Bill Nygren

Bill Nygren

Last Update: 09-11-2017

Number of Stocks: 51
Number of New Stocks: 1

Total Value: $16,939 Mil
Q/Q Turnover: 3%

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 (%)
201618.3511.966.4
2015-3.951.38-5.3
201411.5113.69-2.2
3-Year Cumulative26.8 (8.2%/year)29 (8.9%/year)-2.2 (-0.7%/year)
201337.2932.394.9
201220.97165.0
5-Year Cumulative110.5 (16.1%/year)98.2 (14.7%/year)12.3 (1.4%/year)
20111.822.11-0.3
201012.1815.06-2.9
200944.7726.4618.3
2008-32.61-374.4
2007-3.645.49-9.1
10-Year Cumulative126.1 (8.5%/year)95.7 (6.9%/year)30.4 (1.6%/year)
200618.2615.792.5
2005-1.314.91-6.2
200411.7310.880.8
200325.328.68-3.4
2002-14.41-22.17.7
15-Year Cumulative216.1 (8%/year)164.2 (6.7%/year)51.9 (1.3%/year)
200118.29-11.8930.2
200011.78-9.120.9
1999-10.4721.04-31.5
19983.7328.58-24.8
199732.5933.36-0.8
20-Year Cumulative414.7 (8.5%/year)339.2 (7.7%/year)75.5 (0.8%/year)
199616.2122.96-6.8
199534.4237.58-3.2
19943.311.322.0
199330.510.0820.4
199248.97.6241.3
25-Year Cumulative1514.1 (11.8%/year)791.8 (9.1%/year)722.3 (2.7%/year)

Top Ranked Articles

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 and David Herro Comment on LafargeHolcim Guru stock highlight
LafargeHolcim (XSWX:LHN), the largest cement maker in the world, was the largest contributor to performance for the quarter, returning 30%. Shares reacted positively to news that LafargeHolcim agreed to sell Lafarge India for approximately $1.4B with proceeds going to pay down debt. We are impressed with the progress management has made on defining and implementing true synergies following the merger. Additionally, second quarter results exceeded expectations and illustrated Europe’s improving pricing environment. Management reaffirmed its 2016 outlook as well as its commitment to targets set for 2018. Read more...
Bill Nygren and David Herro Comment on Apache Guru stock highlight
The largest contributor to performance for the fiscal year was Apache (NYSE:APA), a global oil and gas exploration company, which returned 66%. Oil prices have been volatile over the past year, but have rebounded in 2016 thus far. Apache has specifically benefitted from solid quarterly results that have demonstrated improved capital efficiency, including a 45% decline in North American well costs compared to 2014 levels. The company also announced the discovery of a new resource play in the Permian Basin called “Alpine High.” Initial results indicate that Apache has discovered a high quality resource at a low cost. This increased our estimate of intrinsic value and also increased our confidence in management. 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 during the commodity price downturn. Read more...
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. Read more...
GuruFocus Value Conference 2018 Announcement Early bird registration is now open
We are excited to announce that GuruFocus Value Conference 2018 is now open for registration. We are in the process of lining up a list of great speakers. The candidates include some of the greatest value investors including Prem Watsa (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Chuck Akre (Trades, Portfolio), Howard Marks (Trades, Portfolio), Read more...
» More Bill Nygren Articles

Commentaries and Stories

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Bill Nygren Added Charter Communications in 2nd Quarter Fund manager also trimmed 3 other positions Bill Nygren, Steven Cohen, David Dreman - Bill Nygren Added Charter Communications In 2nd Quarter
Oakmark Fund manager Bill Nygren (Trades, Portfolio) invests in companies that trade at a significant discount to the expected intrinsic value. During the second quarter, Nygren invested in Charter Communications Inc. (NASDAQ:CHTR) and trimmed his positions in Anadarko Petroleum Corp. (NYSE:APC), Microsoft Corp. (NASDAQ:MSFT) and AutoNation Inc. (NYSE:AN). More...

BILL NYGREN, STEVEN COHEN, DAVID DREMAN


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GuruFocus Value Conference 2018 Announcement Early bird registration is now open Bill Nygren,Chuck Akre - GuruFocus Value Conference 2018 Announcement
We are excited to announce that GuruFocus Value Conference 2018 is now open for registration. We are in the process of lining up a list of great speakers. The candidates include some of the greatest value investors including Prem Watsa (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Chuck Akre (Trades, Portfolio), Howard Marks (Trades, Portfolio), More...

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David Herro and Bill Nygren Comment on GE Guru stock highlight
GE (NYSE:GE), a global producer of industrial, household and medical goods, was the largest detractor for the quarter, declining 9%. Shares were weak due to the company’s exposure to energy end markets (which was increased via its merger with Baker Hughes, a contrarian acquisition we believe will prove to be well timed). The stock was also hurt by an analyst downgrade during the quarter, which cited concerns that GE’s cash flows were lagging behind the company’s reported profits. In our view, this concern will prove to be irrelevant to the long-term investment case, as two of GE’s longest cycle businesses (aviation and power) are in the midst of their largest new product launches ever, both of which require large investments in inventory and other working capital accounts that will reverse over time. In addition, GE has recently worked to reinvent its portfolio and possesses a renewed focus on achieving appropriate capital returns. As such, the company completely revamped its variable compensation plan for thousands of employees who are now paid on a number of factors that emphasize improving its return on invested capital. More...

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David Herro and Bill Nygren Comment on CNH Industrial Guru stock highlight
CNH Industrial (NYSE:CNHI), a global agricultural and construction equipment manufacturer, was the top contributor for the quarter, returning 18%. The company delivered positive first quarter earnings, as both its revenue and earnings exceeded consensus estimates. The industrial business saw an improvement with its year-over-year earnings increasing 34%, driven primarily by a 77% improvement in the agriculture equipment segment. The industry has seen stabilization in global agricultural equipment markets and is beginning to see the early stages of restocking. Also during the quarter, S&P raised CNH’s credit rating to investment grade, which should allow the company to improve its balance sheet efficiency and refinance its debt at lower rates. More...

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David Herro and Bill Nygren's Oakmark Global Select Fund Commentary for 2nd Quarter 2017 Review of holdings and markets David Herro,Bill Nygren - David Herro And Bill Nygren's Oakmark Global Select Fund Commentary For 2nd Quarter 2017
The Oakmark Global Select Fund returned 6.2% for the quarter ended June 30, 2017, outperforming the MSCI World Index’s 4.0% return. Most importantly, the Fund has returned an average of 8.8% per year since its inception in October 2006, outperforming the MSCI World Index’s annualized gain of 5.3% over the same period. More...

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Bill Nygren Comments on Charter Communications Guru stock highlight
Charter Communications (CHTR - $331) More...

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Bill Nygren's Oakmark Fund Second Quarter 2017 Commentary Letter from the guru Bill Nygren - Bill Nygren's Oakmark Fund Second Quarter 2017 Commentary
The Oakmark Fund increased 3.8% in the second quarter of 2017, which was ahead of the 3.1% gain for the S&P 500 Index. This was the fourth quarter in a row in which the Oakmark Fund hit an all-time high adjusted NAV. Broader market strength continued in the second quarter despite lingering concerns about healthcare and tax reform, as well as a drop in energy commodity prices. As was the case in the first quarter, weakening oil prices hurt the performance of our energy holdings during the second quarter, but we remain confident in the long-term outlook for these businesses. With no change in our fundamental outlook for our energy businesses, the lower share prices represented an opportunity to increase the return potential of the portfolio, and accordingly, we added to most of our energy holdings during the quarter. More...

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Gurus’ Holdings With Negative Performances Worst-performing assets in gurus' portfolios Dodge & Cox,Bill Nygren,HOTCHKIS & WILEY,Joel Gree - Gurus’ Holdings With Negative Performances
While gurus hold positions in these companies, the stock prices and returns continue to fall. These are the worst-performing stocks over the last three months with a long-term presence in more than three gurus’ portfolios. More...

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Bill Nygren Gains 3 Holdings, Divests 2 Others in 1st Quarter Guru releases quarterly portfolio Bill Nygren,Chris Davis,Mason Hawkins,Warren Buffe - Bill Nygren Gains 3 Holdings, Divests 2 Others In 1st Quarter
Oakmark Funds’ Bill Nygren (Trades, Portfolio) established three positions and sold two others during the first quarter. More...

OAKMARK,NYGREN, 1Q, TRADES, BUYS, SELLS


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Nygren Sticks to Bottom-Up, Long-Term Value Bill Nygren and the partners at Harris Associates wanted to 'eat their own cooking' so they set up Oakmark Funds Bill Nygren - Nygren Sticks To Bottom-Up, Long-Term Value
When Bill Nygren (Trades, Portfolio) was growing up, his mother regularly went bargain hunting to stretch the family’s purchasing power. More...

GURUS, INVESTMENT GURUS, BILL NYGREN, OAKMARK, HARRIS ASSOCIATES, VALUE INVESTING, BOTTOM-UP, LONG-TERM


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Maybe US Stocks Aren't Overvalued - Bill Nygren Oakmark manager comments on GM and David Einhorn Bill Nygren - Maybe US Stocks Aren't Overvalued - Bill Nygren
Over the past 50 years, the trailing price-to-earnings ratio for the S&P 500 has averaged 16.1x. At the end of 2016 that ratio was 20.6x. Many investors have used that number or other variations to conclude that the current market is expensive and have therefore shifted their asset allocation away from equities. More...

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Bill Nygren Comments on Moody’s Guru stock highlight
Moody’s (NYSE:MCO) provides essential information to the world’s capital markets. We have a long history with Moody’s, dating back to the 1990s when it was a part of Dun & Bradstreet. The stock briefly traded for less than 17x 2018 earnings estimates because investors feared that rising interest rates and changing tax policies would depress debt issuance. Although such events would likely result in slower growth in the short term, we believe the company’s long-term prospects remain compelling. Bonds issued with a Moody’s rating pay meaningfully lower interest rates than those without a Moody’s rating, and the price paid to Moody’s is much lower than the interest savings the issuer realizes. We believe this will create consistent demand for bond ratings as debt markets grow. Management is cognizant of the value that the Moody’s rating provides, and they are able to steadily raise prices year after year. In our view, Moody’s is a great business with growing profits, run by a management team we’ve known and respected for years, and the shares trade at a price that is well below our estimate of intrinsic value. More...

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Bill Nygren Comments on Delphi Automotive PLC Guru stock highlight
Delphi (NYSE:DLPH) is an automobile parts supplier that is well positioned for the secular trends that will continue to drive the auto industry. We believe Delphi will benefit from increasing governmental regulations for safety, fuel efficiency and emissions control, as well as rapidly growing consumer demand for vehicle connectivity. Since Delphi’s initial public offering in 2010, we find the company has generated robust sales and earnings growth along with ample free cash flow. Despite strong fundamental performance, the stock trades at a discount to the market P/E as well as our estimate of intrinsic value due to concerns about the U.S. auto cycle, short term uncertainty in China and an uncharacteristic downward revision to earnings guidance in 2016. We believe these headwinds will prove temporary and that the company’s performance will improve. More...

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Bill Nygren Comments on Chesapeake Energy Corp Guru stock highlight
The downturn in oil and gas prices since late 2014 has created an opportunity to buy well-managed exploration and production companies at discounted values. We believe Chesapeake Energy (NYSE:CHK) is among the best managed oil and gas companies and is trading well below the value of its assets. The company has sizeable acreage holdings across the U.S., and its management is focused on developing these assets in a cost-effective and high-return manner. The team has successfully navigated the commodity price downturn while prioritizing the interests of equity holders, and we expect this shareholder-friendly team will continue to create value in an improving commodity price environment. With the enterprise trading at a substantial discount to our estimate of asset value, we believe Chesapeake is an attractive holding. More...

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Oakmark Select Fund First Quarter 2017 Bill Nygren comments on the holdings of his fund Bill Nygren - Oakmark Select Fund First Quarter 2017
For the quarter, the Oakmark Select Fund increased 3%, compared to a 6% gain for the S&P 500 Index. While good on an absolute basis, we aren’t satisfied by the relative return this quarter, but understand that our investment process of buying companies that have a clear path to per-share value growth, that are run by strong management teams, and that trade at significant discounts to intrinsic value works well on average and over time, but not necessarily every quarter. More...

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Oakmark Fund First Quarter 2017 Shareholder Letter Bill Nygren comments on his holdings Bill Nygren - Oakmark Fund First Quarter 2017 Shareholder Letter
The Oakmark Fund increased 4% in the first quarter of 2017, hitting an all-time high adjusted NAV for the third quarter in a row. The Oakmark Fund lagged behind the S&P 500’s strong 6% gain. Although the S&P 500 also hit new highs during the first quarter, the momentum from January and February faded in March as concerns grew over the Trump administration’s plans for healthcare reform, new infrastructure spending and tax reform. Oil commodity prices also weakened in March, which hurt the performance of our energy holdings during the quarter, but we believe supply-and-demand dynamics will lead to higher commodity price trends over the long term. The information technology sector was especially strong during the first quarter, with the NASDAQ Index gaining 10%. In addition, the information technology sector has provided the highest contribution to return of the Oakmark Fund over the past three years, with several holdings returning more than 20% annually (Apple, Microsoft and Texas Instruments). More...

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Intel Increases Quarterly Dividend Forward dividend yield of 3.06% Ken Fisher,Bill Nygren - Intel Increases Quarterly Dividend
Intel (NASDAQ:INTC) has announced a quarterly dividend of 27.25 cents with an ex-dividend date of May 3. The dividend is a 5% increase from the previous dividend of 26 cents. With the March dividend, the stock now has a forward dividend yield of 3.06%. More...

INTEL, TECHNOLOGY, DIVIDEND


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Bill Nygren Sells Bank of America, T. Rowe Price, Goldman Sachs The guru's largest 4th-quarter deals Bill Nygren,Mairs and Power,Manning & Napier Advis - Bill Nygren Sells Bank Of America, T. Rowe Price, Goldman Sachs
Bill Nygren (Trades, Portfolio) is portfolio manager of the Oakmark Fund, the Oakmark Select Fund and the Oakmark Global Select Fund. During the fourth quarter the guru sold shares in the following stocks: More...

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Oakmark: Sacrificing the Short Term for the Long Term Dealing with volatility Bill Nygren - Oakmark: Sacrificing The Short Term For The Long Term
Eric Liu is a Portfolio Manager and Senior International Investment Analyst at Harris Associates. Prior to joining Harris Associates in 2009, Eric was a Research Associate at Dodge & Cox and an Investment Banking Analyst at Jefferies & Company. He received an MBA from the University of Chicago and a BA from the University of California Los Angeles. More...

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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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