Harris Associates (Oakmark)

Q3 2014 13F · by Bill Nygren, CIO

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $60.9B · prev $59.4B
Positions: 176 · prev 177
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%

Moves146 since the prior filing

+5.1 pp in · −5.1 pp out

New 10 +2.36 pp
Added 64 +2.74 pp
Trimmed 61 −4.84 pp
Exited 11 −0.27 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

ORCL Oracle Corp added−0.07 pp added−0.074.7%
GM General Motors Company added−0.46 pp added−0.463.9%
INTC Intel Corp added+0.37 pp added+0.373.9%
BAC Bank of America Corporation added+0.37 pp added+0.373.6%
AIG American International Group, Inc. added+0.21 pp added+0.213.3%

Positions176 in this filing · 11 exited


ORCLOracle Corp	4.73%	75,234,674	$2.9B	added+7%	−0.07 pp	6 q
GMGeneral Motors Company	3.88%	73,961,531	$2.4B	added+4%	−0.46 pp	6 q
INTCIntel Corp	3.88%	67,963,390	$2.4B	added+1%	+0.37 pp	6 q
BACBank of America Corporation	3.58%	128,010,916	$2.2B	added+3%	+0.37 pp	6 q
AIGAmerican International Group, Inc.	3.26%	36,818,255	$2.0B	added+11%	+0.21 pp	6 q
JPMJPMorgan Chase & Co.	3.11%	31,422,265	$1.9B	added+6%	+0.22 pp	6 q
WFCWells Fargo & Co.	3.09%	36,341,337	$1.9B	added+3%	−0.03 pp	6 q
MAMastercard Incorporated	2.98%	24,584,781	$1.8B	added+10%	+0.20 pp	6 q
NOVNOV Inc.	2.78%	22,257,828	$1.7B	trimmed−0%	−0.31 pp	6 q
FDXFedEx Corporation	2.65%	9,998,137	$1.6B	trimmed−10%	−0.19 pp	6 q
BENFranklin Templeton, Inc.	2.60%	28,966,233	$1.6B	added+2%	−0.16 pp	6 q
0VQJLTe Connectivity Ltd	2.52%	27,772,103	$1.5B	added+1%	−0.35 pp	6 q
AMZNAmazon.Com Inc	1.93%	3,650,674	$1.2B	added+26%	+0.35 pp	2 q
CCitigroup Inc.	1.86%	21,921,944	$1.1B	added+7%	+0.24 pp	3 q
UNPUnion Pacific Corp.	1.85%	10,371,019	$1.1B	trimmed−0%	+0.11 pp	6 q
AAPLApple Inc.	1.83%	11,047,780	$1.1B	trimmed−0%	+0.10 pp	6 q
VVISA Inc.	1.70%	4,856,572	$1.0B	added+5%	+0.06 pp	6 q
unresolvedGoogle Inc.	1.64%	1,693,829	$997M	added+31%	+0.36 pp	6 q
unresolvedAon PLC	1.56%	10,841,998	$951M	added+6%	+0.01 pp	6 q
AMATApplied Materials Inc	1.48%	41,743,642	$902M	trimmed−2%	−0.14 pp	6 q
DEODiageo plc	1.44%	7,582,334	$875M	added+9%	−0.05 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.42%	10,027,284	$865M	trimmed−2%	+0.01 pp	6 q
unresolvedWillis Group Holdings Public	1.40%	20,563,779	$851M	trimmed−0%	−0.10 pp	6 q
COFCapital One Financial	1.38%	10,323,370	$843M	added+3%	−0.01 pp	6 q
unresolvedMedtronic Inc	1.36%	13,336,635	$826M	added+2%	−0.04 pp	6 q
9990302DApache Corp	1.32%	8,592,464	$807M	added+25%	+0.15 pp	6 q
GSGoldman Sachs Group Inc.	1.23%	4,065,814	$746M	added+47%	+0.45 pp	6 q
ITWIllinois Tool Works Inc.	1.04%	7,493,235	$633M	trimmed−7%	−0.14 pp	6 q
unresolvedLiberty Interactive Corp	0.97%	20,750,297	$592M	trimmed−13%	−0.22 pp	6 q
RLRalph Lauren Corporation	0.97%	3,586,629	$591M	added+5%	+0.04 pp	3 q
DOVDover Corporation	0.91%	6,916,888	$556M	trimmed−1%	−0.16 pp	6 q
AFLAflac Inc.	0.90%	9,363,489	$545M	added+4%	−0.04 pp	6 q
BNYBank of New York Mellon Corporation	0.88%	13,789,911	$534M	added+1%	+0.02 pp	6 q
PFGPrincipal Financial Group, Inc.	0.88%	10,221,977	$536M	added+1%	+0.02 pp	6 q
BLQADBlackrock Inc	0.82%	1,517,017	$498M	added+3%	+0.03 pp	6 q
CBRECbre Group, Inc.	0.79%	16,183,668	$481M	added+8%	−0.02 pp	3 q
CVSCvs Health Corporation	0.79%	6,080,629	$484M	trimmed−0%	+0.02 pp	6 q
PMPhilip Morris International Inc.	0.79%	5,797,427	$484M	trimmed−4%	−0.07 pp	6 q
AMTTd Ameritrade Holding Corp	0.74%	13,482,353	$450M	trimmed−1%	+0.02 pp	6 q
FNFFidelity National Financial, Inc.	0.73%	16,060,875	$446M	new	+0.73 pp	new
unresolvedUnilever Spn.Adr 1:1	0.72%	10,440,186	$437M	added+2%	−0.06 pp	6 q
WOOFoot Locker Inc	0.71%	7,748,675	$431M	trimmed−5%	+0.02 pp	6 q
PHParker-Hannifin Corporation	0.70%	3,721,157	$425M	added+1%	−0.08 pp	6 q
HDHome Depot, Inc.	0.66%	4,390,648	$403M	added+1%	+0.07 pp	6 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.63%	4,604,991	$383M	trimmed−0%	0.00 pp	6 q
unresolvedComcast Corp. Spl Cl A	0.62%	7,049,656	$377M	added+1%	−0.01 pp	6 q
QCOMQualcomm Inc	0.60%	4,881,012	$365M	added+27%	+0.09 pp	5 q
ADPAutomatic Data Processing	0.59%	4,321,769	$359M	added+10%	+0.06 pp	6 q
OMCOmnicom Group Inc.	0.59%	5,209,790	$359M	added+8%	+0.01 pp	6 q
TXNTexas Instruments Incorporated	0.59%	7,587,621	$362M	added0%	−0.02 pp	6 q
THCTenet Healthcare Corporation New	0.58%	5,949,727	$353M	trimmed−18%	0.00 pp	6 q
IPGThe Interpublic Group of Companies, Inc.	0.57%	18,800,865	$344M	added+69%	+0.20 pp	2 q
LEALear Corporation	0.56%	3,962,973	$342M	trimmed−14%	−0.14 pp	6 q
unresolvedTRW Automotive Holdings Corp.	0.56%	3,344,279	$339M	trimmed−48%	−0.41 pp	6 q
GDGeneral Dynamics Corporation	0.55%	2,627,762	$334M	trimmed−25%	−0.14 pp	6 q
unresolvedMonsanto Co	0.55%	2,988,253	$336M	added+24%	+0.04 pp	3 q
MSFTMicrosoft Corp	0.54%	7,041,503	$326M	added+2%	+0.05 pp	6 q
unresolvedOmnicare Inc	0.54%	5,314,440	$331M	trimmed−3%	−0.07 pp	6 q
SNYSanofi	0.54%	5,859,450	$331M	added+17%	+0.09 pp	3 q
STTState Street Corporation	0.54%	4,497,450	$331M	added+2%	+0.04 pp	6 q
unresolvedBaker Hughes Inc.	0.53%	4,931,138	$321M	trimmed−20%	−0.25 pp	6 q
WMTWalmart Inc.	0.53%	4,198,979	$321M	added+20%	+0.09 pp	6 q
BWABorgWarner Inc.	0.51%	5,935,718	$312M	trimmed−6%	−0.18 pp	6 q
KMXCarMax Inc.	0.49%	6,389,753	$297M	added+6%	−0.04 pp	6 q
GISGeneral Mills, Inc.	0.49%	5,925,900	$299M	added+6%	0.00 pp	3 q
unresolvedHealth Net Inc	0.49%	6,491,267	$299M	trimmed−5%	+0.01 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.49%	2,915,770	$297M	trimmed−8%	−0.05 pp	6 q
unresolvedCalpine Corp	0.48%	13,480,884	$293M	added+13%	0.00 pp	6 q
KSSKohls Corporation	0.48%	4,830,390	$295M	added+22%	+0.13 pp	6 q
TIFTiffany & Co.	0.47%	2,997,688	$289M	trimmed−1%	−0.04 pp	6 q
HALHalliburton Company	0.44%	4,195,430	$271M	added+1%	−0.05 pp	6 q
unresolvedFamily Dlr Stores Inc	0.43%	3,380,607	$261M	trimmed−46%	−0.27 pp	6 q
MLCOMelco Resorts & Entertainment Limited	0.42%	9,756,200	$256M	new	+0.42 pp	new
SNIScripps Networks Inter-cl A	0.42%	3,240,521	$253M	trimmed−17%	−0.12 pp	6 q
ROKRockwell Automation, Inc.	0.41%	2,269,416	$249M	trimmed−10%	−0.12 pp	6 q
unresolvedHsn Inc	0.35%	3,500,349	$215M	added+24%	+0.07 pp	6 q
LVSLas Vegas Sands Corp.	0.35%	3,465,313	$216M	new	+0.35 pp	new
BRBroadridge Financial Solutions Inc	0.34%	4,972,109	$207M	trimmed−17%	−0.08 pp	6 q
NWSANews Corporation Class A	0.33%	12,286,491	$201M	added×3.1	+0.21 pp	3 q
USBU.S. Bancorp	0.33%	4,766,583	$199M	trimmed−0%	−0.02 pp	6 q
RGAReinsurance Group of America, Incorporated	0.32%	2,420,980	$194M	added+31%	+0.07 pp	3 q
LYVLive Nation Entertainment Inc.	0.30%	7,560,450	$182M	trimmed−0%	−0.02 pp	6 q
ACNAccenture PLC	0.29%	2,139,100	$174M	new	+0.29 pp	new
CHKPCheck Point Software Technologies Ltd	0.29%	2,591,130	$179M	trimmed−31%	−0.13 pp	6 q
TROWT Rowe Price Group Inc	0.28%	2,186,400	$171M	new	+0.28 pp	new
UPLUltra Petroleum Corp	0.26%	6,838,166	$159M	added0%	−0.08 pp	6 q
AAPAdvance Auto Parts Inc	0.21%	978,575	$128M	added+2%	−0.01 pp	6 q
LRCXLam Research Corp	0.21%	1,749,403	$131M	added+2%	+0.01 pp	6 q
BAXBaxter International Inc.	0.20%	1,662,410	$119M	trimmed−0%	0.00 pp	6 q
CVECenovus Energy Inc.	0.20%	4,496,217	$121M	trimmed−11%	−0.08 pp	6 q
WHRWhirlpool Corp.	0.19%	780,642	$114M	new	+0.19 pp	new
ITRIItron Inc	0.18%	2,747,125	$108M	added+4%	0.00 pp	5 q
CRICarter's Inc.	0.15%	1,155,200	$90M	added+31%	+0.05 pp	6 q
KNKnowles Corporation	0.15%	3,443,463	$91M	trimmed−7%	−0.04 pp	3 q
BRKRBruker Corporation	0.14%	4,620,264	$86M	added+8%	−0.04 pp	6 q
CATCaterpillar Inc.	0.14%	859,799	$85M	added+4%	−0.01 pp	4 q
XOMExxon Mobil Corp	0.13%	831,205	$78M	trimmed−3%	−0.02 pp	6 q
HHCThe Howard Hughes Corporation	0.13%	533,717	$80M	trimmed−5%	−0.02 pp	6 q
MLKNMillerKnoll, Inc.	0.13%	2,564,394	$77M	added0%	0.00 pp	6 q
GOOGAlphabet Inc. Class C	0.12%	130,308	$75M	trimmed−60%	−0.19 pp	2 q
CMCSAComcast Corp	0.11%	1,237,923	$67M	trimmed−2%	0.00 pp	6 q
HOGHarley-Davidson, Inc.	0.11%	1,131,354	$66M	added0%	−0.02 pp	6 q
unresolvedCovidien PLC	0.11%	770,943	$67M	trimmed−25%	−0.05 pp	6 q
unresolvedRowan Cos PLC	0.11%	2,767,995	$70M	trimmed−40%	−0.14 pp	6 q
DDSDillard's, Inc. Class A	0.09%	494,055	$54M	added+2%	0.00 pp	3 q
NKENike, Inc.	0.09%	640,503	$57M	added+6%	+0.01 pp	6 q
PENNPENN Entertainment, Inc.	0.09%	4,860,721	$54M	trimmed−0%	−0.01 pp	6 q
VARVarian Medical Systems, Inc.	0.09%	672,821	$54M	trimmed−45%	−0.08 pp	6 q
ORBKOrbotech Ltd	0.07%	2,727,260	$42M	trimmed−21%	−0.02 pp	6 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.06%	1,170,400	$39M	trimmed−16%	−0.03 pp	6 q
unresolvedBlount Intl Inc New	0.06%	2,314,523	$35M	held	—	6 q
SNASnap-on Incorporated	0.06%	278,680	$34M	trimmed−16%	−0.01 pp	6 q
unresolvedCabelas Inc. Cl A	0.05%	514,273	$30M	new	+0.05 pp	new
unresolvedDirectv	0.05%	364,331	$32M	trimmed−3%	0.00 pp	6 q
unresolvedFidelity National Financial	0.05%	2,266,076	$31M	new	+0.05 pp	new
GLPIGaming and Leisure Properties, Inc.	0.05%	985,116	$30M	trimmed−30%	−0.03 pp	4 q
CMAComerica Incorporated	0.04%	455,647	$23M	trimmed−2%	0.00 pp	6 q
HNIHNI Corporation	0.04%	595,631	$21M	trimmed−1%	0.00 pp	6 q
MCDMcDonald's Corporation	0.04%	254,878	$24M	trimmed−93%	−0.62 pp	6 q
unresolvedDelphi Automotive PLC	0.04%	441,240	$27M	trimmed−85%	−0.30 pp	6 q
ALVAutoliv, Inc.	0.03%	219,150	$20M	trimmed−41%	−0.04 pp	6 q
TMKGlobe Life Inc.	0.03%	339,487	$18M	trimmed−1%	0.00 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.02%	45	$9M	held	—	6 q
DISThe Walt Disney Company	0.02%	112,787	$10M	trimmed−34%	0.00 pp	6 q
unresolvedManitowoc Inc	0.02%	480,875	$11M	trimmed−39%	−0.02 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	27,359	$4M	added+1%	0.00 pp	6 q
DISCKDiscovery Inc-c	0.01%	121,100	$5M	added+4%	0.00 pp	6 q
DNOWDNOW Inc.	0.01%	222,324	$7M	trimmed−79%	−0.05 pp	2 q
ABTAbbott Laboratories	0.00%	42,444	$2M	held	—	6 q
ABBVAbbvie Inc.	0.00%	42,457	$2M	held	—	6 q
unresolvedAetna Inc New	0.00%	2,920	$237,000	held	—	4 q
ALLThe Allstate Corporation	0.00%	6,991	$429,000	held	—	6 q
MOAltria Group, Inc.	0.00%	8,582	$394,000	held	—	6 q
AMGNAmgen Inc	0.00%	3,037	$427,000	held	—	6 q
ADMArcher Daniels Midland Company	0.00%	9,050	$462,000	held	—	6 q
BMYBristol-Myers Squibb Co.	0.00%	15,600	$798,000	held	—	6 q
unresolvedCys Invts Inc	0.00%	26,380	$217,000	held	—	6 q
CNICanadian National Railway	0.00%	4,500	$319,000	held	—	6 q
CSWCCapital Southwest Corp	0.00%	45,928	$2M	held	—	6 q
CVXChevron Corporation	0.00%	3,068	$366,000	trimmed−6%	0.00 pp	6 q
KOCoca-Cola Company	0.00%	48,340	$2M	held	—	6 q
COPConocoPhillips	0.00%	11,500	$880,000	held	—	6 q
CMICummins Inc.	0.00%	20,533	$3M	trimmed−23%	−0.01 pp	6 q
DHRDanaher Corporation	0.00%	6,300	$479,000	held	—	6 q
DKSDick's Sporting Goods, Inc.	0.00%	61,275	$3M	added+1%	0.00 pp	6 q
DISCADiscovery, Inc. Series A	0.00%	5,749	$217,000	held	—	6 q
unresolvedDu Pont E I De Nemours & Co	0.00%	9,950	$714,000	held	—	6 q
unresolvedExpress Scripts Hldg Co	0.00%	5,924	$418,000	held	—	6 q
unresolvedGeneral Electric Co	0.00%	75,627	$2M	held	—	6 q
HONHoneywell International, Inc.	0.00%	3,569	$332,000	held	—	6 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	6 q
IBMInternational Business Machines Corporation	0.00%	12,605	$2M	trimmed−2%	0.00 pp	6 q
JNJJohnson & Johnson	0.00%	18,698	$2M	held	—	6 q
unresolvedKapstone Paper & Packaging C	0.00%	14,200	$397,000	held	—	6 q
KELKellanova	0.00%	6,400	$394,000	held	—	6 q
LLYEli Lilly & Co.	0.00%	3,700	$240,000	held	—	3 q
unresolvedLinear Technology Group	0.00%	7,000	$311,000	held	—	4 q
unresolvedMb Financial Inc New	0.00%	18,169	$503,000	added+86%	0.00 pp	6 q
unresolvedMcGraw Hill	0.00%	8,000	$676,000	held	—	6 q
MRKMerck & Co., Inc.	0.00%	19,480	$1M	held	—	6 q
unresolvedMerge Healthcare Inc	0.00%	70,000	$154,000	new	0.00 pp	new
NTRSNorthern Trust Corp	0.00%	4,350	$296,000	held	—	6 q
PEPPepsiCo, Inc.	0.00%	7,702	$717,000	held	—	6 q
PFEPfizer Inc.	0.00%	41,217	$1M	held	—	6 q
PSXPhillips 66	0.00%	5,300	$431,000	held	—	6 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$265,000	held	—	6 q
PGProcter & Gamble Company	0.00%	5,709	$478,000	held	—	6 q
RPMRPM International, Inc.	0.00%	4,393	$201,000	held	—	2 q
SLBSLB Limited	0.00%	2,800	$285,000	held	—	6 q
SBUXStarbucks Corp	0.00%	20,600	$2M	held	—	6 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	6 q
MMM3M Company	0.00%	14,850	$2M	trimmed−26%	0.00 pp	6 q
UNUnilever N V -ny Shares	0.00%	6,460	$256,000	held	—	6 q
UAMYUnited States Antimony Corporation	0.00%	155,000	$197,000	new	0.00 pp	new
unresolvedWalgreen Co	0.00%	21,800	$1M	held	—	6 q
WCCWesco International Inc.	0.00%	18,850	$1M	added+66%	0.00 pp	2 q
MARMarriott International Class A	—	−1,039,353	—	exited	−0.11 pp	—
DVNDevon Energy Corporation	—	−530,900	—	exited	−0.07 pp	—
XECCimarex Energy Co	—	−133,200	—	exited	−0.03 pp	—
unresolvedMicros Sys Inc	—	−227,976	—	exited	−0.03 pp	—
DRCDresser-rand Group Inc	—	−57,663	—	exited	−0.01 pp	—
unresolvedForest Labs Inc	—	−64,400	—	exited	−0.01 pp	—
GEFGreif, Inc.	—	−78,850	—	exited	−0.01 pp	—
BPBP p.l.c.	—	−4,124	—	exited	0.00 pp	—
CELGCelgene Corp	—	−10,516	—	exited	0.00 pp	—
unresolvedFidelity National Financial	—	−82,000	—	exited	0.00 pp	—
LEG1Leggett & Platt, Inc.	—	−67,400	—	exited	0.00 pp	—