Harris Associates (Oakmark)

Q1 2015 13F · by Bill Nygren, CIO

As of: Mar 31, 2015
Filed: May 14, 2015
US stock: $63.3B · prev $64.4B
Positions: 168 · prev 183
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%

Moves178 since the prior filing

+8.2 pp in · −8.2 pp out

New 10 +2.61 pp
Added 57 +5.59 pp
Trimmed 86 −6.37 pp
Exited 25 −1.85 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions168 in this filing · 25 exited


GMGeneral Motors Company	4.58%	77,417,475	$2.9B	added+1%	+0.41 pp	8 q
ORCLOracle Corp	3.49%	51,210,783	$2.2B	trimmed−8%	−0.39 pp	8 q
MAMastercard Incorporated	3.45%	25,254,217	$2.2B	trimmed−1%	+0.04 pp	8 q
AIGAmerican International Group, Inc.	3.41%	39,388,148	$2.2B	added+1%	+0.03 pp	8 q
BACBank of America Corporation	3.35%	137,726,169	$2.1B	added+7%	−0.22 pp	8 q
0VQJLTe Connectivity Ltd	3.33%	29,475,064	$2.1B	trimmed−1%	+0.40 pp	8 q
INTCIntel Corp	3.16%	64,008,162	$2.0B	trimmed−1%	−0.50 pp	8 q
WFCWells Fargo & Co.	3.13%	36,430,977	$2.0B	added0%	+0.04 pp	8 q
JPMJPMorgan Chase & Co.	3.10%	32,396,811	$2.0B	added+1%	0.00 pp	8 q
BENFranklin Templeton, Inc.	2.48%	30,568,966	$1.6B	added+1%	−0.12 pp	8 q
AMZNAmazon.Com Inc	2.45%	4,164,392	$1.5B	trimmed−4%	+0.37 pp	4 q
CCitigroup Inc.	1.99%	24,486,007	$1.3B	added+9%	+0.09 pp	5 q
unresolvedGoogle Inc.	1.93%	2,198,433	$1.2B	added+12%	+0.31 pp	8 q
VVISA Inc.	1.87%	18,119,858	$1.2B	trimmed−11%	−0.20 pp	8 q
NOVNOV Inc.	1.76%	22,327,456	$1.1B	trimmed−1%	−0.53 pp	8 q
unresolvedAon PLC	1.76%	11,624,927	$1.1B	added+1%	+0.07 pp	8 q
UNPUnion Pacific Corp.	1.70%	9,913,370	$1.1B	trimmed−5%	−0.23 pp	8 q
9990302DApache Corp	1.64%	17,227,440	$1.0B	trimmed−2%	−0.08 pp	8 q
unresolvedWillis Group Holdings Public	1.56%	20,527,179	$989M	added+2%	+0.15 pp	8 q
MDTMedtronic plc	1.40%	11,334,348	$884M	new	+1.40 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.37%	7,334,398	$868M	trimmed−22%	−0.11 pp	8 q
DEODiageo plc	1.30%	7,449,396	$824M	added+1%	−0.01 pp	8 q
MSFTMicrosoft Corp	1.30%	20,187,390	$821M	added×2.9	+0.79 pp	8 q
unresolvedGeneral Electric Co	1.28%	32,669,579	$811M	added×3.0	+0.85 pp	8 q
AAPLApple Inc.	1.23%	6,278,995	$781M	trimmed−43%	−0.66 pp	8 q
GSGoldman Sachs Group Inc.	1.23%	4,142,079	$779M	added+1%	−0.01 pp	8 q
COFCapital One Financial	1.13%	9,087,887	$716M	added+1%	−0.03 pp	8 q
unresolvedLiberty Interactive Corp	1.10%	23,923,822	$698M	added0%	+0.01 pp	8 q
AMATApplied Materials Inc	1.09%	30,730,487	$693M	trimmed−23%	−0.46 pp	8 q
CATCaterpillar Inc.	1.02%	8,066,269	$646M	added×8.0	+0.88 pp	6 q
AFLAflac Inc.	0.99%	9,842,236	$630M	added0%	+0.06 pp	8 q
CBRECbre Group, Inc.	0.98%	15,997,727	$619M	trimmed−1%	+0.12 pp	5 q
HALHalliburton Company	0.94%	13,532,972	$594M	added×2.6	+0.62 pp	8 q
FNFFidelity National Financial, Inc.	0.93%	16,054,475	$590M	trimmed−0%	+0.07 pp	3 q
DOVDover Corporation	0.92%	8,467,061	$585M	added0%	−0.02 pp	8 q
CVSCvs Health Corporation	0.89%	5,482,499	$566M	trimmed−10%	−0.02 pp	8 q
MLCOMelco Resorts & Entertainment Limited	0.89%	26,206,600	$562M	added+24%	+0.06 pp	3 q
BLQADBlackrock Inc	0.87%	1,508,137	$552M	added+1%	+0.04 pp	8 q
FDXFedEx Corporation	0.86%	3,294,387	$545M	trimmed−53%	−1.02 pp	8 q
CHKChesapeake Energy Corp	0.85%	37,903,975	$537M	added+32%	−0.02 pp	2 q
PFGPrincipal Financial Group, Inc.	0.83%	10,215,227	$525M	trimmed0%	+0.01 pp	8 q
AMTTd Ameritrade Holding Corp	0.80%	13,577,279	$506M	added+1%	+0.05 pp	8 q
BNYBank of New York Mellon Corporation	0.78%	12,250,311	$493M	trimmed−11%	−0.09 pp	8 q
WOOFoot Locker Inc	0.77%	7,725,625	$487M	trimmed−0%	+0.10 pp	8 q
ITWIllinois Tool Works Inc.	0.74%	4,802,690	$467M	trimmed−29%	−0.26 pp	8 q
unresolvedUnilever Spn.Adr 1:1	0.72%	10,940,699	$456M	added+1%	+0.04 pp	8 q
PHParker-Hannifin Corporation	0.70%	3,722,157	$442M	added0%	−0.04 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	0.69%	19,880,695	$440M	trimmed−3%	+0.03 pp	4 q
TXNTexas Instruments Incorporated	0.67%	7,421,230	$424M	trimmed−2%	+0.04 pp	8 q
unresolvedPrecision Castparts Corp	0.66%	1,975,378	$415M	new	+0.66 pp	new
GOOGAlphabet Inc. Class C	0.65%	754,889	$414M	added+42%	+0.22 pp	4 q
OMCOmnicom Group Inc.	0.65%	5,272,158	$411M	added+1%	+0.02 pp	8 q
FLSFlowserve Corporation	0.64%	7,198,325	$407M	added×9.8	+0.57 pp	2 q
ADPAutomatic Data Processing	0.62%	4,548,349	$390M	trimmed−0%	+0.03 pp	8 q
unresolvedBaker Hughes Inc.	0.62%	6,138,943	$390M	added+24%	+0.19 pp	8 q
LEALear Corporation	0.62%	3,543,123	$393M	trimmed−11%	+0.02 pp	8 q
QCOMQualcomm Inc	0.62%	5,623,078	$390M	added+2%	−0.01 pp	7 q
PMPhilip Morris International Inc.	0.61%	5,163,727	$389M	trimmed−11%	−0.12 pp	8 q
unresolvedMonsanto Co	0.60%	3,382,844	$381M	added+6%	+0.01 pp	5 q
BWABorgWarner Inc.	0.59%	6,137,918	$371M	added0%	+0.07 pp	8 q
unresolvedHealth Net Inc	0.56%	5,852,700	$354M	trimmed−10%	+0.02 pp	8 q
unresolvedOmnicare Inc	0.55%	4,533,821	$349M	trimmed−14%	−0.05 pp	8 q
KMXCarMax Inc.	0.54%	4,981,279	$344M	trimmed−21%	−0.11 pp	8 q
GISGeneral Mills, Inc.	0.53%	5,949,400	$337M	added0%	+0.04 pp	5 q
TIFTiffany & Co.	0.53%	3,827,565	$337M	added+26%	+0.02 pp	8 q
unresolvedComcast Corp. Spl Cl A	0.52%	5,880,883	$330M	trimmed−17%	−0.11 pp	8 q
NWSANews Corporation Class A	0.52%	20,509,891	$328M	added+2%	+0.03 pp	5 q
STTState Street Corporation	0.52%	4,501,125	$331M	added0%	−0.03 pp	8 q
unresolvedCalpine Corp	0.50%	13,724,959	$314M	added+1%	+0.03 pp	8 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.47%	3,560,209	$297M	trimmed−25%	−0.13 pp	8 q
SNYSanofi	0.46%	5,904,050	$292M	added0%	+0.04 pp	5 q
THCTenet Healthcare Corporation New	0.46%	5,837,302	$289M	trimmed−3%	−0.01 pp	8 q
ROKRockwell Automation, Inc.	0.42%	2,268,796	$263M	held	—	8 q
LVSLas Vegas Sands Corp.	0.40%	4,560,209	$251M	added+2%	0.00 pp	3 q
BRBroadridge Financial Solutions Inc	0.38%	4,395,194	$242M	trimmed−11%	+0.03 pp	8 q
TROWT Rowe Price Group Inc	0.38%	3,010,809	$244M	added+26%	+0.06 pp	3 q
unresolvedHsn Inc	0.37%	3,432,324	$234M	trimmed−1%	−0.04 pp	8 q
RGAReinsurance Group of America, Incorporated	0.37%	2,543,475	$237M	trimmed−0%	+0.02 pp	5 q
WHRWhirlpool Corp.	0.36%	1,119,440	$226M	held	—	3 q
USBU.S. Bancorp	0.33%	4,760,783	$208M	trimmed−0%	0.00 pp	8 q
ACNAccenture PLC	0.32%	2,139,100	$200M	held	—	3 q
TRCOTribune Media Company Class A	0.27%	2,781,517	$169M	new	+0.27 pp	new
GWWW.W. Grainger, Inc.	0.21%	555,338	$131M	new	+0.21 pp	new
LYVLive Nation Entertainment Inc.	0.21%	5,161,350	$130M	trimmed−4%	−0.01 pp	8 q
BRKRBruker Corporation	0.20%	6,779,534	$125M	added+1%	0.00 pp	8 q
UPLUltra Petroleum Corp	0.20%	8,068,300	$126M	added0%	+0.04 pp	8 q
WCCWesco International Inc.	0.20%	1,784,145	$125M	added+39%	+0.05 pp	4 q
ITRIItron Inc	0.18%	3,067,420	$112M	added+2%	−0.02 pp	7 q
DNOWDNOW Inc.	0.18%	5,273,594	$114M	added×22.4	+0.17 pp	4 q
CRICarter's Inc.	0.17%	1,149,475	$106M	trimmed−0%	+0.01 pp	8 q
CMICummins Inc.	0.17%	775,435	$108M	added+51%	+0.05 pp	8 q
RLRalph Lauren Corporation	0.17%	826,983	$109M	trimmed−77%	−0.87 pp	5 q
HDHome Depot, Inc.	0.16%	886,052	$101M	trimmed−80%	−0.55 pp	8 q
HHCThe Howard Hughes Corporation	0.13%	530,552	$82M	trimmed−0%	+0.02 pp	8 q
unresolvedRowan Cos PLC	0.13%	4,564,237	$81M	added+13%	−0.02 pp	8 q
AAPAdvance Auto Parts Inc	0.12%	497,475	$74M	trimmed−42%	−0.09 pp	8 q
CHKPCheck Point Software Technologies Ltd	0.12%	916,600	$75M	trimmed−16%	−0.01 pp	8 q
CMCSAComcast Corp	0.11%	1,219,132	$69M	trimmed−1%	0.00 pp	8 q
HOGHarley-Davidson, Inc.	0.11%	1,131,354	$69M	held	—	8 q
unresolvedCabelas Inc. Cl A	0.10%	1,186,274	$66M	added+3%	+0.01 pp	3 q
KNKnowles Corporation	0.10%	3,368,687	$65M	trimmed−1%	−0.02 pp	5 q
MLKNMillerKnoll, Inc.	0.09%	2,103,174	$58M	trimmed−11%	−0.02 pp	8 q
DDSDillard's, Inc. Class A	0.08%	351,551	$48M	trimmed−29%	−0.02 pp	5 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.07%	959,862	$41M	trimmed−16%	−0.02 pp	8 q
XOMExxon Mobil Corp	0.07%	552,641	$47M	trimmed−33%	−0.05 pp	8 q
ORBKOrbotech Ltd	0.07%	2,951,362	$47M	added+8%	+0.01 pp	8 q
ETRAE*trade Financial Corp	0.06%	1,280,804	$37M	new	+0.06 pp	new
GLPIGaming and Leisure Properties, Inc.	0.06%	1,026,016	$38M	added+2%	+0.01 pp	6 q
SNASnap-on Incorporated	0.06%	259,568	$38M	trimmed−5%	0.00 pp	8 q
unresolvedBlount Intl Inc New	0.05%	2,314,523	$30M	held	—	8 q
unresolvedFidelity National Financial	0.05%	2,285,016	$32M	added0%	−0.01 pp	3 q
WMTWalmart Inc.	0.05%	389,177	$32M	trimmed−91%	−0.51 pp	8 q
unresolvedDelphi Automotive PLC	0.05%	378,272	$30M	trimmed−10%	0.00 pp	8 q
LRCXLam Research Corp	0.04%	351,050	$25M	trimmed−44%	−0.04 pp	8 q
CMAComerica Incorporated	0.03%	472,843	$21M	added+4%	0.00 pp	8 q
SCCOSouthern Copper Corporation	0.03%	705,000	$21M	added+44%	+0.01 pp	2 q
TMKGlobe Life Inc.	0.03%	336,087	$18M	trimmed−1%	0.00 pp	8 q
ALVAutoliv, Inc.	0.02%	109,850	$13M	trimmed−47%	−0.01 pp	8 q
unresolvedDirectv	0.02%	119,799	$10M	trimmed−65%	−0.03 pp	8 q
BRK.ABerkshire Hathaway Inc.	0.01%	18	$4M	trimmed−45%	0.00 pp	8 q
DKSDick's Sporting Goods, Inc.	0.01%	60,500	$3M	trimmed−2%	+0.01 pp	8 q
DISThe Walt Disney Company	0.01%	31,355	$3M	trimmed−69%	0.00 pp	8 q
unresolvedRemy Intl Inc New	0.01%	395,000	$9M	new	+0.01 pp	new
AGCOAGCO Corporation	0.00%	29,850	$1M	added+23%	0.00 pp	2 q
ABTAbbott Laboratories	0.00%	39,994	$2M	trimmed−8%	0.00 pp	8 q
ABBVAbbvie Inc.	0.00%	38,458	$2M	trimmed−9%	0.00 pp	8 q
ALLThe Allstate Corporation	0.00%	5,907	$420,000	held	—	8 q
MOAltria Group, Inc.	0.00%	7,182	$359,000	trimmed−18%	0.00 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	15,927	$2M	trimmed−41%	−0.01 pp	8 q
BMYBristol-Myers Squibb Co.	0.00%	14,267	$920,000	trimmed−13%	0.00 pp	8 q
CSWCCapital Southwest Corp	0.00%	9,528	$442,000	trimmed−79%	0.00 pp	8 q
CVECenovus Energy Inc.	0.00%	52,367	$884,000	trimmed−72%	−0.01 pp	8 q
KOCoca-Cola Company	0.00%	47,225	$2M	trimmed−3%	0.00 pp	8 q
COPConocoPhillips	0.00%	11,500	$716,000	trimmed−1%	0.00 pp	8 q
DHRDanaher Corporation	0.00%	6,300	$535,000	held	—	8 q
DISCKDiscovery Inc-c	0.00%	92,210	$3M	trimmed−17%	−0.01 pp	8 q
unresolvedDu Pont E I De Nemours & Co	0.00%	11,150	$797,000	held	—	8 q
unresolvedExpress Scripts Hldg Co	0.00%	4,435	$385,000	added+46%	0.00 pp	8 q
GNRCGenerac Holdings Inc	0.00%	8,800	$428,000	held	—	2 q
GILDGilead Sciences Inc	0.00%	12,000	$1M	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	3,569	$372,000	held	—	8 q
unresolvedHospira Inc	0.00%	3,152	$277,000	new	0.00 pp	new
unresolvedHubbell Inc	0.00%	11,920	$1M	held	—	8 q
IBMInternational Business Machines Corporation	0.00%	10,946	$2M	trimmed−19%	0.00 pp	8 q
JNJJohnson & Johnson	0.00%	17,378	$2M	trimmed−9%	0.00 pp	8 q
KELKellanova	0.00%	6,400	$422,000	held	—	8 q
unresolvedLiberty Interactive Corp	0.00%	9,045	$380,000	trimmed−97%	−0.02 pp	2 q
LLYEli Lilly & Co.	0.00%	3,100	$225,000	trimmed−19%	0.00 pp	5 q
unresolvedLinear Technology Group	0.00%	5,000	$234,000	trimmed−29%	0.00 pp	6 q
MCDMcDonald's Corporation	0.00%	16,060	$2M	trimmed−91%	−0.02 pp	8 q
MRKMerck & Co., Inc.	0.00%	23,835	$1M	added+18%	0.00 pp	8 q
unresolvedMerge Healthcare Inc	0.00%	35,000	$156,000	trimmed−30%	0.00 pp	3 q
OSBCOld Second Bancorp Inc	0.00%	15,000	$86,000	new	0.00 pp	new
OSKOshkosh Corp.	0.00%	35,750	$2M	new	0.00 pp	new
PENNPENN Entertainment, Inc.	0.00%	27,086	$424,000	trimmed−99%	−0.07 pp	8 q
PEPPepsiCo, Inc.	0.00%	2,800	$268,000	trimmed−65%	0.00 pp	8 q
PFEPfizer Inc.	0.00%	20,215	$703,000	trimmed−51%	0.00 pp	8 q
PSXPhillips 66	0.00%	5,300	$417,000	held	—	8 q
unresolvedPlum Creek Timber Co Inc	0.00%	6,800	$295,000	held	—	8 q
PGProcter & Gamble Company	0.00%	4,955	$406,000	trimmed−13%	0.00 pp	8 q
SLBSLB Limited	0.00%	4,300	$359,000	trimmed−12%	0.00 pp	8 q
SNIScripps Networks Inter-cl A	0.00%	18,133	$1M	trimmed−99%	−0.16 pp	8 q
SBUXStarbucks Corp	0.00%	15,200	$1M	trimmed−24%	0.00 pp	8 q
unresolvedTRW Automotive Holdings Corp.	0.00%	6,400	$671,000	trimmed−97%	−0.04 pp	8 q
MMM3M Company	0.00%	3,900	$643,000	trimmed−69%	0.00 pp	8 q
UNUnilever N V -ny Shares	0.00%	5,935	$248,000	trimmed−10%	0.00 pp	8 q
UAMYUnited States Antimony Corporation	0.00%	155,000	$105,000	held	—	3 q
WBAWalgreens Boots Alliance, Inc	0.00%	22,300	$2M	trimmed−27%	0.00 pp	2 q
unresolvedMedtronic Inc	—	−11,707,190	—	exited	−1.31 pp	—
unresolvedFamily Dlr Stores Inc	—	−2,769,399	—	exited	−0.34 pp	—
unresolvedCovidien PLC	—	−576,586	—	exited	−0.09 pp	—
NKENike, Inc.	—	−312,907	—	exited	−0.05 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−123,910	—	exited	−0.02 pp	—
unresolvedManitowoc Inc	—	−446,725	—	exited	−0.02 pp	—
GDGeneral Dynamics Corporation	—	−39,250	—	exited	−0.01 pp	—
HNIHNI Corporation	—	−132,884	—	exited	−0.01 pp	—
unresolvedAetna Inc New	—	−2,920	—	exited	0.00 pp	—
AMGNAmgen Inc	—	−2,519	—	exited	0.00 pp	—
ADMArcher Daniels Midland Company	—	−9,050	—	exited	0.00 pp	—
BAXBaxter International Inc.	—	−3,800	—	exited	0.00 pp	—
CDKCDK Global, Inc.	—	−9,491	—	exited	0.00 pp	—
unresolvedCys Invts Inc	—	−23,980	—	exited	0.00 pp	—
CNICanadian National Railway	—	−4,500	—	exited	0.00 pp	—
CVXChevron Corporation	—	−3,668	—	exited	0.00 pp	—
CSCOCisco Systems, Inc. (DE)	—	−10,000	—	exited	0.00 pp	—
EPDEnterprise Products Partners L.P.	—	−5,544	—	exited	0.00 pp	—
unresolvedKapstone Paper & Packaging C	—	−14,200	—	exited	0.00 pp	—
KMIKinder Morgan, Inc.	—	−5,300	—	exited	0.00 pp	—
KSSKohls Corporation	—	−34,070	—	exited	0.00 pp	—
unresolvedMb Financial Inc New	—	−13,969	—	exited	0.00 pp	—
unresolvedMcGraw Hill	—	−8,000	—	exited	0.00 pp	—
RPMRPM International, Inc.	—	−4,393	—	exited	0.00 pp	—
TMOThermo Fisher Scientific, Inc.	—	−11,698	—	exited	0.00 pp	—