Harris Associates (Oakmark)

Q2 2015 13F · by Bill Nygren, CIO

As of: Jun 30, 2015
Filed: Aug 11, 2015
US stock: $62.6B · prev $63.3B
Positions: 139 · prev 168
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

+4.1 pp in · −4.1 pp out

New 5 +1.17 pp
Added 38 +2.96 pp
Trimmed 88 −3.87 pp
Exited 34 −0.20 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company added−0.43 pp added−0.434.2%
AIG American International Group, Inc. trimmed+0.45 pp trimmed+0.453.9%
BAC Bank of America Corporation added+0.44 pp added+0.443.8%
JPM JPMorgan Chase & Co. trimmed+0.40 pp trimmed+0.403.5%
MA Mastercard Incorporated trimmed−0.16 pp trimmed−0.163.3%

Positions139 in this filing · 34 exited


GMGeneral Motors Company	4.15%	78,085,818	$2.6B	added+1%	−0.43 pp	9 q
AIGAmerican International Group, Inc.	3.86%	39,147,715	$2.4B	trimmed−1%	+0.45 pp	9 q
BACBank of America Corporation	3.79%	139,420,190	$2.4B	added+1%	+0.44 pp	9 q
JPMJPMorgan Chase & Co.	3.50%	32,377,673	$2.2B	trimmed−0%	+0.40 pp	9 q
MAMastercard Incorporated	3.29%	22,039,773	$2.1B	trimmed−13%	−0.16 pp	9 q
WFCWells Fargo & Co.	3.27%	36,457,656	$2.1B	added0%	+0.14 pp	9 q
ORCLOracle Corp	3.21%	49,886,518	$2.0B	trimmed−3%	−0.28 pp	9 q
INTCIntel Corp	3.10%	63,841,492	$1.9B	trimmed−0%	−0.06 pp	9 q
0VQJLTe Connectivity Ltd	3.04%	29,626,579	$1.9B	added+1%	−0.29 pp	9 q
AMZNAmazon.Com Inc	2.29%	3,305,456	$1.4B	trimmed−21%	−0.16 pp	5 q
CCitigroup Inc.	2.21%	25,076,267	$1.4B	added+2%	+0.22 pp	6 q
unresolvedGoogle Inc.	2.03%	2,353,823	$1.3B	added+7%	+0.10 pp	9 q
BENFranklin Templeton, Inc.	1.91%	24,381,642	$1.2B	trimmed−20%	−0.57 pp	9 q
unresolvedAon PLC	1.90%	11,959,829	$1.2B	added+3%	+0.14 pp	9 q
VVISA Inc.	1.82%	16,998,973	$1.1B	trimmed−6%	−0.05 pp	9 q
unresolvedGeneral Electric Co	1.78%	41,873,702	$1.1B	added+28%	+0.50 pp	9 q
NOVNOV Inc.	1.73%	22,447,450	$1.1B	added+1%	−0.03 pp	9 q
CATCaterpillar Inc.	1.56%	11,492,280	$975M	added+42%	+0.54 pp	7 q
MSFTMicrosoft Corp	1.55%	21,956,132	$969M	added+9%	+0.25 pp	9 q
unresolvedWillis Group Holdings Public	1.54%	20,522,179	$962M	trimmed−0%	−0.02 pp	9 q
UNPUnion Pacific Corp.	1.51%	9,940,298	$948M	added0%	−0.19 pp	9 q
9990302DApache Corp	1.42%	15,432,516	$889M	trimmed−10%	−0.22 pp	9 q
GSGoldman Sachs Group Inc.	1.41%	4,228,218	$883M	added+2%	+0.18 pp	9 q
COFCapital One Financial	1.27%	9,073,765	$798M	trimmed−0%	+0.14 pp	9 q
DEODiageo plc	1.21%	6,517,411	$756M	trimmed−13%	−0.09 pp	9 q
unresolvedMonsanto Co	1.16%	6,833,888	$728M	added×2.0	+0.56 pp	6 q
AAPLApple Inc.	1.14%	5,678,375	$712M	trimmed−10%	−0.09 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.14%	5,860,300	$715M	trimmed−20%	−0.23 pp	9 q
unresolvedLiberty Interactive Corp	1.06%	23,911,624	$664M	trimmed−0%	−0.04 pp	9 q
AFLAflac Inc.	0.98%	9,841,079	$612M	trimmed−0%	−0.01 pp	9 q
MLCOMelco Resorts & Entertainment Limited	0.98%	31,294,000	$614M	added+19%	+0.09 pp	4 q
DOVDover Corporation	0.95%	8,464,371	$594M	trimmed−0%	+0.03 pp	9 q
FNFFidelity National Financial, Inc.	0.95%	16,058,075	$594M	added0%	+0.02 pp	4 q
AMATApplied Materials Inc	0.94%	30,636,875	$589M	trimmed−0%	−0.15 pp	9 q
CBRECbre Group, Inc.	0.94%	15,861,858	$587M	trimmed−1%	−0.04 pp	6 q
CVSCvs Health Corporation	0.92%	5,480,999	$575M	trimmed−0%	+0.03 pp	9 q
FDXFedEx Corporation	0.89%	3,276,334	$558M	trimmed−1%	+0.03 pp	9 q
MDTMedtronic plc	0.87%	7,379,332	$547M	trimmed−35%	−0.53 pp	2 q
BLQADBlackrock Inc	0.84%	1,527,593	$529M	added+1%	−0.03 pp	9 q
PFGPrincipal Financial Group, Inc.	0.84%	10,211,927	$524M	trimmed−0%	+0.01 pp	9 q
CHKChesapeake Energy Corp	0.83%	46,370,575	$518M	added+22%	−0.02 pp	3 q
WOOFoot Locker Inc	0.83%	7,719,225	$517M	trimmed−0%	+0.06 pp	9 q
BNYBank of New York Mellon Corporation	0.82%	12,249,811	$514M	trimmed0%	+0.04 pp	9 q
AMTTd Ameritrade Holding Corp	0.80%	13,542,735	$499M	trimmed−0%	0.00 pp	9 q
HALHalliburton Company	0.79%	11,441,696	$493M	trimmed−15%	−0.15 pp	9 q
unresolvedUnilever Spn.Adr 1:1	0.75%	10,900,708	$468M	trimmed−0%	+0.03 pp	9 q
PHParker-Hannifin Corporation	0.69%	3,722,157	$433M	held	—	9 q
FLSFlowserve Corporation	0.63%	7,485,625	$394M	added+4%	−0.01 pp	3 q
GOOGAlphabet Inc. Class C	0.63%	762,262	$397M	added+1%	−0.02 pp	5 q
unresolvedPrecision Castparts Corp	0.63%	1,983,736	$396M	added0%	−0.03 pp	2 q
TIFTiffany & Co.	0.63%	4,307,031	$395M	added+13%	+0.10 pp	9 q
IPGThe Interpublic Group of Companies, Inc.	0.62%	20,102,045	$387M	added+1%	−0.07 pp	5 q
QCOMQualcomm Inc	0.61%	6,114,118	$383M	added+9%	−0.01 pp	8 q
TXNTexas Instruments Incorporated	0.61%	7,396,830	$381M	trimmed−0%	−0.06 pp	9 q
unresolvedBaker Hughes Inc.	0.60%	6,110,388	$377M	trimmed−0%	−0.02 pp	9 q
ADPAutomatic Data Processing	0.59%	4,643,749	$373M	added+2%	−0.03 pp	9 q
THCTenet Healthcare Corporation New	0.59%	6,332,303	$367M	added+8%	+0.13 pp	9 q
BWABorgWarner Inc.	0.56%	6,136,218	$349M	trimmed−0%	−0.03 pp	9 q
unresolvedComcast Corp. Spl Cl A	0.56%	5,877,505	$352M	trimmed−0%	+0.04 pp	9 q
unresolvedFiat Chrysler Automobiles NV s	0.56%	24,246,291	$352M	new	+0.56 pp	new
STTState Street Corporation	0.55%	4,498,875	$346M	trimmed−0%	+0.03 pp	9 q
GISGeneral Mills, Inc.	0.53%	5,951,800	$332M	added0%	0.00 pp	6 q
unresolvedHealth Net Inc	0.53%	5,205,615	$334M	trimmed−11%	−0.03 pp	9 q
unresolvedOmnicare Inc	0.53%	3,498,303	$330M	trimmed−23%	−0.02 pp	9 q
PMPhilip Morris International Inc.	0.50%	3,887,427	$312M	trimmed−25%	−0.11 pp	9 q
LEALear Corporation	0.49%	2,753,243	$309M	trimmed−22%	−0.13 pp	9 q
NWSANews Corporation Class A	0.49%	20,911,827	$305M	added+2%	−0.03 pp	6 q
KMXCarMax Inc.	0.47%	4,412,924	$292M	trimmed−11%	−0.07 pp	9 q
SNYSanofi	0.47%	5,909,550	$293M	added0%	+0.01 pp	6 q
TRCOTribune Media Company Class A	0.47%	5,460,305	$292M	added+96%	+0.20 pp	2 q
TROWT Rowe Price Group Inc	0.46%	3,704,650	$288M	added+23%	+0.08 pp	4 q
ROKRockwell Automation, Inc.	0.45%	2,257,917	$281M	trimmed−0%	+0.03 pp	9 q
CMICummins Inc.	0.44%	2,123,073	$279M	added×2.7	+0.27 pp	9 q
OMCOmnicom Group Inc.	0.44%	3,923,670	$273M	trimmed−26%	−0.21 pp	9 q
AXPAmerican Express Company	0.39%	3,177,705	$247M	new	+0.39 pp	new
unresolvedCalpine Corp	0.39%	13,713,924	$247M	trimmed−0%	−0.11 pp	9 q
unresolvedHsn Inc	0.38%	3,407,574	$239M	trimmed−1%	+0.01 pp	9 q
LVSLas Vegas Sands Corp.	0.38%	4,552,043	$239M	trimmed−0%	−0.02 pp	4 q
RGAReinsurance Group of America, Incorporated	0.38%	2,541,875	$241M	trimmed−0%	+0.01 pp	6 q
BRBroadridge Financial Solutions Inc	0.35%	4,361,821	$218M	trimmed−1%	−0.03 pp	9 q
USBU.S. Bancorp	0.33%	4,760,715	$207M	trimmed0%	0.00 pp	9 q
ACNAccenture PLC	0.33%	2,139,100	$207M	held	—	4 q
WHRWhirlpool Corp.	0.31%	1,119,440	$194M	held	—	4 q
BRKRBruker Corporation	0.22%	6,792,061	$139M	added0%	+0.02 pp	9 q
GWWW.W. Grainger, Inc.	0.22%	595,151	$141M	added+7%	+0.01 pp	2 q
LYVLive Nation Entertainment Inc.	0.22%	5,082,950	$140M	trimmed−2%	+0.01 pp	9 q
HOGHarley-Davidson, Inc.	0.21%	2,346,554	$132M	added×2.1	+0.10 pp	9 q
ITWIllinois Tool Works Inc.	0.20%	1,394,172	$128M	trimmed−71%	−0.54 pp	9 q
CRICarter's Inc.	0.19%	1,129,575	$120M	trimmed−2%	+0.02 pp	9 q
ITRIItron Inc	0.19%	3,375,870	$116M	added+10%	+0.01 pp	8 q
WCCWesco International Inc.	0.19%	1,754,845	$120M	trimmed−2%	−0.01 pp	5 q
DNOWDNOW Inc.	0.17%	5,229,004	$104M	trimmed−1%	−0.01 pp	5 q
unresolvedRowan Cos PLC	0.17%	4,924,082	$104M	added+8%	+0.04 pp	9 q
UPLUltra Petroleum Corp	0.16%	8,028,300	$101M	trimmed−1%	−0.04 pp	9 q
AAPAdvance Auto Parts Inc	0.13%	493,046	$79M	trimmed−1%	+0.01 pp	9 q
CMCSAComcast Corp	0.12%	1,210,175	$73M	trimmed−1%	+0.01 pp	9 q
HHCThe Howard Hughes Corporation	0.12%	524,452	$75M	trimmed−1%	−0.01 pp	9 q
CHKPCheck Point Software Technologies Ltd	0.12%	916,050	$73M	trimmed−0%	0.00 pp	9 q
unresolvedU S G Corp	0.11%	2,488,377	$69M	new	+0.11 pp	new
unresolvedCabelas Inc. Cl A	0.10%	1,197,378	$60M	added+1%	0.00 pp	4 q
KNKnowles Corporation	0.10%	3,351,312	$61M	trimmed−1%	0.00 pp	6 q
MLKNMillerKnoll, Inc.	0.10%	2,070,474	$60M	trimmed−2%	+0.01 pp	9 q
unresolvedKate Spade & Co	0.08%	2,390,800	$51M	new	+0.08 pp	new
ORBKOrbotech Ltd	0.08%	2,323,162	$48M	trimmed−21%	+0.01 pp	9 q
DDSDillard's, Inc. Class A	0.06%	349,460	$37M	trimmed−1%	−0.02 pp	6 q
ETRAE*trade Financial Corp	0.06%	1,271,651	$38M	trimmed−1%	0.00 pp	2 q
GLPIGaming and Leisure Properties, Inc.	0.06%	1,021,115	$37M	trimmed−0%	0.00 pp	7 q
LRCXLam Research Corp	0.05%	350,165	$28M	trimmed−0%	+0.01 pp	9 q
unresolvedBlount Intl Inc New	0.04%	2,314,523	$25M	held	—	9 q
CMAComerica Incorporated	0.04%	471,176	$24M	trimmed−0%	+0.01 pp	9 q
unresolvedManitowoc Inc	0.03%	950,459	$19M	new	+0.03 pp	new
SCCOSouthern Copper Corporation	0.03%	705,000	$21M	held	—	3 q
TMKGlobe Life Inc.	0.03%	331,887	$19M	trimmed−1%	0.00 pp	9 q
SNASnap-on Incorporated	0.02%	74,995	$12M	trimmed−71%	−0.04 pp	9 q
HDHome Depot, Inc.	0.01%	59,412	$7M	trimmed−93%	−0.15 pp	9 q
unresolvedRemy Intl Inc New	0.01%	395,000	$9M	held	—	2 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.01%	53,119	$4M	trimmed−99%	−0.46 pp	9 q
AGCOAGCO Corporation	0.00%	28,250	$2M	trimmed−5%	0.00 pp	3 q
ABTAbbott Laboratories	0.00%	5,767	$283,000	trimmed−86%	0.00 pp	9 q
ABBVAbbvie Inc.	0.00%	5,759	$387,000	trimmed−85%	0.00 pp	9 q
AAWWAtlas Air Worldwide Holdings, Inc.	0.00%	55,000	$3M	trimmed−94%	−0.07 pp	9 q
DKSDick's Sporting Goods, Inc.	0.00%	57,750	$3M	trimmed−5%	−0.01 pp	9 q
DISThe Walt Disney Company	0.00%	9,840	$1M	trimmed−69%	−0.01 pp	9 q
DISCKDiscovery Inc-c	0.00%	60,692	$2M	trimmed−34%	0.00 pp	9 q
unresolvedDirectv	0.00%	28,780	$3M	trimmed−76%	−0.02 pp	9 q
XOMExxon Mobil Corp	0.00%	28,358	$2M	trimmed−95%	−0.07 pp	9 q
unresolvedFidelity National Financial	0.00%	72,416	$1M	trimmed−97%	−0.05 pp	4 q
GNRCGenerac Holdings Inc	0.00%	8,800	$350,000	held	—	3 q
GILDGilead Sciences Inc	0.00%	4,004	$469,000	trimmed−67%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.00%	1,987	$323,000	trimmed−82%	0.00 pp	9 q
JNJJohnson & Johnson	0.00%	14,134	$1M	trimmed−19%	0.00 pp	9 q
OSKOshkosh Corp.	0.00%	34,250	$1M	trimmed−4%	0.00 pp	2 q
PENNPENN Entertainment, Inc.	0.00%	22,800	$418,000	trimmed−16%	0.00 pp	9 q
PFEPfizer Inc.	0.00%	9,525	$319,000	trimmed−53%	0.00 pp	9 q
SBUXStarbucks Corp	0.00%	8,000	$429,000	trimmed−74%	0.00 pp	9 q
UNUnilever N V -ny Shares	0.00%	5,935	$248,000	held	—	9 q
WMTWalmart Inc.	0.00%	9,000	$638,000	trimmed−98%	−0.05 pp	9 q
WBAWalgreens Boots Alliance, Inc	0.00%	16,300	$1M	trimmed−27%	0.00 pp	3 q
unresolvedDelphi Automotive PLC	0.00%	31,300	$3M	trimmed−92%	−0.05 pp	9 q
RLRalph Lauren Corporation	—	−826,983	—	exited	−0.17 pp	—
ALVAutoliv, Inc.	—	−109,850	—	exited	−0.02 pp	—
BRK.ABerkshire Hathaway Inc.	—	−18	—	exited	−0.01 pp	—
ALLThe Allstate Corporation	—	−5,907	—	exited	0.00 pp	—
MOAltria Group, Inc.	—	−7,182	—	exited	0.00 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−15,927	—	exited	0.00 pp	—
BMYBristol-Myers Squibb Co.	—	−14,267	—	exited	0.00 pp	—
CSWCCapital Southwest Corp	—	−9,528	—	exited	0.00 pp	—
CVECenovus Energy Inc.	—	−52,367	—	exited	0.00 pp	—
KOCoca-Cola Company	—	−47,225	—	exited	0.00 pp	—
COPConocoPhillips	—	−11,500	—	exited	0.00 pp	—
DHRDanaher Corporation	—	−6,300	—	exited	0.00 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−11,150	—	exited	0.00 pp	—
unresolvedExpress Scripts Hldg Co	—	−4,435	—	exited	0.00 pp	—
HONHoneywell International, Inc.	—	−3,569	—	exited	0.00 pp	—
unresolvedHospira Inc	—	−3,152	—	exited	0.00 pp	—
unresolvedHubbell Inc	—	−11,920	—	exited	0.00 pp	—
KELKellanova	—	−6,400	—	exited	0.00 pp	—
unresolvedLiberty Interactive Corp	—	−9,045	—	exited	0.00 pp	—
LLYEli Lilly & Co.	—	−3,100	—	exited	0.00 pp	—
unresolvedLinear Technology Group	—	−5,000	—	exited	0.00 pp	—
MCDMcDonald's Corporation	—	−16,060	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−23,835	—	exited	0.00 pp	—
unresolvedMerge Healthcare Inc	—	−35,000	—	exited	0.00 pp	—
OSBCOld Second Bancorp Inc	—	−15,000	—	exited	0.00 pp	—
PEPPepsiCo, Inc.	—	−2,800	—	exited	0.00 pp	—
PSXPhillips 66	—	−5,300	—	exited	0.00 pp	—
unresolvedPlum Creek Timber Co Inc	—	−6,800	—	exited	0.00 pp	—
PGProcter & Gamble Company	—	−4,955	—	exited	0.00 pp	—
SLBSLB Limited	—	−4,300	—	exited	0.00 pp	—
SNIScripps Networks Inter-cl A	—	−18,133	—	exited	0.00 pp	—
unresolvedTRW Automotive Holdings Corp.	—	−6,400	—	exited	0.00 pp	—
MMM3M Company	—	−3,900	—	exited	0.00 pp	—
UAMYUnited States Antimony Corporation	—	−155,000	—	exited	0.00 pp	—