Tracking William Nygren's Harris Associates Portfolio - Q4 2023 Update

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Harris Associates' 13F portfolio value increased from $51.39B to $58.34B in Q4 2023.The portfolio is diversified with around 200 positions, with the largest five stakes being Alphabet, Capital One ...

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Discovery","MGA":"曼格纳国际","BLK.AU":"Blackham Resources Ltd","CNHI":"凯斯纽","AIG":"美国国际集团","CHTR":"特许通讯","COF":"第一资本","AMZN":"亚马逊","IPG":"埃培智","BK":"纽约梅隆银行","PUK":"英国保诚","BAX":"百特国际","MAS":"马斯科","MBGAF":"Mercedes Benz Group AG","ISNPY":"Intesa Sanpaolo S.p.A.","AXP.AU":"AXP Energy Ltd","MCO":"穆迪","CRM.AU":"Carbon Minerals","BLK":"贝莱德","CSCO":"思科","FCNCA":"第一公民银行股份","EOG":"依欧格资源","DHR.AU":"Dark Horse Resources","HLT":"希尔顿酒店","RYAAY":"Ryanair Holdings plc","CRBG":"Corebridge Financial, Inc.","META":"Meta Platforms","PSX":"Phillips 66","APA":"阿帕契","APA.AU":"APA GROUP","DHR":"丹纳赫","IQV":"艾昆纬","COF.AU":"CENTURIA OFFICE REIT","BAC":"美国银行"},"translate_title":"跟踪William Nygren的Harris Associates投资组合-2023年第四季度更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LYG":1,"EOG":1,"FCNCA":1,"FI":1,"GM":1,"HCA":1,"HLT":1,"IPG":1,"IPG.AU":1,"IQV":1,"ISNPY":1,"LBRDK":1,"DHR.AU":1,"MAS":1,"MBGAF":1,"MCO":1,"META":1,"MGA":1,"ORCL":1,"PSX":1,"PUK":1,"RYAAY":1,"TEL":1,"WBD":1,"BWA":1,"AMZN":1,"APA":1,"APA.AU":1,"AXP.AU":1,"BAC":1,"BAX":1,"BAYRY":1,"BK":1,"BLK":1,"BLK.AU":1,"BNPQF":1,"AIG":1,"CHTR":1,"CNC":1,"CNHI":1,"COF":1,"COF.AU":1,"COP":1,"CRBG":1,"CRM.AU":1,"CSCO":1,"CTVA":1,"DHR":1},"content_text":"Harris Associates' 13F portfolio value increased from $51.39B to $58.34B in Q4 2023.The portfolio is diversified with around 200 positions, with the largest five stakes being Alphabet, Capital One Financial, IQVIA, Intercontinental Exchange, and Charter Communications.New stakes were established in Agilent Technologies, while stake increases were made in IQVIA Holdings, Intercontinental Exchange, Fiserv, Inc., CNH Industrial, and Bank of America, among others.   William_Potter 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 2/14/2024. William Nygren’s 13F portfolio value increased from $51.39B to $58.34B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 62 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, Capital One Financial, IQVIA, Intercontinental Exchange, and Charter Communications. They add up to ~20% of the portfolio. Please visit our Tracking William Nygren’s Harris Associates Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q3 2023. Harris Associates currently has ~$100B under management. Their flagship mutual funds are the Oakmark Fund (MUTF:OAKMX) incepted in 1991 and the Oakmark International (MUTF:OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.72% annualized return compared to 10.25% for the S&P 500 index for OAKMX and 8.62% annualized return for OAKIX compared to 5.96% annualized return 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: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Lloyds Banking Group (LYG), BNP Paribas (OTCQX:BNPQF), Mercedes-Benz Group (OTCPK:MBGAF), Bayer (OTCPK:BAYRY), Continental (OTCPK:CTTAF), Prudential (PUK), Fresenius (OTCPK:FSNUY), and Intesa Sanpaolo (OTCPK:ISNPY). New Stakes: Agilent Technologies (A): Agilent is a small 0.53% of the portfolio established this quarter at prices between ~$101 and ~$140 and the stock currently trades above that range at ~$147. Stake Increases: IQVIA Holdings (IQV): The 3.69% IQV stake was built during the last quarter at prices between ~$197 and ~$232. There was a ~23% stake increase this quarter at prices between ~$177 and ~$233. The stock is now at ~$252. Note: They control ~5.3% of the business. Intercontinental Exchange (ICE): The 3.51% ICE stake saw a whopping 170% increase during Q4 2022 at prices between ~$90 and ~$110. The next two quarters saw another ~50% increase at prices between ~$95 and ~$113. The stock currently trades at ~$136. The last two quarters also saw minor increases. Fiserv, Inc. (FI): FI is a 3.27% of the portfolio position primarily built during 2021 at prices between ~$96 and ~$111. The five quarters through Q2 2023 saw a ~40% selling at prices between ~$89 and ~$126. The stock currently trades at ~$156. The last quarter also saw a minor ~3% trimming. This quarter saw a marginal increase. CNH Industrial (CNHI): CNHI is a 3.2% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13. The five quarters through Q1 2022 saw a ~55% selling at prices between ~$11 and ~$17. There was a ~20% stake increase during Q2 2023 at prices between ~$12.80 and ~$14.60. This quarter saw another ~30% stake increase at prices between ~$9.80 and ~$12.20. The stock currently trades at $12.73. Note: They control ~12.1% of the business. Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. Recent activity follows. Q3 2022 saw a ~15% selling and that was followed with marginal trimming next quarter. There was a ~20% increase during Q1 2023 at prices between ~$27 and ~$37. The stock is now at ~$37, and the stake is at ~3% of the portfolio. The last three quarters have seen only minor adjustments. CBRE Group (CBRE): The 2.44% CBRE stake saw a ~20% increase during H1 2022 at prices between ~$70 and ~$109. H2 2022 also saw a similar increase at prices between ~$67.50 and ~$88. The stock currently trades at $96.59. The last three quarters saw minor increases. Note: They control ~5.25% of the business. Charles Schwab (SCHW): The 2.15% SCHW stake was built during H1 2023 at prices between ~$47 and ~$86. The stock is now at $71.60. The last two quarters saw only minor adjustments. General Motors (GM): GM is a 2.10% of the portfolio position. It is a very long-term stake. The original position was small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase in Q1 2022 at prices between ~$40 and ~$66. The stock currently trades at $43.06. There was an ~8% trimming in the last quarter and marginal increase this quarter. Warner Bros. Discovery (WBD): WBD is a 1.48% of the portfolio position purchased during Q3 2022 at prices between ~$11.30 and ~$17.50 and the stock currently trades well below that range at $8.44. Q4 2022 also saw a ~10% stake increase. There was marginal trimming during Q1 2023 and a ~7% increase last quarter. The last quarter also saw a ~16% increase at prices between $10.66 and $14.47. That was followed by a ~7% increase this quarter. Cisco Systems (CSCO): The 0.90% of the portfolio stake in CSCO was established in the last quarter at prices between ~$50 and ~$57. The stock currently trades at $49.78. There was a marginal increase this quarter. Altria Group (MO), American Express (AXP), APA Corporation (APA), Baxter International (BAX), BorgWarner (BWA), BlackRock Inc. (BLK), Bank of New York Mellon (BK), Corebridge Financial (CRBG), Corteva (CTVA), Comcast Corp. (CMCSA), Centene (CNC), CVS Health (CVS), $Danaher Corp(DHR-W)$. (DHR), First Citizens BancShares (FCNCA), Fortune Brands (FBIN), HCA Healthcare (HCA), Interpublic Group (IPG), Kroger Co. (KR), Lithia Motors (LAD), Magna International (MGA), Masco Corp. (MAS), Phillips 66 (PSX), and THOR Industries (THO): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter. Note: They control ~5% each of APA Corporation and THOR Industries. Stake Decreases: Alphabet Inc. (GOOG): GOOG is currently the largest 13F position by far at 5.15% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 saw a ~28% selling at prices between ~$53 and ~$91. The last three quarters saw a ~22% selling at prices between ~$117 and ~$143. The stock currently trades at ~$152. Capital One Financial (COF): COF is a large (top three) 4.06% of the portfolio stake built during the four quarters through Q2 2023 at prices between ~$85 and ~$122 and it is now at ~$141. The last two quarters saw only minor adjustments. Charter Communications (CHTR): CHTR is a large (top five) 3.29% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. Recent activity follows. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase in Q1 2022 at prices between ~$545 and ~$648. Q2 2023 also saw a ~25% increase at prices between ~$320 and ~$367. The stock currently trades at ~$291. There was minor trimming in the last two quarters. KKR & Company (KKR): KKR is a 2.81% of the portfolio stake that saw a ~115% increase during Q4 2022 at prices between ~$43 and ~$57.50. Q2 2023 saw a ~9% stake increase while in the last quarter there was a similar trimming. There was a ~23% selling this quarter at prices between ~$54 and ~$85. The stock currently trades at ~$101. American International Group (AIG): The 2.53% AIG position saw a ~45% stake increase during Q2 2023 at prices between ~$50 and ~$57. The stock currently trades at $76.38. The last two quarters saw only minor adjustments. ConocoPhillips (COP): COP is a 2.4% of the portfolio stake primarily built during H1 2023 at prices between ~$94 and ~$125. The stake was decreased by 10% in the last quarter at prices between ~$99 and ~$123. The stock currently trades at ~$123. There was a ~6% trimming this quarter. Amazon.com (AMZN): The ~2% of the portfolio AMZN stake was built during the five quarters through Q1 2023 at prices between ~$85 and ~$170. There was a one-third selling in the next quarter at prices between ~$98 and ~$130. The last quarter saw another one-third reduction at prices between ~$126 and ~$145. There was a ~25% reduction this quarter at prices between ~$120 and ~$154. The stock currently trades at ~$179. Wells Fargo (WFC): The 1.86% WFC stake saw a ~45% increase during Q3 2022 at prices between ~$39 and ~$46. It now goes for $57.13. Q2 2023 saw a ~6% increase while the last two quarters saw minor trimming. Salesforce.com (CRM): CRM is a 1.69% stake that saw a roughly two-thirds increase during Q4 2022 at prices between ~$128 and ~$191. There was a ~35% selling during Q2 2023 at prices between ~$189 and ~$223. The last quarter also saw a ~7% trimming. There was a ~16% selling this quarter at prices between ~$196 and ~$267. It is now at ~$308. Willis Towers Watson (WTW): The 1.61% WTW stake saw a ~20% increase in the last quarter at prices between ~$196 and ~$234. The stock is now at ~$273. There was a minor ~3% selling this quarter. EOG Resources (EOG): The 1.44% EOG position saw a ~45% increase in the two quarters through Q2 2023 at prices between ~$101 and ~$136. The stock currently trades at ~$125. There was a ~17% trimming in the last two quarters. Oracle Corp. (ORCL): The 0.96% ORCL position saw a ~90% increase during Q4 2022 at prices between ~$61 and ~$84. There was a ~37% selling during Q2 2023 at prices between ~$93 and ~$127. That was followed by another ~30% reduction in the last quarter at prices between ~$104 and ~$126. That was followed by similar selling this quarter at prices between ~$100 and ~$117. The stock currently trades at ~$128. Ally Financial (ALLY), Citigroup Inc. (C), Goldman Sachs (GS), Global Payments (GPN), Hilton Worldwide (HLT), Liberty Global (LBTYK), Liberty Broadband (LBRDK), Moody’s Corp. (MCO), Meta Platforms (META), Open Text Corp. (OTEX), Parker-Hannifin (PH), Reinsurance Group of America (RGA), Ryanair Holdings (RYAAY), State Street Corp. (STT), TE Connectivity (TEL), and Truist Financial (TFC): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter. Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in Ally Financial, Envista (NVST), Liberty Global, Open Text Corp, and Reinsurance Group of America. Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q4 2023:   William Nygren - Oakmark - Harris Associates Portfolio - Q4 2023 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q3 2023 and Q4 2023.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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