Harris Associates (Oakmark)

Q4 2014 13F · by Bill Nygren, CIO

As of: Dec 31, 2014
Filed: Jan 23, 2015
US stock: $64.4B · prev $60.9B
Positions: 183 · prev 176
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%

Moves165 since the prior filing

+4.9 pp in · −4.9 pp out

New 11 +0.98 pp
Added 76 +3.93 pp
Trimmed 74 −4.84 pp
Exited 4 −0.09 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company added+0.29 pp added+0.294.2%
ORCL Oracle Corp trimmed−0.85 pp trimmed−0.853.9%
INTC Intel Corp trimmed−0.22 pp trimmed−0.223.7%
BAC Bank of America Corporation added−0.01 pp added−0.013.6%
MA Mastercard Incorporated added+0.43 pp added+0.433.4%

Positions183 in this filing · 4 exited


GMGeneral Motors Company	4.17%	76,997,565	$2.7B	added+4%	+0.29 pp	7 q
ORCLOracle Corp	3.88%	55,635,469	$2.5B	trimmed−26%	−0.85 pp	7 q
INTCIntel Corp	3.66%	64,925,336	$2.4B	trimmed−4%	−0.22 pp	7 q
BACBank of America Corporation	3.57%	128,440,516	$2.3B	added0%	−0.01 pp	7 q
MAMastercard Incorporated	3.41%	25,491,669	$2.2B	added+4%	+0.43 pp	7 q
AIGAmerican International Group, Inc.	3.38%	38,859,962	$2.2B	added+6%	+0.12 pp	7 q
JPMJPMorgan Chase & Co.	3.10%	31,920,727	$2.0B	added+2%	−0.01 pp	7 q
WFCWells Fargo & Co.	3.09%	36,257,760	$2.0B	trimmed−0%	0.00 pp	7 q
0VQJLTe Connectivity Ltd	2.93%	29,889,444	$1.9B	added+8%	+0.41 pp	7 q
BENFranklin Templeton, Inc.	2.60%	30,255,545	$1.7B	added+4%	0.00 pp	7 q
NOVNOV Inc.	2.29%	22,550,260	$1.5B	added+1%	−0.49 pp	7 q
AMZNAmazon.Com Inc	2.08%	4,318,377	$1.3B	added+18%	+0.15 pp	3 q
VVISA Inc.	2.07%	5,084,213	$1.3B	added+5%	+0.37 pp	7 q
UNPUnion Pacific Corp.	1.93%	10,417,987	$1.2B	added0%	+0.08 pp	7 q
CCitigroup Inc.	1.90%	22,562,475	$1.2B	added+3%	+0.04 pp	4 q
AAPLApple Inc.	1.89%	11,048,521	$1.2B	added0%	+0.06 pp	7 q
FDXFedEx Corporation	1.88%	6,968,898	$1.2B	trimmed−30%	−0.77 pp	7 q
9990302DApache Corp	1.72%	17,632,814	$1.1B	added×2.1	+0.40 pp	7 q
unresolvedAon PLC	1.69%	11,478,256	$1.1B	added+6%	+0.13 pp	7 q
unresolvedGoogle Inc.	1.62%	1,966,176	$1.0B	added+16%	−0.02 pp	7 q
AMATApplied Materials Inc	1.55%	40,139,573	$1.0B	trimmed−4%	+0.07 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.48%	9,447,434	$955M	trimmed−6%	+0.06 pp	7 q
unresolvedWillis Group Holdings Public	1.41%	20,213,479	$906M	trimmed−2%	+0.01 pp	7 q
DEODiageo plc	1.31%	7,377,576	$842M	trimmed−3%	−0.13 pp	7 q
unresolvedMedtronic Inc	1.31%	11,707,190	$845M	trimmed−12%	−0.05 pp	7 q
GSGoldman Sachs Group Inc.	1.24%	4,108,075	$796M	added+1%	+0.01 pp	7 q
COFCapital One Financial	1.16%	9,037,107	$746M	trimmed−12%	−0.22 pp	7 q
unresolvedLiberty Interactive Corp	1.09%	23,844,048	$701M	added+15%	+0.12 pp	7 q
RLRalph Lauren Corporation	1.04%	3,610,276	$668M	added+1%	+0.07 pp	4 q
ITWIllinois Tool Works Inc.	1.00%	6,796,192	$644M	trimmed−9%	−0.04 pp	7 q
DOVDover Corporation	0.94%	8,447,873	$606M	added+22%	+0.03 pp	7 q
AFLAflac Inc.	0.93%	9,803,884	$599M	added+5%	+0.03 pp	7 q
CVSCvs Health Corporation	0.91%	6,061,106	$584M	trimmed−0%	+0.12 pp	7 q
BNYBank of New York Mellon Corporation	0.87%	13,788,611	$559M	trimmed−0%	−0.01 pp	7 q
CHKChesapeake Energy Corp	0.87%	28,760,450	$563M	new	+0.87 pp	new
CBRECbre Group, Inc.	0.86%	16,172,847	$554M	trimmed−0%	+0.07 pp	4 q
FNFFidelity National Financial, Inc.	0.86%	16,056,375	$553M	trimmed−0%	+0.13 pp	2 q
BLQADBlackrock Inc	0.83%	1,496,390	$535M	trimmed−1%	+0.01 pp	7 q
MLCOMelco Resorts & Entertainment Limited	0.83%	21,063,500	$535M	added×2.2	+0.41 pp	2 q
PFGPrincipal Financial Group, Inc.	0.82%	10,215,727	$531M	trimmed−0%	−0.06 pp	7 q
AMTTd Ameritrade Holding Corp	0.75%	13,488,153	$483M	added0%	+0.01 pp	7 q
PHParker-Hannifin Corporation	0.74%	3,720,957	$480M	trimmed−0%	+0.04 pp	7 q
PMPhilip Morris International Inc.	0.73%	5,790,427	$472M	trimmed−0%	−0.06 pp	7 q
HDHome Depot, Inc.	0.71%	4,378,578	$460M	trimmed−0%	+0.05 pp	7 q
unresolvedUnilever Spn.Adr 1:1	0.68%	10,794,405	$437M	added+3%	−0.04 pp	7 q
WOOFoot Locker Inc	0.67%	7,729,025	$434M	trimmed−0%	−0.04 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	0.66%	20,560,595	$427M	added+9%	+0.09 pp	3 q
KMXCarMax Inc.	0.65%	6,330,010	$421M	trimmed−1%	+0.16 pp	7 q
unresolvedComcast Corp. Spl Cl A	0.63%	7,059,736	$406M	added0%	+0.01 pp	7 q
OMCOmnicom Group Inc.	0.63%	5,232,303	$405M	added0%	+0.04 pp	7 q
QCOMQualcomm Inc	0.63%	5,488,555	$408M	added+12%	+0.03 pp	6 q
TXNTexas Instruments Incorporated	0.63%	7,576,916	$405M	trimmed−0%	+0.04 pp	7 q
LEALear Corporation	0.60%	3,962,823	$389M	trimmed0%	+0.04 pp	7 q
unresolvedOmnicare Inc	0.60%	5,273,314	$385M	trimmed−1%	+0.06 pp	7 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.60%	4,764,708	$386M	added+3%	−0.03 pp	7 q
ADPAutomatic Data Processing	0.59%	4,549,399	$379M	added+5%	0.00 pp	7 q
unresolvedMonsanto Co	0.59%	3,199,158	$382M	added+7%	+0.04 pp	4 q
WMTWalmart Inc.	0.56%	4,190,879	$360M	trimmed−0%	+0.03 pp	7 q
STTState Street Corporation	0.55%	4,500,025	$353M	added0%	+0.01 pp	7 q
unresolvedHealth Net Inc	0.54%	6,532,500	$350M	added+1%	+0.05 pp	7 q
BWABorgWarner Inc.	0.52%	6,135,518	$337M	added+3%	+0.01 pp	7 q
MSFTMicrosoft Corp	0.51%	7,025,460	$326M	trimmed−0%	−0.03 pp	7 q
TIFTiffany & Co.	0.51%	3,045,057	$325M	added+2%	+0.04 pp	7 q
GISGeneral Mills, Inc.	0.49%	5,927,200	$316M	added0%	0.00 pp	4 q
NWSANews Corporation Class A	0.49%	20,040,291	$314M	added+63%	+0.16 pp	4 q
unresolvedCalpine Corp	0.47%	13,628,709	$302M	added+1%	−0.01 pp	7 q
THCTenet Healthcare Corporation New	0.47%	6,036,077	$306M	added+1%	−0.11 pp	7 q
unresolvedBaker Hughes Inc.	0.43%	4,938,033	$277M	added0%	−0.10 pp	7 q
unresolvedGeneral Electric Co	0.43%	10,877,527	$275M	added×143.8	+0.43 pp	7 q
GOOGAlphabet Inc. Class C	0.43%	530,406	$279M	added×4.1	+0.31 pp	3 q
SNYSanofi	0.42%	5,895,950	$269M	added+1%	−0.12 pp	4 q
unresolvedHsn Inc	0.41%	3,471,549	$264M	trimmed−1%	+0.06 pp	7 q
LVSLas Vegas Sands Corp.	0.40%	4,463,054	$260M	added+29%	+0.05 pp	2 q
ROKRockwell Automation, Inc.	0.39%	2,268,796	$252M	trimmed−0%	−0.02 pp	7 q
BRBroadridge Financial Solutions Inc	0.35%	4,937,794	$228M	trimmed−1%	+0.01 pp	7 q
RGAReinsurance Group of America, Incorporated	0.35%	2,544,175	$223M	added+5%	+0.03 pp	4 q
unresolvedFamily Dlr Stores Inc	0.34%	2,769,399	$219M	trimmed−18%	−0.09 pp	7 q
WHRWhirlpool Corp.	0.34%	1,119,440	$217M	added+43%	+0.15 pp	2 q
USBU.S. Bancorp	0.33%	4,761,783	$214M	trimmed−0%	0.00 pp	7 q
HALHalliburton Company	0.32%	5,270,030	$207M	added+26%	−0.12 pp	7 q
TROWT Rowe Price Group Inc	0.32%	2,392,100	$205M	added+9%	+0.04 pp	2 q
ACNAccenture PLC	0.30%	2,139,100	$191M	held	—	2 q
LYVLive Nation Entertainment Inc.	0.22%	5,363,650	$140M	trimmed−29%	−0.08 pp	7 q
AAPAdvance Auto Parts Inc	0.21%	861,647	$137M	trimmed−12%	0.00 pp	7 q
BRKRBruker Corporation	0.20%	6,728,334	$132M	added+46%	+0.06 pp	7 q
ITRIItron Inc	0.20%	3,015,500	$128M	added+10%	+0.02 pp	6 q
CRICarter's Inc.	0.16%	1,151,425	$101M	trimmed−0%	+0.01 pp	7 q
SNIScripps Networks Inter-cl A	0.16%	1,391,921	$105M	trimmed−57%	−0.26 pp	7 q
UPLUltra Petroleum Corp	0.16%	8,052,933	$106M	added+18%	−0.10 pp	7 q
WCCWesco International Inc.	0.15%	1,280,670	$98M	added×67.9	+0.15 pp	3 q
unresolvedRowan Cos PLC	0.15%	4,021,955	$94M	added+45%	+0.04 pp	7 q
CATCaterpillar Inc.	0.14%	1,009,170	$92M	added+17%	0.00 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.13%	1,091,500	$86M	trimmed−58%	−0.16 pp	7 q
CMICummins Inc.	0.12%	513,896	$74M	added×25.0	+0.12 pp	7 q
XOMExxon Mobil Corp	0.12%	825,855	$76M	trimmed−1%	−0.01 pp	7 q
HOGHarley-Davidson, Inc.	0.12%	1,131,354	$75M	held	—	7 q
KNKnowles Corporation	0.12%	3,385,823	$80M	trimmed−2%	−0.03 pp	4 q
CMCSAComcast Corp	0.11%	1,234,529	$72M	trimmed−0%	0.00 pp	7 q
HHCThe Howard Hughes Corporation	0.11%	532,202	$69M	trimmed−0%	−0.02 pp	7 q
MLKNMillerKnoll, Inc.	0.11%	2,364,774	$70M	trimmed−8%	−0.02 pp	7 q
DDSDillard's, Inc. Class A	0.10%	496,385	$62M	added0%	+0.01 pp	4 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.09%	1,137,925	$56M	trimmed−3%	+0.03 pp	7 q
unresolvedCabelas Inc. Cl A	0.09%	1,152,026	$61M	added×2.2	+0.04 pp	2 q
unresolvedCovidien PLC	0.09%	576,586	$59M	trimmed−25%	−0.02 pp	7 q
LRCXLam Research Corp	0.08%	626,456	$50M	trimmed−64%	−0.13 pp	7 q
FLSFlowserve Corporation	0.07%	731,100	$44M	new	+0.07 pp	new
PENNPENN Entertainment, Inc.	0.07%	3,121,700	$43M	trimmed−36%	−0.02 pp	7 q
unresolvedBlount Intl Inc New	0.06%	2,314,523	$41M	held	—	7 q
unresolvedFidelity National Financial	0.06%	2,283,481	$36M	added+1%	+0.01 pp	2 q
SNASnap-on Incorporated	0.06%	273,021	$37M	trimmed−2%	0.00 pp	7 q
ORBKOrbotech Ltd	0.06%	2,727,260	$40M	held	—	7 q
unresolvedDirectv	0.05%	346,508	$30M	trimmed−5%	0.00 pp	7 q
GLPIGaming and Leisure Properties, Inc.	0.05%	1,002,616	$29M	added+2%	0.00 pp	5 q
NKENike, Inc.	0.05%	312,907	$30M	trimmed−51%	−0.04 pp	7 q
unresolvedDelphi Automotive PLC	0.05%	419,140	$30M	trimmed−5%	+0.01 pp	7 q
unresolvedTRW Automotive Holdings Corp.	0.04%	227,526	$23M	trimmed−93%	−0.52 pp	7 q
ALVAutoliv, Inc.	0.03%	207,550	$22M	trimmed−5%	0.00 pp	7 q
CMAComerica Incorporated	0.03%	456,203	$21M	added0%	−0.01 pp	7 q
TMKGlobe Life Inc.	0.03%	338,087	$18M	trimmed−0%	0.00 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.02%	123,910	$13M	trimmed−96%	−0.47 pp	7 q
unresolvedLiberty Interactive Corp	0.02%	284,008	$11M	new	+0.02 pp	new
unresolvedManitowoc Inc	0.02%	446,725	$10M	trimmed−7%	0.00 pp	6 q
MCDMcDonald's Corporation	0.02%	171,493	$16M	trimmed−33%	−0.02 pp	7 q
SCCOSouthern Copper Corporation	0.02%	489,647	$14M	new	+0.02 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	33	$7M	trimmed−27%	−0.01 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.01%	26,919	$4M	trimmed−2%	0.00 pp	7 q
CVECenovus Energy Inc.	0.01%	188,992	$4M	trimmed−96%	−0.19 pp	7 q
DISThe Walt Disney Company	0.01%	102,090	$10M	trimmed−9%	−0.01 pp	7 q
DISCKDiscovery Inc-c	0.01%	110,929	$4M	trimmed−8%	0.00 pp	7 q
GDGeneral Dynamics Corporation	0.01%	39,250	$5M	trimmed−99%	−0.54 pp	7 q
HNIHNI Corporation	0.01%	132,884	$7M	trimmed−78%	−0.03 pp	7 q
DNOWDNOW Inc.	0.01%	235,136	$6M	added+6%	0.00 pp	3 q
AGCOAGCO Corporation	0.00%	24,200	$1M	new	0.00 pp	new
ABTAbbott Laboratories	0.00%	43,444	$2M	added+2%	0.00 pp	7 q
ABBVAbbvie Inc.	0.00%	42,421	$3M	trimmed−0%	0.00 pp	7 q
unresolvedAetna Inc New	0.00%	2,920	$259,000	held	—	5 q
ALLThe Allstate Corporation	0.00%	5,907	$415,000	trimmed−16%	0.00 pp	7 q
MOAltria Group, Inc.	0.00%	8,762	$432,000	added+2%	0.00 pp	7 q
AMGNAmgen Inc	0.00%	2,519	$401,000	trimmed−17%	0.00 pp	7 q
ADMArcher Daniels Midland Company	0.00%	9,050	$471,000	held	—	7 q
BAXBaxter International Inc.	0.00%	3,800	$279,000	trimmed−100%	−0.20 pp	7 q
BMYBristol-Myers Squibb Co.	0.00%	16,467	$972,000	added+6%	0.00 pp	7 q
CDKCDK Global, Inc.	0.00%	9,491	$387,000	new	0.00 pp	new
unresolvedCys Invts Inc	0.00%	23,980	$209,000	trimmed−9%	0.00 pp	7 q
CNICanadian National Railway	0.00%	4,500	$310,000	held	—	7 q
CSWCCapital Southwest Corp	0.00%	45,928	$2M	held	—	7 q
CVXChevron Corporation	0.00%	3,668	$411,000	added+20%	0.00 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.00%	10,000	$278,000	new	0.00 pp	new
KOCoca-Cola Company	0.00%	48,740	$2M	added+1%	0.00 pp	7 q
COPConocoPhillips	0.00%	11,600	$801,000	added+1%	0.00 pp	7 q
DHRDanaher Corporation	0.00%	6,300	$540,000	held	—	7 q
DKSDick's Sporting Goods, Inc.	0.00%	61,800	$3M	added+1%	0.00 pp	7 q
unresolvedDu Pont E I De Nemours & Co	0.00%	11,150	$824,000	added+12%	0.00 pp	7 q
EPDEnterprise Products Partners L.P.	0.00%	5,544	$200,000	new	0.00 pp	new
unresolvedExpress Scripts Hldg Co	0.00%	3,035	$257,000	trimmed−49%	0.00 pp	7 q
GNRCGenerac Holdings Inc	0.00%	8,800	$411,000	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	3,569	$357,000	held	—	7 q
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	7 q
IBMInternational Business Machines Corporation	0.00%	13,505	$2M	added+7%	0.00 pp	7 q
JNJJohnson & Johnson	0.00%	19,068	$2M	added+2%	0.00 pp	7 q
unresolvedKapstone Paper & Packaging C	0.00%	14,200	$416,000	held	—	7 q
KELKellanova	0.00%	6,400	$419,000	held	—	7 q
KMIKinder Morgan, Inc.	0.00%	5,300	$224,000	new	0.00 pp	new
KSSKohls Corporation	0.00%	34,070	$2M	trimmed−99%	−0.48 pp	7 q
LLYEli Lilly & Co.	0.00%	3,810	$263,000	added+3%	0.00 pp	4 q
unresolvedLinear Technology Group	0.00%	7,000	$319,000	held	—	5 q
unresolvedMb Financial Inc New	0.00%	13,969	$459,000	trimmed−23%	0.00 pp	7 q
unresolvedMcGraw Hill	0.00%	8,000	$712,000	held	—	7 q
MRKMerck & Co., Inc.	0.00%	20,158	$1M	added+3%	0.00 pp	7 q
unresolvedMerge Healthcare Inc	0.00%	50,000	$178,000	trimmed−29%	0.00 pp	2 q
PEPPepsiCo, Inc.	0.00%	7,902	$747,000	added+3%	0.00 pp	7 q
PFEPfizer Inc.	0.00%	41,217	$1M	held	—	7 q
PSXPhillips 66	0.00%	5,300	$380,000	held	—	7 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$291,000	held	—	7 q
PGProcter & Gamble Company	0.00%	5,709	$520,000	held	—	7 q
RPMRPM International, Inc.	0.00%	4,393	$223,000	held	—	3 q
SLBSLB Limited	0.00%	4,900	$419,000	added+75%	0.00 pp	7 q
SBUXStarbucks Corp	0.00%	20,100	$2M	trimmed−2%	0.00 pp	7 q
TMOThermo Fisher Scientific, Inc.	0.00%	11,698	$1M	held	—	7 q
MMM3M Company	0.00%	12,695	$2M	trimmed−15%	0.00 pp	7 q
UNUnilever N V -ny Shares	0.00%	6,595	$257,000	added+2%	0.00 pp	7 q
UAMYUnited States Antimony Corporation	0.00%	155,000	$109,000	held	—	2 q
WBAWalgreens Boots Alliance, Inc	0.00%	30,350	$2M	new	0.00 pp	new
VARVarian Medical Systems, Inc.	—	−672,821	—	exited	−0.09 pp	—
DISCADiscovery, Inc. Series A	—	−5,749	—	exited	0.00 pp	—
NTRSNorthern Trust Corp	—	−4,350	—	exited	0.00 pp	—
unresolvedWalgreen Co	—	−21,800	—	exited	0.00 pp	—