Bill Nygren portfolio & holdings

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.