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 |
Airbnb
ABNB
|
+$616M |
| 2 |
Keurig Dr Pepper
KDP
|
+$490M |
| 3 |
ConocoPhillips
COP
|
+$361M |
| 4 |
Molina Healthcare
MOH
|
+$316M |
| 5 |
Marathon Petroleum
MPC
|
+$316M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FISV
Fiserv Inc
FISV
|
+$745M |
| 2 |
Kroger
KR
|
+$603M |
| 3 |
CNH
CNH Industrial
CNH
|
+$402M |
| 4 |
Capital One
COF
|
+$380M |
| 5 |
Intercontinental Exchange
ICE
|
+$324M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.19% |
| 2 | Healthcare | 11.77% |
| 3 | Communication Services | 11.7% |
| 4 | Industrials | 10.72% |
| 5 | Consumer Discretionary | 9.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.58B | 4.34% |
16,702,194
+211,891
| +1% | +$38.4M |
|
|
SCHW
2
Charles Schwab
SCHW
$194B
| $2.16B | 3.63% |
27,612,443
-76,922
| -0.3% | -$6.04M |
|
3
Deere & Co
DE
$175B
| $1.98B | 3.32% |
4,217,219
-646,298
| -13% | -$302M |
|
|
4
Intercontinental Exchange
ICE
$90.5B
| $1.97B | 3.31% |
11,431,282
-1,977,225
| -15% | -$324M |
|
5
IQVIA
IQV
$42.8B
| $1.97B | 3.31% |
11,169,383
-166,294
| -1% | -$32.3M |
|
6
American International
AIG
$39.8B
| $1.94B | 3.26% |
22,323,496
-896,487
| -4% | -$69.7M |
|
|
7
ConocoPhillips
COP
$162B
| $1.91B | 3.2% |
18,145,794
+3,618,880
| +25% | +$361M |
|
|
8
Capital One
COF
$134B
| $1.77B | 2.97% |
9,851,349
-2,009,355
| -17% | -$380M |
|
9
Phillips 66
PSX
$96.9B
| $1.71B | 2.87% |
13,834,824
+2,145,752
| +18% | +$264M |
|
10
Charter Communications
CHTR
$17.9B
| $1.53B | 2.56% |
4,142,059
-193,733
| -4% | -$69.3M |
|
|
11
Keurig Dr Pepper
KDP
$43.6B
| $1.49B | 2.5% |
43,428,106
+15,089,632
| +53% | +$490M |
|
12
General Motors
GM
$77.2B
| $1.4B | 2.34% |
29,669,259
-563,907
| -2% | -$27.8M |
|
13
Centene
CNC
$32.1B
| $1.28B | 2.15% |
21,135,939
-4,264,187
| -17% | -$258M |
|
14
CBRE Group
CBRE
$44B
| $1.27B | 2.13% |
9,685,347
-1,092,239
| -10% | -$148M |
|
|
FISV
15
Fiserv Inc
FISV
$28B
| $1.25B | 2.1% |
5,650,581
-3,402,551
| -38% | -$745M |
|
16
First Citizens BancShares
FCNCA
$24.7B
| $1.24B | 2.08% |
667,011
+18,236
| +3% | +$37.1M |
|
17
Willis Towers Watson
WTW
$31.8B
| $1.2B | 2.02% |
3,556,504
+36,620
| +1% | +$11.9M |
|
|
18
Airbnb
ABNB
$110B
| $1.19B | 2% |
9,944,948
+4,598,125
| +86% | +$616M |
|
19
Bank of America
BAC
$431B
| $1.18B | 1.99% |
28,364,859
-1,766,686
| -6% | -$78.7M |
|
20
Equifax
EFX
$22.6B
| $1.11B | 1.87% |
4,570,557
+987,772
| +28% | +$248M |
|
21
Citigroup
C
$221B
| $1.1B | 1.85% |
15,503,339
-1,107,127
| -7% | -$84.4M |
|
|
CNH
22
CNH Industrial
CNH
$19.1B
| $1.03B | 1.73% |
84,068,624
-32,033,021
| -28% | -$402M |
|
23
Warner Bros
WBD
$71.6B
| $1.03B | 1.72% |
95,571,064
+52,556
| +0.1% | +$550K |
|
24
Elevance Health
ELV
$86.9B
| $992M | 1.67% |
2,280,159
+458,875
| +25% | +$184M |
|
25
Ally Financial
ALLY
$13.1B
| $909M | 1.53% |
24,915,206
+1,818,242
| +8% | +$67M |
|
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Bill Nygren's Q1 2025 Portfolio in Review
As of Q1 2025, Bill Nygren held 170 positions worth $59.5B, down 22% from $76B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q1 2025 filing shows 18 new, 50 increased, 81 reduced and 12 closed positions. Its largest new stake was Molina Healthcare: 1,047,433 shares worth $345M. The largest sale was Fiserv Inc, an estimated $745M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 25% a quarter earlier, followed by Healthcare and Communication Services.
- Bill Nygren's largest Q1 2025 buy was Molina Healthcare: 1,047,433 shares worth $345M.
- Bill Nygren added most to Airbnb in Q1 2025, an estimated $616M increase.
- Bill Nygren's biggest Q1 2025 reduction was Fiserv Inc, cutting an estimated $745M.
- Bill Nygren fully exited Liberty Global Class A in Q1 2025, selling an estimated $88.5M.
- Bill Nygren's ten largest holdings make up 33% of its $59.5B portfolio in Q1 2025.
- Bill Nygren opened 18 new positions and closed 12 in Q1 2025.
- Bill Nygren's portfolio value fell 22% quarter-over-quarter to $59.5B.
Based on Harris Associates's 13F filing for Q1 2025, filed 15 May 2025.