Bill Nygren

Bill Nygren

Last Update: 05-27-2016

Number of Stocks: 51
Number of New Stocks: 0

Total Value: $14,854 Mil
Q/Q Turnover: 2%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bill Nygren' s Profile & Performance

Profile

Bill Nygren is Portfolio Manager of The Oakmark Fund, The Oakmark Select Fund, and the Oakmark Global Select Fund. Bill has an M.S. in Finance from the University of Wisconsin-Madison, and a B.S. in Accounting from the University of Minnesota.

Web Page:http://www.oakmark.com/

Investing Philosophy

Bill Nygren and his partners are value investors, and they invest in companies that they believe trade at a substantial discount to what they consider to be the true business value. They believe that, over time, the price of a stock will rise to reflect the value of the underlying company. In evaluating potential investments, they focus on the following characteristics: A company's stock price and whether it is a significant discount to their estimate of underlying business value, free cash flows and intelligent investment of excess cash, and a high level of manager ownership. They look at each purchase as if they are buying a piece of a business, and not just a stock certificate.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Oakmark Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-3.951.19-5.1
201411.5113.69-2.2
201337.2932.394.9
3-Year Cumulative47 (13.7%/year)52.3 (15.1%/year)-5.3 (-1.4%/year)
201220.97165.0
20111.822.11-0.3
5-Year Cumulative81.1 (12.6%/year)80.4 (12.5%/year)0.7 (0.1%/year)
201012.1815.06-2.9
200944.7726.4618.3
2008-32.61-374.4
2007-3.645.49-9.1
200618.2615.792.5
10-Year Cumulative125.9 (8.5%/year)102 (7.3%/year)23.9 (1.2%/year)
2005-1.314.91-6.2
200411.7310.880.8
200325.328.68-3.4
2002-14.41-22.17.7
200118.29-11.8930.2
15-Year Cumulative216 (8%/year)107.5 (5%/year)108.5 (3%/year)
200011.78-9.120.9
1999-10.4721.04-31.5
19983.7328.58-24.8
199732.5933.36-0.8
199616.2122.96-6.8
20-Year Cumulative405.4 (8.4%/year)381.4 (8.2%/year)24 (0.2%/year)
199534.4237.58-3.2
19943.311.322.0
199330.510.0820.4
199248.97.6241.3

Top Ranked Articles

David Herro and Bill Nygren Comments on Apache Guru stock highlight
The largest contributor to performance for the quarter was Apache (NYSE:APA) (U.S.), a global oil and gas exploration company, which returned 14%. In addition to higher oil prices, Apache benefitted from solid first quarter results that demonstrated better production at lower costs. The results also showed that Apache continues to reduce its capital intensity with North American well costs down 45% since 2014 due to service prices and efficiencies. In our view, Apache has the balance sheet and asset quality to survive continued volatility in oil and gas prices, and we like how the management team is preserving and growing per share value. One of the reasons we purchased Apache last year was our confidence in the newly appointed CEO, John Christmann. He acted quickly, replacing the operating heads of each region and changing compensation metrics to focus on return, better aligning management with the shareholders. We continue to believe that Apache is inexpensive relative to the value of its properties. Read more...
David Herro and Bill Nygren Comments on Credit Suisse Guru stock highlight
Credit Suisse (NYSE:CS), one of Switzerland’s top financial services groups, was the largest detractor from performance for the quarter, declining 22%. Although the U.K.’s decision to leave the EU has negatively impacted Credit Suisse Group’s share price, it is important to remember that the bank derives only 2% of its revenues from the U.K., while 13% of its costs are denominated in pound sterling currency, the net result of which may be somewhat positive for profitability. While the decision to leave the EU has caused notable market upheaval, global market declines were actually more extreme in the first few months of 2016 due to significant commodity price weakness, concerns regarding slowed economic growth in the U.S. and China, and monetary decisions by major central banks. Even so, Credit Suisse was able to grow net new money by 6.1% in the first quarter, which was meaningfully better than the 3.8% we estimated for the full fiscal year and higher than our expected normal run-rate of 5%. Additionally, we believe its overall first quarter results were good. Performance in its investment bank division lagged behind the industry, Read more...
Bill Nygren Comments on LinkedIn Guru stock highlight
We initiated a position in LinkedIn, the world’s leading professional social network, after the stock declined precipitously in reaction to weaker-than-expected full-year revenue guidance. In our view, the sell-off in LinkedIn’s stock, in which it shed nearly half of its value in one day, was a severe over-reaction when measured against the company’s strong long-term growth potential, its unrivaled competitive position and the attractive economics of its core Software as a Service (SaaS) offerings. Powered by network effects as well as the quality and breadth of its member data, LinkedIn pioneered the concept of “passive recruiting” at a previously unattainable scale, drawing from its approximately 430 million members. In doing so, LinkedIn created a unique, highly profitable subscription-based suite of services that enables corporations to search and communicate with talent, post jobs and market their own enterprises. At our initial purchase price, LinkedIn (NYSE:LNKD) appeared substantially undervalued relative to other business service and Internet Read more...
Bill Nygren Comments on Harley-Davidson Guru stock highlight
During the quarter we added two new positions to the Fund, Harley-Davidson and the aforementioned LinkedIn. Harley-Davidson (NYSE:HOG) is one of America’s great brands, yet at 11x 2016 earnings per share, it is priced as if it’s a distressed retailer. The company’s new CEO has increased product development and marketing spending, seeking to provide long-term benefits at the expense of current margins, and is expanding into markets such as China, India and Vietnam with encouraging early results. A pervasive concern cited about Harley-Davidson is the aging of its core Baby Boomer rider base, but motorcycle ownership amongst people ages 25-50 today is as high per capita as it was when Boomers were in that demographic. We believe the long-term future of this company is bright and that the current price of the stock will prove a bargain. Read more...
Bill Nygren Comments on Chesapeake Guru stock highlight
Earlier in 2016, investors were pricing in significant bankruptcy risk across Chesapeake (NYSE:CHK)’s capital structure. At the time, we believed Chesapeake’s liquidity risks were manageable given the company’s ability to sell assets representing a small percentage of its future production in exchange for cash, making up a meaningful percentage of the company’s enterprise value. We felt that Chesapeake’s bonds at the time had a similar upside to the stock and had the added benefit of higher seniority in the capital structure, so we swapped the preponderance of our Chesapeake equity position into the company’s fixed income securities. On average over the months in which we executed this trade, we sold CHK stock for approximately $4 per share and bought bonds trading for $48. Read more...
» More Bill Nygren Articles

Commentaries and Stories

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David Herro and Bill Nygren Comments on Credit Suisse Guru stock highlight
Credit Suisse (NYSE:CS), one of Switzerland’s top financial services groups, was the largest detractor from performance for the quarter, declining 22%. Although the U.K.’s decision to leave the EU has negatively impacted Credit Suisse Group’s share price, it is important to remember that the bank derives only 2% of its revenues from the U.K., while 13% of its costs are denominated in pound sterling currency, the net result of which may be somewhat positive for profitability. While the decision to leave the EU has caused notable market upheaval, global market declines were actually more extreme in the first few months of 2016 due to significant commodity price weakness, concerns regarding slowed economic growth in the U.S. and China, and monetary decisions by major central banks. Even so, Credit Suisse was able to grow net new money by 6.1% in the first quarter, which was meaningfully better than the 3.8% we estimated for the full fiscal year and higher than our expected normal run-rate of 5%. Additionally, we believe its overall first quarter results were good. Performance in its investment bank division lagged behind the industry, More...

  • Currently 0.00/5

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David Herro and Bill Nygren Comments on Apache Guru stock highlight
The largest contributor to performance for the quarter was Apache (NYSE:APA) (U.S.), a global oil and gas exploration company, which returned 14%. In addition to higher oil prices, Apache benefitted from solid first quarter results that demonstrated better production at lower costs. The results also showed that Apache continues to reduce its capital intensity with North American well costs down 45% since 2014 due to service prices and efficiencies. In our view, Apache has the balance sheet and asset quality to survive continued volatility in oil and gas prices, and we like how the management team is preserving and growing per share value. One of the reasons we purchased Apache last year was our confidence in the newly appointed CEO, John Christmann. He acted quickly, replacing the operating heads of each region and changing compensation metrics to focus on return, better aligning management with the shareholders. We continue to believe that Apache is inexpensive relative to the value of its properties. More...

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Nygren and Herro's Oakmark Global Select Fund 2nd Quarter Commentary Discussion of holdings and outlook Bill Nygren,David Herro - Nygren And Herro's Oakmark Global Select Fund 2nd Quarter Commentary
The Oakmark Global Select Fund declined 4% for the quarter ended June 30, 2016, underperforming the MSCI World Index, which returned 1% for the quarter. The Fund has returned an average of 7% per year since its inception in October 2006, outperforming the MSCI World Index’s annualized gain of 4% over the same period. More...

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Rating: 5.0/5 (1 vote)

Bill Nygren Comments on Chesapeake Guru stock highlight
Earlier in 2016, investors were pricing in significant bankruptcy risk across Chesapeake (NYSE:CHK)’s capital structure. At the time, we believed Chesapeake’s liquidity risks were manageable given the company’s ability to sell assets representing a small percentage of its future production in exchange for cash, making up a meaningful percentage of the company’s enterprise value. We felt that Chesapeake’s bonds at the time had a similar upside to the stock and had the added benefit of higher seniority in the capital structure, so we swapped the preponderance of our Chesapeake equity position into the company’s fixed income securities. On average over the months in which we executed this trade, we sold CHK stock for approximately $4 per share and bought bonds trading for $48. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Nygren Comments on Harley-Davidson Guru stock highlight
During the quarter we added two new positions to the Fund, Harley-Davidson and the aforementioned LinkedIn. Harley-Davidson (NYSE:HOG) is one of America’s great brands, yet at 11x 2016 earnings per share, it is priced as if it’s a distressed retailer. The company’s new CEO has increased product development and marketing spending, seeking to provide long-term benefits at the expense of current margins, and is expanding into markets such as China, India and Vietnam with encouraging early results. A pervasive concern cited about Harley-Davidson is the aging of its core Baby Boomer rider base, but motorcycle ownership amongst people ages 25-50 today is as high per capita as it was when Boomers were in that demographic. We believe the long-term future of this company is bright and that the current price of the stock will prove a bargain. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Nygren Comments on LinkedIn Guru stock highlight
We initiated a position in LinkedIn, the world’s leading professional social network, after the stock declined precipitously in reaction to weaker-than-expected full-year revenue guidance. In our view, the sell-off in LinkedIn’s stock, in which it shed nearly half of its value in one day, was a severe over-reaction when measured against the company’s strong long-term growth potential, its unrivaled competitive position and the attractive economics of its core Software as a Service (SaaS) offerings. Powered by network effects as well as the quality and breadth of its member data, LinkedIn pioneered the concept of “passive recruiting” at a previously unattainable scale, drawing from its approximately 430 million members. In doing so, LinkedIn created a unique, highly profitable subscription-based suite of services that enables corporations to search and communicate with talent, post jobs and market their own enterprises. At our initial purchase price, LinkedIn (NYSE:LNKD) appeared substantially undervalued relative to other business service and Internet More...

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Bill Nygren's 2nd Quarter Oakmark Select Fund Commentary Review of quarter and holdings Bill Nygren - Bill Nygren's 2nd Quarter Oakmark Select Fund Commentary
The Oakmark Select Fund was up 3% for the quarter, ahead of the S&P 500’s 2% return. Three quarters into our fiscal 2016, the Oakmark Select Fund increased by 4% compared to an 11% gain for the S&P 500. More...

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Bill Nygren's Oakmark Fund: 2nd Quarter 2016 Review of market and holdings Bill Nygren - Bill Nygren's Oakmark Fund: 2nd Quarter 2016
The Oakmark Fund increased 1% in the second quarter of 2016, lagging behind the 2% gain for the S&P 500 Index. News of the U.K.’s decision to leave the European Union, known as Brexit, brought substantial volatility late in the quarter, and our financial holdings were pressured by fears of slower global growth and stubbornly low interest rates. At Oakmark, we evaluate businesses by summing the present value of their future cash flows, which we believe will only be minimally affected by the Brexit. We view this vote as a short-term dislocation that could actually provide buying opportunities for patient, long-term investors. Although our financial holdings were hurt toward the end of the quarter, we continue to think these are among the most attractive names in the Oakmark portfolio. Large financial institutions are in much better shape now than they were during the financial crisis of 2008-2009. We believe they are better capitalized and that most have developed a leaner cost structure and lower risk profile. On a more positive note, energy commodity prices increased significantly during the quarter, and our energy holdings benefited from this favorable pricing trend. More...

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Bill Nygren's 2nd Quarter Market Commentary Periods of underperformance create an opportunity for profit Bill Nygren - Bill Nygren's 2nd Quarter Market Commentary
Shortly after I moved to Chicago, a good friend introduced me to Earl the ticket broker. Having grown up in Minnesota, I didn’t even know what a ticket broker was. If you wanted to attend an event, you bought tickets from the box office far in advance. And you paid face value. But that wasn’t very effective for an analyst in the investment management industry, given the long and unpredictable hours. It was pointless to buy tickets months in advance and then miss the event because I had to work late. I often found out if an evening would be free only a day in advance. Of course by then, all the popular events were sold out. More...

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Alphabet and Bank Stocks Lead Buying List for Bill Nygren Equity valuations in the current market and top stocks to buy Bill Nygren - Alphabet And Bank Stocks Lead Buying List For Bill Nygren
As the market has fallen following the United Kingdom’s vote to exit the European Union, investors are becoming fearful of what may be in store and where to invest in the current market environment. While the U.K. is not shutting down, its new negotiation of trade agreements will challenge its own trade balance, allow for other countries to take a stronger lead and weaken its currency. More...

U.S. FINANCIAL MARKET


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Oil Update: Are Bargains Still Out There? - Harris Associates 'It has been a difficult 16 months for U.S. energy companies, but we still see undervalued opportunities' Bill Nygren - Oil Update: Are Bargains Still Out There? - Harris Associates
Judson Brooks is a partner and U.S. investment analyst at Harris Associates. Prior to joining Harris Associates in 2001, Judson was a research analyst at Ariel Capital Management. He has an MBA from the University of Chicago and a BA from Indiana University. Judson is a CFA charterholder. More...

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Brexit Threat and Long-Term Investors: Most Discounted Financials How gurus think uncertainty spillover is creating opportunity in US and 5 financials with largest declines Bill Nygren,First Eagle Investment - Brexit Threat And Long-Term Investors: Most Discounted Financials
Many economists and international organizations have opined on the potential dangers of a British decision to leave the EU next week, but its jarring impact on the market may have a different meaning for long-term investors. Already it has helped put many banks on sale. More...

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Gurus Who Bought LinkedIn Cheap in 2nd Quarter See Big Gains Stock's drop met some estimates of intrinsic value before Microsoft merger Bill Nygren,David Herro - Gurus Who Bought LinkedIn Cheap In 2nd Quarter See Big Gains
The Microsoft-LinkedIn deal this week conferred some much needed mercy on funds this quarter, if they owned LinkedIn (NYSE:LNKD) stock. More...

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Oakmark Fund Celebrates LinkedIn-Related Jump Fund enjoyed unusual day after buying LinkedIn in third quarter Bill Nygren - Oakmark Fund Celebrates LinkedIn-Related Jump
From the Oakmark Fund, led by Bill Nygren (Trades, Portfolio) and David Herro (Trades, Portfolio): More...

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Bill Nygren of Oak Mark Fund Invests in Citigroup and Ally Financial Financial services stocks are staples of Nygren's portfolio Bill Nygren - Bill Nygren Of Oak Mark Fund Invests In Citigroup And Ally Financial
During the first quarter, Bill Nygren (Trades, Portfolio) of Oak Mark Fund increased his position in Ally Financial Inc. (NYSE:ALLY) by 49.90%, ending with 15,674,000 shares of the stock. More...

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Bill Nygren Adds Stake in Fiat Chrysler Automobiles The 7th largest automaker in the world has steady revenue growth Bill Nygren - Bill Nygren Adds Stake In Fiat Chrysler Automobiles
Bill Nygren (Trades, Portfolio) increased his stake in Fiat Chrysler Automobiles NV (FIATY) during the first quarter. More...

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Bill Nygren Gets Better Than Fair Value for 3 Stakes Only divestitures of American Express, Union Pacific were short of calculations Bill Nygren - Bill Nygren Gets Better Than Fair Value For 3 Stakes
Bill Nygren (Trades, Portfolio) of Oakmark Fund sold more stakes in the first quarter – five – than he had in more than a year. In all but two of those transactions, he sold the shares for well in excess of their fair values. More...

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Carlson Reduces Holdings in Monsanto and eBay in 1st Quarter Guru invests in stakes in Charter Communications and Microsoft Bill Nygren,David Carlson - Carlson Reduces Holdings In Monsanto And EBay In 1st Quarter
The top two transactions in the first-quarter portfolio of David Carlson (Trades, Portfolio) of Elfun Trusts were large stake reductions – one in a biotechnology company, the other in an ecommerce company. More...

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Fiat Chrysler Recalls Vehicles Over Transmission Problems Action affects more than 1 million vehicles in North American, international markets Bill Nygren, Mohnish Pabrai - Fiat Chrysler Recalls Vehicles Over Transmission Problems
London-based Fiat Chrysler Automobiles (NYSE:FCAU), the seventh-largest automaker in the world, announced Friday that it would recall more than 1 million vehicles because they can roll abruptly and, as a result, cause damage and/or injuries if the transmission is being used incorrectly. More...

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Financial Stocks’ Weakness Attractive to Oakmark’s Nygren – Top Picks Nygren is buying low-price financials, while Bill Gross says the sector won't get better Bill Nygren - Financial Stocks’ Weakness Attractive To Oakmark’s Nygren – Top Picks
In search of a great unloved sector, Oakmark Funds’ Bill Nygren (Trades, Portfolio) vouched for financial stocks in 2016. He had 18 in this portfolio at the end of the fourth quarter, and in spite of their downward slide this year he hasn’t changed his mind. More...

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