Harris Associates (Oakmark)

Q3 2013 13F · by Bill Nygren, CIO

As of: Sep 30, 2013
Filed: Nov 12, 2013
US stock: $51.4B · prev $47.6B
Positions: 180 · prev 190
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves158 since the prior filing

+5.6 pp in · −5.6 pp out

New 3 +0.38 pp
Added 70 +5.26 pp
Trimmed 72 −3.51 pp
Exited 13 −2.10 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions180 in this filing · 13 exited


ORCLOracle Corp	4.21%	65,231,090	$2.2B	added+30%	+0.97 pp	2 q
GMGeneral Motors Company	4.00%	57,120,766	$2.1B	added+10%	+0.37 pp	2 q
INTCIntel Corp	3.20%	71,798,708	$1.6B	added+7%	−0.23 pp	2 q
NOVNOV Inc.	3.15%	20,697,708	$1.6B	added+20%	+0.65 pp	2 q
FDXFedEx Corporation	3.05%	13,728,361	$1.6B	added+3%	+0.30 pp	2 q
MAMastercard Incorporated	2.82%	2,150,217	$1.4B	trimmed−6%	+0.05 pp	2 q
AIGAmerican International Group, Inc.	2.80%	29,592,462	$1.4B	added+12%	+0.32 pp	2 q
JPMJPMorgan Chase & Co.	2.71%	26,941,090	$1.4B	added+5%	−0.12 pp	2 q
0VQJLTe Connectivity Ltd	2.68%	26,584,365	$1.4B	added+1%	+0.16 pp	2 q
ITWIllinois Tool Works Inc.	2.60%	17,513,022	$1.3B	added+4%	+0.16 pp	2 q
WFCWells Fargo & Co.	2.53%	31,497,828	$1.3B	added+6%	−0.04 pp	2 q
AMATApplied Materials Inc	2.52%	73,922,685	$1.3B	added+3%	+0.28 pp	2 q
BACBank of America Corporation	2.50%	93,241,766	$1.3B	added+21%	+0.42 pp	2 q
BENFranklin Templeton, Inc.	2.04%	20,695,949	$1.0B	added+31%	+0.54 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.75%	12,584,025	$901M	trimmed−0%	+0.02 pp	2 q
unresolvedDelphi Automotive PLC	1.54%	13,536,354	$791M	trimmed−1%	+0.09 pp	2 q
VVISA Inc.	1.47%	3,949,304	$755M	added+11%	+0.11 pp	2 q
DVNDevon Energy Corporation	1.45%	12,880,772	$744M	trimmed−23%	−0.38 pp	2 q
DOVDover Corporation	1.45%	8,288,415	$745M	trimmed−3%	+0.06 pp	2 q
unresolvedWillis Group Holdings Public	1.44%	17,100,719	$741M	added+21%	+0.23 pp	2 q
unresolvedMedtronic Inc	1.32%	12,775,210	$680M	added+1%	−0.05 pp	2 q
COFCapital One Financial	1.31%	9,809,264	$674M	added+1%	+0.03 pp	2 q
ROKRockwell Automation, Inc.	1.30%	6,229,924	$666M	trimmed−3%	+0.18 pp	2 q
TXNTexas Instruments Incorporated	1.27%	16,215,822	$653M	trimmed−18%	−0.18 pp	2 q
GDGeneral Dynamics Corporation	1.21%	7,097,726	$621M	trimmed−5%	−0.02 pp	2 q
PHParker-Hannifin Corporation	1.09%	5,142,297	$559M	trimmed−17%	−0.14 pp	2 q
unresolvedStarwood HOTELS&RESORTS Wrld	1.04%	8,038,155	$534M	added+7%	+0.05 pp	2 q
unresolvedLiberty Interactive Corp	1.02%	22,326,403	$524M	added+2%	−0.04 pp	2 q
PMPhilip Morris International Inc.	1.02%	6,037,127	$523M	trimmed−0%	−0.08 pp	2 q
unresolvedBaker Hughes Inc.	1.01%	10,586,114	$520M	added0%	−0.01 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	1.00%	5,204,185	$516M	trimmed−2%	−0.11 pp	2 q
unresolvedDirectv	0.99%	8,514,233	$509M	added+14%	+0.03 pp	2 q
DEODiageo plc	0.96%	3,893,117	$495M	trimmed−1%	+0.01 pp	2 q
CVECenovus Energy Inc.	0.92%	15,890,753	$474M	trimmed−26%	−0.36 pp	2 q
SNIScripps Networks Inter-cl A	0.91%	6,011,033	$470M	trimmed−0%	+0.07 pp	2 q
unresolvedFamily Dlr Stores Inc	0.88%	6,309,436	$454M	added+11%	+0.13 pp	2 q
unresolvedForest Labs Inc	0.88%	10,606,175	$454M	added0%	−0.03 pp	2 q
unresolvedTRW Automotive Holdings Corp.	0.88%	6,308,127	$450M	trimmed−0%	0.00 pp	2 q
unresolvedComcast Corp. Spl Cl A	0.85%	10,029,999	$435M	trimmed−1%	+0.01 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.83%	7,534,067	$426M	trimmed−22%	−0.18 pp	2 q
PFGPrincipal Financial Group, Inc.	0.81%	9,681,900	$415M	added0%	+0.05 pp	2 q
AFLAflac Inc.	0.80%	6,662,735	$413M	added+2%	+0.01 pp	2 q
TIFTiffany & Co.	0.79%	5,292,656	$406M	trimmed−4%	−0.05 pp	2 q
XECCimarex Energy Co	0.78%	4,173,297	$402M	trimmed−28%	−0.01 pp	2 q
unresolvedOmnicare Inc	0.77%	7,152,990	$397M	trimmed−3%	+0.03 pp	2 q
XOMExxon Mobil Corp	0.71%	4,236,198	$364M	trimmed−1%	−0.10 pp	2 q
AMTTd Ameritrade Holding Corp	0.69%	13,565,510	$355M	added0%	0.00 pp	2 q
BWABorgWarner Inc.	0.66%	3,354,699	$340M	held	—	2 q
GSGoldman Sachs Group Inc.	0.65%	2,123,143	$336M	trimmed−0%	−0.02 pp	2 q
LEALear Corporation	0.65%	4,639,654	$332M	trimmed−0%	+0.06 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.65%	8,613,159	$332M	added+45%	+0.14 pp	2 q
THCTenet Healthcare Corporation New	0.62%	7,769,947	$320M	added+1%	−0.13 pp	2 q
CVSCvs Health Corporation	0.61%	5,513,713	$313M	held	—	2 q
CMICummins Inc.	0.58%	2,257,829	$300M	trimmed−10%	+0.01 pp	2 q
MCDMcDonald's Corporation	0.57%	3,062,110	$295M	added+18%	+0.03 pp	2 q
unresolvedEncana Corp	0.55%	16,182,847	$280M	trimmed−0%	−0.03 pp	2 q
BLQADBlackrock Inc	0.54%	1,023,842	$277M	added×2.8	+0.34 pp	2 q
WOOFoot Locker Inc	0.54%	8,118,036	$276M	added+13%	+0.01 pp	2 q
OMCOmnicom Group Inc.	0.54%	4,391,380	$279M	trimmed−0%	−0.04 pp	2 q
UNPUnion Pacific Corp.	0.54%	1,788,237	$278M	added+51%	+0.16 pp	2 q
PENNPENN Entertainment, Inc.	0.53%	4,918,058	$272M	added+10%	+0.03 pp	2 q
DGXQuest Diagnostics Inc.	0.51%	4,269,300	$264M	trimmed−0%	−0.03 pp	2 q
USBU.S. Bancorp	0.51%	7,208,810	$264M	added+1%	−0.03 pp	2 q
unresolvedHospira Inc	0.50%	6,488,075	$254M	trimmed−0%	−0.02 pp	2 q
ALVAutoliv, Inc.	0.48%	2,839,695	$248M	added+4%	+0.04 pp	2 q
VARVarian Medical Systems, Inc.	0.47%	3,201,901	$239M	trimmed−6%	−0.01 pp	2 q
unresolvedCovidien PLC	0.44%	3,676,481	$224M	added+2%	−0.03 pp	2 q
9990302DApache Corp	0.43%	2,602,100	$222M	added+93%	+0.19 pp	2 q
BRBroadridge Financial Solutions Inc	0.43%	6,940,860	$220M	trimmed−0%	+0.04 pp	2 q
MSFTMicrosoft Corp	0.43%	6,558,622	$218M	added+1%	−0.04 pp	2 q
SNASnap-on Incorporated	0.42%	2,153,795	$214M	trimmed−43%	−0.29 pp	2 q
MMM3M Company	0.39%	1,667,671	$199M	added+7%	+0.03 pp	2 q
unresolvedGoogle Inc.	0.38%	222,693	$195M	added0%	−0.03 pp	2 q
unresolvedHealth Net Inc	0.38%	6,198,500	$196M	added+6%	−0.01 pp	2 q
HALHalliburton Company	0.37%	3,954,400	$190M	trimmed−1%	+0.02 pp	2 q
HDHome Depot, Inc.	0.37%	2,517,553	$191M	trimmed−0%	−0.04 pp	2 q
AAPLApple Inc.	0.36%	386,189	$184M	trimmed−9%	+0.01 pp	2 q
STTState Street Corporation	0.36%	2,837,950	$187M	added0%	−0.03 pp	2 q
TG7Triumph Group Inc	0.36%	2,624,156	$184M	added+11%	−0.03 pp	2 q
DRCDresser-rand Group Inc	0.34%	2,769,934	$173M	added+8%	+0.02 pp	2 q
KMXCarMax Inc.	0.33%	3,462,114	$168M	trimmed−33%	−0.17 pp	2 q
LYVLive Nation Entertainment Inc.	0.33%	9,239,750	$171M	trimmed−15%	−0.02 pp	2 q
BNYBank of New York Mellon Corporation	0.31%	5,353,019	$162M	added0%	0.00 pp	2 q
WMTWalmart Inc.	0.31%	2,128,519	$157M	added+3%	−0.01 pp	2 q
unresolvedAon PLC	0.31%	2,110,240	$157M	trimmed−1%	+0.02 pp	2 q
unresolvedCalpine Corp	0.30%	7,997,104	$155M	added0%	−0.06 pp	2 q
CXOConcho Resources Inc.	0.30%	1,409,200	$153M	trimmed−13%	+0.02 pp	2 q
CRICarter's Inc.	0.29%	1,948,202	$148M	trimmed−25%	−0.12 pp	2 q
MARMarriott International Class A	0.28%	3,477,815	$146M	added+12%	+0.02 pp	2 q
QCOMQualcomm Inc	0.28%	2,111,925	$142M	new	+0.28 pp	new
unresolvedNewfield Expl Co	0.27%	5,038,004	$138M	trimmed−11%	−0.01 pp	2 q
KMTKennametal Inc.	0.26%	2,901,935	$132M	held	—	2 q
KSSKohls Corporation	0.25%	2,529,370	$131M	added+15%	+0.02 pp	2 q
SIGSignet Jewelers Limited	0.25%	1,792,247	$128M	trimmed−2%	−0.01 pp	2 q
ADPAutomatic Data Processing	0.24%	1,669,350	$121M	trimmed−0%	0.00 pp	2 q
unresolvedHsn Inc	0.24%	2,254,046	$121M	added+28%	+0.04 pp	2 q
BAXBaxter International Inc.	0.20%	1,551,350	$102M	added+21%	+0.01 pp	2 q
BRKRBruker Corporation	0.20%	5,030,640	$104M	trimmed−0%	+0.03 pp	2 q
UPLUltra Petroleum Corp	0.20%	4,975,600	$102M	added×4.0	+0.15 pp	2 q
HHCThe Howard Hughes Corporation	0.19%	855,665	$96M	trimmed−3%	−0.02 pp	2 q
LRCXLam Research Corp	0.19%	1,862,110	$95M	trimmed−0%	+0.02 pp	2 q
unresolvedStaples Inc	0.17%	6,019,658	$88M	trimmed−51%	−0.24 pp	2 q
AAPAdvance Auto Parts Inc	0.16%	1,011,208	$84M	added+19%	+0.01 pp	2 q
MRKMerck & Co., Inc.	0.16%	1,686,269	$80M	added0%	0.00 pp	2 q
MLKNMillerKnoll, Inc.	0.15%	2,683,248	$78M	added+33%	+0.04 pp	2 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.14%	1,532,950	$71M	added+24%	+0.03 pp	2 q
HOGHarley-Davidson, Inc.	0.14%	1,114,434	$72M	added0%	+0.01 pp	2 q
unresolvedArris Group Inc New	0.13%	3,977,793	$68M	trimmed−10%	0.00 pp	2 q
LEG1Leggett & Platt, Inc.	0.13%	2,251,194	$68M	trimmed−46%	−0.14 pp	2 q
ORBKOrbotech Ltd	0.13%	5,767,998	$69M	added+1%	−0.02 pp	2 q
CMCSAComcast Corp	0.12%	1,361,655	$61M	trimmed−1%	0.00 pp	2 q
NKENike, Inc.	0.09%	663,216	$48M	added0%	0.00 pp	2 q
ITRIItron Inc	0.07%	787,442	$34M	new	+0.07 pp	new
PTENPatterson-UTI Energy Inc	0.07%	1,760,400	$38M	held	—	2 q
unresolvedFifth & Pac Cos Inc	0.06%	1,228,000	$31M	trimmed−26%	−0.02 pp	2 q
unresolvedBlount Intl Inc New	0.05%	2,303,023	$28M	added+5%	0.00 pp	2 q
DISCKDiscovery Inc-c	0.05%	351,381	$27M	trimmed−43%	−0.04 pp	2 q
GEFGreif, Inc.	0.05%	535,550	$26M	trimmed−1%	−0.01 pp	2 q
CMAComerica Incorporated	0.04%	477,150	$19M	added+4%	0.00 pp	2 q
HNIHNI Corporation	0.04%	540,775	$20M	trimmed−12%	−0.01 pp	2 q
TMKGlobe Life Inc.	0.04%	262,125	$19M	trimmed−13%	0.00 pp	2 q
unresolvedRowan Cos PLC	0.04%	506,450	$19M	added×11.1	+0.04 pp	2 q
BABoeing Company	0.03%	138,875	$16M	trimmed−97%	−0.87 pp	2 q
CNOCNO Financial Group, Inc.	0.03%	990,000	$14M	trimmed−11%	0.00 pp	2 q
CXTCrane NXT, Co.	0.03%	274,990	$17M	held	—	2 q
DISThe Walt Disney Company	0.03%	271,222	$17M	trimmed−26%	−0.02 pp	2 q
EMREmerson Electric Co.	0.03%	215,750	$14M	held	—	2 q
unresolvedManitowoc Inc	0.03%	698,000	$14M	new	+0.03 pp	new
unresolvedMicros Sys Inc	0.03%	263,050	$13M	added×9.6	+0.03 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.02%	54	$9M	held	—	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	23,218	$3M	trimmed−4%	0.00 pp	2 q
DISCADiscovery, Inc. Series A	0.01%	47,944	$4M	trimmed−38%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.01%	13,876	$3M	held	—	2 q
ABTAbbott Laboratories	0.00%	44,178	$1M	trimmed−5%	0.00 pp	2 q
ABBVAbbvie Inc.	0.00%	46,056	$2M	added+1%	0.00 pp	2 q
ALLThe Allstate Corporation	0.00%	7,330	$371,000	added+17%	0.00 pp	2 q
MOAltria Group, Inc.	0.00%	8,582	$295,000	held	—	2 q
AMGNAmgen Inc	0.00%	3,236	$362,000	held	—	2 q
ADMArcher Daniels Midland Company	0.00%	9,050	$333,000	held	—	2 q
BMYBristol-Myers Squibb Co.	0.00%	30,024	$1M	trimmed−14%	0.00 pp	2 q
unresolvedCys Invts Inc	0.00%	57,142	$465,000	held	—	2 q
CNICanadian National Railway	0.00%	2,250	$228,000	held	—	2 q
CSWCCapital Southwest Corp	0.00%	56,928	$2M	held	—	2 q
CELGCelgene Corp	0.00%	5,258	$810,000	held	—	2 q
CVXChevron Corporation	0.00%	4,268	$519,000	trimmed−14%	0.00 pp	2 q
KOCoca-Cola Company	0.00%	47,140	$2M	held	—	2 q
COPConocoPhillips	0.00%	11,500	$799,000	held	—	2 q
DHRDanaher Corporation	0.00%	6,300	$437,000	held	—	2 q
DKSDick's Sporting Goods, Inc.	0.00%	41,700	$2M	added×2.2	0.00 pp	2 q
unresolvedDu Pont E I De Nemours & Co	0.00%	9,950	$583,000	trimmed−5%	0.00 pp	2 q
unresolvedEsterline Technologies Corp	0.00%	19,050	$2M	trimmed−4%	0.00 pp	2 q
unresolvedExpress Scripts Hldg Co	0.00%	5,995	$370,000	added+1%	0.00 pp	2 q
unresolvedGeneral Electric Co	0.00%	77,953	$2M	added+1%	0.00 pp	2 q
GWWW.W. Grainger, Inc.	0.00%	800	$209,000	held	—	2 q
HONHoneywell International, Inc.	0.00%	5,800	$482,000	held	—	2 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	2 q
JNJJohnson & Johnson	0.00%	18,698	$2M	held	—	2 q
unresolvedKapstone Paper & Packaging C	0.00%	7,100	$304,000	trimmed−10%	0.00 pp	2 q
KELKellanova	0.00%	6,400	$376,000	held	—	2 q
unresolvedKinder Morgan Energy Partners	0.00%	9,500	$758,000	held	—	2 q
unresolvedMb Financial Inc New	0.00%	9,769	$276,000	held	—	2 q
unresolvedMcGraw Hill	0.00%	8,000	$525,000	held	—	2 q
NRTNorth European Oil Royalty Trust	0.00%	10,200	$223,000	held	—	2 q
NTRSNorthern Trust Corp	0.00%	4,350	$237,000	trimmed−81%	0.00 pp	2 q
PEPPepsiCo, Inc.	0.00%	6,302	$501,000	trimmed−32%	0.00 pp	2 q
PFEPfizer Inc.	0.00%	42,217	$1M	trimmed−2%	0.00 pp	2 q
PSXPhillips 66	0.00%	5,300	$306,000	held	—	2 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$318,000	held	—	2 q
PGProcter & Gamble Company	0.00%	9,209	$696,000	added+9%	0.00 pp	2 q
RRCRange Resources Corp	0.00%	3,000	$228,000	trimmed−100%	−0.43 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.00%	3,222	$212,000	held	—	2 q
SLBSLB Limited	0.00%	2,845	$251,000	added+2%	0.00 pp	2 q
SBUXStarbucks Corp	0.00%	21,600	$2M	held	—	2 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	2 q
TMToyota Motor Corporation	0.00%	6,500	$832,000	trimmed−94%	−0.03 pp	2 q
UNUnilever N V -ny Shares	0.00%	6,989	$264,000	held	—	2 q
unresolvedWms Inds Inc	0.00%	40,200	$1M	trimmed−72%	−0.01 pp	2 q
unresolvedWalgreen Co	0.00%	20,300	$1M	held	—	2 q
LBTYALiberty Global Ltd. Class A	0.00%	3,753	$298,000	held	—	2 q
unresolvedUti Worldwide Inc	0.00%	89,350	$1M	trimmed−3%	0.00 pp	2 q
NOCNorthrop Grumman Corp.	—	−4,783,500	—	exited	−0.83 pp	—
FLSFlowserve Corporation	—	−7,181,700	—	exited	−0.81 pp	—
TDYTeledyne Technologies Incorporated	—	−956,050	—	exited	−0.16 pp	—
CMECME Group Inc.	—	−505,868	—	exited	−0.08 pp	—
TVGrupo Televisa S.A.	—	−1,334,418	—	exited	−0.07 pp	—
IFFInternational Flavors & Fragrances Inc.	—	−389,049	—	exited	−0.06 pp	—
unresolvedKaydon Corp	—	−982,678	—	exited	−0.06 pp	—
THOThor Industries, Inc.	—	−187,194	—	exited	−0.02 pp	—
unresolvedMolex Inc	—	−148,712	—	exited	−0.01 pp	—
AYIAcuity Inc.	—	−7,200	—	exited	0.00 pp	—
BPBP p.l.c.	—	−5,774	—	exited	0.00 pp	—
KRThe Kroger Co.	—	−6,500	—	exited	0.00 pp	—
TWXTime Warner Inc	—	−3,750	—	exited	0.00 pp	—