Harris Associates (Oakmark)

Q3 2015 13F · by Bill Nygren, CIO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $57.2B · prev $62.6B
Positions: 122 · prev 139
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%

Moves142 since the prior filing

+8.7 pp in · −8.8 pp out

New 5 +3.95 pp
Added 48 +4.79 pp
Trimmed 67 −8.23 pp
Exited 22 −0.57 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company added+0.10 pp added+0.104.3%
AIG American International Group, Inc. trimmed−0.01 pp trimmed−0.013.9%
BAC Bank of America Corporation added+0.01 pp added+0.013.8%
JPM JPMorgan Chase & Co. trimmed−0.06 pp trimmed−0.063.4%
INTC Intel Corp trimmed+0.22 pp trimmed+0.223.3%

Positions122 in this filing · 22 exited


GMGeneral Motors Company	4.25%	80,931,196	$2.4B	added+4%	+0.10 pp	10 q
AIGAmerican International Group, Inc.	3.85%	38,748,564	$2.2B	trimmed−1%	−0.01 pp	10 q
BACBank of America Corporation	3.80%	139,517,630	$2.2B	added0%	+0.01 pp	10 q
JPMJPMorgan Chase & Co.	3.44%	32,292,189	$2.0B	trimmed−0%	−0.06 pp	10 q
INTCIntel Corp	3.32%	62,988,515	$1.9B	trimmed−1%	+0.22 pp	10 q
ORCLOracle Corp	3.14%	49,743,031	$1.8B	trimmed−0%	−0.07 pp	10 q
MAMastercard Incorporated	3.09%	19,636,038	$1.8B	trimmed−11%	−0.20 pp	10 q
WFCWells Fargo & Co.	3.09%	34,371,913	$1.8B	trimmed−6%	−0.18 pp	10 q
0VQJLTe Connectivity Ltd	3.07%	29,279,202	$1.8B	trimmed−1%	+0.03 pp	10 q
CCitigroup Inc.	2.25%	25,951,518	$1.3B	added+3%	+0.04 pp	7 q
BIDUBaidu, Inc.	2.24%	9,325,265	$1.3B	new	+2.24 pp	new
unresolvedGeneral Electric Co	2.22%	50,244,058	$1.3B	added+20%	+0.44 pp	10 q
GOOGAlphabet Inc. Class C	2.03%	1,906,344	$1.2B	added×2.5	+1.40 pp	6 q
CATCaterpillar Inc.	1.85%	16,192,304	$1.1B	added+41%	+0.29 pp	8 q
unresolvedAon PLC	1.82%	11,755,909	$1.0B	trimmed−2%	−0.08 pp	10 q
MSFTMicrosoft Corp	1.70%	22,017,854	$975M	added0%	+0.15 pp	10 q
UNPUnion Pacific Corp.	1.48%	9,546,965	$844M	trimmed−4%	−0.03 pp	10 q
unresolvedGoogle Inc.	1.45%	1,295,093	$827M	trimmed−45%	−0.58 pp	10 q
unresolvedWillis Group Holdings Public	1.41%	19,742,439	$809M	trimmed−4%	−0.13 pp	10 q
AMZNAmazon.Com Inc	1.38%	1,536,281	$786M	trimmed−54%	−0.91 pp	6 q
APCAnadarko Petroleum Corp	1.36%	12,883,673	$778M	new	+1.36 pp	new
VVISA Inc.	1.35%	11,042,929	$769M	trimmed−35%	−0.47 pp	10 q
CMICummins Inc.	1.32%	6,956,751	$755M	added×3.3	+0.88 pp	10 q
GSGoldman Sachs Group Inc.	1.31%	4,318,071	$750M	added+2%	−0.10 pp	10 q
AAPLApple Inc.	1.21%	6,279,212	$693M	added+11%	+0.07 pp	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.15%	5,677,550	$659M	trimmed−3%	+0.01 pp	10 q
COFCapital One Financial	1.14%	8,984,688	$652M	trimmed−1%	−0.13 pp	10 q
DEODiageo plc	1.14%	6,033,957	$650M	trimmed−7%	−0.07 pp	10 q
unresolvedLiberty Interactive Corp	1.14%	24,897,596	$653M	added+4%	+0.08 pp	10 q
unresolvedMonsanto Co	1.12%	7,478,306	$638M	added+9%	−0.04 pp	7 q
AMATApplied Materials Inc	1.08%	42,065,524	$618M	added+37%	+0.14 pp	10 q
BLQADBlackrock Inc	1.02%	1,952,208	$581M	added+28%	+0.18 pp	10 q
FNFFidelity National Financial, Inc.	0.99%	15,963,652	$566M	trimmed−1%	+0.04 pp	5 q
WOOFoot Locker Inc	0.95%	7,544,075	$543M	trimmed−2%	+0.12 pp	10 q
9990302DApache Corp	0.93%	13,578,093	$532M	trimmed−12%	−0.49 pp	10 q
CBRECbre Group, Inc.	0.87%	15,594,647	$499M	trimmed−2%	−0.07 pp	7 q
CVSCvs Health Corporation	0.87%	5,164,629	$498M	trimmed−6%	−0.05 pp	10 q
FDXFedEx Corporation	0.86%	3,427,974	$494M	added+5%	−0.03 pp	10 q
MLCOMelco Resorts & Entertainment Limited	0.85%	35,436,027	$488M	added+13%	−0.13 pp	5 q
PFGPrincipal Financial Group, Inc.	0.85%	10,212,029	$483M	added0%	+0.01 pp	10 q
BNYBank of New York Mellon Corporation	0.84%	12,253,611	$480M	added0%	+0.02 pp	10 q
BENFranklin Templeton, Inc.	0.83%	12,768,045	$476M	trimmed−48%	−1.08 pp	10 q
MDTMedtronic plc	0.82%	6,973,542	$467M	trimmed−6%	−0.05 pp	3 q
AFLAflac Inc.	0.81%	7,958,298	$463M	trimmed−19%	−0.17 pp	10 q
DOVDover Corporation	0.77%	7,749,618	$443M	trimmed−8%	−0.18 pp	10 q
AXPAmerican Express Company	0.76%	5,855,268	$434M	added+84%	+0.37 pp	2 q
AMTTd Ameritrade Holding Corp	0.75%	13,509,321	$430M	trimmed−0%	−0.05 pp	10 q
TXNTexas Instruments Incorporated	0.71%	8,218,950	$407M	added+11%	+0.10 pp	10 q
PHParker-Hannifin Corporation	0.68%	4,022,857	$391M	added+8%	−0.01 pp	10 q
TIFTiffany & Co.	0.68%	5,018,038	$387M	added+17%	+0.05 pp	10 q
ADPAutomatic Data Processing	0.65%	4,649,065	$374M	added0%	+0.06 pp	10 q
unresolvedBaker Hughes Inc.	0.65%	7,089,548	$369M	added+16%	+0.05 pp	10 q
unresolvedFiat Chrysler Automobiles NV s	0.65%	28,317,091	$374M	added+17%	+0.09 pp	2 q
FLSFlowserve Corporation	0.60%	8,312,475	$342M	added+11%	−0.03 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	0.60%	18,052,313	$345M	trimmed−10%	−0.02 pp	6 q
NOVNOV Inc.	0.60%	9,131,396	$344M	trimmed−59%	−1.13 pp	10 q
STTState Street Corporation	0.59%	5,009,925	$337M	added+11%	+0.04 pp	10 q
unresolvedUnilever Spn.Adr 1:1	0.59%	8,267,630	$337M	trimmed−24%	−0.16 pp	10 q
GISGeneral Mills, Inc.	0.58%	5,952,400	$334M	added0%	+0.05 pp	7 q
BWABorgWarner Inc.	0.57%	7,852,609	$327M	added+28%	+0.01 pp	10 q
CHKChesapeake Energy Corp	0.57%	44,478,225	$326M	trimmed−4%	−0.26 pp	4 q
QCOMQualcomm Inc	0.56%	5,957,899	$320M	trimmed−3%	−0.05 pp	9 q
HALHalliburton Company	0.55%	8,920,572	$315M	trimmed−22%	−0.24 pp	10 q
PMPhilip Morris International Inc.	0.54%	3,887,427	$308M	held	—	10 q
LEALear Corporation	0.52%	2,749,043	$299M	trimmed−0%	+0.03 pp	10 q
unresolvedComcast Corp. Spl Cl A	0.49%	4,896,132	$280M	trimmed−17%	−0.07 pp	10 q
SNYSanofi	0.49%	5,912,950	$281M	added0%	+0.02 pp	7 q
unresolvedHealth Net Inc	0.47%	4,455,366	$268M	trimmed−14%	−0.06 pp	10 q
NWSANews Corporation Class A	0.46%	20,940,581	$264M	added0%	−0.03 pp	7 q
TROWT Rowe Price Group Inc	0.46%	3,787,650	$263M	added+2%	0.00 pp	5 q
KMXCarMax Inc.	0.45%	4,322,179	$256M	trimmed−2%	−0.02 pp	10 q
THCTenet Healthcare Corporation New	0.43%	6,645,053	$245M	added+5%	−0.16 pp	10 q
RGAReinsurance Group of America, Incorporated	0.40%	2,535,175	$230M	trimmed−0%	+0.02 pp	7 q
ROKRockwell Automation, Inc.	0.40%	2,257,347	$229M	trimmed−0%	−0.05 pp	10 q
BRBroadridge Financial Solutions Inc	0.38%	3,936,611	$218M	trimmed−10%	+0.03 pp	10 q
TRCOTribune Media Company Class A	0.37%	5,889,566	$210M	added+8%	−0.10 pp	3 q
WHRWhirlpool Corp.	0.37%	1,425,665	$210M	added+27%	+0.06 pp	5 q
ACNAccenture PLC	0.37%	2,142,350	$211M	added0%	+0.04 pp	5 q
unresolvedPrecision Castparts Corp	0.36%	885,750	$203M	trimmed−55%	−0.27 pp	3 q
HOGHarley-Davidson, Inc.	0.34%	3,492,954	$192M	added+49%	+0.13 pp	10 q
USBU.S. Bancorp	0.34%	4,759,365	$195M	trimmed−0%	+0.01 pp	10 q
unresolvedHsn Inc	0.33%	3,267,554	$187M	trimmed−4%	−0.05 pp	10 q
unresolvedCalpine Corp	0.32%	12,660,999	$185M	trimmed−8%	−0.07 pp	10 q
GWWW.W. Grainger, Inc.	0.31%	834,598	$179M	added+40%	+0.09 pp	3 q
unresolvedU S G Corp	0.24%	5,058,800	$135M	added×2.0	+0.13 pp	2 q
OIIOceaneering International Inc.	0.22%	3,213,080	$126M	new	+0.22 pp	new
LYVLive Nation Entertainment Inc.	0.21%	5,014,850	$121M	trimmed−1%	−0.01 pp	10 q
BRKRBruker Corporation	0.20%	6,789,336	$112M	trimmed−0%	−0.02 pp	10 q
ITWIllinois Tool Works Inc.	0.20%	1,383,922	$114M	trimmed−1%	0.00 pp	10 q
HHCThe Howard Hughes Corporation	0.19%	932,888	$107M	added+78%	+0.07 pp	10 q
OMCOmnicom Group Inc.	0.19%	1,629,500	$107M	trimmed−58%	−0.25 pp	10 q
unresolvedKate Spade & Co	0.17%	5,145,584	$98M	added×2.2	+0.09 pp	2 q
DNOWDNOW Inc.	0.17%	6,695,711	$99M	added+28%	0.00 pp	6 q
ITRIItron Inc	0.16%	2,923,470	$93M	trimmed−13%	−0.03 pp	9 q
CRICarter's Inc.	0.15%	941,150	$85M	trimmed−17%	−0.04 pp	10 q
unresolvedCabelas Inc. Cl A	0.13%	1,622,065	$74M	added+35%	+0.03 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.13%	908,300	$72M	trimmed−1%	+0.01 pp	10 q
unresolvedManitowoc Inc	0.12%	4,648,600	$70M	added×4.9	+0.09 pp	2 q
WCCWesco International Inc.	0.12%	1,486,760	$69M	trimmed−15%	−0.07 pp	6 q
unresolvedCharter Comm's Inc	0.11%	367,811	$65M	new	+0.11 pp	new
KNKnowles Corporation	0.11%	3,333,112	$61M	trimmed−1%	+0.01 pp	7 q
MLKNMillerKnoll, Inc.	0.10%	2,069,999	$60M	trimmed−0%	0.00 pp	10 q
CMCSAComcast Corp	0.09%	944,231	$54M	trimmed−22%	−0.03 pp	10 q
DDSDillard's, Inc. Class A	0.09%	597,235	$52M	added+71%	+0.03 pp	7 q
ETRAE*trade Financial Corp	0.06%	1,361,241	$36M	added+7%	0.00 pp	3 q
unresolvedRowan Cos PLC	0.06%	2,171,625	$35M	trimmed−56%	−0.11 pp	10 q
ORBKOrbotech Ltd	0.06%	2,319,162	$36M	trimmed−0%	−0.02 pp	10 q
GLPIGaming and Leisure Properties, Inc.	0.05%	942,266	$28M	trimmed−8%	−0.01 pp	8 q
LRCXLam Research Corp	0.04%	326,490	$21M	trimmed−7%	−0.01 pp	10 q
LVSLas Vegas Sands Corp.	0.04%	610,055	$23M	trimmed−87%	−0.34 pp	5 q
unresolvedBlount Intl Inc New	0.03%	2,904,186	$16M	added+25%	−0.01 pp	10 q
CMAComerica Incorporated	0.03%	470,226	$19M	trimmed−0%	−0.01 pp	10 q
SCCOSouthern Copper Corporation	0.03%	705,000	$19M	held	—	4 q
CDWCDW Corporation	0.02%	335,477	$14M	new	+0.02 pp	new
OSKOshkosh Corp.	0.02%	287,550	$10M	added×8.4	+0.02 pp	3 q
UPLUltra Petroleum Corp	0.02%	1,890,100	$12M	trimmed−76%	−0.14 pp	10 q
TMKGlobe Life Inc.	0.01%	131,362	$7M	trimmed−60%	−0.02 pp	10 q
AGCOAGCO Corporation	0.00%	28,150	$1M	trimmed−0%	0.00 pp	4 q
AAPAdvance Auto Parts Inc	0.00%	3,087	$585,000	trimmed−99%	−0.13 pp	10 q
DKSDick's Sporting Goods, Inc.	0.00%	47,325	$2M	trimmed−18%	0.00 pp	10 q
HDHome Depot, Inc.	0.00%	2,247	$260,000	trimmed−96%	−0.01 pp	10 q
UNUnilever N V -ny Shares	0.00%	5,800	$233,000	trimmed−2%	0.00 pp	10 q
unresolvedOmnicare Inc	—	−3,498,303	—	exited	−0.53 pp	—
SNASnap-on Incorporated	—	−74,995	—	exited	−0.02 pp	—
unresolvedRemy Intl Inc New	—	−395,000	—	exited	−0.01 pp	—
unresolvedStarwood HOTELS&RESORTS Wrld	—	−53,119	—	exited	−0.01 pp	—
ABTAbbott Laboratories	—	−5,767	—	exited	0.00 pp	—
ABBVAbbvie Inc.	—	−5,759	—	exited	0.00 pp	—
AAWWAtlas Air Worldwide Holdings, Inc.	—	−55,000	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−9,840	—	exited	0.00 pp	—
DISCKDiscovery Inc-c	—	−60,692	—	exited	0.00 pp	—
unresolvedDirectv	—	−28,780	—	exited	0.00 pp	—
XOMExxon Mobil Corp	—	−28,358	—	exited	0.00 pp	—
unresolvedFidelity National Financial	—	−72,416	—	exited	0.00 pp	—
GNRCGenerac Holdings Inc	—	−8,800	—	exited	0.00 pp	—
GILDGilead Sciences Inc	—	−4,004	—	exited	0.00 pp	—
IBMInternational Business Machines Corporation	—	−1,987	—	exited	0.00 pp	—
JNJJohnson & Johnson	—	−14,134	—	exited	0.00 pp	—
PENNPENN Entertainment, Inc.	—	−22,800	—	exited	0.00 pp	—
PFEPfizer Inc.	—	−9,525	—	exited	0.00 pp	—
SBUXStarbucks Corp	—	−8,000	—	exited	0.00 pp	—
WMTWalmart Inc.	—	−9,000	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−16,300	—	exited	0.00 pp	—
unresolvedDelphi Automotive PLC	—	−31,300	—	exited	0.00 pp	—