Harris Associates (Oakmark)

Q1 2014 13F · by Bill Nygren, CIO

As of: Mar 31, 2014
Filed: Apr 25, 2014
US stock: $55.8B · prev $56.0B
Positions: 175 · prev 186
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%

Moves179 since the prior filing

+8.3 pp in · −8.2 pp out

New 12 +2.85 pp
Added 59 +5.42 pp
Trimmed 85 −7.11 pp
Exited 23 −1.08 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions175 in this filing · 23 exited


ORCLOracle Corp	5.02%	68,461,485	$2.8B	added+1%	+0.37 pp	4 q
GMGeneral Motors Company	3.92%	63,541,243	$2.2B	added+6%	−0.47 pp	4 q
BACBank of America Corporation	3.33%	108,164,546	$1.9B	added+2%	+0.39 pp	4 q
WFCWells Fargo & Co.	3.12%	34,983,436	$1.7B	added+11%	+0.56 pp	4 q
INTCIntel Corp	3.09%	66,857,835	$1.7B	added0%	−0.01 pp	4 q
FDXFedEx Corporation	3.03%	12,779,212	$1.7B	trimmed−1%	−0.28 pp	4 q
JPMJPMorgan Chase & Co.	2.97%	27,294,308	$1.7B	trimmed−1%	+0.10 pp	4 q
NOVNOV Inc.	2.97%	21,305,356	$1.7B	added+1%	−0.03 pp	4 q
0VQJLTe Connectivity Ltd	2.94%	27,276,464	$1.6B	added0%	+0.27 pp	4 q
AIGAmerican International Group, Inc.	2.90%	32,359,296	$1.6B	added+3%	+0.04 pp	4 q
MAMastercard Incorporated	2.70%	20,152,207	$1.5B	trimmed−3%	−0.40 pp	4 q
BENFranklin Templeton, Inc.	2.64%	27,252,784	$1.5B	added+19%	+0.28 pp	4 q
AMATApplied Materials Inc	2.37%	64,851,788	$1.3B	trimmed−10%	+0.10 pp	4 q
UNPUnion Pacific Corp.	1.73%	5,154,324	$967M	added0%	+0.19 pp	4 q
AAPLApple Inc.	1.50%	1,562,994	$839M	added×4.0	+1.11 pp	4 q
VVISA Inc.	1.50%	3,883,442	$838M	trimmed−11%	−0.23 pp	4 q
DEODiageo plc	1.49%	6,658,934	$830M	added+72%	+0.57 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.49%	10,164,974	$833M	trimmed−10%	−0.02 pp	4 q
unresolvedMedtronic Inc	1.48%	13,407,823	$825M	added+3%	+0.15 pp	4 q
ITWIllinois Tool Works Inc.	1.47%	10,061,057	$818M	trimmed−25%	−0.55 pp	4 q
COFCapital One Financial	1.42%	10,298,994	$795M	added+2%	+0.04 pp	4 q
unresolvedWillis Group Holdings Public	1.41%	17,881,859	$789M	added+2%	0.00 pp	4 q
unresolvedAon PLC	1.34%	8,888,203	$749M	trimmed−1%	0.00 pp	4 q
unresolvedDirectv	1.25%	9,139,462	$698M	added+4%	+0.16 pp	4 q
unresolvedLiberty Interactive Corp	1.22%	23,614,079	$682M	added+6%	+0.05 pp	4 q
DOVDover Corporation	1.09%	7,452,901	$609M	trimmed−2%	−0.22 pp	4 q
9990302DApache Corp	1.02%	6,836,080	$567M	added+51%	+0.33 pp	4 q
unresolvedTRW Automotive Holdings Corp.	0.94%	6,422,623	$524M	added+2%	+0.10 pp	4 q
AFLAflac Inc.	0.93%	8,230,599	$519M	added+10%	+0.04 pp	4 q
unresolvedBaker Hughes Inc.	0.93%	7,968,200	$518M	trimmed−13%	+0.03 pp	4 q
PHParker-Hannifin Corporation	0.89%	4,159,537	$498M	added+1%	−0.06 pp	4 q
PMPhilip Morris International Inc.	0.89%	6,047,827	$495M	trimmed−1%	−0.06 pp	4 q
GDGeneral Dynamics Corporation	0.88%	4,511,976	$491M	trimmed−25%	−0.14 pp	4 q
unresolvedComcast Corp. Spl Cl A	0.85%	9,756,309	$476M	trimmed−7%	−0.08 pp	4 q
PFGPrincipal Financial Group, Inc.	0.83%	10,036,163	$462M	added+5%	−0.02 pp	4 q
CVSCvs Health Corporation	0.82%	6,087,483	$456M	added+10%	+0.11 pp	4 q
AMTTd Ameritrade Holding Corp	0.82%	13,537,203	$460M	trimmed0%	+0.08 pp	4 q
BNYBank of New York Mellon Corporation	0.81%	12,877,811	$454M	added+19%	+0.13 pp	4 q
CCitigroup Inc.	0.80%	9,362,711	$446M	new	+0.80 pp	new
unresolvedUnilever Spn.Adr 1:1	0.78%	10,212,954	$437M	added+12%	+0.11 pp	4 q
BLQADBlackrock Inc	0.76%	1,346,322	$423M	added+15%	+0.10 pp	4 q
DVNDevon Energy Corporation	0.75%	6,222,095	$416M	trimmed−39%	−0.38 pp	4 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.75%	5,273,891	$420M	trimmed−19%	−0.17 pp	4 q
BWABorgWarner Inc.	0.74%	6,709,318	$412M	trimmed0%	+0.07 pp	4 q
CBRECbre Group, Inc.	0.72%	14,608,568	$401M	new	+0.72 pp	new
LEALear Corporation	0.69%	4,630,354	$388M	trimmed−0%	+0.02 pp	4 q
WOOFoot Locker Inc	0.68%	8,136,536	$382M	added0%	+0.08 pp	4 q
ROKRockwell Automation, Inc.	0.67%	2,983,275	$372M	trimmed−25%	−0.17 pp	4 q
TIFTiffany & Co.	0.67%	4,315,554	$372M	trimmed−10%	−0.12 pp	4 q
MCDMcDonald's Corporation	0.66%	3,734,347	$366M	added+11%	+0.08 pp	4 q
unresolvedOmnicare Inc	0.66%	6,207,712	$370M	trimmed−6%	−0.05 pp	4 q
unresolvedFamily Dlr Stores Inc	0.65%	6,213,149	$360M	trimmed−4%	−0.10 pp	4 q
TXNTexas Instruments Incorporated	0.65%	7,691,736	$363M	trimmed−10%	−0.02 pp	4 q
XOMExxon Mobil Corp	0.64%	3,677,000	$359M	trimmed−15%	−0.15 pp	4 q
GSGoldman Sachs Group Inc.	0.64%	2,164,910	$355M	added+1%	−0.04 pp	4 q
THCTenet Healthcare Corporation New	0.59%	7,715,972	$330M	trimmed−0%	+0.01 pp	4 q
OMCOmnicom Group Inc.	0.58%	4,458,400	$324M	trimmed−1%	−0.02 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.55%	3,148,038	$309M	trimmed−37%	−0.27 pp	4 q
unresolvedDelphi Automotive PLC	0.55%	4,548,378	$309M	trimmed−65%	−0.84 pp	4 q
RLRalph Lauren Corporation	0.54%	1,867,064	$300M	new	+0.54 pp	new
SNIScripps Networks Inter-cl A	0.53%	3,922,021	$298M	trimmed−20%	−0.23 pp	4 q
unresolvedGoogle Inc.	0.51%	257,337	$287M	added+8%	+0.04 pp	4 q
HDHome Depot, Inc.	0.51%	3,623,008	$287M	added+40%	+0.13 pp	4 q
MSFTMicrosoft Corp	0.50%	6,828,377	$280M	added+4%	+0.06 pp	4 q
unresolvedCovidien PLC	0.49%	3,690,391	$272M	added0%	+0.04 pp	4 q
CMICummins Inc.	0.48%	1,792,739	$267M	trimmed−14%	−0.05 pp	4 q
QCOMQualcomm Inc	0.46%	3,235,259	$255M	added+24%	+0.11 pp	3 q
CHKPCheck Point Software Technologies Ltd	0.46%	3,763,700	$255M	trimmed−35%	−0.20 pp	4 q
unresolvedForest Labs Inc	0.45%	2,717,500	$251M	trimmed−74%	−0.68 pp	4 q
unresolvedCalpine Corp	0.44%	11,804,504	$247M	added+11%	+0.07 pp	4 q
HALHalliburton Company	0.44%	4,138,130	$244M	added+5%	+0.08 pp	4 q
unresolvedHealth Net Inc	0.41%	6,793,249	$231M	trimmed−4%	+0.03 pp	4 q
MMM3M Company	0.41%	1,691,526	$229M	trimmed−0%	−0.02 pp	4 q
BRBroadridge Financial Solutions Inc	0.40%	6,014,859	$223M	trimmed−2%	−0.03 pp	4 q
WMTWalmart Inc.	0.40%	2,949,818	$225M	added+31%	+0.08 pp	4 q
CVECenovus Energy Inc.	0.39%	7,599,589	$220M	trimmed−7%	−0.03 pp	4 q
STTState Street Corporation	0.39%	3,095,150	$215M	added+9%	+0.02 pp	4 q
USBU.S. Bancorp	0.37%	4,791,489	$205M	trimmed−34%	−0.15 pp	4 q
KMXCarMax Inc.	0.36%	4,236,237	$198M	added+22%	+0.07 pp	4 q
GLPIGaming and Leisure Properties, Inc.	0.35%	5,306,150	$193M	added+21%	−0.05 pp	2 q
UPLUltra Petroleum Corp	0.33%	6,793,366	$183M	added0%	+0.07 pp	4 q
XECCimarex Energy Co	0.32%	1,493,219	$178M	trimmed−56%	−0.32 pp	4 q
LYVLive Nation Entertainment Inc.	0.30%	7,651,350	$166M	trimmed−9%	0.00 pp	4 q
unresolvedHsn Inc	0.29%	2,678,579	$160M	added+9%	+0.02 pp	4 q
MARMarriott International Class A	0.29%	2,910,128	$163M	trimmed−17%	−0.02 pp	4 q
ALVAutoliv, Inc.	0.28%	1,531,412	$154M	trimmed−39%	−0.13 pp	4 q
KSSKohls Corporation	0.26%	2,562,018	$146M	added+1%	0.00 pp	4 q
SNYSanofi	0.25%	2,641,500	$138M	new	+0.25 pp	new
ADPAutomatic Data Processing	0.23%	1,689,100	$130M	trimmed−4%	−0.02 pp	4 q
KMTKennametal Inc.	0.23%	2,945,935	$131M	added+2%	−0.04 pp	4 q
AAPAdvance Auto Parts Inc	0.22%	953,400	$121M	trimmed−8%	+0.01 pp	4 q
BAXBaxter International Inc.	0.22%	1,669,510	$123M	added+2%	+0.02 pp	4 q
KNKnowles Corporation	0.21%	3,724,423	$118M	new	+0.21 pp	new
VARVarian Medical Systems, Inc.	0.21%	1,417,963	$119M	trimmed−29%	−0.07 pp	4 q
GISGeneral Mills, Inc.	0.20%	2,202,616	$114M	new	+0.20 pp	new
BRKRBruker Corporation	0.18%	4,303,523	$98M	trimmed−14%	0.00 pp	4 q
unresolvedRowan Cos PLC	0.18%	2,938,141	$99M	added+43%	+0.05 pp	4 q
ITRIItron Inc	0.17%	2,680,825	$95M	added+50%	+0.04 pp	3 q
LRCXLam Research Corp	0.17%	1,715,697	$94M	trimmed−9%	−0.01 pp	4 q
HHCThe Howard Hughes Corporation	0.16%	616,125	$88M	trimmed−27%	−0.02 pp	4 q
CATCaterpillar Inc.	0.15%	815,176	$81M	trimmed−15%	−0.01 pp	2 q
MLKNMillerKnoll, Inc.	0.15%	2,618,274	$84M	trimmed−2%	+0.01 pp	4 q
HOGHarley-Davidson, Inc.	0.13%	1,130,054	$75M	added+1%	−0.01 pp	4 q
unresolvedMonsanto Co	0.13%	615,701	$70M	new	+0.13 pp	new
ORBKOrbotech Ltd	0.13%	4,625,198	$71M	trimmed−5%	+0.01 pp	4 q
CRICarter's Inc.	0.12%	887,100	$69M	trimmed−41%	−0.07 pp	4 q
CMCSAComcast Corp	0.12%	1,284,248	$64M	trimmed−3%	0.00 pp	4 q
PENNPENN Entertainment, Inc.	0.11%	4,901,677	$60M	trimmed−0%	−0.02 pp	4 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.10%	1,598,597	$56M	added+5%	−0.01 pp	4 q
DRCDresser-rand Group Inc	0.10%	949,062	$55M	trimmed−67%	−0.21 pp	4 q
SNASnap-on Incorporated	0.09%	419,155	$48M	trimmed−16%	−0.01 pp	4 q
NKENike, Inc.	0.08%	599,643	$44M	trimmed−10%	−0.01 pp	4 q
unresolvedBlount Intl Inc New	0.05%	2,314,523	$28M	added+1%	−0.01 pp	4 q
CMAComerica Incorporated	0.05%	489,410	$25M	trimmed−3%	+0.01 pp	4 q
GEFGreif, Inc.	0.05%	525,090	$28M	trimmed−0%	0.00 pp	4 q
unresolvedManitowoc Inc	0.05%	818,980	$26M	trimmed−1%	+0.02 pp	3 q
DISThe Walt Disney Company	0.03%	182,323	$15M	trimmed−19%	0.00 pp	4 q
HNIHNI Corporation	0.03%	493,410	$18M	added+74%	+0.01 pp	4 q
LEG1Leggett & Platt, Inc.	0.03%	524,748	$17M	trimmed−11%	0.00 pp	4 q
unresolvedMicros Sys Inc	0.03%	283,348	$15M	added+4%	0.00 pp	4 q
TMKGlobe Life Inc.	0.03%	229,025	$18M	trimmed−8%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.02%	47	$9M	trimmed−6%	0.00 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	27,908	$3M	added+15%	0.00 pp	4 q
DISCKDiscovery Inc-c	0.01%	64,920	$5M	trimmed−21%	0.00 pp	4 q
unresolvedHospira Inc	0.01%	90,496	$4M	trimmed−98%	−0.31 pp	4 q
ABTAbbott Laboratories	0.00%	44,178	$2M	held	—	4 q
ABBVAbbvie Inc.	0.00%	44,191	$2M	trimmed−4%	0.00 pp	4 q
unresolvedAetna Inc New	0.00%	2,920	$219,000	held	—	2 q
ALLThe Allstate Corporation	0.00%	6,991	$396,000	trimmed−4%	0.00 pp	4 q
MOAltria Group, Inc.	0.00%	8,582	$321,000	held	—	4 q
AMGNAmgen Inc	0.00%	3,055	$377,000	held	—	4 q
ADMArcher Daniels Midland Company	0.00%	9,050	$393,000	held	—	4 q
BMYBristol-Myers Squibb Co.	0.00%	21,600	$1M	trimmed−28%	0.00 pp	4 q
unresolvedCys Invts Inc	0.00%	57,142	$472,000	held	—	4 q
CNICanadian National Railway	0.00%	4,500	$253,000	held	—	4 q
CSWCCapital Southwest Corp	0.00%	45,928	$2M	trimmed−17%	0.00 pp	4 q
CELGCelgene Corp	0.00%	5,258	$734,000	held	—	4 q
CVXChevron Corporation	0.00%	3,768	$448,000	trimmed−91%	−0.01 pp	4 q
KOCoca-Cola Company	0.00%	54,740	$2M	trimmed−4%	0.00 pp	4 q
CXOConcho Resources Inc.	0.00%	21,984	$3M	trimmed−91%	−0.05 pp	4 q
COPConocoPhillips	0.00%	11,500	$809,000	held	—	4 q
DHRDanaher Corporation	0.00%	6,400	$480,000	added+2%	0.00 pp	4 q
DKSDick's Sporting Goods, Inc.	0.00%	42,550	$2M	added+2%	0.00 pp	4 q
DDSDillard's, Inc. Class A	0.00%	11,825	$1M	new	0.00 pp	new
DISCADiscovery, Inc. Series A	0.00%	5,809	$480,000	trimmed−22%	0.00 pp	4 q
unresolvedDu Pont E I De Nemours & Co	0.00%	10,060	$675,000	added+1%	0.00 pp	4 q
unresolvedExpress Scripts Hldg Co	0.00%	5,924	$445,000	trimmed−1%	0.00 pp	4 q
unresolvedFidelity National Financial	0.00%	64,375	$2M	new	0.00 pp	new
unresolvedGeneral Electric Co	0.00%	75,907	$2M	trimmed−1%	0.00 pp	4 q
HONHoneywell International, Inc.	0.00%	3,569	$331,000	trimmed−36%	0.00 pp	4 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	4 q
IBMInternational Business Machines Corporation	0.00%	13,678	$3M	trimmed−1%	0.00 pp	4 q
JNJJohnson & Johnson	0.00%	18,998	$2M	added+2%	0.00 pp	4 q
unresolvedKapstone Paper & Packaging C	0.00%	14,200	$410,000	added×2.0	0.00 pp	4 q
KELKellanova	0.00%	6,400	$401,000	held	—	4 q
LLYEli Lilly & Co.	0.00%	3,700	$218,000	new	0.00 pp	new
unresolvedLinear Technology Group	0.00%	8,600	$419,000	trimmed−28%	0.00 pp	2 q
unresolvedMb Financial Inc New	0.00%	9,769	$302,000	held	—	4 q
unresolvedMcGraw Hill	0.00%	8,000	$610,000	held	—	4 q
MRKMerck & Co., Inc.	0.00%	47,008	$3M	trimmed−97%	−0.16 pp	4 q
unresolvedNewfield Expl Co	0.00%	35,800	$1M	trimmed−98%	−0.09 pp	4 q
NWSANews Corporation Class A	0.00%	153,600	$3M	new	0.00 pp	new
NTRSNorthern Trust Corp	0.00%	4,350	$285,000	held	—	4 q
PEPPepsiCo, Inc.	0.00%	7,702	$643,000	held	—	4 q
PFEPfizer Inc.	0.00%	41,617	$1M	added+1%	0.00 pp	4 q
PSXPhillips 66	0.00%	5,300	$408,000	held	—	4 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$286,000	trimmed−11%	0.00 pp	4 q
PGProcter & Gamble Company	0.00%	8,009	$646,000	trimmed−13%	0.00 pp	4 q
RGAReinsurance Group of America, Incorporated	0.00%	13,100	$1M	new	0.00 pp	new
SLBSLB Limited	0.00%	2,800	$273,000	trimmed−2%	0.00 pp	4 q
SBUXStarbucks Corp	0.00%	21,100	$2M	held	—	4 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	4 q
TG7Triumph Group Inc	0.00%	14,560	$940,000	trimmed−100%	−0.41 pp	4 q
UNUnilever N V -ny Shares	0.00%	6,989	$287,000	held	—	4 q
unresolvedWalgreen Co	0.00%	27,200	$2M	trimmed−2%	0.00 pp	4 q
DGXQuest Diagnostics Inc.	—	−4,268,300	—	exited	−0.41 pp	—
unresolvedEncana Corp	—	−8,320,350	—	exited	−0.27 pp	—
SIGSignet Jewelers Limited	—	−1,742,797	—	exited	−0.25 pp	—
unresolvedFifth & Pac Cos Inc	—	−697,000	—	exited	−0.04 pp	—
CXTCrane NXT, Co.	—	−274,990	—	exited	−0.03 pp	—
EMREmerson Electric Co.	—	−214,250	—	exited	−0.03 pp	—
BABoeing Company	—	−85,054	—	exited	−0.02 pp	—
CNOCNO Financial Group, Inc.	—	−505,600	—	exited	−0.02 pp	—
TMToyota Motor Corporation	—	−59,600	—	exited	−0.01 pp	—
BPBP p.l.c.	—	−4,328	—	exited	0.00 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−4,000	—	exited	0.00 pp	—
unresolvedEsterline Technologies Corp	—	−18,950	—	exited	0.00 pp	—
GWWW.W. Grainger, Inc.	—	−800	—	exited	0.00 pp	—
unresolvedKinder Morgan Energy Partners	—	−9,200	—	exited	0.00 pp	—
KRThe Kroger Co.	—	−40,627	—	exited	0.00 pp	—
unresolvedLiberty Media Corp Delaware	—	−1,405	—	exited	0.00 pp	—
METMetLife, Inc.	—	−37,602	—	exited	0.00 pp	—
MDLZMondelez International, Inc. Class A	—	−9,004	—	exited	0.00 pp	—
NRTNorth European Oil Royalty Trust	—	−10,200	—	exited	0.00 pp	—
RRCRange Resources Corp	—	−3,000	—	exited	0.00 pp	—
RDS.ARoyal Dutch Shell PLC	—	−3,222	—	exited	0.00 pp	—
LBTYALiberty Global Ltd. Class A	—	−2,925	—	exited	0.00 pp	—
unresolvedUti Worldwide Inc	—	−132,950	—	exited	0.00 pp	—