Bill Nygren

Bill Nygren

Last Update: 12-06-2016

Number of Stocks: 48
Number of New Stocks: 1

Total Value: $13,993 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

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
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. Read more...
Carl Icahn Gives Statement on Selling Chesapeake Energy at Loss Icahn cuts one of his several energy losers
Carl Icahn (Trades, Portfolio) gave up half his stake in Chesapeake Energy Corp. (NYSE:CHK) on Monday at a sizable loss. Read more...
Bill Nygren Gets Better Than Fair Value for 3 Stakes Only divestitures of American Express, Union Pacific were short of calculations
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. Read more...
Fiat Chrysler Recalls Vehicles Over Transmission Problems Action affects more than 1 million vehicles in North American, international markets
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. Read more...
Gurus Who Bought LinkedIn Cheap in 2nd Quarter See Big Gains Stock's drop met some estimates of intrinsic value before Microsoft merger
The Microsoft-LinkedIn deal this week conferred some much needed mercy on funds this quarter, if they owned LinkedIn (NYSE:LNKD) stock. Read more...
» More Bill Nygren Articles

Commentaries and Stories

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Herro and Nygren Comment on Ingenico Group Guru stock highlight
During the quarter, we initiated one new position in France-based Ingenico Group (XPAR:ING), a global leader in secure electronic payment solutions. The company provides products and services that include point-of-sale payment terminals, payment software and mobile e-payment solutions. We eliminated our positions in China ZhengTong Auto Services (China) and Ichiyoshi Securities (Japan) during the quarter. Also in December, the acquisition of gategroup (Switzerland) by Chinese conglomerate HNA Group was completed. More...

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Herro and Nygren Comment on Incitec Pivot Guru stock highlight
A top-performing stock for the quarter was Incitec Pivot (ASX:ISL), an Australian manufacturer of mining explosives, fertilizers and industrial chemicals. Incitec Pivot’s share price reacted favorably following the company’s fiscal year earnings report that was released in early November. Overall, these results were in line with our estimates and represent what we believe is solid performance in the face of significant macro headwinds across Incitec's businesses. We met with management in December, and found that their efforts to reduce costs during 2016 were substantive and helped counter tough market conditions that significantly affected their earnings, such as steep price declines for fertilizers. Overall, the company expects its markets to remain challenging in 2017. However, management is on track to deliver additional cost savings to help combat this, and certain markets seem to be improving, including the mining explosives and urea markets. In addition, the company is now in position to harvest the benefits of a period of significant capital investment. Even with the recent share price advance, we believe Incitec Pivot More...

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Herro and Nygren Comment on Citigroup Guru stock highlight
Citigroup (NYSE:C)’s global franchise gives it a unique advantage because it has more than twice as many country banking licenses as its closest competitor. This unique global reach is an attractive asset and difficult to replicate in today’s regulatory environment. We believe Citigroup has substantial excess capital, which—combined with its significant deferred tax assets—should give the management team many opportunities to increase shareholder value. More...

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Herro and Nygren Comment on Lloyds Guru stock highlight
We have been following Lloyds (NYSE:LYG) for some time, and the U.K.’s recent decision to withdraw from the European Union translated to a decline in Lloyds’ share price. In our estimation, this price drop greatly exceeded any actual loss of intrinsic value of the company, and we believe Lloyds is undervalued relative to its normalized earnings power. More...

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Herro and Nygren Comment on Danone Guru stock highlight
Danone (XPAR:DN), one of the largest dairy food producers and bottled water suppliers in the world, was the largest detractor for the quarter, declining 14%. Danone’s third-quarter results were weaker than expected given continued destocking in both its Waters and Early Life Nutrition segments. The Waters division is suffering from oversupply as growth normalizes in China. Early Life Nutrition has been hurt by regulatory changes in China since distribution is shifting from indirect to direct. We believe both divisions will continue to be weak in the short term. Additionally, Danone is in the process of acquiring WhiteWave, a U.S.-based dairy food producer, and investors reacted negatively to WhiteWave’s third-quarter results, which fell short of expectations. We continue to believe the strategic rationale behind the WhiteWave acquisition is sound. It will enable Danone to integrate fast-growing brands and gain leverage with retailers, which should lead to improved competitive positioning. In December, Danone amended fiscal-year guidance by lowering organic growth but increasing operating margins. The organic growth shortfall More...

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Herro and Nygren Comment on Bank of America Guru stock highlight
Bank of America (NYSE:BAC), one of the biggest U.S. banks, was the largest contributor to performance for the quarter, returning 42%. Bank of America’s share price reacted positively to third-quarter results that showed strong capital market performance and healthy loan and deposit growth. The election of Donald Trump further boosted Bank of America’s stock price amid investors’ expectations that a Trump administration would lead to less regulation. Additionally, the president-elect has promised to boost economic growth, which should allow for interest rates to return to more normalized levels and benefit companies in the financials sector. We believe an improving interest rate environment, along with additional expense reductions and continued share repurchases, will drive strong EPS growth over the next several years. At its current price, we believe Bank of America remains undervalued. More...

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Herro and Nygren's Oakmark Global Select Fund Fourth Quarter Commentary Review of market and holdings David Herro,Bill Nygren - Herro And Nygren's Oakmark Global Select Fund Fourth Quarter Commentary
The Oakmark Global Select Fund returned 7% for the quarter ended December 31, 2016, outperforming the MSCI World Index’s 2% return. For the calendar year, the Fund returned 10%, outperforming the MSCI World Index’s return of 8%. The Fund has returned an average of 8% per year since its inception in October 2006, outperforming the MSCI World Index’s annualized gain of 5% over the same period. More...

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Bill Nygren Comments on Ally Financial Guru stock highlight
We continue to believe that financial stocks are quite undervalued as well. During the quarter we made a new investment in Ally Financial (NYSE:ALLY). Ally was founded nearly a century ago as General Motors Acceptance Corporation. Its purpose then was to provide financing to GM dealers and retail customers. Today, Ally is no longer owned by GM. It serves a wide variety of dealers (including Ford, Chrysler and Toyota), and it is carefully building a consumer franchise. In our view, investors are myopically concerned that the auto business is at a cyclical peak. U.S. auto sales are near record levels, and credit losses are below long-term averages. Some believe Ally’s earnings have nowhere to go but down. We believe cyclical pressures will be more than offset by continued internal improvements, such as funding cost reductions (low-cost online deposits grew 19% in the third quarter of 2016) and improving the capital structure. With Ally’s stock trading at roughly 68% of tangible book value, we believe Ally is a compelling addition to the Oakmark Select Fund. We didn’t eliminate any positions during the quarter and exit 2016 with More...

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Bill Nygren Comments on HCA Guru stock highlight
HCA (NYSE:HCA) is the largest operator of for-profit hospitals and related health care services in the U.S. The company benefits from scale and size advantages, an attractive geographic footprint in higher growth markets, best-in-class management and governance, and an equity-friendly approach to capital allocation. We expect HCA to grow operating income in the mid-single digits and grow EPS in the low-double digits over time. Hospital stocks sold off following the presidential election due to concerns that the benefits from health care reform will be lost. We believe that HCA’s share price discounts the effects of repealing the Affordable Care Act. Accordingly, the shares are selling below our estimate of intrinsic value. More...

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Bill Nygren Comments on Baxter Guru stock highlight
Baxter (NYSE:BAX) is a collection of disparate health care businesses, which include dialysis consumables, intravenous solutions and surgical sealants. These businesses represent what was left at Baxter following the spinoff of Baxalta in mid-2015. The businesses hadn’t been run optimally, and at the time of the spin were only producing 9% margins, which represents less than half of the levels we believe to be achievable. Baxter hired outsider Jose Almeida as CEO in late 2015. Oakmark Fund shareholders might fondly remember Almeida from his successful tenure as CEO of our long-time holding Covidien, where he fixed (and eventually sold) a collection of health care assets that had been spun out from Tyco International. We believe Almeida has the right skill set to improve Baxter’s margins and portfolio of assets, and that the company is selling at a large discount to intrinsic value. More...

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Bill Nygren Comments on AutoNation Guru stock highlight
AutoNation (NYSE:AN) is the largest automotive retailer in the U.S. The company owns and operates 371 new vehicle franchises through 261 stores, located predominantly in major metropolitan markets. The stock was down 18% in 2016 because investors were disappointed by the company’s earnings and were fearful that the auto cycle had reached its peak. The soft earnings were caused by brand-building investments, disruptions from a Takata airbag recall and poor performance in Texas. We are confident that these are short-term setbacks and that AutoNation will be able to rebound. In our view, the brand and franchise remain strong, and the company’s CEO, Mike Jackson, is a proven operator and superb capital allocator. Since Jackson became CEO in 1999, he has opportunistically used share repurchases to reduce the share base by 75%, contributing to a total return to shareholders of 346% (versus 144% for the S&P 500). We believe that paying 11x depressed earnings for an industry leader with such a strong track record is a compelling investment. More...

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Bill Nygren's Oakmark Select Fund: Fourth Quarter 2016 Commentary Review of market and holdings Bill Nygren - Bill Nygren's Oakmark Select Fund: Fourth Quarter 2016 Commentary
The Oakmark Select Fund increased 10% for the quarter, compared to 4% for the S&P 500 Index. For all of calendar 2016, the Fund increased 15%, compared to a 12% gain for the S&P 500 Index. We’re happy to highlight that the Fund hit a new all-time high adjusted NAV this quarter. More...

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Bill Nygren's Oakmark Fund Commentary: Fourth Quarter 2016 Review of market and holdings Bill Nygren - Bill Nygren's Oakmark Fund Commentary: Fourth Quarter 2016
The Oakmark Fund returned 8% during the fourth quarter of 2016, hitting an all-time high NAV and bringing the calendar year to a gain of 18%. These strong results were ahead of the S&P 500, which was up 4% for the fourth quarter and up 12% for the calendar year. We are very pleased that recent performance showed a substantial reversal from the results reported to you following the fourth quarter of 2015. At that time, we reiterated confidence in our time-tested philosophy, investment process and research team. A big part of our process involves having the patience to wait for the gap between a company’s intrinsic value and its stock price to close. While that gap had been frustratingly large over the past couple of years, we maintained high portfolio weightings in the out-of-favor financials, information technology, and energy sectors. At the beginning of 2016, over 60% of the Fund’s equity assets were invested in these three sectors, and our long time horizon allowed us to maintain these high conviction levels throughout the year. More...

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Bill Nygren: Investors Approaching Retirement Should Invest in More Stocks Nygren discussed investing in the rising market and new wisdom on asset allocation Bill Nygren - Bill Nygren: Investors Approaching Retirement Should Invest In More Stocks
Bill Nygren (Trades, Portfolio), investor at the Oakmark Fund, helped investors navigate the current market, where high prices have met a president reputedly favoring economic growth policies. Nygren said that not only is it not too late for most investors to get into the market but, due to longer life spans, retirees should begin ignoring the rule of having 60% stocks and 40% bonds and allocate more to stocks. More...

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Bill Nygren Gains MGM Resorts, Removes 3 Postions Fund manager reports third-quarter portfolio Bill Nygren - Bill Nygren Gains MGM Resorts, Removes 3 Postions
Bill Nygren (Trades, Portfolio), portfolio manager of the Oakmark Funds, invests in companies that trade at substantial discounts to their business value. As discussed in the fund’s prospectus, the Oakmark Select Fund seeks long-term capital appreciation based on the assumption that the company’s stock price converges to the intrinsic value over time. Nygren and his partners view each stock buy as “a piece of the business” instead of simply a stock certificate. More...

BILL NYGREN


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Tweedy Browne Sells Halliburton, Johnson & Johnson An overview of the fund's largest trades in the 3rd quarter Tweedy Browne,Bill Nygren,Spiros Segalas,First Pac - Tweedy Browne Sells Halliburton, Johnson & Johnson
Tweedy Browne is an investment partnership owned by its four managing directors, William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr. During the third quarter the guru firm's largest sales were: More...

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Bill Nygren: Joe Maddon Made the Cubs Better. Could He Do the Same for Investors? Oakmark investors draws investing lessons from Cubs win Bill Nygren - Bill Nygren: Joe Maddon Made The Cubs Better. Could He Do The Same For Investors?
Bill Nygren (Trades, Portfolio) has been a manager of the Oakmark Select Fund (OAKLX) since 1996, Oakmark Fund (OAKMX) since 2000 and the Oakmark Global Select Fund (OAKWX) since 2006. He joined Harris Associates in 1983 and served as the firm's Director of Research from 1990 to 1998. He holds an M.S. in Finance from the University of Wisconsin's Applied Security Analysis Program (1981) and a B.S. in Accounting from the University of Minnesota (1980). More...

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Bill Nygren's Largest Investments of the Year Holdings with the highest returns year to date Bill Nygren,T Rowe Price Equity Income Fund,PRIMEC - Bill Nygren's Largest Investments Of The Year
Bill Nygren (Trades, Portfolio) is portfolio manager of the Oakmark Fund, the Oakmark Select Fund and the Oakmark Global Select Fund. The following are the best performers of his investments this year. More...

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Ray Dalio's Best-Performing Investments of the Year His holdings with the largest returns year to date Ray Dalio,Bill Nygren,PRIMECAP Management,Jim Simo - Ray Dalio's Best-Performing Investments Of The Year
Ray Dalio (Trades, Portfolio) founded Greenwich, Connecticut-based hedge fund Bridgewater Associates in 1975. Now it has more than $165 billion under management. The firm claims 13% annual returns after fees. More...

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Bill Nygren Comments on MGM Resorts International Guru stock highlight
We sold our remaining shares of LinkedIn (NYSE:LNKD) and established a new position in casino operator MGM Resorts International (NYSE:MGM). We believe the recovery potential in the Las Vegas market and MGM’s profit improvement plan are both underappreciated at the current value. Meanwhile, management has been busily working to close the price-value gap on the shares by monetizing latent real estate value and improving the balance sheet. In the short time we’ve owned MGM, both the fundamentals and management actions have been consistent with our thesis. More...

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