Harris Associates (Oakmark)

Q4 2015 13F · by Bill Nygren, CIO

As of: Dec 31, 2015
Filed: Feb 9, 2016
US stock: $59.0B · prev $57.2B
Positions: 124 · prev 122
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%

Moves130 since the prior filing

+7.2 pp in · −7.3 pp out

New 8 +2.56 pp
Added 43 +4.67 pp
Trimmed 73 −4.63 pp
Exited 6 −2.63 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company added+0.42 pp added+0.424.7%
AIG American International Group, Inc. trimmed+0.18 pp trimmed+0.184.0%
BAC Bank of America Corporation trimmed+0.16 pp trimmed+0.164.0%
JPM JPMorgan Chase & Co. trimmed+0.13 pp trimmed+0.133.6%
0VQJL Te Connectivity Ltd trimmed+0.12 pp trimmed+0.123.2%

Positions124 in this filing · 6 exited


GMGeneral Motors Company	4.67%	81,083,512	$2.8B	added0%	+0.42 pp	11 q
AIGAmerican International Group, Inc.	4.03%	38,382,249	$2.4B	trimmed−1%	+0.18 pp	11 q
BACBank of America Corporation	3.96%	138,895,352	$2.3B	trimmed−0%	+0.16 pp	11 q
JPMJPMorgan Chase & Co.	3.57%	31,947,357	$2.1B	trimmed−1%	+0.13 pp	11 q
0VQJLTe Connectivity Ltd	3.19%	29,100,322	$1.9B	trimmed−1%	+0.12 pp	11 q
ORCLOracle Corp	3.11%	50,266,631	$1.8B	added+1%	−0.03 pp	11 q
WFCWells Fargo & Co.	3.01%	32,716,872	$1.8B	trimmed−5%	−0.08 pp	11 q
INTCIntel Corp	3.00%	51,459,178	$1.8B	trimmed−18%	−0.32 pp	11 q
MAMastercard Incorporated	2.94%	17,844,682	$1.7B	trimmed−9%	−0.15 pp	11 q
GOOGAlphabet Inc. Class C	2.79%	2,171,272	$1.6B	added+14%	+0.76 pp	7 q
unresolvedGeneral Electric Co	2.65%	50,247,243	$1.6B	added0%	+0.43 pp	11 q
CCitigroup Inc.	2.32%	26,515,450	$1.4B	added+2%	+0.07 pp	8 q
MSFTMicrosoft Corp	2.03%	21,597,267	$1.2B	trimmed−2%	+0.33 pp	11 q
CATCaterpillar Inc.	1.97%	17,099,572	$1.2B	added+6%	+0.12 pp	9 q
unresolvedAon PLC	1.81%	11,560,054	$1.1B	trimmed−2%	−0.01 pp	11 q
CMICummins Inc.	1.66%	11,137,675	$980M	added+60%	+0.34 pp	11 q
AMATApplied Materials Inc	1.42%	44,891,908	$838M	added+7%	+0.34 pp	11 q
UNPUnion Pacific Corp.	1.42%	10,701,236	$837M	added+12%	−0.06 pp	11 q
APCAnadarko Petroleum Corp	1.41%	17,164,780	$834M	added+33%	+0.05 pp	2 q
GSGoldman Sachs Group Inc.	1.39%	4,564,829	$823M	added+6%	+0.08 pp	11 q
VVISA Inc.	1.37%	10,431,104	$809M	trimmed−6%	+0.02 pp	11 q
BIDUBaidu, Inc.	1.34%	4,196,755	$793M	trimmed−55%	−0.90 pp	2 q
9990302DApache Corp	1.31%	17,362,453	$772M	added+28%	+0.38 pp	11 q
unresolvedWillis Group Holdings Public	1.29%	15,653,299	$760M	trimmed−21%	−0.12 pp	11 q
AAPLApple Inc.	1.23%	6,921,226	$729M	added+10%	+0.02 pp	11 q
GOOGLAlphabet Inc. Class A	1.16%	883,034	$687M	new	+1.16 pp	new
unresolvedLiberty Interactive Corp	1.15%	24,872,480	$680M	trimmed−0%	+0.01 pp	11 q
BLQADBlackrock Inc	1.10%	1,900,250	$647M	trimmed−3%	+0.08 pp	11 q
COFCapital One Financial	1.09%	8,952,896	$646M	trimmed−0%	−0.05 pp	11 q
MLCOMelco Resorts & Entertainment Limited	1.09%	38,463,781	$646M	added+9%	+0.24 pp	6 q
DEODiageo plc	1.06%	5,729,745	$625M	trimmed−5%	−0.08 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.05%	5,265,764	$619M	trimmed−7%	−0.10 pp	11 q
FNFFidelity National Financial, Inc.	0.97%	16,461,402	$571M	added+3%	−0.02 pp	6 q
CBRECbre Group, Inc.	0.90%	15,374,417	$532M	trimmed−1%	+0.03 pp	8 q
unresolvedMonsanto Co	0.87%	5,204,696	$513M	trimmed−30%	−0.25 pp	8 q
BNYBank of New York Mellon Corporation	0.86%	12,249,751	$505M	trimmed−0%	+0.02 pp	11 q
CVSCvs Health Corporation	0.86%	5,164,454	$505M	trimmed0%	−0.01 pp	11 q
FDXFedEx Corporation	0.86%	3,408,671	$508M	trimmed−1%	0.00 pp	11 q
MDTMedtronic plc	0.83%	6,388,347	$491M	trimmed−8%	+0.01 pp	4 q
AFLAflac Inc.	0.78%	7,670,867	$459M	trimmed−4%	−0.03 pp	11 q
PFGPrincipal Financial Group, Inc.	0.78%	10,207,368	$459M	trimmed−0%	−0.07 pp	11 q
AXPAmerican Express Company	0.76%	6,472,713	$450M	added+11%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.76%	8,209,775	$450M	trimmed−0%	+0.05 pp	11 q
WOOFoot Locker Inc	0.74%	6,691,145	$436M	trimmed−11%	−0.21 pp	11 q
DOVDover Corporation	0.73%	7,073,729	$434M	trimmed−9%	−0.04 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	0.73%	18,405,398	$428M	added+2%	+0.13 pp	7 q
PHParker-Hannifin Corporation	0.71%	4,342,297	$421M	added+8%	+0.03 pp	11 q
TVGrupo Televisa S.A.	0.69%	15,061,690	$410M	new	+0.69 pp	new
unresolvedFiat Chrysler Automobiles NV s	0.69%	29,177,376	$408M	added+3%	+0.04 pp	3 q
ADPAutomatic Data Processing	0.67%	4,647,370	$394M	trimmed−0%	+0.02 pp	11 q
AMTTd Ameritrade Holding Corp	0.67%	11,310,669	$393M	trimmed−16%	−0.08 pp	11 q
TIFTiffany & Co.	0.64%	4,983,072	$380M	trimmed−1%	−0.04 pp	11 q
unresolvedCharter Comm's Inc	0.63%	2,043,297	$374M	added×5.6	+0.52 pp	2 q
BWABorgWarner Inc.	0.62%	8,422,453	$364M	added+7%	+0.05 pp	11 q
STTState Street Corporation	0.60%	5,315,245	$353M	added+6%	+0.01 pp	11 q
FLSFlowserve Corporation	0.59%	8,216,450	$346M	trimmed−1%	−0.01 pp	5 q
PMPhilip Morris International Inc.	0.58%	3,886,427	$342M	trimmed−0%	+0.04 pp	11 q
unresolvedUnilever Spn.Adr 1:1	0.58%	7,976,252	$344M	trimmed−4%	−0.01 pp	11 q
WHRWhirlpool Corp.	0.58%	2,340,395	$344M	added+64%	+0.21 pp	6 q
CMCSAComcast Corp	0.56%	5,815,584	$328M	added×6.2	+0.47 pp	11 q
unresolvedBaker Hughes Inc.	0.55%	7,082,568	$327M	trimmed−0%	−0.10 pp	11 q
NOVNOV Inc.	0.55%	9,660,015	$324M	added+6%	−0.05 pp	11 q
QCOMQualcomm Inc	0.52%	6,158,789	$308M	added+3%	−0.04 pp	10 q
KMXCarMax Inc.	0.50%	5,465,704	$295M	added+26%	+0.05 pp	11 q
unresolvedHealth Net Inc	0.50%	4,302,367	$295M	trimmed−3%	+0.03 pp	11 q
ALLYAlly Financial Inc.	0.49%	15,393,253	$287M	new	+0.49 pp	new
NWSANews Corporation Class A	0.47%	20,918,171	$279M	trimmed−0%	+0.01 pp	8 q
THCTenet Healthcare Corporation New	0.43%	8,346,668	$253M	added+26%	0.00 pp	11 q
SNYSanofi	0.42%	5,775,040	$246M	trimmed−2%	−0.07 pp	8 q
GISGeneral Mills, Inc.	0.41%	4,165,823	$240M	trimmed−30%	−0.17 pp	8 q
HALHalliburton Company	0.41%	7,137,607	$243M	trimmed−20%	−0.14 pp	11 q
USBU.S. Bancorp	0.40%	5,475,906	$234M	added+15%	+0.06 pp	11 q
ROKRockwell Automation, Inc.	0.39%	2,259,496	$232M	added0%	−0.01 pp	11 q
CHKChesapeake Energy Corp	0.38%	50,304,650	$226M	added+13%	−0.19 pp	5 q
TROWT Rowe Price Group Inc	0.38%	3,159,993	$226M	trimmed−17%	−0.08 pp	6 q
RGAReinsurance Group of America, Incorporated	0.37%	2,534,800	$217M	trimmed−0%	−0.03 pp	8 q
unresolvedCalpine Corp	0.36%	14,709,304	$213M	added+16%	+0.04 pp	11 q
BENFranklin Templeton, Inc.	0.36%	5,694,551	$210M	trimmed−55%	−0.47 pp	11 q
TRCOTribune Media Company Class A	0.34%	5,989,535	$203M	added+2%	−0.03 pp	4 q
unresolvedHsn Inc	0.28%	3,245,999	$164M	trimmed−1%	−0.05 pp	11 q
unresolvedU S G Corp	0.28%	6,914,950	$168M	added+37%	+0.04 pp	3 q
GWWW.W. Grainger, Inc.	0.27%	788,763	$160M	trimmed−5%	−0.04 pp	4 q
HOGHarley-Davidson, Inc.	0.27%	3,465,614	$157M	trimmed−1%	−0.07 pp	11 q
LEALear Corporation	0.26%	1,272,634	$156M	trimmed−54%	−0.26 pp	11 q
unresolvedPrecision Castparts Corp	0.26%	669,685	$155M	trimmed−24%	−0.10 pp	4 q
BRKRBruker Corporation	0.24%	5,950,998	$144M	trimmed−12%	+0.04 pp	11 q
LYVLive Nation Entertainment Inc.	0.22%	5,299,930	$130M	added+6%	+0.01 pp	11 q
HHCThe Howard Hughes Corporation	0.20%	1,065,646	$121M	added+14%	+0.01 pp	11 q
OIIOceaneering International Inc.	0.20%	3,134,250	$118M	trimmed−2%	−0.02 pp	2 q
ITWIllinois Tool Works Inc.	0.19%	1,192,889	$111M	trimmed−14%	−0.01 pp	11 q
ITRIItron Inc	0.19%	3,156,690	$114M	added+8%	+0.03 pp	10 q
BRBroadridge Financial Solutions Inc	0.18%	1,942,000	$104M	trimmed−51%	−0.20 pp	11 q
unresolvedManitowoc Inc	0.17%	6,594,824	$101M	added+42%	+0.05 pp	3 q
unresolvedKate Spade & Co	0.16%	5,270,120	$94M	added+2%	−0.01 pp	3 q
CRICarter's Inc.	0.13%	847,025	$75M	trimmed−10%	−0.02 pp	11 q
CHKPCheck Point Software Technologies Ltd	0.12%	895,150	$73M	trimmed−1%	−0.01 pp	11 q
DNOWDNOW Inc.	0.11%	4,104,289	$65M	trimmed−39%	−0.06 pp	7 q
DDSDillard's, Inc. Class A	0.10%	854,286	$56M	added+43%	+0.01 pp	8 q
MLKNMillerKnoll, Inc.	0.10%	2,012,402	$58M	trimmed−3%	0.00 pp	11 q
WCCWesco International Inc.	0.10%	1,388,341	$61M	trimmed−7%	−0.02 pp	7 q
OSKOshkosh Corp.	0.09%	1,292,700	$50M	added×4.5	+0.07 pp	4 q
AXTAAxalta Coating Systems Ltd.	0.09%	1,929,150	$51M	new	+0.09 pp	new
GLPIGaming and Leisure Properties, Inc.	0.08%	1,744,901	$49M	added+85%	+0.03 pp	9 q
ORBKOrbotech Ltd	0.08%	2,016,712	$45M	trimmed−13%	+0.02 pp	11 q
ETRAE*trade Financial Corp	0.07%	1,334,906	$40M	trimmed−2%	+0.01 pp	4 q
unresolvedHertz Global Holdings Inc	0.07%	2,763,350	$39M	new	+0.07 pp	new
unresolvedRowan Cos PLC	0.06%	2,097,650	$36M	trimmed−3%	0.00 pp	11 q
LBRDKLiberty Broadband Corporation Class C	0.05%	533,622	$28M	new	+0.05 pp	new
AMZNAmazon.Com Inc	0.04%	37,925	$26M	trimmed−98%	−1.34 pp	7 q
KNKnowles Corporation	0.04%	1,898,871	$25M	trimmed−43%	−0.07 pp	8 q
LRCXLam Research Corp	0.04%	321,450	$26M	trimmed−2%	0.00 pp	11 q
LVSLas Vegas Sands Corp.	0.04%	534,515	$23M	trimmed−12%	0.00 pp	6 q
unresolvedBlount Intl Inc New	0.03%	1,964,544	$19M	trimmed−32%	0.00 pp	11 q
CMAComerica Incorporated	0.03%	470,951	$20M	added0%	0.00 pp	11 q
CDWCDW Corporation	0.02%	331,092	$14M	trimmed−1%	0.00 pp	2 q
TMKGlobe Life Inc.	0.01%	125,026	$7M	trimmed−5%	0.00 pp	11 q
unresolvedQiagen N.V	0.01%	256,800	$7M	new	+0.01 pp	new
AGCOAGCO Corporation	0.00%	27,725	$1M	trimmed−2%	0.00 pp	5 q
TAT&T Inc.	0.00%	43,251	$1M	new	0.00 pp	new
DKSDick's Sporting Goods, Inc.	0.00%	45,375	$2M	trimmed−4%	0.00 pp	11 q
HDHome Depot, Inc.	0.00%	1,953	$258,000	trimmed−13%	0.00 pp	11 q
SCCOSouthern Copper Corporation	0.00%	100,000	$3M	trimmed−86%	−0.03 pp	5 q
UPLUltra Petroleum Corp	0.00%	11,200	$28,000	trimmed−99%	−0.02 pp	11 q
UNUnilever N V -ny Shares	0.00%	4,800	$208,000	trimmed−17%	0.00 pp	11 q
unresolvedGoogle Inc.	—	−1,295,093	—	exited	−1.45 pp	—
unresolvedComcast Corp. Spl Cl A	—	−4,896,132	—	exited	−0.49 pp	—
ACNAccenture PLC	—	−2,142,350	—	exited	−0.37 pp	—
OMCOmnicom Group Inc.	—	−1,629,500	—	exited	−0.19 pp	—
unresolvedCabelas Inc. Cl A	—	−1,622,065	—	exited	−0.13 pp	—
AAPAdvance Auto Parts Inc	—	−3,087	—	exited	0.00 pp	—