Bill Nygren

Bill Nygren

Last Update: 06-01-2018

Number of Stocks: 56
Number of New Stocks: 4

Total Value: $18,567 Mil
Q/Q Turnover: 8%

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

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Value Investing Is Dead, Long Live Value Investing Classical quantitative value investing has become a packed house, and the edge has been competed away Bill Nygren - Value Investing Is Dead, Long Live Value Investing
Value investing hasn’t performed so well this cycle. Here’s a chart showing value’s relative performance versus that of growth. More...

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Bill Nygren Comments on Gartner Guru stock highlight
If you were paging through Value Line in February looking for cheap stocks, it would have been easy to skip right past Gartner (NYSE:IT). Value Line says, “Gartner Inc. is the world’s leading information technology research and advisory company…” You would have quickly seen that it is a database-driven, asset-light business that would be expected to command a higher than market P/E ratio. Despite the stock falling from $142 to $119, its P/E was still 31 times expected 2018 earnings and its book value was only $2 per share. Gartner didn’t look like a value stock and, in fact, it was even included in the Russell 1000 Growth Index. But last quarter we bought it for the Oakmark Fund. So, it’s fair to ask: has Oakmark changed, or does Gartner somehow meet our value criteria? More...

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Bill Nygren Comments on Hilton Worldwide Guru stock highlight
Hilton Worldwide (NYSE:HLT) is a high-quality, well-managed company that was the target of a successful leveraged buyout by Blackstone in 2007. We believe the company’s transformation into an asset-light, fee-driven business with a more resilient earnings profile is underappreciated. After spinning off most of the company’s owned hotels and timeshare businesses early last year, Hilton now generates over 90% of its profits from fees (requiring minimal capital investment) and produces substantial free cash flow (greater than 100% of net income). The company should generate high single-digit operating income growth for several years. We became interested in Hilton after we determined that its competitive moat is widening. The company’s unit growth leads the industry and its global pipeline share is almost 22%—over four times larger than its current share of existing rooms (approximately 5%). We initiated our position at a particularly attractive price due to the temporary pressure created by HNA’s sale of its 26% stake in the company for non-fundamental More...

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Bill Nygren Comments on Gartner Guru stock highlight
Gartner (NYSE:IT) is the world’s leading provider of information technology research and advice for information technology executives. The company’s research reports and benchmarking data are used by information technology executives across industries to make mission-critical decisions with potential multi-million dollar ramifications, and the subscription price represents just a fraction of the typical information technology budget. In other words, Gartner is the Consumer Reports of the information technology industry. However, while the Gartner brand has been among the most recognizable in information technology research for more than 35 years, most sizeable enterprises are still not Gartner subscribers. The company is investing heavily in sales and marketing to grow its customer base and based on the excellent long-term track record of Gartner management, we believe these investments are likely to drive years of double-digit growth. While the company trades at a high multiple of GAAP earnings, that multiple falls significantly after adjusting sales and marketing More...

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Bill Nygren Comments on Bristol-Myers Squibb Guru stock highlight
Bristol-Myers Squibb (NYSE:BMY) is a global biopharmaceutical company with leading franchises in oncology, immunoscience and cardiovascular drugs. Long-time shareholders may recall a successful Bristol-Myers Squibb investment that we sold in 2013. We got another opportunity to own this company during the past quarter when investors became fearful that a competing drug would take share in the cancer market. We believe these fears are overstated because cancer remains a dangerous disease that is difficult to treat. The company’s two most valuable drugs Opdivo and Yervoy should continue to grow revenue as they maintain effectiveness with new tumor types. Bristol Myers Squibb also has the most new molecular agents and the highest number of combinations of agents in trials. Moreover, the company’s R&D and marketing prowess also make it a desired partner for promising academic and small biotech innovators. Collectively, these assets should assure Bristol-Myers Squibb’s oncology leadership for many years. We believe intrinsic value is closer to the $70 level More...

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Steven Romick's Top 7 New Buys in 2nd Quarter Top buys include Buffett's Wells Fargo and Ackman's Mondelez Steven Romick, Bill Nygren, Mason Hawkins, Warren  - Steven Romick's Top 7 New Buys In 2nd Quarter
Steven Romick (Trades, Portfolio), portfolio manager of the FPA Crescent Fund, disclosed on Thursday that his top four new buys are Jefferies Financial Group Inc. (NYSE:JEF), Comcast Corp. (NASDAQ:CMCSA), Charter Communications Inc. (NASDAQ:CHTR) and Wells Fargo & Co. (NYSE:WFC). Romick also initiated a stake in Bill Ackman (Trades, Portfolio)’s Mondelez International Inc. (NASDAQ:MDLZ). More...

STEVEN ROMICK, BILL NYGREN, MASON HAWKINS, WARREN BUFFETT, BILL ACKMAN, DODGE & COX


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Bill Nygren's Oakmark Fund 2nd Quarter 2018 Review of holdings and markets Bill Nygren - Bill Nygren's Oakmark Fund 2nd Quarter 2018
The Oakmark Fund increased 2.1% for the second quarter, which lagged behind the 3.4% gain for the S&P 500, the Fund’s benchmark. Rapid corporate earnings growth, combined with stagnant share prices since the beginning of the calendar year, has brought broad market valuation multiples back down to historical levels. We believe equities remain the most attractive asset class, and due to the increased number of undervalued companies with misunderstood intangible assets (see Bill Nygren (Trades, Portfolio)’s market commentary), our research team has produced an impressive number of new investment ideas. The Oakmark Fund has added 10 new names to the portfolio over the past four quarters. More...

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Bill Nygren Market Commentary 2nd Quarter At Oakmark, we commit time to writing these pieces because we want to help our shareholders understand how we think about investing Bill Nygren - Bill Nygren Market Commentary 2nd Quarter
"My own thinking has changed drastically from 35 years ago when I was taught to favor tangible assets and to shun businesses whose value depended largely on economic goodwill.'" More...

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Bill Nygren on GAAP and Graham Oakmark published an interesting overview of their value investing philosophy. I think they are right about many things but don't agree with where their views take them Bill Nygren - Bill Nygren On GAAP And Graham
Bill Nygren (Trades, Portfolio) and his team are value investors. They buy companies that trade at a large discount to true business value. In evaluating opportunities the team is focused on:  More...

LONG, VALUE INVESTING, GRAHAM, BUFFETT


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Why I'm Trimming My Under Armour Position Some thoughts on my investment in UA Bill Nygren - Why I'm Trimming My Under Armour Position
I’ve written a number of articles about Under Armour Inc. (NYSE:UA) (NYSE:UAA) over the past 12 to 18 months (here’s the main one). I don’t want to beat a dead horse, but I like to share my thoughts when I make changes in my portfolio. The reason I do so is because I like the feedback (and pushback) that I get from readers. As always, you should do your own research and come to your own conclusions. More...

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Bill Nygren Buys 4 New Stocks in 1st Quarter The guru’s largest new holding is Regeneron Pharmaceuticals Bill Nygren - Bill Nygren Buys 4 New Stocks In 1st Quarter
Bill Nygren (Trades, Portfolio), manager of the Oakmark Fund, released his first-quarter portfolio this week, listing four new holdings. More...

BILL NYGREN, OAKMARK, BUYS, 1Q


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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


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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


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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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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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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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