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 |
Salesforce
CRM
|
+$1.02B |
| 2 |
Targa Resources
TRGP
|
+$649M |
| 3 |
Keurig Dr Pepper
KDP
|
+$486M |
| 4 |
Union Pacific
UNP
|
+$330M |
| 5 |
Elevance Health
ELV
|
+$281M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$910M |
| 2 |
CBRE Group
CBRE
|
+$341M |
| 3 |
Centene
CNC
|
+$341M |
| 4 |
TE Connectivity
TEL
|
+$299M |
| 5 |
General Motors
GM
|
+$237M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.34% |
| 2 | Healthcare | 12.63% |
| 3 | Consumer Discretionary | 11.43% |
| 4 | Communication Services | 11.39% |
| 5 | Industrials | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.77B | 4.45% |
11,407,227
-4,342,649
| -28% | -$910M |
|
2
IQVIA
IQV
$42.8B
| $2.16B | 3.47% |
11,387,265
-365,917
| -3% | -$66.5M |
|
|
SCHW
3
Charles Schwab
SCHW
$194B
| $2.03B | 3.25% |
21,235,618
-1,734,055
| -8% | -$165M |
|
4
Capital One
COF
$134B
| $1.92B | 3.08% |
9,025,271
-1,042,815
| -10% | -$228M |
|
5
Airbnb
ABNB
$110B
| $1.88B | 3.01% |
15,453,931
+1,216,600
| +9% | +$157M |
|
6
Warner Bros
WBD
$71.6B
| $1.87B | 3% |
95,960,593
-12,965,492
| -12% | -$177M |
|
7
Phillips 66
PSX
$96.9B
| $1.86B | 2.97% |
13,640,378
+191,288
| +1% | +$24.5M |
|
8
ConocoPhillips
COP
$162B
| $1.78B | 2.86% |
18,864,278
-516,181
| -3% | -$48.8M |
|
9
Intercontinental Exchange
ICE
$90.5B
| $1.72B | 2.75% |
10,195,719
-74,522
| -0.7% | -$13.3M |
|
|
10
Salesforce
CRM
$171B
| $1.67B | 2.68% |
7,046,580
+4,053,994
| +135% | +$1.02B |
|
|
11
Keurig Dr Pepper
KDP
$43.6B
| $1.6B | 2.56% |
62,619,103
+15,500,927
| +33% | +$486M |
|
12
Equifax
EFX
$22.6B
| $1.5B | 2.4% |
5,833,688
+725,901
| +14% | +$182M |
|
13
Willis Towers Watson
WTW
$31.8B
| $1.48B | 2.38% |
4,294,607
+508,350
| +13% | +$165M |
|
14
Citigroup
C
$221B
| $1.4B | 2.25% |
13,813,507
-2,332,316
| -14% | -$221M |
|
15
Bank of America
BAC
$431B
| $1.4B | 2.25% |
27,154,620
-2,258,713
| -8% | -$110M |
|
16
American International
AIG
$39.8B
| $1.4B | 2.24% |
17,792,652
+523,268
| +3% | +$41.8M |
|
17
First Citizens BancShares
FCNCA
$24.7B
| $1.32B | 2.11% |
737,317
+1,068
| +0.1% | +$2.11M |
|
|
18
General Motors
GM
$77.2B
| $1.28B | 2.06% |
21,050,724
-4,252,636
| -17% | -$237M |
|
|
19
CBRE Group
CBRE
$44B
| $1.09B | 1.74% |
6,889,975
-2,204,673
| -24% | -$341M |
|
20
Ally Financial
ALLY
$13.1B
| $1.06B | 1.7% |
26,998,441
+161,651
| +0.6% | +$6.48M |
|
|
21
Elevance Health
ELV
$86.9B
| $1.03B | 1.65% |
3,189,624
+902,059
| +39% | +$281M |
|
22
Deere & Co
DE
$175B
| $986M | 1.58% |
2,156,188
-28,967
| -1% | -$14.3M |
|
23
Charter Communications
CHTR
$17.9B
| $961M | 1.54% |
3,494,551
-177,816
| -5% | -$53.7M |
|
24
Amazon
AMZN
$2.79T
| $956M | 1.53% |
4,352,250
-351,743
| -7% | -$79.6M |
|
25
Wells Fargo
WFC
$254B
| $905M | 1.45% |
10,802,260
-665,927
| -6% | -$54M |
|
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Bill Nygren's Q3 2025 Portfolio in Review
As of Q3 2025, Bill Nygren held 189 positions worth $62.4B, up 1.4% from $61.5B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Nygren's Q3 2025 filing shows 18 new, 41 increased, 101 reduced and 12 closed positions. Its largest new stake was Union Pacific: 1,465,587 shares worth $346M. The largest sale was Alphabet (Google) Class A, an estimated $910M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, down from 32% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bill Nygren's largest Q3 2025 buy was Union Pacific: 1,465,587 shares worth $346M.
- Bill Nygren added most to Salesforce in Q3 2025, an estimated $1.02B increase.
- Bill Nygren's biggest Q3 2025 reduction was Alphabet (Google) Class A, cutting an estimated $910M.
- Bill Nygren fully exited Open Text in Q3 2025, selling an estimated $161M.
- Bill Nygren's ten largest holdings make up 32% of its $62.4B portfolio in Q3 2025.
- Bill Nygren opened 18 new positions and closed 12 in Q3 2025.
- Bill Nygren's portfolio value rose 1.4% quarter-over-quarter to $62.4B.
Based on Harris Associates's 13F filing for Q3 2025, filed 14 Nov 2025.