Harris Associates (Oakmark)

Q3 2016 13F · by Bill Nygren, CIO

As of: Sep 30, 2016
Filed: Nov 9, 2016
US stock: $50.5B · prev $49.6B
Positions: 117 · prev 118
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%

Moves121 since the prior filing

+4.6 pp in · −4.6 pp out

New 4 +0.31 pp
Added 29 +4.26 pp
Trimmed 83 −3.17 pp
Exited 5 −1.40 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions19% of US stock

GM General Motors Company trimmed+0.13 pp trimmed+0.134.3%
BAC Bank of America Corporation trimmed+0.41 pp trimmed+0.414.0%
GOOG Alphabet Inc. Class C added+0.60 pp added+0.603.6%
AIG American International Group, Inc. trimmed+0.16 pp trimmed+0.163.6%
0VQJL Te Connectivity Ltd trimmed+0.34 pp trimmed+0.343.6%

Positions117 in this filing · 5 exited


GMGeneral Motors Company	4.34%	68,948,315	$2.2B	trimmed−7%	+0.13 pp	14 q
BACBank of America Corporation	4.00%	129,015,070	$2.0B	trimmed−4%	+0.41 pp	14 q
GOOGAlphabet Inc. Class C	3.64%	2,365,147	$1.8B	added+8%	+0.60 pp	10 q
AIGAmerican International Group, Inc.	3.58%	30,442,170	$1.8B	trimmed−5%	+0.16 pp	14 q
0VQJLTe Connectivity Ltd	3.58%	28,077,669	$1.8B	trimmed−0%	+0.34 pp	14 q
ORCLOracle Corp	3.35%	43,091,816	$1.7B	trimmed−5%	−0.37 pp	14 q
JPMJPMorgan Chase & Co.	3.22%	24,434,835	$1.6B	trimmed−7%	−0.06 pp	14 q
MAMastercard Incorporated	3.15%	15,598,401	$1.6B	trimmed−3%	+0.29 pp	14 q
CCitigroup Inc.	2.77%	29,561,849	$1.4B	added+4%	+0.35 pp	11 q
WFCWells Fargo & Co.	2.26%	25,790,268	$1.1B	trimmed−5%	−0.33 pp	14 q
CATCaterpillar Inc.	2.22%	12,622,199	$1.1B	trimmed−9%	+0.11 pp	12 q
unresolvedGeneral Electric Co	2.18%	37,100,836	$1.1B	trimmed−3%	−0.24 pp	14 q
CMICummins Inc.	1.94%	7,631,624	$978M	trimmed−12%	−0.02 pp	14 q
TVGrupo Televisa S.A.	1.92%	37,679,562	$968M	added+26%	+0.35 pp	4 q
9990302DApache Corp	1.86%	14,671,642	$937M	trimmed−3%	+0.17 pp	14 q
BIDUBaidu, Inc.	1.65%	4,564,070	$831M	trimmed−13%	−0.10 pp	5 q
unresolvedAon PLC	1.59%	7,134,245	$803M	trimmed−9%	−0.14 pp	14 q
INTCIntel Corp	1.55%	20,694,052	$781M	trimmed−16%	−0.08 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.35%	4,854,692	$680M	trimmed−4%	−0.09 pp	14 q
GSGoldman Sachs Group Inc.	1.30%	4,081,471	$658M	trimmed−29%	−0.42 pp	14 q
DEODiageo plc	1.25%	5,420,167	$629M	trimmed−4%	−0.03 pp	14 q
WTWWillis Towers Watson Public Limited Company	1.25%	4,756,126	$631M	added+24%	+0.29 pp	3 q
PFGPrincipal Financial Group, Inc.	1.23%	12,055,122	$621M	trimmed−3%	+0.20 pp	14 q
VVISA Inc.	1.21%	7,389,123	$611M	trimmed−6%	+0.03 pp	14 q
COFCapital One Financial	1.19%	8,338,060	$599M	added+1%	+0.13 pp	14 q
NOVNOV Inc.	1.13%	15,538,489	$571M	added+12%	+0.19 pp	14 q
MLCOMelco Resorts & Entertainment Limited	1.07%	33,573,130	$541M	trimmed−9%	+0.13 pp	9 q
UNPUnion Pacific Corp.	1.03%	5,316,873	$519M	trimmed−0%	+0.09 pp	14 q
MSFTMicrosoft Corp	1.02%	8,934,248	$515M	trimmed−45%	−0.67 pp	14 q
CBRECbre Group, Inc.	0.98%	17,642,329	$494M	added+10%	+0.12 pp	11 q
CHTRCharter Comm Inc Del CL A New	0.98%	1,840,134	$497M	trimmed−10%	+0.04 pp	2 q
TXNTexas Instruments Incorporated	0.98%	7,053,953	$495M	trimmed−13%	−0.04 pp	14 q
DOVDover Corporation	0.97%	6,649,629	$490M	trimmed−5%	−0.01 pp	14 q
FNFFidelity National Financial, Inc.	0.97%	13,197,827	$487M	trimmed−15%	−0.21 pp	9 q
unresolvedLiberty Interactive Corp	0.97%	24,365,721	$488M	added+2%	−0.25 pp	14 q
BNYBank of New York Mellon Corporation	0.96%	12,113,726	$483M	trimmed−0%	+0.01 pp	14 q
FDXFedEx Corporation	0.93%	2,679,621	$468M	trimmed−3%	+0.08 pp	14 q
AFLAflac Inc.	0.92%	6,461,033	$464M	trimmed−9%	−0.12 pp	14 q
ALLYAlly Financial Inc.	0.91%	23,686,392	$461M	added+1%	+0.10 pp	4 q
WOOFoot Locker Inc	0.90%	6,689,080	$453M	trimmed−0%	+0.16 pp	14 q
BLQADBlackrock Inc	0.89%	1,245,417	$451M	trimmed−10%	−0.07 pp	14 q
CVSCvs Health Corporation	0.89%	5,073,792	$452M	trimmed−0%	−0.09 pp	14 q
KMXCarMax Inc.	0.89%	8,377,047	$447M	trimmed−5%	+0.02 pp	14 q
STTState Street Corporation	0.88%	6,408,165	$446M	trimmed−15%	+0.06 pp	14 q
MGMMgm Resorts International	0.84%	16,243,974	$423M	added×16.3	+0.79 pp	3 q
QCOMQualcomm Inc	0.84%	6,183,306	$424M	added0%	+0.17 pp	13 q
AAPLApple Inc.	0.83%	3,699,590	$418M	trimmed−1%	+0.11 pp	14 q
HOGHarley-Davidson, Inc.	0.83%	7,922,449	$417M	added0%	+0.11 pp	14 q
APCAnadarko Petroleum Corp	0.82%	6,519,695	$413M	trimmed−0%	+0.12 pp	5 q
HCAHCA Healthcare, Inc.	0.76%	5,086,931	$385M	added×7.5	+0.65 pp	3 q
AMTTd Ameritrade Holding Corp	0.73%	10,490,394	$370M	trimmed−7%	+0.09 pp	14 q
IPGThe Interpublic Group of Companies, Inc.	0.71%	16,053,991	$359M	added+1%	−0.03 pp	10 q
GOOGLAlphabet Inc. Class A	0.70%	441,693	$355M	trimmed−30%	−0.20 pp	4 q
ADPAutomatic Data Processing	0.65%	3,710,355	$327M	trimmed−8%	−0.09 pp	14 q
WHRWhirlpool Corp.	0.65%	2,013,517	$327M	trimmed−3%	−0.05 pp	9 q
PHParker-Hannifin Corporation	0.64%	2,570,465	$323M	trimmed−0%	+0.08 pp	14 q
CMCSAComcast Corp	0.63%	4,775,115	$317M	trimmed−5%	−0.03 pp	14 q
PMPhilip Morris International Inc.	0.61%	3,169,465	$308M	trimmed−14%	−0.14 pp	14 q
TIFTiffany & Co.	0.60%	4,158,908	$302M	trimmed−9%	+0.04 pp	14 q
BAXBaxter International Inc.	0.58%	6,096,384	$290M	trimmed−12%	−0.05 pp	3 q
BWABorgWarner Inc.	0.56%	8,102,043	$285M	trimmed−20%	−0.04 pp	14 q
ROKRockwell Automation, Inc.	0.51%	2,086,654	$255M	trimmed−0%	+0.03 pp	14 q
NWSANews Corporation Class A	0.49%	17,825,518	$249M	trimmed−5%	+0.06 pp	11 q
FLSFlowserve Corporation	0.48%	4,996,675	$241M	trimmed−12%	−0.03 pp	8 q
unresolvedBaker Hughes Inc.	0.46%	4,584,072	$231M	trimmed−4%	+0.03 pp	14 q
unresolvedQuintiles Transnatio Hldgs I	0.46%	2,875,594	$233M	trimmed−13%	+0.02 pp	2 q
USBU.S. Bancorp	0.45%	5,247,806	$225M	held	—	14 q
JLLJones Lang LaSalle, Inc.	0.43%	1,911,399	$217M	added+43%	+0.17 pp	3 q
TRCOTribune Media Company Class A	0.43%	5,974,071	$218M	trimmed−4%	−0.06 pp	7 q
CHKChesapeake Energy Corp	0.41%	33,340,440	$209M	added×11.1	+0.38 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	0.41%	32,720,160	$209M	trimmed−1%	0.00 pp	6 q
RGAReinsurance Group of America, Incorporated	0.38%	1,781,060	$192M	trimmed−23%	−0.07 pp	11 q
THCTenet Healthcare Corporation New	0.38%	8,411,922	$191M	added+1%	−0.08 pp	14 q
ITRIItron Inc	0.37%	3,326,218	$185M	added+3%	+0.09 pp	13 q
unresolvedU S G Corp	0.36%	6,977,450	$180M	added0%	−0.02 pp	6 q
LEALear Corporation	0.35%	1,473,384	$179M	added+3%	+0.06 pp	14 q
OSKOshkosh Corp.	0.35%	3,194,950	$179M	trimmed−0%	+0.04 pp	7 q
CDWCDW Corporation	0.34%	3,699,745	$169M	added×3.6	+0.26 pp	5 q
HALHalliburton Company	0.33%	3,669,998	$165M	trimmed−35%	−0.19 pp	14 q
HHCThe Howard Hughes Corporation	0.32%	1,428,658	$164M	added+1%	−0.01 pp	14 q
unresolvedUnilever Spn.Adr 1:1	0.31%	3,323,902	$158M	trimmed−42%	−0.24 pp	14 q
MDTMedtronic plc	0.31%	1,831,667	$158M	trimmed−48%	−0.30 pp	7 q
LYVLive Nation Entertainment Inc.	0.29%	5,327,352	$146M	trimmed−1%	+0.04 pp	14 q
CMAComerica Incorporated	0.28%	2,981,990	$141M	trimmed−0%	+0.03 pp	14 q
SNYSanofi	0.25%	3,273,405	$125M	trimmed−41%	−0.22 pp	11 q
LBRDKLiberty Broadband Corporation Class C	0.24%	1,664,665	$119M	added+10%	+0.06 pp	4 q
unresolvedKate Spade & Co	0.22%	6,343,511	$109M	added+1%	−0.04 pp	6 q
TROWT Rowe Price Group Inc	0.22%	1,638,881	$109M	trimmed−35%	−0.15 pp	9 q
AMATApplied Materials Inc	0.21%	3,529,712	$106M	trimmed−85%	−0.94 pp	14 q
VISNVistance Networks, Inc.	0.20%	3,423,840	$103M	new	+0.20 pp	new
unresolvedHsn Inc	0.20%	2,595,322	$103M	trimmed−20%	−0.12 pp	14 q
GLPIGaming and Leisure Properties, Inc.	0.17%	2,614,847	$87M	trimmed−1%	−0.01 pp	12 q
CRICarter's Inc.	0.14%	831,500	$72M	trimmed−0%	−0.04 pp	14 q
GWWW.W. Grainger, Inc.	0.14%	314,494	$71M	trimmed−22%	−0.05 pp	7 q
unresolvedQiagen N.V	0.14%	2,496,740	$69M	trimmed−25%	−0.01 pp	4 q
unresolvedManitowoc Foodservice Inc	0.13%	4,015,082	$65M	trimmed−39%	−0.10 pp	3 q
AXTAAxalta Coating Systems Ltd.	0.11%	2,042,161	$58M	trimmed−9%	−0.01 pp	4 q
WCCWesco International Inc.	0.10%	847,425	$52M	trimmed−1%	+0.01 pp	10 q
CHKPCheck Point Software Technologies Ltd	0.09%	582,720	$45M	trimmed−1%	0.00 pp	14 q
MLKNMillerKnoll, Inc.	0.08%	1,470,052	$42M	trimmed−2%	−0.01 pp	14 q
SCHWThe Charles Schwab Corporation	0.08%	1,224,116	$39M	added+25%	+0.03 pp	3 q
ETRAE*trade Financial Corp	0.07%	1,270,725	$37M	trimmed−16%	0.00 pp	7 q
unresolvedVwr Corp	0.07%	1,223,050	$35M	added×3.0	+0.05 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.06%	453,847	$32M	added+26%	+0.01 pp	2 q
HTZGQHertz Global Holdings Inc	0.06%	788,356	$32M	new	+0.06 pp	new
unresolvedManitowoc Inc	0.06%	6,605,824	$32M	trimmed−0%	−0.01 pp	6 q
EXPEExpedia Group, Inc.	0.05%	221,906	$26M	new	+0.05 pp	new
HRIHerc Holdings Inc.	0.05%	796,459	$27M	added×2.6	−0.27 pp	2 q
CTSHCognizant Technology Solutions	0.04%	372,055	$18M	trimmed−12%	−0.01 pp	2 q
ITWIllinois Tool Works Inc.	0.04%	155,242	$19M	trimmed−38%	−0.01 pp	14 q
LRCXLam Research Corp	0.02%	125,470	$12M	trimmed−23%	−0.01 pp	14 q
TMKGlobe Life Inc.	0.01%	110,926	$7M	trimmed−8%	0.00 pp	14 q
AGCOAGCO Corporation	0.00%	22,975	$1M	trimmed−3%	0.00 pp	8 q
BRBroadridge Financial Solutions Inc	0.00%	5,600	$380,000	trimmed−97%	−0.02 pp	14 q
CITCIT Group Inc.	0.00%	23,075	$838,000	trimmed−2%	0.00 pp	3 q
CVXChevron Corporation	0.00%	2,500	$257,000	new	0.00 pp	new
OIIOceaneering International Inc.	0.00%	78,800	$2M	added+4%	0.00 pp	5 q
unresolvedLinkedin Corp Cl A	—	−2,700,650	—	exited	−1.03 pp	—
unresolvedMonsanto Co	—	−1,753,322	—	exited	−0.37 pp	—
TAT&T Inc.	—	−22,549	—	exited	0.00 pp	—
unresolvedCalpine Corp	—	−82,500	—	exited	0.00 pp	—
DKSDick's Sporting Goods, Inc.	—	−14,900	—	exited	0.00 pp	—