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Tracking William Nygren's Harris Associates Portfolio - Q1 2020 Update

John Vincent profile picture
John Vincent


  • Harris Associates 13F portfolio value decreased from $56.4B to $36.11B this quarter.
  • They increased Booking Holdings, Constellation Brands, and Facebook while reducing Regeneron Pharmaceuticals and dropping American Airlines and Arconic.
  • The top three positions are Alphabet, Bank of America, and Charter Communications and they add up to ~17% of the portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates' 13F stock portfolio on a quarterly basis. It is based on Harris Associates' regulatory 13F Form filed on 05/15/2020. William Nygren's 13F portfolio value decreased ~36% from $56.41B to $36.11B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions although most of them are very small. There are 66 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet (GOOG) (GOOGL), Bank of America (BAC), Charter Communications (CHTR), Citigroup (C), and General Motors (GM). They add up to ~24% of the portfolio. Please visit our Tracking William Nygren's Harris Associates Portfolio series to get an idea of their investment philosophy and the fund's moves during Q4 2019.

Harris Associates currently has ~$120B under management. Its flagship mutual funds are the Oakmark Fund (MUTF:OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes - 12.5% annualized return compared to 10% for the S&P 500 index for OAKMX and 9.4% annualized return for OAKIX compared to 6.07% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).

Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Daimler (DDAIF), Glencore (OTCPK:GLCNF), BMW (OTCPK:BMWYY), BNP Paribas (OTCQX:BNPQF), Credit Suisse Group (CS), Continental (OTCPK:CTTAF), Intesa Sanpaolo (OTCPK:ISNPY), Lloyds Banking Group (LYG), CNH Industrial (CNHI), and Allianz (OTCPK:ALIZF).

Note 2: In an April interview, it

This article was written by

John Vincent profile picture
Focused on analyzing 13F reports & building tools to help DIY investors generate absolute returns through exploiting inefficiency, volatility, and momentum.

Analyst’s Disclosure: I am/we are long BAC, BRK.B, GE, GOOGL, LBTYK, PM, TV, WFC. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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