Harris Associates (Oakmark)

Q2 2014 13F · by Bill Nygren, CIO

As of: Jun 30, 2014
Filed: Aug 12, 2014
US stock: $59.4B · prev $55.8B
Positions: 177 · prev 175
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%

Moves156 since the prior filing

+8.5 pp in · −8.6 pp out

New 7 +2.32 pp
Added 61 +6.19 pp
Trimmed 83 −8.32 pp
Exited 5 −0.24 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions19% of US stock

ORCL Oracle Corp added−0.22 pp added−0.224.8%
GM General Motors Company added+0.42 pp added+0.424.3%
INTC Intel Corp added+0.42 pp added+0.423.5%
BAC Bank of America Corporation added−0.12 pp added−0.123.2%
WFC Wells Fargo & Co. added0.00 pp added0.003.1%

Positions177 in this filing · 5 exited


ORCLOracle Corp	4.80%	70,422,128	$2.9B	added+3%	−0.22 pp	5 q
GMGeneral Motors Company	4.34%	71,112,384	$2.6B	added+12%	+0.42 pp	5 q
INTCIntel Corp	3.51%	67,556,765	$2.1B	added+1%	+0.42 pp	5 q
BACBank of America Corporation	3.21%	124,078,916	$1.9B	added+15%	−0.12 pp	5 q
WFCWells Fargo & Co.	3.12%	35,324,112	$1.9B	added+1%	0.00 pp	5 q
NOVNOV Inc.	3.09%	22,304,091	$1.8B	added+5%	+0.12 pp	5 q
AIGAmerican International Group, Inc.	3.05%	33,251,066	$1.8B	added+3%	+0.15 pp	5 q
JPMJPMorgan Chase & Co.	2.89%	29,757,720	$1.7B	added+9%	−0.08 pp	5 q
0VQJLTe Connectivity Ltd	2.87%	27,622,003	$1.7B	added+1%	−0.07 pp	5 q
FDXFedEx Corporation	2.84%	11,141,743	$1.7B	trimmed−13%	−0.19 pp	5 q
MAMastercard Incorporated	2.78%	22,449,780	$1.6B	added+11%	+0.08 pp	5 q
BENFranklin Templeton, Inc.	2.76%	28,396,387	$1.6B	added+4%	+0.12 pp	5 q
UNPUnion Pacific Corp.	1.74%	10,374,934	$1.0B	added+1%	+0.01 pp	5 q
AAPLApple Inc.	1.73%	11,075,648	$1.0B	added+1%	+0.23 pp	5 q
VVISA Inc.	1.64%	4,638,783	$977M	added+19%	+0.14 pp	5 q
AMATApplied Materials Inc	1.62%	42,745,798	$964M	trimmed−34%	−0.75 pp	5 q
CCitigroup Inc.	1.62%	20,399,703	$961M	added×2.2	+0.82 pp	2 q
AMZNAmazon.Com Inc	1.58%	2,897,536	$941M	new	+1.58 pp	new
unresolvedAon PLC	1.55%	10,194,836	$918M	added+15%	+0.21 pp	5 q
unresolvedWillis Group Holdings Public	1.50%	20,569,179	$891M	added+15%	+0.09 pp	5 q
DEODiageo plc	1.49%	6,958,884	$886M	added+5%	0.00 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.41%	10,221,774	$836M	added+1%	−0.08 pp	5 q
unresolvedMedtronic Inc	1.40%	13,077,218	$834M	trimmed−2%	−0.08 pp	5 q
COFCapital One Financial	1.39%	9,975,007	$824M	trimmed−3%	−0.03 pp	5 q
unresolvedGoogle Inc.	1.28%	1,296,245	$758M	added×5.0	+0.77 pp	5 q
unresolvedLiberty Interactive Corp	1.19%	23,986,322	$704M	added+2%	−0.03 pp	5 q
ITWIllinois Tool Works Inc.	1.18%	8,017,222	$702M	trimmed−20%	−0.29 pp	5 q
9990302DApache Corp	1.17%	6,888,984	$693M	added+1%	+0.15 pp	5 q
DOVDover Corporation	1.07%	6,977,867	$635M	trimmed−6%	−0.02 pp	5 q
unresolvedTRW Automotive Holdings Corp.	0.97%	6,414,343	$574M	trimmed−0%	+0.03 pp	5 q
AFLAflac Inc.	0.94%	8,963,209	$558M	added+9%	+0.01 pp	5 q
RLRalph Lauren Corporation	0.93%	3,430,180	$551M	added+84%	+0.39 pp	2 q
BNYBank of New York Mellon Corporation	0.86%	13,655,111	$512M	added+6%	+0.05 pp	5 q
PMPhilip Morris International Inc.	0.86%	6,047,827	$510M	held	—	5 q
PFGPrincipal Financial Group, Inc.	0.86%	10,144,011	$512M	added+1%	+0.03 pp	5 q
CBRECbre Group, Inc.	0.81%	15,011,282	$481M	added+3%	+0.09 pp	2 q
BLQADBlackrock Inc	0.79%	1,469,715	$470M	added+9%	+0.03 pp	5 q
unresolvedBaker Hughes Inc.	0.78%	6,202,215	$462M	trimmed−22%	−0.15 pp	5 q
GSGoldman Sachs Group Inc.	0.78%	2,772,785	$464M	added+28%	+0.14 pp	5 q
PHParker-Hannifin Corporation	0.78%	3,669,387	$461M	trimmed−12%	−0.11 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.78%	10,224,283	$463M	added0%	0.00 pp	5 q
CVSCvs Health Corporation	0.77%	6,086,149	$459M	trimmed−0%	−0.05 pp	5 q
AMTTd Ameritrade Holding Corp	0.72%	13,572,985	$426M	added0%	−0.10 pp	5 q
unresolvedFamily Dlr Stores Inc	0.70%	6,254,295	$414M	added+1%	+0.05 pp	5 q
LEALear Corporation	0.70%	4,630,154	$414M	trimmed0%	+0.01 pp	5 q
BWABorgWarner Inc.	0.69%	6,302,518	$411M	trimmed−6%	−0.05 pp	5 q
WOOFoot Locker Inc	0.69%	8,131,936	$412M	trimmed−0%	+0.01 pp	5 q
GDGeneral Dynamics Corporation	0.69%	3,493,202	$407M	trimmed−23%	−0.19 pp	5 q
MCDMcDonald's Corporation	0.66%	3,890,086	$392M	added+4%	0.00 pp	5 q
unresolvedComcast Corp. Spl Cl A	0.63%	7,007,879	$374M	trimmed−28%	−0.22 pp	5 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.63%	4,609,329	$373M	trimmed−13%	−0.12 pp	5 q
unresolvedOmnicare Inc	0.61%	5,471,790	$364M	trimmed−12%	−0.05 pp	5 q
TXNTexas Instruments Incorporated	0.61%	7,567,005	$362M	trimmed−2%	−0.04 pp	5 q
HDHome Depot, Inc.	0.59%	4,347,808	$352M	added+20%	+0.08 pp	5 q
OMCOmnicom Group Inc.	0.58%	4,812,513	$343M	added+8%	0.00 pp	5 q
THCTenet Healthcare Corporation New	0.58%	7,294,742	$342M	trimmed−5%	−0.01 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.54%	3,162,206	$324M	added0%	−0.01 pp	5 q
SNIScripps Networks Inter-cl A	0.54%	3,922,021	$318M	held	—	5 q
ADPAutomatic Data Processing	0.53%	3,943,269	$313M	added×2.3	+0.30 pp	5 q
KMXCarMax Inc.	0.53%	6,032,514	$314M	added+42%	+0.17 pp	5 q
ROKRockwell Automation, Inc.	0.53%	2,517,516	$315M	trimmed−16%	−0.14 pp	5 q
unresolvedMonsanto Co	0.51%	2,406,686	$300M	added×3.9	+0.38 pp	2 q
QCOMQualcomm Inc	0.51%	3,852,059	$305M	added+19%	+0.05 pp	4 q
TIFTiffany & Co.	0.51%	3,028,476	$304M	trimmed−30%	−0.16 pp	5 q
STTState Street Corporation	0.50%	4,413,550	$297M	added+43%	+0.11 pp	5 q
GISGeneral Mills, Inc.	0.49%	5,584,800	$293M	added×2.5	+0.29 pp	2 q
HALHalliburton Company	0.49%	4,138,130	$294M	held	—	5 q
MSFTMicrosoft Corp	0.49%	6,936,083	$289M	added+2%	−0.01 pp	5 q
unresolvedCalpine Corp	0.48%	11,892,604	$283M	added+1%	+0.04 pp	5 q
unresolvedHealth Net Inc	0.48%	6,824,467	$283M	added0%	+0.07 pp	5 q
SNYSanofi	0.45%	5,025,750	$267M	added+90%	+0.20 pp	2 q
WMTWalmart Inc.	0.44%	3,493,162	$262M	added+18%	+0.04 pp	5 q
BRBroadridge Financial Solutions Inc	0.42%	6,002,809	$250M	trimmed−0%	+0.02 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.42%	3,734,800	$250M	trimmed−1%	−0.04 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	0.37%	11,117,500	$217M	new	+0.37 pp	new
KSSKohls Corporation	0.35%	3,970,149	$209M	added+55%	+0.09 pp	5 q
USBU.S. Bancorp	0.35%	4,782,483	$207M	trimmed−0%	−0.02 pp	5 q
UPLUltra Petroleum Corp	0.34%	6,804,666	$202M	added0%	+0.01 pp	5 q
unresolvedDelphi Automotive PLC	0.34%	2,920,401	$201M	trimmed−36%	−0.21 pp	5 q
LYVLive Nation Entertainment Inc.	0.32%	7,594,650	$188M	trimmed−1%	+0.02 pp	5 q
GOOGAlphabet Inc. Class C	0.31%	323,644	$186M	new	+0.31 pp	new
CVECenovus Energy Inc.	0.28%	5,070,184	$164M	trimmed−33%	−0.11 pp	5 q
unresolvedHsn Inc	0.28%	2,820,149	$167M	added+5%	−0.01 pp	5 q
RGAReinsurance Group of America, Incorporated	0.25%	1,851,800	$146M	added×141.4	+0.25 pp	2 q
unresolvedRowan Cos PLC	0.25%	4,625,554	$148M	added+57%	+0.07 pp	5 q
AAPAdvance Auto Parts Inc	0.22%	955,871	$129M	added0%	0.00 pp	5 q
BAXBaxter International Inc.	0.20%	1,667,010	$121M	trimmed−0%	−0.02 pp	5 q
LRCXLam Research Corp	0.20%	1,721,007	$116M	added0%	+0.03 pp	5 q
KNKnowles Corporation	0.19%	3,692,451	$114M	trimmed−1%	−0.02 pp	2 q
BRKRBruker Corporation	0.18%	4,285,339	$104M	trimmed−0%	0.00 pp	5 q
ITRIItron Inc	0.18%	2,644,125	$107M	trimmed−1%	+0.01 pp	4 q
VARVarian Medical Systems, Inc.	0.17%	1,232,801	$102M	trimmed−13%	−0.04 pp	5 q
unresolvedCovidien PLC	0.16%	1,029,790	$93M	trimmed−72%	−0.33 pp	5 q
CATCaterpillar Inc.	0.15%	824,174	$90M	added+1%	0.00 pp	3 q
XOMExxon Mobil Corp	0.15%	859,751	$87M	trimmed−77%	−0.49 pp	5 q
HHCThe Howard Hughes Corporation	0.15%	559,377	$88M	trimmed−9%	−0.01 pp	5 q
HOGHarley-Davidson, Inc.	0.13%	1,129,554	$79M	trimmed−0%	0.00 pp	5 q
MLKNMillerKnoll, Inc.	0.13%	2,556,974	$77M	trimmed−2%	−0.02 pp	5 q
NWSANews Corporation Class A	0.12%	3,990,591	$72M	added×26.0	+0.12 pp	2 q
CMCSAComcast Corp	0.11%	1,266,108	$68M	trimmed−1%	−0.01 pp	5 q
MARMarriott International Class A	0.11%	1,039,353	$67M	trimmed−64%	−0.18 pp	5 q
CRICarter's Inc.	0.10%	880,300	$61M	trimmed−1%	−0.02 pp	5 q
PENNPENN Entertainment, Inc.	0.10%	4,884,725	$59M	trimmed−0%	−0.01 pp	5 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.09%	1,390,880	$51M	trimmed−13%	−0.01 pp	5 q
DDSDillard's, Inc. Class A	0.09%	483,230	$56M	added×40.9	+0.09 pp	2 q
ORBKOrbotech Ltd	0.09%	3,439,598	$52M	trimmed−26%	−0.04 pp	5 q
GLPIGaming and Leisure Properties, Inc.	0.08%	1,403,275	$48M	trimmed−74%	−0.27 pp	3 q
NKENike, Inc.	0.08%	606,662	$47M	added+1%	0.00 pp	5 q
ALVAutoliv, Inc.	0.07%	370,300	$39M	trimmed−76%	−0.21 pp	5 q
DVNDevon Energy Corporation	0.07%	530,900	$42M	trimmed−91%	−0.68 pp	5 q
SNASnap-on Incorporated	0.07%	332,055	$39M	trimmed−21%	−0.02 pp	5 q
DNOWDNOW Inc.	0.06%	1,045,441	$38M	new	+0.06 pp	new
unresolvedBlount Intl Inc New	0.05%	2,314,523	$33M	held	—	5 q
unresolvedDirectv	0.05%	376,814	$32M	trimmed−96%	−1.20 pp	5 q
CMAComerica Incorporated	0.04%	464,480	$23M	trimmed−5%	−0.01 pp	5 q
HNIHNI Corporation	0.04%	598,931	$23M	added+21%	+0.01 pp	5 q
unresolvedManitowoc Inc	0.04%	782,805	$26M	trimmed−4%	−0.01 pp	4 q
XECCimarex Energy Co	0.03%	133,200	$19M	trimmed−91%	−0.29 pp	5 q
unresolvedMicros Sys Inc	0.03%	227,976	$15M	trimmed−20%	0.00 pp	5 q
TMKGlobe Life Inc.	0.03%	228,025	$19M	trimmed−0%	0.00 pp	5 q
DISThe Walt Disney Company	0.02%	171,987	$15M	trimmed−6%	−0.01 pp	5 q
BRK.ABerkshire Hathaway Inc.	0.01%	45	$9M	trimmed−4%	−0.01 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	27,059	$3M	trimmed−3%	0.00 pp	5 q
CMICummins Inc.	0.01%	26,833	$4M	trimmed−99%	−0.47 pp	5 q
DISCKDiscovery Inc-c	0.01%	58,251	$4M	trimmed−10%	0.00 pp	5 q
DRCDresser-rand Group Inc	0.01%	57,663	$4M	trimmed−94%	−0.09 pp	5 q
unresolvedForest Labs Inc	0.01%	64,400	$6M	trimmed−98%	−0.44 pp	5 q
GEFGreif, Inc.	0.01%	78,850	$4M	trimmed−85%	−0.04 pp	5 q
ABTAbbott Laboratories	0.00%	42,444	$2M	trimmed−4%	0.00 pp	5 q
ABBVAbbvie Inc.	0.00%	42,457	$2M	trimmed−4%	0.00 pp	5 q
unresolvedAetna Inc New	0.00%	2,920	$237,000	held	—	3 q
ALLThe Allstate Corporation	0.00%	6,991	$411,000	held	—	5 q
MOAltria Group, Inc.	0.00%	8,582	$360,000	held	—	5 q
AMGNAmgen Inc	0.00%	3,037	$359,000	trimmed−1%	0.00 pp	5 q
ADMArcher Daniels Midland Company	0.00%	9,050	$399,000	held	—	5 q
BPBP p.l.c.	0.00%	4,124	$218,000	new	0.00 pp	new
BMYBristol-Myers Squibb Co.	0.00%	15,600	$757,000	trimmed−28%	0.00 pp	5 q
unresolvedCys Invts Inc	0.00%	26,380	$238,000	trimmed−54%	0.00 pp	5 q
CNICanadian National Railway	0.00%	4,500	$293,000	held	—	5 q
CSWCCapital Southwest Corp	0.00%	45,928	$2M	held	—	5 q
CELGCelgene Corp	0.00%	10,516	$903,000	held	—	5 q
CVXChevron Corporation	0.00%	3,268	$427,000	trimmed−13%	0.00 pp	5 q
KOCoca-Cola Company	0.00%	48,340	$2M	trimmed−12%	0.00 pp	5 q
COPConocoPhillips	0.00%	11,500	$986,000	held	—	5 q
DHRDanaher Corporation	0.00%	6,300	$496,000	trimmed−2%	0.00 pp	5 q
DKSDick's Sporting Goods, Inc.	0.00%	60,475	$3M	added+42%	0.00 pp	5 q
DISCADiscovery, Inc. Series A	0.00%	5,749	$427,000	trimmed−1%	0.00 pp	5 q
unresolvedDu Pont E I De Nemours & Co	0.00%	9,950	$651,000	trimmed−1%	0.00 pp	5 q
unresolvedExpress Scripts Hldg Co	0.00%	5,924	$411,000	held	—	5 q
unresolvedFidelity National Financial	0.00%	82,000	$3M	added+27%	0.00 pp	2 q
unresolvedGeneral Electric Co	0.00%	75,627	$2M	trimmed−0%	0.00 pp	5 q
HONHoneywell International, Inc.	0.00%	3,569	$332,000	held	—	5 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	5 q
IBMInternational Business Machines Corporation	0.00%	12,872	$2M	trimmed−6%	0.00 pp	5 q
JNJJohnson & Johnson	0.00%	18,698	$2M	trimmed−2%	0.00 pp	5 q
unresolvedKapstone Paper & Packaging C	0.00%	14,200	$470,000	held	—	5 q
KELKellanova	0.00%	6,400	$420,000	held	—	5 q
LEG1Leggett & Platt, Inc.	0.00%	67,400	$2M	trimmed−87%	−0.03 pp	5 q
LLYEli Lilly & Co.	0.00%	3,700	$230,000	held	—	2 q
unresolvedLinear Technology Group	0.00%	7,000	$329,000	trimmed−19%	0.00 pp	3 q
unresolvedMb Financial Inc New	0.00%	9,769	$264,000	held	—	5 q
unresolvedMcGraw Hill	0.00%	8,000	$664,000	held	—	5 q
MRKMerck & Co., Inc.	0.00%	19,480	$1M	trimmed−59%	0.00 pp	5 q
NTRSNorthern Trust Corp	0.00%	4,350	$279,000	held	—	5 q
PEPPepsiCo, Inc.	0.00%	7,702	$688,000	held	—	5 q
PFEPfizer Inc.	0.00%	41,217	$1M	trimmed−1%	0.00 pp	5 q
PSXPhillips 66	0.00%	5,300	$426,000	held	—	5 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$307,000	held	—	5 q
PGProcter & Gamble Company	0.00%	5,709	$449,000	trimmed−29%	0.00 pp	5 q
RPMRPM International, Inc.	0.00%	4,393	$203,000	new	0.00 pp	new
SLBSLB Limited	0.00%	2,800	$330,000	held	—	5 q
SBUXStarbucks Corp	0.00%	20,600	$2M	trimmed−2%	0.00 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	5 q
MMM3M Company	0.00%	19,950	$3M	trimmed−99%	−0.41 pp	5 q
UNUnilever N V -ny Shares	0.00%	6,460	$283,000	trimmed−8%	0.00 pp	5 q
unresolvedWalgreen Co	0.00%	21,800	$2M	trimmed−20%	0.00 pp	5 q
WCCWesco International Inc.	0.00%	11,350	$980,000	new	0.00 pp	new
KMTKennametal Inc.	—	−2,945,935	—	exited	−0.23 pp	—
unresolvedHospira Inc	—	−90,496	—	exited	−0.01 pp	—
CXOConcho Resources Inc.	—	−21,984	—	exited	0.00 pp	—
unresolvedNewfield Expl Co	—	−35,800	—	exited	0.00 pp	—
TG7Triumph Group Inc	—	−14,560	—	exited	0.00 pp	—