Harris Associates (Oakmark)

Q1 2016 13F · by Bill Nygren, CIO

As of: Mar 31, 2016
Filed: May 11, 2016
US stock: $53.1B · prev $59.0B
Positions: 123 · prev 124
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%

Moves133 since the prior filing

+4.8 pp in · −4.8 pp out

New 11 +2.28 pp
Added 31 +2.56 pp
Trimmed 79 −2.12 pp
Exited 12 −2.71 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company trimmed−0.02 pp trimmed−0.024.7%
BAC Bank of America Corporation added−0.29 pp added−0.293.7%
ORCL Oracle Corp trimmed+0.56 pp trimmed+0.563.7%
AIG American International Group, Inc. trimmed−0.44 pp trimmed−0.443.6%
0VQJL Te Connectivity Ltd trimmed+0.19 pp trimmed+0.193.4%

Positions123 in this filing · 12 exited


GMGeneral Motors Company	4.65%	78,563,924	$2.5B	trimmed−3%	−0.02 pp	12 q
BACBank of America Corporation	3.67%	144,293,742	$2.0B	added+4%	−0.29 pp	12 q
ORCLOracle Corp	3.67%	47,717,681	$2.0B	trimmed−5%	+0.56 pp	12 q
AIGAmerican International Group, Inc.	3.59%	35,326,117	$1.9B	trimmed−8%	−0.44 pp	12 q
0VQJLTe Connectivity Ltd	3.38%	28,968,143	$1.8B	trimmed−0%	+0.19 pp	12 q
JPMJPMorgan Chase & Co.	3.25%	29,150,469	$1.7B	trimmed−9%	−0.32 pp	12 q
MAMastercard Incorporated	3.00%	16,853,582	$1.6B	trimmed−6%	+0.06 pp	12 q
GOOGAlphabet Inc. Class C	2.78%	1,984,003	$1.5B	trimmed−9%	−0.01 pp	8 q
unresolvedGeneral Electric Co	2.74%	45,834,885	$1.5B	trimmed−9%	+0.09 pp	12 q
WFCWells Fargo & Co.	2.70%	29,706,576	$1.4B	trimmed−9%	−0.31 pp	12 q
INTCIntel Corp	2.66%	43,695,178	$1.4B	trimmed−15%	−0.34 pp	12 q
CCitigroup Inc.	2.25%	28,688,029	$1.2B	added+8%	−0.07 pp	9 q
CATCaterpillar Inc.	2.18%	15,144,200	$1.2B	trimmed−11%	+0.21 pp	10 q
CMICummins Inc.	1.99%	9,636,502	$1.1B	trimmed−13%	+0.33 pp	12 q
MSFTMicrosoft Corp	1.86%	17,878,229	$987M	trimmed−17%	−0.17 pp	12 q
unresolvedAon PLC	1.74%	8,872,540	$927M	trimmed−23%	−0.07 pp	12 q
BIDUBaidu, Inc.	1.69%	4,692,943	$896M	added+12%	+0.35 pp	3 q
GSGoldman Sachs Group Inc.	1.60%	5,405,384	$849M	added+18%	+0.21 pp	12 q
AMATApplied Materials Inc	1.56%	39,002,495	$826M	trimmed−13%	+0.14 pp	12 q
9990302DApache Corp	1.49%	16,203,627	$791M	trimmed−7%	+0.18 pp	12 q
TVGrupo Televisa S.A.	1.28%	24,718,062	$679M	added+64%	+0.59 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.26%	5,188,614	$669M	trimmed−1%	+0.21 pp	12 q
VVISA Inc.	1.18%	8,161,605	$624M	trimmed−22%	−0.19 pp	12 q
unresolvedLiberty Interactive Corp	1.17%	24,617,121	$622M	trimmed−1%	+0.02 pp	12 q
DEODiageo plc	1.16%	5,700,967	$615M	trimmed−1%	+0.10 pp	12 q
GOOGLAlphabet Inc. Class A	1.15%	801,371	$611M	trimmed−9%	−0.01 pp	2 q
COFCapital One Financial	1.14%	8,752,746	$607M	trimmed−2%	+0.05 pp	12 q
WTWWillis Towers Watson Public Limited Company	1.14%	5,106,124	$606M	new	+1.14 pp	new
APCAnadarko Petroleum Corp	1.06%	12,067,045	$562M	trimmed−30%	−0.35 pp	3 q
FNFFidelity National Financial, Inc.	1.02%	16,037,452	$544M	trimmed−3%	+0.05 pp	7 q
BLQADBlackrock Inc	1.01%	1,575,554	$537M	trimmed−17%	−0.09 pp	12 q
CVSCvs Health Corporation	1.01%	5,163,089	$536M	trimmed−0%	+0.15 pp	12 q
PFGPrincipal Financial Group, Inc.	0.92%	12,401,653	$489M	added+22%	+0.14 pp	12 q
MLCOMelco Resorts & Entertainment Limited	0.91%	29,353,401	$485M	trimmed−24%	−0.18 pp	7 q
CBRECbre Group, Inc.	0.90%	16,660,322	$480M	added+8%	0.00 pp	9 q
TXNTexas Instruments Incorporated	0.89%	8,197,790	$471M	trimmed−0%	+0.13 pp	12 q
UNPUnion Pacific Corp.	0.88%	5,907,296	$470M	trimmed−45%	−0.54 pp	12 q
AFLAflac Inc.	0.87%	7,278,514	$460M	trimmed−5%	+0.09 pp	12 q
FDXFedEx Corporation	0.86%	2,804,286	$456M	trimmed−18%	0.00 pp	12 q
DOVDover Corporation	0.85%	7,029,899	$452M	trimmed−1%	+0.12 pp	12 q
STTState Street Corporation	0.85%	7,684,829	$450M	added+45%	+0.25 pp	12 q
BNYBank of New York Mellon Corporation	0.84%	12,117,191	$446M	trimmed−1%	−0.02 pp	12 q
unresolvedMonsanto Co	0.83%	5,032,156	$442M	trimmed−3%	−0.04 pp	9 q
ALLYAlly Financial Inc.	0.82%	23,409,750	$438M	added+52%	+0.33 pp	2 q
WOOFoot Locker Inc	0.81%	6,686,197	$431M	trimmed−0%	+0.07 pp	12 q
PHParker-Hannifin Corporation	0.80%	3,835,427	$426M	trimmed−12%	+0.09 pp	12 q
WHRWhirlpool Corp.	0.78%	2,308,220	$416M	trimmed−1%	+0.20 pp	7 q
AAPLApple Inc.	0.75%	3,678,302	$401M	trimmed−47%	−0.48 pp	12 q
ADPAutomatic Data Processing	0.73%	4,310,940	$387M	trimmed−7%	+0.06 pp	12 q
IPGThe Interpublic Group of Companies, Inc.	0.72%	16,672,186	$383M	trimmed−9%	−0.01 pp	8 q
NOVNOV Inc.	0.70%	12,005,205	$373M	added+24%	+0.15 pp	12 q
PMPhilip Morris International Inc.	0.69%	3,758,227	$369M	trimmed−3%	+0.11 pp	12 q
unresolvedCharter Comm's Inc	0.67%	1,766,187	$358M	trimmed−14%	+0.04 pp	3 q
AMTTd Ameritrade Holding Corp	0.67%	11,244,369	$355M	trimmed−1%	0.00 pp	12 q
TIFTiffany & Co.	0.66%	4,754,695	$349M	trimmed−5%	+0.02 pp	12 q
BWABorgWarner Inc.	0.61%	8,503,878	$327M	added+1%	−0.01 pp	12 q
QCOMQualcomm Inc	0.58%	5,992,849	$306M	trimmed−3%	+0.06 pp	11 q
KMXCarMax Inc.	0.57%	5,933,565	$303M	added+9%	+0.07 pp	12 q
CMCSAComcast Corp	0.57%	4,945,232	$302M	trimmed−15%	+0.01 pp	12 q
FLSFlowserve Corporation	0.55%	6,586,715	$293M	trimmed−20%	−0.04 pp	6 q
unresolvedUnilever Spn.Adr 1:1	0.55%	6,491,503	$293M	trimmed−19%	−0.03 pp	12 q
MDTMedtronic plc	0.52%	3,654,284	$274M	trimmed−43%	−0.31 pp	5 q
unresolvedFiat Chrysler Automobiles NV s	0.52%	34,263,926	$276M	added+17%	−0.17 pp	4 q
unresolvedBaker Hughes Inc.	0.49%	5,983,321	$262M	trimmed−16%	−0.06 pp	12 q
NWSANews Corporation Class A	0.49%	20,294,581	$259M	trimmed−3%	+0.02 pp	9 q
ROKRockwell Automation, Inc.	0.48%	2,252,796	$256M	trimmed−0%	+0.09 pp	12 q
HALHalliburton Company	0.47%	6,917,342	$247M	trimmed−3%	+0.06 pp	12 q
RGAReinsurance Group of America, Incorporated	0.46%	2,519,325	$242M	trimmed−1%	+0.09 pp	9 q
TRCOTribune Media Company Class A	0.46%	6,348,046	$243M	added+6%	+0.12 pp	5 q
THCTenet Healthcare Corporation New	0.45%	8,273,593	$239M	trimmed−1%	+0.02 pp	12 q
USBU.S. Bancorp	0.43%	5,578,656	$226M	added+2%	+0.03 pp	12 q
unresolvedCalpine Corp	0.42%	14,700,023	$223M	trimmed−0%	+0.06 pp	12 q
SNYSanofi	0.42%	5,571,835	$224M	trimmed−4%	0.00 pp	9 q
BENFranklin Templeton, Inc.	0.40%	5,413,216	$211M	trimmed−5%	+0.04 pp	12 q
BAXBaxter International Inc.	0.39%	5,106,845	$210M	new	+0.39 pp	new
TROWT Rowe Price Group Inc	0.35%	2,508,991	$184M	trimmed−21%	−0.03 pp	7 q
unresolvedHsn Inc	0.32%	3,243,799	$170M	trimmed−0%	+0.04 pp	12 q
unresolvedU S G Corp	0.32%	6,890,450	$171M	trimmed−0%	+0.04 pp	4 q
HHCThe Howard Hughes Corporation	0.31%	1,561,723	$165M	added+47%	+0.11 pp	12 q
LEALear Corporation	0.30%	1,427,134	$159M	added+12%	+0.04 pp	12 q
HOGHarley-Davidson, Inc.	0.29%	3,006,974	$154M	trimmed−13%	+0.02 pp	12 q
unresolvedKate Spade & Co	0.28%	5,739,020	$146M	added+9%	+0.12 pp	4 q
ITRIItron Inc	0.25%	3,229,160	$135M	added+2%	+0.06 pp	11 q
OSKOshkosh Corp.	0.25%	3,232,100	$132M	added×2.5	+0.16 pp	5 q
CNCCentene Corporation	0.23%	1,994,904	$123M	new	+0.23 pp	new
LYVLive Nation Entertainment Inc.	0.23%	5,366,552	$120M	added+1%	+0.01 pp	12 q
CMAComerica Incorporated	0.21%	2,978,787	$113M	added×6.3	+0.18 pp	12 q
GWWW.W. Grainger, Inc.	0.18%	409,043	$95M	trimmed−48%	−0.09 pp	5 q
unresolvedManitowoc Foodservice Inc	0.18%	6,616,424	$98M	new	+0.18 pp	new
CRICarter's Inc.	0.17%	837,616	$88M	trimmed−1%	+0.04 pp	12 q
GLPIGaming and Leisure Properties, Inc.	0.16%	2,715,871	$84M	added+56%	+0.08 pp	10 q
JLLJones Lang LaSalle, Inc.	0.16%	737,495	$87M	new	+0.16 pp	new
CHKPCheck Point Software Technologies Ltd	0.16%	985,377	$86M	added+10%	+0.04 pp	12 q
ITWIllinois Tool Works Inc.	0.13%	652,496	$67M	trimmed−45%	−0.06 pp	12 q
LBRDKLiberty Broadband Corporation Class C	0.11%	1,032,610	$60M	added+94%	+0.06 pp	2 q
HCAHCA Healthcare, Inc.	0.10%	702,541	$55M	new	+0.10 pp	new
AXTAAxalta Coating Systems Ltd.	0.10%	1,844,440	$54M	trimmed−4%	+0.01 pp	2 q
unresolvedHertz Global Holdings Inc	0.09%	4,593,800	$48M	added+66%	+0.02 pp	2 q
MLKNMillerKnoll, Inc.	0.09%	1,568,415	$48M	trimmed−22%	−0.01 pp	12 q
WCCWesco International Inc.	0.09%	856,275	$47M	trimmed−38%	−0.01 pp	8 q
unresolvedQiagen N.V	0.09%	2,049,700	$46M	added×8.0	+0.08 pp	2 q
BRBroadridge Financial Solutions Inc	0.06%	531,502	$32M	trimmed−73%	−0.12 pp	12 q
DDSDillard's, Inc. Class A	0.06%	376,657	$32M	trimmed−56%	−0.04 pp	9 q
ETRAE*trade Financial Corp	0.06%	1,383,630	$34M	added+4%	−0.01 pp	5 q
CDWCDW Corporation	0.05%	683,115	$28M	added×2.1	+0.03 pp	3 q
CHKChesapeake Energy Corp	0.05%	6,647,700	$27M	trimmed−87%	−0.33 pp	6 q
unresolvedManitowoc Inc	0.05%	6,618,224	$29M	added0%	−0.12 pp	4 q
SCHWThe Charles Schwab Corporation	0.05%	979,069	$27M	new	+0.05 pp	new
unresolvedBlount Intl Inc New	0.04%	1,964,544	$20M	held	—	12 q
BRKRBruker Corporation	0.03%	596,500	$17M	trimmed−90%	−0.21 pp	12 q
LRCXLam Research Corp	0.03%	163,437	$14M	trimmed−49%	−0.01 pp	12 q
MGMMgm Resorts International	0.03%	682,000	$15M	new	+0.03 pp	new
AMZNAmazon.Com Inc	0.01%	7,316	$4M	trimmed−81%	−0.03 pp	8 q
AXPAmerican Express Company	0.01%	79,205	$5M	trimmed−99%	−0.75 pp	4 q
TMKGlobe Life Inc.	0.01%	125,026	$7M	held	—	12 q
ORBKOrbotech Ltd	0.01%	175,988	$4M	trimmed−91%	−0.07 pp	12 q
AGCOAGCO Corporation	0.00%	23,625	$1M	trimmed−15%	0.00 pp	6 q
TAT&T Inc.	0.00%	43,343	$2M	added0%	0.00 pp	2 q
CITCIT Group Inc.	0.00%	25,325	$786,000	new	0.00 pp	new
DKSDick's Sporting Goods, Inc.	0.00%	17,300	$809,000	trimmed−62%	0.00 pp	12 q
OIIOceaneering International Inc.	0.00%	76,200	$3M	trimmed−98%	−0.20 pp	3 q
unresolvedVwr Corp	0.00%	76,200	$2M	new	0.00 pp	new
SIGSignet Jewelers Limited	0.00%	34	$266,000	new	0.00 pp	new
unresolvedWillis Group Holdings Public	—	−15,653,299	—	exited	−1.29 pp	—
unresolvedHealth Net Inc	—	−4,302,367	—	exited	−0.50 pp	—
GISGeneral Mills, Inc.	—	−4,165,823	—	exited	−0.41 pp	—
unresolvedPrecision Castparts Corp	—	−669,685	—	exited	−0.26 pp	—
DNOWDNOW Inc.	—	−4,104,289	—	exited	−0.11 pp	—
unresolvedRowan Cos PLC	—	−2,097,650	—	exited	−0.06 pp	—
KNKnowles Corporation	—	−1,898,871	—	exited	−0.04 pp	—
LVSLas Vegas Sands Corp.	—	−534,515	—	exited	−0.04 pp	—
HDHome Depot, Inc.	—	−1,953	—	exited	0.00 pp	—
SCCOSouthern Copper Corporation	—	−100,000	—	exited	0.00 pp	—
UPLUltra Petroleum Corp	—	−11,200	—	exited	0.00 pp	—
UNUnilever N V -ny Shares	—	−4,800	—	exited	0.00 pp	—