Bill Nygren

Bill Nygren

Last Update: 02-26-2018

Number of Stocks: 54
Number of New Stocks: 4

Total Value: $18,685 Mil
Q/Q Turnover: 7%

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 (%)
201721.1421.71-0.6
201618.3511.996.4
2015-3.951.24-5.2
3-Year Cumulative37.7 (11.3%/year)38 (11.3%/year)-0.3 (0%/year)
201411.5113.47-2.0
201337.2932.35.0
5-Year Cumulative110.8 (16.1%/year)107.2 (15.7%/year)3.6 (0.4%/year)
201220.9715.995.0
20111.821.9-0.1
201012.1815.05-2.9
200944.7726.3518.4
2008-32.61-36.794.2
10-Year Cumulative184.2 (11%/year)125 (8.4%/year)59.2 (2.6%/year)
2007-3.645.14-8.8
200618.2615.852.4
2005-1.314.83-6.1
200411.7310.71.0
200325.328.19-2.9
15-Year Cumulative347.4 (10.5%/year)307.7 (9.8%/year)39.7 (0.7%/year)
2002-14.41-21.587.2
200118.29-11.7630.1
200011.78-9.7521.5
1999-10.4720.4-30.9
19983.7328.7-25.0
20-Year Cumulative370.3 (8%/year)294.5 (7.1%/year)75.8 (0.9%/year)
199732.5933.47-0.9
199616.2122.49-6.3
199534.4238.04-3.6
19943.310.42.9
199330.510.0820.4
25-Year Cumulative1213.1 (10.8%/year)883.9 (9.6%/year)329.2 (1.2%/year)
199248.97.6241.3

Top Ranked Articles

A Look at GE's Aviation Business An analysis of one of the company's best businesses
In December 2017, Bill Nygren (Trades, Portfolio) and Win Murray of the Oakmark Funds sat down for an interview with GuruFocus. One of the topics discussed was General Electric (NYSE:GE), which Oakmark started buying a few months earlier. Here’s Murray with an update on GE: Read more...
Losers Average Losers Some thoughts on buying more of a stock when intrinsic value is declining
In a recent interview with Outlook Business, value investor Bill Nygren (Trades, Portfolio) of the Oakmark Fund shared an important lesson that he picked up from Paul Tudor Jones (Trades, Portfolio) (bold added for emphasis): Read more...
11 Questions With Oakmark's Bill Nygren and Win Murray GuruFocus discusses investing with two index-beating value investors
Reflecting on your current holdings, did the Oakmark Select Fund buy from a “shopping list” where you waited for your price/value point, or were you more opportunistic, following and buying from market mispricing? Read more...
The 5-Year Forward Price-to-Earnings Multiple Thinking about long-term expectations when valuing a business
I tweeted something back in February that I thought was interesting and good for a laugh: Read more...
Ask Oakmark's Bill Nygren Your Investing Question Market-beating investor joins GuruFocus for Q&A
GuruFocus readers have several days to ask their investing questions to two noted value investors, Bill Nygren (TradesPortfolio) and Win Murray as part of a GuruFocus Q&A. Read more...
» More Bill Nygren Articles

Commentaries and Stories

  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Stocks With Low P/E Ratios Guru Investors Are Buying Rising tides haven't lifted all ships Bill Nygren,Pioneer Investments - Stocks With Low P/E Ratios Guru Investors Are Buying
Although the 10-year bull market has lost some steam in 2018, it remains elevated. Valuations of the S&P 500 vary, but the Wall Street Journal places the price-earnings ratio of the index at 24.09 as of April 30, a level brushed in 2016 and otherwise unseen since before the market blow-ups of 2008 and 2002. The ratio also lies far above its average since 1870 of 15.70. More...

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The 5-Year Forward Price-to-Earnings Multiple Thinking about long-term expectations when valuing a business Bill Nygren - The 5-Year Forward Price-to-Earnings Multiple
I tweeted something back in February that I thought was interesting and good for a laugh: More...

LONG MSFT, MCO, UA, CMG AND GE


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

JPMorgan Reports Strong Revenue Growth in 1st Quarter Bank reports earnings beat Bill Nygren - JPMorgan Reports Strong Revenue Growth In 1st Quarter
JPMorgan Chase & Co. (NYSE:JPM), a major global bank, said first-quarter net revenues increased 10% due to higher net interest income and slightly lower provision for credit losses. More...

BILL NYGREN, OAKMARK FUND


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Nygren: Buying Facebook, Selling JPMorgan. Why? A discussion of Oakmark's new pick and the sale of this banking giant Bill Nygren - Nygren: Buying Facebook, Selling JPMorgan. Why?
Bill Nygren (Trades, Portfolio) appeared on CNBC Thursday to discuss some of the Oakmark Funds' holdings. Two holdings he specifically talked about at some length were Facebook (NASDAQ:FB) and JPMorgan (NYSE:JPM). More...

LONG, TECH, BANKS, FINANCE


  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Bill Nygren on CNBC: Markets, Financial Earnings Season and Facebook Guru is optimistic on financials and Facebook Bill Nygren - Bill Nygren On CNBC: Markets, Financial Earnings Season And Facebook
Bill Nygren (Trades, Portfolio), portfolio manager at Oakmark Funds, gave his take on the markets and his first quarter buys on CNBC Thursday. More...

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Rating: 5.0/5 (1 vote)

David Herro Comments on Intesa Sanpaolo Guru stock highlight
Intesa Sanpaolo (MIL:ISP), an Italian retail and commercial bank, was the top contributor to performance for the quarter. During the quarter, Intesa released fiscal 2017 earnings that exceeded expectations. The company’s total amount of non-performing loans declined for the ninth straight quarter, further improving its asset quality, and Intesa’s capital position was stronger than expected. The company also announced its new business plan for 2018-2021. At first glance the plan appears ambitious, but we have confidence in CEO Carlo Messina who largely delivered on the previous plan (2013-2017). A few highlights include revenue CAGR of 4%, credit costs declining to pre-crisis levels, net income increasing nearly 60% to E6 billion and a CET1 ratio of 13.1% by 2021. We continue to be impressed by Messina and believe he has great command of both the big picture and the details of the business. We believe Intesa remains an extremely well-run bank, trading at a significant discount to our estimate of intrinsic value. More...

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Rating: 5.0/5 (1 vote)

David Herro and Bill Nygren Comment on WPP Guru stock highlight
WPP (NYSE:WPP), a leading global advertising company, was the largest detractor for the quarter. Investors reacted negatively to the company’s fiscal 2017 results, reported in March. Account losses from 2016 had an abnormally high negative effect on growth in 2017. The company also announced weaker guidance for 2018. However, management indicated this is primarily due to the poor performance of legacy businesses rather than problems in the company’s digital or media divisions. Many developed-market multinational companies are cutting their advertising spending to control costs, which has in turn put pressure on global advertising agencies. WPP has admitted they were slow to recognize this trend and subsequently contain costs, but management will be more diligent to such changes going forward. WPP’s media and digital businesses are performing well and have good growth prospects, although the company is facing some short-term pressure. Despite the challenging short-term situation, our investment thesis for WPP is intact, and we used its recent share price weakness to increase our position. More...

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Bill Nygren Comments on American Airlines Guru stock highlight
Although the airlines have always provided a useful consumer service, we feel they have historically been unattractive long-term investment candidates. In the past, the major U.S. airlines lacked pricing power and faced problems related to poor corporate cultures. However, after years of consolidation capped by the merger of US Airways and American Airlines (NASDAQ:AAL) in 2013, the industry has become more mature and disciplined. The three major hub-and-spoke carriers each have strengths in their respective hubs, and their management teams are making wiser decisions about capacity additions and capital allocation. American Airlines’ CEO Doug Parker sees substantial opportunity to grow value as the company completes the US Airways merger integration. He is improving the company’s culture and restoring credibility with employees. Parker believes that American Airlines has around $5 billion of pretax earnings power, which is up 50% from our 2017 estimate, and he has bought back 37% of the company’s shares since the merger closed. With the stock selling for a single-digit multiple of normal earnings power, we believe American Airlines is an attractive More...

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Bill Nygren Comments on Harley-Davidson Guru stock highlight
We sold almost all of our position in Harley-Davidson during the quarter. Our Harley-Davidson (NYSE:HOG) thesis required continued strong growth internationally and improved U.S. sales as the number of used bikes, which date back to peak year deliveries more than 10 years ago, become less attractive substitutes for new bike sales. The company’s international and U.S. sales have lagged behind our expectations, and after reassessing Harley-Davidson’s per share value, we found a better alternative for the portfolio, American Airlines. More...

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Bill Nygren Comments on Regeneron Guru stock highlight
Regeneron (NASDAQ:REGN) is a biotech company with industry-leading research and development (R&D) productivity and a proven management team. The company is led by its founder Len Schleifer who maintains a culture focused on internal development of novel new drugs. Schleifer also holds a significant equity stake in the company. Over the past decade, Regeneron has received approval for six drugs, all of which were developed in-house. Regeneron prices its drugs responsibly, and the company has never initiated a price increase. Recent drug approvals provide a strong path for long-term growth, and we expect that its largest drug, Eylea, will be sustainable for at least several more years. Regeneron spends significantly more than its peers on R&D, and its selling, general and administrative (SG&A) spending is elevated, as a result of several recent drug launches. We believe Regeneron’s R&D spending provides a great return on investment, and we expect launch costs to normalize over time. Although the company’s consensus P/E multiple appears high, if its R&D and SG&A costs are adjusted to average levels, Regeneron would trade at a low-teens More...

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Bill Nygren Comments on Flex Guru stock highlight
Flex (NASDAQ:FLEX) is undergoing a business transformation that should result in structurally higher returns on invested capital. A decade ago, the company, then known as Flextronics, looked like a classic contract manufacturer. Like its peers, it had a concentrated customer base, composed almost entirely of electronics companies, and it would manufacture products to meet customer specifications. Contract manufacturers have few meaningful competitive advantages in the low-margin manufacturing business, as their main value-add is locating production in low-cost regions. However, since Mike McNamara took over as CEO in 2006, Flex has been investing in what it calls “sketch-to-scale” capabilities, in which Flex’s engineers are actually involved in the design phase of customers’ products. This is a better business than contract manufacturing due to higher barriers to entry, stickier customer relationships and higher profit margins. Sketch-to-scale arrangements account for about 23% of revenues today and should almost double to 40% by 2020. In our view, this business shift and the accompanying boosts to both margin and ROIC are not priced into the stock, which trades for less than 14x More...

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Rating: 5.0/5 (1 vote)

Bill Nygren Comments on Facebook Guru stock highlight
Facebook (NASDAQ:FB) controls the world’s most dominant social networking platforms, Facebook and Instagram. The company’s unprecedented global reach and infamous ad-targeting capabilities have made Facebook one of the most sought after and effective advertising platforms ever created. More recently, a considerable amount of negative press has surrounded the company, as has happened occasionally in the past. Facebook’s business has repeatedly withstood these historical setbacks, due in part to its superior products, powerful network effect and track record of out-innovating, replicating or acquiring its would-be competitors. Without ascribing value to the company’s non-earning assets, which include messaging platforms WhatsApp and Messenger (among others), Facebook is trading at less than 15x next year’s earnings (excluding net cash), a discount to the S&P 500 Index. This is a very attractive valuation for a company that is projected to grow its revenue well in excess of 20% for the foreseeable future. We believe that Facebook’s normalized operating margin is substantially higher than what it reports, as the company continues to invest heavily More...

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Bill Nygren and David Herro's Oakmark Global Select Fund First Quarter Shareholder Letter Review of holdings and markets Bill Nygren,David Herro - Bill Nygren And David Herro's Oakmark Global Select Fund First Quarter Shareholder Letter
The Oakmark Global Select Fund declined 3.3% for the quarter ended March 31, 2018, compared to the MSCI World Index, which declined 1.3%. However, the Fund has returned an average of 8.6% per year since its inception in October 2006, outperforming the MSCI World Index’s annualized gain of 5.8% over the same period. More...

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Bill Nygren's Oakmark Select Fund First Quarter 2018 Shareholder Letter Review of holdings and market Bill Nygren - Bill Nygren's Oakmark Select Fund First Quarter 2018 Shareholder Letter
For the quarter, the Oakmark Select Fund declined 3.9%, compared to a 0.8% decline in the S&P 500 Index. We are not satisfied with either the absolute or relative return. Long-time fund holders (ourselves included) understand that a relatively concentrated portfolio like Oakmark Select is capable of volatile quarterly results as we focus on maximizing returns over a multi-year, not multi-month, timeframe. We remain steadfast in that mission, weak quarter notwithstanding. More...

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Bill Nygren's Oakmark Fund First Quarter 2018 Review of holdings and markets Bill Nygren - Bill Nygren's Oakmark Fund First Quarter 2018
With a strong start to the quarter, the Fund hit an all-time high adjusted NAV in January, the seventh quarter in a row of new Fund highs. The subsequent decline in the market and the Fund, however, resulted in a small decline (0.9% decline vs. a decline of 0.8% for the S&P 500). Volatility returned to the market, as concerns about inflation, higher interest rates and a global trade war caused the S&P 500’s returns to range from +8% to -4% during the quarter. While we remain focused on long-term business fundamentals as we evaluate potential investments, we don’t mind taking advantage of higher volatility to increase exposure to high-quality businesses at more attractive prices. During the quarter, we added three new names to the portfolio (see below), and we increased weightings in other companies, including CVS Health and American Airlines. More...

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5 Companies Growing Revenue and Earnings AutoNation, Berkshire Hathaway on the list Pioneer Investments,Bill Nygren - 5 Companies Growing Revenue And Earnings
According to the GuruFocus All-In-One Screener, the following companies have grown their revenues and earnings over the past several years. More...

  • Currently 5.00/5

Rating: 5.0/5 (12 votes)

A Look at GE's Aviation Business An analysis of one of the company's best businesses Bill Nygren - A Look At GE's Aviation Business
In December 2017, Bill Nygren (Trades, Portfolio) and Win Murray of the Oakmark Funds sat down for an interview with GuruFocus. One of the topics discussed was General Electric (NYSE:GE), which Oakmark started buying a few months earlier. Here’s Murray with an update on GE: More...

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Bill Nygren Trims JPMorgan, Exits Qualcomm Guru's largest sales of the fourth quarter Bill Nygren - Bill Nygren Trims JPMorgan, Exits Qualcomm
Bill Nygren (Trades, Portfolio), portfolio manager of The Oakmark Fund, sold shares of the following stocks in the fourth quarter. More...

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Rating: 5.0/5 (1 vote)

Bill Nygren Picks Up 4 Stocks in the 4th Quarter The Oakmark Fund’s largest new holding is CVS Health Bill Nygren - Bill Nygren Picks Up 4 Stocks In The 4th Quarter
Bill Nygren (Trades, Portfolio), portfolio manager of the Oakmark Fund, reported his fourth-quarter portfolio on Feb. 26, listing four new positions. More...

BILL NYGREN, OAKMARK, BUYS, 4Q


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American Airlines Shares Plunge After Quarterly Release Shares of the company have dropped 3.5% since the market opened up for business Bill Nygren - American Airlines Shares Plunge After Quarterly Release
Shares of American Airlines Group Inc. (NASDAQ:AAL) took a dive after the release of its fourth-quarter earnings report. More...

AMERICAN AIRLINES, STOCK MARKET, FOURTH-QUARTER EARNINGS


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