Bill Nygren

Across Bill Nygren’s registered funds — $53.85B disclosed in SEC Form N-PORT — just 62.7% sits in US-listed equity, the only slice a 13F reports. The other $20.07B is foreign listings, bonds and cash — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 8 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $75.16B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Bill Nygren

Bill Nygren has managed the Oakmark Fund and Oakmark Select Fund at Harris Associates since the early 1990s, building a reputation as a disciplined large-cap value investor whose framework centers on buying businesses at a significant discount to his estimate of intrinsic value — typically defined as what a rational private buyer would pay — and waiting for that gap to close. His style is fundamentals-driven and patient, with a willingness to hold names that look expensive on trailing multiples if he believes normalized earnings are being obscured; his long-running positions in financials and media have reflected that tolerance for complexity. The 13F shows 156 positions worth roughly $75B, with top-5 concentration around 17% — diversified enough that no single bet dominates. Because Oakmark runs long-only equity mutual funds, the 13F is a reasonably complete picture of the U.S. equity book, though international holdings (Oakmark International is a separate strategy) and any cash positioning won't appear here. The clone backtest showing roughly -2.6% annual excess return versus SPY over twelve years is consistent with the broader headwind value-oriented managers faced during a prolonged period of growth-factor dominance.