Harris Associates (Oakmark)

Q2 2016 13F · by Bill Nygren, CIO

As of: Jun 30, 2016
Filed: Aug 10, 2016
US stock: $49.6B · prev $53.1B
Positions: 118 · prev 123
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%

Moves129 since the prior filing

+5.6 pp in · −5.6 pp out

New 6 +2.83 pp
Added 35 +2.76 pp
Trimmed 77 −4.04 pp
Exited 11 −1.55 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions118 in this filing · 11 exited


GMGeneral Motors Company	4.21%	73,765,602	$2.1B	trimmed−6%	−0.44 pp	13 q
ORCLOracle Corp	3.72%	45,120,556	$1.8B	trimmed−5%	+0.05 pp	13 q
BACBank of America Corporation	3.59%	134,260,262	$1.8B	trimmed−7%	−0.08 pp	13 q
AIGAmerican International Group, Inc.	3.42%	32,107,817	$1.7B	trimmed−9%	−0.17 pp	13 q
JPMJPMorgan Chase & Co.	3.28%	26,205,547	$1.6B	trimmed−10%	+0.03 pp	13 q
0VQJLTe Connectivity Ltd	3.24%	28,128,618	$1.6B	trimmed−3%	−0.14 pp	13 q
GOOGAlphabet Inc. Class C	3.04%	2,182,353	$1.5B	added+10%	+0.26 pp	9 q
MAMastercard Incorporated	2.86%	16,134,895	$1.4B	trimmed−4%	−0.14 pp	13 q
WFCWells Fargo & Co.	2.59%	27,168,310	$1.3B	trimmed−9%	−0.11 pp	13 q
CCitigroup Inc.	2.42%	28,351,737	$1.2B	trimmed−1%	+0.17 pp	10 q
unresolvedGeneral Electric Co	2.42%	38,117,385	$1.2B	trimmed−17%	−0.32 pp	13 q
CATCaterpillar Inc.	2.11%	13,835,695	$1.0B	trimmed−9%	−0.07 pp	11 q
CMICummins Inc.	1.96%	8,660,414	$974M	trimmed−10%	−0.03 pp	13 q
BIDUBaidu, Inc.	1.75%	5,266,680	$870M	added+12%	+0.06 pp	4 q
unresolvedAon PLC	1.73%	7,841,660	$857M	trimmed−12%	−0.01 pp	13 q
GSGoldman Sachs Group Inc.	1.72%	5,743,708	$853M	added+6%	+0.12 pp	13 q
9990302DApache Corp	1.69%	15,085,997	$840M	trimmed−7%	+0.20 pp	13 q
MSFTMicrosoft Corp	1.69%	16,365,931	$837M	trimmed−8%	−0.17 pp	13 q
INTCIntel Corp	1.63%	24,734,993	$811M	trimmed−43%	−1.03 pp	13 q
TVGrupo Televisa S.A.	1.57%	29,888,272	$778M	added+21%	+0.29 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.44%	5,062,362	$715M	trimmed−2%	+0.18 pp	13 q
DEODiageo plc	1.28%	5,645,032	$637M	trimmed−1%	+0.12 pp	13 q
unresolvedLiberty Interactive Corp	1.22%	23,834,788	$605M	trimmed−3%	+0.05 pp	13 q
FNFFidelity National Financial, Inc.	1.18%	15,585,352	$584M	trimmed−3%	+0.16 pp	8 q
VVISA Inc.	1.18%	7,863,614	$583M	trimmed−4%	0.00 pp	13 q
AMATApplied Materials Inc	1.15%	23,905,923	$573M	trimmed−39%	−0.41 pp	13 q
COFCapital One Financial	1.06%	8,276,231	$526M	trimmed−5%	−0.08 pp	13 q
AFLAflac Inc.	1.04%	7,129,309	$514M	trimmed−2%	+0.17 pp	13 q
unresolvedLinkedin Corp Cl A	1.03%	2,700,650	$511M	new	+1.03 pp	new
PFGPrincipal Financial Group, Inc.	1.03%	12,419,677	$511M	added0%	+0.11 pp	13 q
TXNTexas Instruments Incorporated	1.02%	8,110,695	$508M	trimmed−1%	+0.13 pp	13 q
CVSCvs Health Corporation	0.98%	5,082,289	$487M	trimmed−2%	−0.03 pp	13 q
DOVDover Corporation	0.98%	7,021,444	$487M	trimmed−0%	+0.13 pp	13 q
BLQADBlackrock Inc	0.96%	1,388,768	$476M	trimmed−12%	−0.05 pp	13 q
WTWWillis Towers Watson Public Limited Company	0.96%	3,832,561	$476M	trimmed−25%	−0.18 pp	2 q
BNYBank of New York Mellon Corporation	0.95%	12,118,431	$471M	added0%	+0.11 pp	13 q
CHTRCharter Comm Inc Del CL A New	0.94%	2,049,200	$469M	new	+0.94 pp	new
MLCOMelco Resorts & Entertainment Limited	0.94%	36,969,470	$465M	added+26%	+0.03 pp	8 q
NOVNOV Inc.	0.94%	13,846,836	$466M	added+15%	+0.24 pp	13 q
UNPUnion Pacific Corp.	0.94%	5,321,203	$464M	trimmed−10%	+0.06 pp	13 q
GOOGLAlphabet Inc. Class A	0.90%	631,571	$444M	trimmed−21%	−0.25 pp	3 q
KMXCarMax Inc.	0.87%	8,828,352	$433M	added+49%	+0.30 pp	13 q
CBRECbre Group, Inc.	0.86%	16,040,837	$425M	trimmed−4%	−0.04 pp	10 q
FDXFedEx Corporation	0.85%	2,772,970	$421M	trimmed−1%	−0.01 pp	13 q
STTState Street Corporation	0.82%	7,562,975	$408M	trimmed−2%	−0.03 pp	13 q
ALLYAlly Financial Inc.	0.81%	23,512,030	$401M	added0%	−0.01 pp	3 q
PMPhilip Morris International Inc.	0.75%	3,665,227	$373M	trimmed−2%	+0.06 pp	13 q
ADPAutomatic Data Processing	0.74%	4,020,025	$369M	trimmed−7%	+0.01 pp	13 q
WOOFoot Locker Inc	0.74%	6,689,530	$367M	added0%	−0.07 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	0.74%	15,958,306	$369M	trimmed−4%	+0.02 pp	9 q
AAPLApple Inc.	0.72%	3,740,247	$358M	added+2%	−0.03 pp	13 q
HOGHarley-Davidson, Inc.	0.72%	7,918,594	$359M	added×2.6	+0.43 pp	13 q
APCAnadarko Petroleum Corp	0.70%	6,524,590	$347M	trimmed−46%	−0.36 pp	4 q
WHRWhirlpool Corp.	0.70%	2,076,350	$346M	trimmed−10%	−0.08 pp	8 q
QCOMQualcomm Inc	0.67%	6,168,055	$330M	added+3%	+0.09 pp	12 q
CMCSAComcast Corp	0.66%	5,005,729	$326M	added+1%	+0.09 pp	13 q
AMTTd Ameritrade Holding Corp	0.64%	11,236,394	$320M	trimmed−0%	−0.03 pp	13 q
BAXBaxter International Inc.	0.63%	6,958,993	$315M	added+36%	+0.24 pp	2 q
MDTMedtronic plc	0.61%	3,501,748	$304M	trimmed−4%	+0.09 pp	6 q
BWABorgWarner Inc.	0.60%	10,074,318	$297M	added+18%	−0.01 pp	13 q
PHParker-Hannifin Corporation	0.56%	2,574,040	$278M	trimmed−33%	−0.24 pp	13 q
TIFTiffany & Co.	0.56%	4,568,794	$277M	trimmed−4%	−0.10 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.55%	5,729,107	$274M	trimmed−12%	0.00 pp	13 q
HALHalliburton Company	0.52%	5,651,812	$256M	trimmed−18%	+0.05 pp	13 q
FLSFlowserve Corporation	0.51%	5,650,315	$255M	trimmed−14%	−0.04 pp	7 q
TRCOTribune Media Company Class A	0.49%	6,247,166	$245M	trimmed−2%	+0.03 pp	6 q
ROKRockwell Automation, Inc.	0.48%	2,088,346	$240M	trimmed−7%	0.00 pp	13 q
SNYSanofi	0.47%	5,572,075	$233M	added0%	+0.05 pp	10 q
THCTenet Healthcare Corporation New	0.46%	8,333,793	$230M	added+1%	+0.01 pp	13 q
RGAReinsurance Group of America, Incorporated	0.45%	2,310,335	$224M	trimmed−8%	−0.01 pp	10 q
unresolvedQuintiles Transnatio Hldgs I	0.44%	3,309,220	$216M	new	+0.44 pp	new
unresolvedBaker Hughes Inc.	0.43%	4,760,114	$215M	trimmed−20%	−0.06 pp	13 q
NWSANews Corporation Class A	0.43%	18,740,181	$213M	trimmed−8%	−0.06 pp	10 q
USBU.S. Bancorp	0.43%	5,247,806	$212M	trimmed−6%	0.00 pp	13 q
unresolvedFiat Chrysler Automobiles NV s	0.41%	32,894,101	$201M	trimmed−4%	−0.11 pp	5 q
unresolvedU S G Corp	0.38%	6,974,450	$188M	added+1%	+0.06 pp	5 q
unresolvedMonsanto Co	0.37%	1,753,322	$181M	trimmed−65%	−0.46 pp	10 q
TROWT Rowe Price Group Inc	0.37%	2,509,651	$183M	added0%	+0.02 pp	8 q
HHCThe Howard Hughes Corporation	0.33%	1,415,318	$162M	trimmed−9%	+0.02 pp	13 q
unresolvedHsn Inc	0.32%	3,246,899	$159M	added0%	0.00 pp	13 q
HRIHerc Holdings Inc.	0.32%	4,610,200	$159M	new	+0.32 pp	new
OSKOshkosh Corp.	0.31%	3,205,900	$153M	trimmed−1%	+0.06 pp	6 q
LEALear Corporation	0.29%	1,427,934	$145M	added0%	−0.01 pp	13 q
ITRIItron Inc	0.28%	3,236,939	$140M	added0%	+0.03 pp	12 q
JLLJones Lang LaSalle, Inc.	0.26%	1,334,805	$130M	added+81%	+0.10 pp	2 q
unresolvedKate Spade & Co	0.26%	6,297,811	$130M	added+10%	−0.02 pp	5 q
CMAComerica Incorporated	0.25%	2,984,185	$123M	added0%	+0.04 pp	13 q
LYVLive Nation Entertainment Inc.	0.25%	5,357,552	$126M	trimmed−0%	+0.02 pp	13 q
unresolvedManitowoc Foodservice Inc	0.23%	6,587,724	$116M	trimmed−0%	+0.05 pp	2 q
GWWW.W. Grainger, Inc.	0.19%	405,382	$92M	trimmed−1%	+0.01 pp	6 q
CRICarter's Inc.	0.18%	832,500	$89M	trimmed−1%	+0.01 pp	13 q
GLPIGaming and Leisure Properties, Inc.	0.18%	2,631,408	$91M	trimmed−3%	+0.02 pp	11 q
LBRDKLiberty Broadband Corporation Class C	0.18%	1,516,135	$91M	added+47%	+0.07 pp	3 q
unresolvedQiagen N.V	0.15%	3,331,940	$73M	added+63%	+0.06 pp	3 q
AXTAAxalta Coating Systems Ltd.	0.12%	2,245,615	$60M	added+22%	+0.02 pp	3 q
HCAHCA Healthcare, Inc.	0.11%	676,692	$52M	trimmed−4%	+0.01 pp	2 q
MLKNMillerKnoll, Inc.	0.09%	1,499,852	$45M	trimmed−4%	0.00 pp	13 q
WCCWesco International Inc.	0.09%	852,775	$44M	trimmed−0%	0.00 pp	9 q
CHKPCheck Point Software Technologies Ltd	0.09%	589,880	$47M	trimmed−40%	−0.07 pp	13 q
CDWCDW Corporation	0.08%	1,031,335	$41M	added+51%	+0.03 pp	4 q
ETRAE*trade Financial Corp	0.07%	1,520,505	$36M	added+10%	+0.01 pp	6 q
unresolvedManitowoc Inc	0.07%	6,614,024	$36M	trimmed−0%	+0.02 pp	5 q
CHRWC.H. Robinson Worldwide, Inc.	0.05%	360,735	$27M	new	+0.05 pp	new
CTSHCognizant Technology Solutions	0.05%	421,030	$24M	new	+0.05 pp	new
ITWIllinois Tool Works Inc.	0.05%	250,955	$26M	trimmed−62%	−0.08 pp	13 q
MGMMgm Resorts International	0.05%	999,100	$23M	added+47%	+0.02 pp	2 q
SCHWThe Charles Schwab Corporation	0.05%	978,800	$25M	trimmed−0%	0.00 pp	2 q
CHKChesapeake Energy Corp	0.03%	3,010,000	$13M	trimmed−55%	−0.02 pp	7 q
LRCXLam Research Corp	0.03%	163,348	$14M	trimmed−0%	0.00 pp	13 q
BRBroadridge Financial Solutions Inc	0.02%	165,024	$11M	trimmed−69%	−0.04 pp	13 q
unresolvedVwr Corp	0.02%	403,900	$12M	added×5.3	+0.02 pp	2 q
TMKGlobe Life Inc.	0.01%	119,951	$7M	trimmed−4%	0.00 pp	13 q
AGCOAGCO Corporation	0.00%	23,675	$1M	added0%	0.00 pp	7 q
TAT&T Inc.	0.00%	22,549	$974,000	trimmed−48%	0.00 pp	3 q
CITCIT Group Inc.	0.00%	23,625	$754,000	trimmed−7%	0.00 pp	2 q
unresolvedCalpine Corp	0.00%	82,500	$1M	trimmed−99%	−0.42 pp	13 q
DKSDick's Sporting Goods, Inc.	0.00%	14,900	$671,000	trimmed−14%	0.00 pp	13 q
OIIOceaneering International Inc.	0.00%	75,900	$2M	trimmed−0%	0.00 pp	4 q
unresolvedCharter Comm's Inc	—	−1,766,187	—	exited	−0.67 pp	—
BENFranklin Templeton, Inc.	—	−5,413,216	—	exited	−0.40 pp	—
CNCCentene Corporation	—	−1,994,904	—	exited	−0.23 pp	—
unresolvedHertz Global Holdings Inc	—	−4,593,800	—	exited	−0.09 pp	—
DDSDillard's, Inc. Class A	—	−376,657	—	exited	−0.06 pp	—
unresolvedBlount Intl Inc New	—	−1,964,544	—	exited	−0.04 pp	—
BRKRBruker Corporation	—	−596,500	—	exited	−0.03 pp	—
AMZNAmazon.Com Inc	—	−7,316	—	exited	−0.01 pp	—
AXPAmerican Express Company	—	−79,205	—	exited	−0.01 pp	—
ORBKOrbotech Ltd	—	−175,988	—	exited	−0.01 pp	—
SIGSignet Jewelers Limited	—	−34	—	exited	0.00 pp	—