,485
| +585% | +$811M |
|
20
Comcast
CMCSA
$95.3B
| $960M | 1.64% |
17,737,540
+265,813
| +2% | +$14M |
|
21
Constellation Brands
STZ
$23.2B
| $915M | 1.56% |
4,014,427
-49,930
| -1% | -$11.3M |
|
22
Berkshire Hathaway Class B
BRK.B
$1.06T
| $832M | 1.42% |
3,257,824
+295,021
| +10% | +$71.6M |
|
23
Capital One
COF
$134B
| $828M | 1.42% |
6,508,342
-509,937
| -7% | -$60.1M |
|
|
SCHW
24
Charles Schwab
SCHW
$194B
| $802M | 1.37% |
12,304,488
-1,859,391
| -13% | -$113M |
|
25
Netflix
NFLX
$331B
| $771M | 1.32% |
14,780,010
+766,380
| +5% | +$40.7M |
|
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Bill Nygren's Q1 2021 Portfolio in Review
As of Q1 2021, Bill Nygren held 147 positions worth $58.5B, up 13% from $51.7B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q1 2021 filing shows 14 new, 54 increased, 66 reduced and 10 closed positions. Its largest new stake was NOV: 15,092,965 shares worth $207M. The largest sale was CNH Industrial, an estimated $731M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 24% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q1 2021 buy was NOV: 15,092,965 shares worth $207M.
- Bill Nygren added most to Humana in Q1 2021, an estimated $848M increase.
- Bill Nygren's biggest Q1 2021 reduction was CNH Industrial, cutting an estimated $731M.
- Bill Nygren fully exited Aptiv in Q1 2021, selling an estimated $272M.
- Bill Nygren's ten largest holdings make up 34% of its $58.5B portfolio in Q1 2021.
- Bill Nygren opened 14 new positions and closed 10 in Q1 2021.
- Bill Nygren's portfolio value rose 13% quarter-over-quarter to $58.5B.
Based on Harris Associates's 13F filing for Q1 2021, filed 17 May 2021.