Harris Associates (Oakmark)

Q4 2013 13F · by Bill Nygren, CIO

As of: Dec 31, 2013
Filed: Feb 7, 2014
US stock: $56.0B · prev $51.4B
Positions: 186 · prev 180
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%

Moves157 since the prior filing

+6.4 pp in · −6.6 pp out

New 10 +0.56 pp
Added 70 +5.87 pp
Trimmed 73 −6.22 pp
Exited 4 −0.37 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions186 in this filing · 4 exited


ORCLOracle Corp	4.65%	68,079,885	$2.6B	added+4%	+0.44 pp	3 q
GMGeneral Motors Company	4.39%	60,142,831	$2.5B	added+5%	+0.39 pp	3 q
FDXFedEx Corporation	3.31%	12,892,598	$1.9B	trimmed−6%	+0.26 pp	3 q
INTCIntel Corp	3.10%	66,780,372	$1.7B	trimmed−7%	−0.10 pp	3 q
MAMastercard Incorporated	3.10%	2,076,753	$1.7B	trimmed−3%	+0.28 pp	3 q
NOVNOV Inc.	3.00%	21,092,206	$1.7B	added+2%	−0.15 pp	3 q
BACBank of America Corporation	2.94%	105,593,948	$1.6B	added+13%	+0.44 pp	3 q
JPMJPMorgan Chase & Co.	2.87%	27,450,728	$1.6B	added+2%	+0.16 pp	3 q
AIGAmerican International Group, Inc.	2.86%	31,402,579	$1.6B	added+6%	+0.06 pp	3 q
0VQJLTe Connectivity Ltd	2.67%	27,155,660	$1.5B	added+2%	−0.01 pp	3 q
WFCWells Fargo & Co.	2.56%	31,502,524	$1.4B	added0%	+0.03 pp	3 q
BENFranklin Templeton, Inc.	2.36%	22,890,575	$1.3B	added+11%	+0.32 pp	3 q
AMATApplied Materials Inc	2.27%	71,780,916	$1.3B	trimmed−3%	−0.25 pp	3 q
ITWIllinois Tool Works Inc.	2.02%	13,478,798	$1.1B	trimmed−23%	−0.58 pp	3 q
VVISA Inc.	1.73%	4,355,779	$970M	added+10%	+0.26 pp	3 q
UNPUnion Pacific Corp.	1.54%	5,129,438	$862M	added×2.9	+1.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.51%	11,232,522	$846M	trimmed−11%	−0.24 pp	3 q
unresolvedWillis Group Holdings Public	1.41%	17,605,159	$789M	added+3%	−0.03 pp	3 q
unresolvedDelphi Automotive PLC	1.39%	12,898,795	$776M	trimmed−5%	−0.15 pp	3 q
COFCapital One Financial	1.38%	10,063,009	$771M	added+3%	+0.07 pp	3 q
unresolvedAon PLC	1.34%	8,971,660	$753M	added×4.3	+1.03 pp	3 q
unresolvedMedtronic Inc	1.33%	12,967,688	$744M	added+2%	+0.01 pp	3 q
DOVDover Corporation	1.31%	7,592,385	$733M	trimmed−8%	−0.14 pp	3 q
unresolvedLiberty Interactive Corp	1.17%	22,362,165	$656M	added0%	+0.15 pp	3 q
DVNDevon Energy Corporation	1.13%	10,236,355	$633M	trimmed−21%	−0.32 pp	3 q
unresolvedForest Labs Inc	1.13%	10,544,150	$633M	trimmed−1%	+0.25 pp	3 q
unresolvedDirectv	1.09%	8,824,955	$610M	added+4%	+0.10 pp	3 q
GDGeneral Dynamics Corporation	1.02%	5,989,026	$572M	trimmed−16%	−0.19 pp	3 q
PHParker-Hannifin Corporation	0.95%	4,132,737	$532M	trimmed−20%	−0.14 pp	3 q
PMPhilip Morris International Inc.	0.95%	6,103,127	$532M	added+1%	−0.07 pp	3 q
unresolvedComcast Corp. Spl Cl A	0.93%	10,461,251	$522M	added+4%	+0.08 pp	3 q
DEODiageo plc	0.92%	3,881,323	$514M	trimmed−0%	−0.04 pp	3 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.92%	6,473,893	$514M	trimmed−19%	−0.12 pp	3 q
unresolvedBaker Hughes Inc.	0.90%	9,153,884	$506M	trimmed−14%	−0.11 pp	3 q
AFLAflac Inc.	0.89%	7,480,895	$500M	added+12%	+0.09 pp	3 q
PFGPrincipal Financial Group, Inc.	0.85%	9,600,414	$473M	trimmed−1%	+0.04 pp	3 q
ROKRockwell Automation, Inc.	0.84%	3,972,989	$469M	trimmed−36%	−0.46 pp	3 q
unresolvedTRW Automotive Holdings Corp.	0.84%	6,316,622	$470M	added0%	−0.04 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	0.82%	5,025,805	$459M	trimmed−3%	−0.18 pp	3 q
XOMExxon Mobil Corp	0.79%	4,343,682	$440M	added+3%	+0.08 pp	3 q
TIFTiffany & Co.	0.79%	4,783,615	$444M	trimmed−10%	0.00 pp	3 q
SNIScripps Networks Inter-cl A	0.76%	4,930,004	$426M	trimmed−18%	−0.15 pp	3 q
unresolvedFamily Dlr Stores Inc	0.75%	6,493,480	$422M	added+3%	−0.13 pp	3 q
AMTTd Ameritrade Holding Corp	0.74%	13,537,835	$415M	trimmed−0%	+0.05 pp	3 q
CVSCvs Health Corporation	0.71%	5,513,713	$395M	held	—	3 q
unresolvedOmnicare Inc	0.71%	6,586,079	$398M	trimmed−8%	−0.06 pp	3 q
9990302DApache Corp	0.69%	4,516,030	$388M	added+74%	+0.26 pp	3 q
BNYBank of New York Mellon Corporation	0.68%	10,859,911	$379M	added×2.0	+0.37 pp	3 q
GSGoldman Sachs Group Inc.	0.68%	2,135,717	$379M	added+1%	+0.03 pp	3 q
BWABorgWarner Inc.	0.67%	6,709,398	$375M	held	—	3 q
LEALear Corporation	0.67%	4,638,754	$376M	trimmed−0%	+0.02 pp	3 q
TXNTexas Instruments Incorporated	0.67%	8,555,028	$376M	trimmed−47%	−0.60 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.67%	9,129,220	$376M	added+6%	+0.02 pp	3 q
BLQADBlackrock Inc	0.66%	1,170,942	$371M	added+14%	+0.12 pp	3 q
CHKPCheck Point Software Technologies Ltd	0.66%	5,768,664	$372M	trimmed−23%	−0.17 pp	3 q
XECCimarex Energy Co	0.64%	3,396,097	$356M	trimmed−19%	−0.14 pp	3 q
WOOFoot Locker Inc	0.60%	8,129,056	$337M	added0%	+0.06 pp	3 q
OMCOmnicom Group Inc.	0.60%	4,492,586	$334M	added+2%	+0.06 pp	3 q
MCDMcDonald's Corporation	0.58%	3,365,782	$327M	added+10%	+0.01 pp	3 q
THCTenet Healthcare Corporation New	0.58%	7,724,422	$325M	trimmed−1%	−0.04 pp	3 q
CMICummins Inc.	0.53%	2,094,056	$295M	trimmed−7%	−0.05 pp	3 q
USBU.S. Bancorp	0.52%	7,239,866	$292M	added0%	+0.01 pp	3 q
unresolvedGoogle Inc.	0.47%	237,199	$266M	added+7%	+0.09 pp	3 q
unresolvedCovidien PLC	0.45%	3,675,799	$250M	trimmed−0%	+0.01 pp	3 q
MSFTMicrosoft Corp	0.44%	6,555,028	$245M	trimmed−0%	+0.01 pp	3 q
BRBroadridge Financial Solutions Inc	0.43%	6,109,809	$241M	trimmed−12%	0.00 pp	3 q
MMM3M Company	0.43%	1,699,226	$238M	added+2%	+0.04 pp	3 q
CVECenovus Energy Inc.	0.42%	8,166,812	$234M	trimmed−49%	−0.50 pp	3 q
ALVAutoliv, Inc.	0.41%	2,502,812	$230M	trimmed−12%	−0.07 pp	3 q
DGXQuest Diagnostics Inc.	0.41%	4,268,300	$229M	trimmed−0%	−0.10 pp	3 q
TG7Triumph Group Inc	0.41%	3,036,396	$231M	added+16%	+0.05 pp	3 q
GLPIGaming and Leisure Properties, Inc.	0.40%	4,402,618	$224M	new	+0.40 pp	new
AAPLApple Inc.	0.39%	387,099	$217M	added0%	+0.03 pp	3 q
unresolvedHealth Net Inc	0.38%	7,090,650	$210M	added+14%	0.00 pp	3 q
HDHome Depot, Inc.	0.38%	2,583,060	$213M	added+3%	+0.01 pp	3 q
unresolvedCalpine Corp	0.37%	10,639,804	$208M	added+33%	+0.07 pp	3 q
STTState Street Corporation	0.37%	2,838,350	$208M	added0%	+0.01 pp	3 q
HALHalliburton Company	0.36%	3,958,830	$201M	added0%	−0.01 pp	3 q
QCOMQualcomm Inc	0.35%	2,614,310	$194M	added+24%	+0.07 pp	2 q
unresolvedHospira Inc	0.32%	4,359,767	$180M	trimmed−33%	−0.18 pp	3 q
WMTWalmart Inc.	0.32%	2,258,757	$178M	added+6%	+0.01 pp	3 q
DRCDresser-rand Group Inc	0.31%	2,872,034	$171M	added+4%	−0.03 pp	3 q
MARMarriott International Class A	0.31%	3,517,131	$174M	added+1%	+0.03 pp	3 q
LYVLive Nation Entertainment Inc.	0.30%	8,417,250	$166M	trimmed−9%	−0.03 pp	3 q
KMXCarMax Inc.	0.29%	3,482,236	$164M	added+1%	−0.04 pp	3 q
VARVarian Medical Systems, Inc.	0.28%	2,005,601	$156M	trimmed−37%	−0.19 pp	3 q
unresolvedEncana Corp	0.27%	8,320,350	$150M	trimmed−49%	−0.28 pp	3 q
unresolvedHsn Inc	0.27%	2,468,745	$154M	added+10%	+0.03 pp	3 q
KMTKennametal Inc.	0.27%	2,901,935	$151M	held	—	3 q
KSSKohls Corporation	0.26%	2,531,420	$144M	added0%	+0.01 pp	3 q
UPLUltra Petroleum Corp	0.26%	6,772,000	$147M	added+36%	+0.06 pp	3 q
ADPAutomatic Data Processing	0.25%	1,756,975	$142M	added+5%	+0.01 pp	3 q
SIGSignet Jewelers Limited	0.25%	1,742,797	$137M	trimmed−3%	0.00 pp	3 q
AAPAdvance Auto Parts Inc	0.21%	1,039,125	$115M	added+3%	+0.05 pp	3 q
BAXBaxter International Inc.	0.20%	1,635,504	$114M	added+5%	0.00 pp	3 q
CRICarter's Inc.	0.19%	1,515,700	$109M	trimmed−22%	−0.10 pp	3 q
BRKRBruker Corporation	0.18%	5,024,540	$99M	trimmed−0%	−0.02 pp	3 q
HHCThe Howard Hughes Corporation	0.18%	838,350	$101M	trimmed−2%	−0.01 pp	3 q
LRCXLam Research Corp	0.18%	1,884,345	$103M	added+1%	−0.01 pp	3 q
CATCaterpillar Inc.	0.16%	964,638	$88M	new	+0.16 pp	new
MRKMerck & Co., Inc.	0.16%	1,800,949	$90M	added+7%	0.00 pp	3 q
HOGHarley-Davidson, Inc.	0.14%	1,115,654	$77M	added0%	0.00 pp	3 q
MLKNMillerKnoll, Inc.	0.14%	2,658,048	$78M	trimmed−1%	−0.01 pp	3 q
ITRIItron Inc	0.13%	1,787,600	$74M	added×2.3	+0.06 pp	2 q
PENNPENN Entertainment, Inc.	0.13%	4,917,293	$70M	trimmed−0%	−0.40 pp	3 q
unresolvedRowan Cos PLC	0.13%	2,048,993	$72M	added×4.0	+0.09 pp	3 q
CMCSAComcast Corp	0.12%	1,322,150	$69M	trimmed−3%	0.00 pp	3 q
ORBKOrbotech Ltd	0.12%	4,882,698	$66M	trimmed−15%	−0.01 pp	3 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.11%	1,525,100	$63M	trimmed−1%	−0.03 pp	3 q
SNASnap-on Incorporated	0.10%	500,251	$55M	trimmed−77%	−0.32 pp	3 q
unresolvedNewfield Expl Co	0.09%	2,148,534	$53M	trimmed−57%	−0.18 pp	3 q
NKENike, Inc.	0.09%	668,806	$53M	added+1%	0.00 pp	3 q
unresolvedBlount Intl Inc New	0.06%	2,303,023	$33M	held	—	3 q
CXOConcho Resources Inc.	0.05%	241,850	$26M	trimmed−83%	−0.25 pp	3 q
GEFGreif, Inc.	0.05%	525,625	$28M	trimmed−2%	0.00 pp	3 q
CMAComerica Incorporated	0.04%	502,740	$24M	added+5%	0.00 pp	3 q
unresolvedFifth & Pac Cos Inc	0.04%	697,000	$22M	trimmed−43%	−0.02 pp	3 q
CXTCrane NXT, Co.	0.03%	274,990	$18M	held	—	3 q
DISThe Walt Disney Company	0.03%	224,983	$17M	trimmed−17%	0.00 pp	3 q
EMREmerson Electric Co.	0.03%	214,250	$15M	trimmed−1%	0.00 pp	3 q
LEG1Leggett & Platt, Inc.	0.03%	587,515	$18M	trimmed−74%	−0.10 pp	3 q
unresolvedManitowoc Inc	0.03%	829,625	$19M	added+19%	0.00 pp	2 q
unresolvedMicros Sys Inc	0.03%	272,650	$16M	added+4%	0.00 pp	3 q
TMKGlobe Life Inc.	0.03%	247,675	$19M	trimmed−6%	−0.01 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.02%	50	$9M	trimmed−7%	0.00 pp	3 q
BABoeing Company	0.02%	85,054	$12M	trimmed−39%	−0.01 pp	3 q
CNOCNO Financial Group, Inc.	0.02%	505,600	$9M	trimmed−49%	−0.01 pp	3 q
HNIHNI Corporation	0.02%	283,075	$11M	trimmed−48%	−0.02 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	24,268	$3M	added+5%	0.00 pp	3 q
CVXChevron Corporation	0.01%	43,568	$5M	added×10.2	+0.01 pp	3 q
DISCKDiscovery Inc-c	0.01%	82,657	$7M	trimmed−76%	−0.04 pp	3 q
TMToyota Motor Corporation	0.01%	59,600	$7M	added×9.2	+0.01 pp	3 q
ABTAbbott Laboratories	0.00%	44,178	$2M	held	—	3 q
ABBVAbbvie Inc.	0.00%	46,056	$2M	held	—	3 q
unresolvedAetna Inc New	0.00%	2,920	$200,000	new	0.00 pp	new
ALLThe Allstate Corporation	0.00%	7,291	$398,000	trimmed−1%	0.00 pp	3 q
MOAltria Group, Inc.	0.00%	8,582	$329,000	held	—	3 q
AMGNAmgen Inc	0.00%	3,055	$349,000	trimmed−6%	0.00 pp	3 q
ADMArcher Daniels Midland Company	0.00%	9,050	$393,000	held	—	3 q
BPBP p.l.c.	0.00%	4,328	$210,000	new	0.00 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.00%	4,000	$321,000	new	0.00 pp	new
BMYBristol-Myers Squibb Co.	0.00%	30,024	$2M	held	—	3 q
unresolvedCys Invts Inc	0.00%	57,142	$423,000	held	—	3 q
CNICanadian National Railway	0.00%	4,500	$257,000	added×2.0	0.00 pp	3 q
CSWCCapital Southwest Corp	0.00%	55,528	$2M	trimmed−2%	0.00 pp	3 q
CELGCelgene Corp	0.00%	5,258	$888,000	held	—	3 q
KOCoca-Cola Company	0.00%	57,140	$2M	added+21%	0.00 pp	3 q
COPConocoPhillips	0.00%	11,500	$812,000	held	—	3 q
DHRDanaher Corporation	0.00%	6,300	$486,000	held	—	3 q
DKSDick's Sporting Goods, Inc.	0.00%	41,700	$2M	held	—	3 q
DISCADiscovery, Inc. Series A	0.00%	7,411	$670,000	trimmed−85%	−0.01 pp	3 q
unresolvedDu Pont E I De Nemours & Co	0.00%	9,950	$646,000	held	—	3 q
unresolvedEsterline Technologies Corp	0.00%	18,950	$2M	trimmed−1%	0.00 pp	3 q
unresolvedExpress Scripts Hldg Co	0.00%	5,995	$421,000	held	—	3 q
unresolvedGeneral Electric Co	0.00%	76,953	$2M	trimmed−1%	0.00 pp	3 q
GWWW.W. Grainger, Inc.	0.00%	800	$204,000	held	—	3 q
HONHoneywell International, Inc.	0.00%	5,569	$509,000	trimmed−4%	0.00 pp	3 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	3 q
IBMInternational Business Machines Corporation	0.00%	13,838	$3M	trimmed−0%	−0.01 pp	3 q
JNJJohnson & Johnson	0.00%	18,698	$2M	held	—	3 q
unresolvedKapstone Paper & Packaging C	0.00%	7,100	$397,000	held	—	3 q
KELKellanova	0.00%	6,400	$391,000	held	—	3 q
unresolvedKinder Morgan Energy Partners	0.00%	9,200	$742,000	trimmed−3%	0.00 pp	3 q
KRThe Kroger Co.	0.00%	40,627	$2M	new	0.00 pp	new
unresolvedLiberty Media Corp Delaware	0.00%	1,405	$206,000	new	0.00 pp	new
unresolvedLinear Technology Group	0.00%	12,000	$547,000	new	0.00 pp	new
unresolvedMb Financial Inc New	0.00%	9,769	$313,000	held	—	3 q
unresolvedMcGraw Hill	0.00%	8,000	$626,000	held	—	3 q
METMetLife, Inc.	0.00%	37,602	$2M	new	0.00 pp	new
MDLZMondelez International, Inc. Class A	0.00%	9,004	$318,000	new	0.00 pp	new
NRTNorth European Oil Royalty Trust	0.00%	10,200	$204,000	held	—	3 q
NTRSNorthern Trust Corp	0.00%	4,350	$269,000	held	—	3 q
PEPPepsiCo, Inc.	0.00%	7,702	$639,000	added+22%	0.00 pp	3 q
PFEPfizer Inc.	0.00%	41,217	$1M	trimmed−2%	0.00 pp	3 q
PSXPhillips 66	0.00%	5,300	$409,000	held	—	3 q
unresolvedPlum Creek Timber Co Inc	0.00%	7,650	$356,000	added+13%	0.00 pp	3 q
PGProcter & Gamble Company	0.00%	9,209	$750,000	held	—	3 q
RRCRange Resources Corp	0.00%	3,000	$253,000	held	—	3 q
RDS.ARoyal Dutch Shell PLC	0.00%	3,222	$230,000	held	—	3 q
SLBSLB Limited	0.00%	2,845	$256,000	held	—	3 q
SBUXStarbucks Corp	0.00%	21,100	$2M	trimmed−2%	0.00 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	3 q
UNUnilever N V -ny Shares	0.00%	6,989	$281,000	held	—	3 q
unresolvedWalgreen Co	0.00%	27,800	$2M	added+37%	0.00 pp	3 q
LBTYALiberty Global Ltd. Class A	0.00%	2,925	$260,000	trimmed−22%	0.00 pp	3 q
unresolvedUti Worldwide Inc	0.00%	132,950	$2M	added+49%	0.00 pp	3 q
unresolvedStaples Inc	—	−6,019,658	—	exited	−0.17 pp	—
unresolvedArris Group Inc New	—	−3,977,793	—	exited	−0.13 pp	—
PTENPatterson-UTI Energy Inc	—	−1,760,400	—	exited	−0.07 pp	—
unresolvedWms Inds Inc	—	−40,200	—	exited	0.00 pp	—