Harris Associates (Oakmark)

Q4 2016 13F · by Bill Nygren, CIO

As of: Dec 31, 2016
Filed: Feb 10, 2017
US stock: $51.9B · prev $50.5B
Positions: 121 · prev 117
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%

Moves122 since the prior filing

+5.4 pp in · −5.4 pp out

New 6 +0.53 pp
Added 27 +4.91 pp
Trimmed 87 −5.17 pp
Exited 2 −0.28 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions20% of US stock

BAC Bank of America Corporation trimmed+0.37 pp trimmed+0.374.4%
GM General Motors Company trimmed+0.02 pp trimmed+0.024.4%
C Citigroup Inc. added+0.97 pp added+0.973.7%
0VQJL Te Connectivity Ltd trimmed+0.07 pp trimmed+0.073.6%
GOOG Alphabet Inc. Class C added−0.10 pp added−0.103.5%

Positions121 in this filing · 2 exited


BACBank of America Corporation	4.37%	102,486,005	$2.3B	trimmed−21%	+0.37 pp	15 q
GMGeneral Motors Company	4.36%	64,929,418	$2.3B	trimmed−6%	+0.02 pp	15 q
CCitigroup Inc.	3.74%	32,665,523	$1.9B	added+11%	+0.97 pp	12 q
0VQJLTe Connectivity Ltd	3.65%	27,326,054	$1.9B	trimmed−3%	+0.07 pp	15 q
GOOGAlphabet Inc. Class C	3.54%	2,381,644	$1.8B	added+1%	−0.10 pp	11 q
AIGAmerican International Group, Inc.	3.18%	25,228,769	$1.6B	trimmed−17%	−0.40 pp	15 q
ORCLOracle Corp	3.07%	41,405,593	$1.6B	trimmed−4%	−0.28 pp	15 q
JPMJPMorgan Chase & Co.	2.98%	17,935,820	$1.5B	trimmed−27%	−0.24 pp	15 q
MAMastercard Incorporated	2.94%	14,766,363	$1.5B	trimmed−5%	−0.21 pp	15 q
WFCWells Fargo & Co.	2.50%	23,509,415	$1.3B	trimmed−9%	+0.24 pp	15 q
unresolvedGeneral Electric Co	2.23%	36,694,723	$1.2B	trimmed−1%	+0.05 pp	15 q
BIDUBaidu, Inc.	2.02%	6,376,284	$1.0B	added+40%	+0.37 pp	6 q
TVGrupo Televisa S.A.	1.88%	46,682,148	$975M	added+24%	−0.04 pp	5 q
CATCaterpillar Inc.	1.87%	10,437,965	$968M	trimmed−17%	−0.35 pp	13 q
HCAHCA Healthcare, Inc.	1.73%	12,109,159	$896M	added×2.4	+0.97 pp	4 q
9990302DApache Corp	1.72%	14,089,507	$894M	trimmed−4%	−0.14 pp	15 q
WTWWillis Towers Watson Public Limited Company	1.46%	6,208,571	$759M	added+31%	+0.21 pp	4 q
unresolvedAon PLC	1.45%	6,763,670	$754M	trimmed−5%	−0.14 pp	15 q
INTCIntel Corp	1.43%	20,504,317	$744M	trimmed−1%	−0.12 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.43%	4,631,818	$741M	trimmed−5%	+0.08 pp	15 q
CMICummins Inc.	1.36%	5,156,533	$705M	trimmed−32%	−0.58 pp	15 q
ALLYAlly Financial Inc.	1.33%	36,248,807	$689M	added+53%	+0.42 pp	5 q
DEODiageo plc	1.33%	6,652,926	$692M	added+23%	+0.08 pp	15 q
COFCapital One Financial	1.26%	7,467,901	$651M	trimmed−10%	+0.07 pp	15 q
VVISA Inc.	1.18%	7,851,199	$613M	added+6%	−0.03 pp	15 q
BAXBaxter International Inc.	1.14%	13,333,327	$591M	added×2.2	+0.56 pp	4 q
BNYBank of New York Mellon Corporation	1.08%	11,861,456	$562M	trimmed−2%	+0.12 pp	15 q
NOVNOV Inc.	1.08%	14,936,494	$559M	trimmed−4%	−0.05 pp	15 q
CBRECbre Group, Inc.	1.06%	17,483,454	$551M	trimmed−1%	+0.08 pp	12 q
GSGoldman Sachs Group Inc.	1.02%	2,214,863	$530M	trimmed−46%	−0.28 pp	15 q
KMXCarMax Inc.	1.00%	8,066,455	$519M	trimmed−4%	+0.11 pp	15 q
unresolvedFiat Chrysler Automobiles NV s	0.99%	56,546,490	$516M	added+73%	+0.58 pp	7 q
CHTRCharter Comm Inc Del CL A New	0.98%	1,762,136	$507M	trimmed−4%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.97%	6,919,847	$505M	trimmed−2%	−0.01 pp	15 q
unresolvedLiberty Interactive Corp	0.96%	25,039,000	$500M	added+3%	−0.01 pp	15 q
STTState Street Corporation	0.96%	6,387,980	$496M	trimmed−0%	+0.08 pp	15 q
MLCOMelco Resorts & Entertainment Limited	0.94%	30,819,502	$490M	trimmed−8%	−0.13 pp	10 q
MGMMgm Resorts International	0.93%	16,759,599	$483M	added+3%	+0.09 pp	4 q
FDXFedEx Corporation	0.92%	2,561,132	$477M	trimmed−4%	−0.01 pp	15 q
WOOFoot Locker Inc	0.90%	6,593,880	$467M	trimmed−1%	0.00 pp	15 q
UNPUnion Pacific Corp.	0.90%	4,510,745	$468M	trimmed−15%	−0.13 pp	15 q
HOGHarley-Davidson, Inc.	0.89%	7,926,924	$462M	added0%	+0.06 pp	15 q
APCAnadarko Petroleum Corp	0.88%	6,513,995	$454M	trimmed−0%	+0.06 pp	6 q
AFLAflac Inc.	0.86%	6,445,847	$449M	trimmed−0%	−0.06 pp	15 q
DOVDover Corporation	0.86%	5,955,916	$446M	trimmed−10%	−0.11 pp	15 q
FNFFidelity National Financial, Inc.	0.86%	13,125,277	$446M	trimmed−1%	−0.11 pp	10 q
AAPLApple Inc.	0.85%	3,826,322	$443M	added+3%	+0.02 pp	15 q
QCOMQualcomm Inc	0.79%	6,269,259	$409M	added+1%	−0.05 pp	14 q
CVSCvs Health Corporation	0.76%	5,004,692	$395M	trimmed−1%	−0.13 pp	15 q
BLQADBlackrock Inc	0.74%	1,012,423	$385M	trimmed−19%	−0.15 pp	15 q
GOOGLAlphabet Inc. Class A	0.73%	480,312	$381M	added+9%	+0.03 pp	5 q
ADPAutomatic Data Processing	0.73%	3,685,075	$379M	trimmed−1%	+0.08 pp	15 q
PHParker-Hannifin Corporation	0.69%	2,557,265	$358M	trimmed−1%	+0.05 pp	15 q
MSFTMicrosoft Corp	0.68%	5,666,132	$352M	trimmed−37%	−0.34 pp	15 q
unresolvedUnilever Spn.Adr 1:1	0.68%	8,699,981	$354M	added×2.6	+0.37 pp	15 q
WHRWhirlpool Corp.	0.68%	1,936,695	$352M	trimmed−4%	+0.03 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	0.66%	14,698,180	$344M	trimmed−8%	−0.05 pp	11 q
BWABorgWarner Inc.	0.61%	7,973,393	$314M	trimmed−2%	+0.05 pp	15 q
CMCSAComcast Corp	0.60%	4,489,254	$310M	trimmed−6%	−0.03 pp	15 q
TIFTiffany & Co.	0.57%	3,852,791	$298M	trimmed−7%	−0.03 pp	15 q
AMTTd Ameritrade Holding Corp	0.56%	6,704,906	$292M	trimmed−36%	−0.17 pp	15 q
PMPhilip Morris International Inc.	0.55%	3,121,565	$286M	trimmed−2%	−0.06 pp	15 q
PFGPrincipal Financial Group, Inc.	0.53%	4,770,703	$276M	trimmed−60%	−0.70 pp	15 q
unresolvedBaker Hughes Inc.	0.49%	3,893,372	$253M	trimmed−15%	+0.03 pp	15 q
CDWCDW Corporation	0.46%	4,612,495	$240M	added+25%	+0.12 pp	6 q
CHKChesapeake Energy Corp	0.45%	33,330,440	$234M	trimmed−0%	+0.04 pp	9 q
JLLJones Lang LaSalle, Inc.	0.41%	2,104,324	$213M	added+10%	−0.02 pp	4 q
TRCOTribune Media Company Class A	0.41%	6,041,308	$211M	added+1%	−0.02 pp	8 q
CMAComerica Incorporated	0.38%	2,889,069	$197M	trimmed−3%	+0.10 pp	15 q
FLSFlowserve Corporation	0.38%	4,059,466	$195M	trimmed−19%	−0.10 pp	9 q
NWSANews Corporation Class A	0.38%	17,215,378	$197M	trimmed−3%	−0.11 pp	12 q
unresolvedU S G Corp	0.38%	6,827,500	$197M	trimmed−2%	+0.02 pp	7 q
INFYInfosys Limited	0.37%	12,800,250	$190M	new	+0.37 pp	new
LEALear Corporation	0.37%	1,451,284	$192M	trimmed−2%	+0.02 pp	15 q
unresolvedQuintiles Transnatio Hldgs I	0.36%	2,481,400	$189M	trimmed−14%	−0.10 pp	3 q
HHCThe Howard Hughes Corporation	0.34%	1,558,498	$178M	added+9%	+0.02 pp	15 q
ITRIItron Inc	0.34%	2,844,143	$179M	trimmed−14%	−0.03 pp	14 q
MDTMedtronic plc	0.33%	2,387,759	$170M	added+30%	+0.02 pp	8 q
VISNVistance Networks, Inc.	0.32%	4,492,474	$167M	added+31%	+0.12 pp	2 q
OSKOshkosh Corp.	0.32%	2,543,185	$164M	trimmed−20%	−0.03 pp	8 q
HALHalliburton Company	0.31%	2,959,113	$160M	trimmed−19%	−0.02 pp	15 q
LYVLive Nation Entertainment Inc.	0.27%	5,237,052	$139M	trimmed−2%	−0.02 pp	15 q
unresolvedKate Spade & Co	0.26%	7,309,011	$136M	added+15%	+0.04 pp	7 q
ROKRockwell Automation, Inc.	0.25%	957,413	$129M	trimmed−54%	−0.26 pp	15 q
SNYSanofi	0.25%	3,231,940	$131M	trimmed−1%	0.00 pp	12 q
LBRDKLiberty Broadband Corporation Class C	0.23%	1,637,413	$121M	trimmed−2%	−0.01 pp	5 q
THCTenet Healthcare Corporation New	0.21%	7,459,265	$111M	trimmed−11%	−0.17 pp	15 q
USBU.S. Bancorp	0.21%	2,096,197	$108M	trimmed−60%	−0.24 pp	15 q
RGAReinsurance Group of America, Incorporated	0.18%	723,086	$91M	trimmed−59%	−0.20 pp	12 q
unresolvedVwr Corp	0.18%	3,663,746	$92M	added×3.0	+0.11 pp	4 q
GLPIGaming and Leisure Properties, Inc.	0.15%	2,612,941	$80M	trimmed−0%	−0.02 pp	13 q
unresolvedHsn Inc	0.15%	2,218,721	$76M	trimmed−15%	−0.05 pp	15 q
CRICarter's Inc.	0.14%	825,800	$71M	trimmed−1%	0.00 pp	15 q
ANAutoNation, Inc.	0.11%	1,188,426	$58M	new	+0.11 pp	new
WCCWesco International Inc.	0.10%	814,897	$54M	trimmed−4%	0.00 pp	11 q
AXTAAxalta Coating Systems Ltd.	0.10%	1,877,065	$51M	trimmed−8%	−0.01 pp	5 q
GWWW.W. Grainger, Inc.	0.09%	201,490	$47M	trimmed−36%	−0.05 pp	8 q
MLKNMillerKnoll, Inc.	0.09%	1,337,652	$46M	trimmed−9%	+0.01 pp	15 q
unresolvedQiagen N.V	0.09%	1,737,240	$49M	trimmed−30%	−0.05 pp	5 q
unresolvedManitowoc Inc	0.08%	6,509,424	$39M	trimmed−1%	+0.02 pp	7 q
HRIHerc Holdings Inc.	0.07%	932,651	$37M	added+17%	+0.02 pp	3 q
SCHWThe Charles Schwab Corporation	0.06%	735,895	$29M	trimmed−40%	−0.02 pp	4 q
EXPEExpedia Group, Inc.	0.05%	208,587	$24M	trimmed−6%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.05%	293,055	$25M	trimmed−50%	−0.04 pp	15 q
CHRWC.H. Robinson Worldwide, Inc.	0.04%	281,330	$21M	trimmed−38%	−0.02 pp	3 q
unresolvedPriceline Grp Inc	0.04%	14,238	$21M	new	+0.04 pp	new
AMATApplied Materials Inc	0.03%	436,679	$14M	trimmed−88%	−0.18 pp	15 q
ITWIllinois Tool Works Inc.	0.03%	123,914	$15M	trimmed−20%	−0.01 pp	15 q
CTSHCognizant Technology Solutions	0.02%	221,770	$12M	trimmed−40%	−0.02 pp	3 q
ETRAE*trade Financial Corp	0.02%	330,990	$11M	trimmed−74%	−0.05 pp	8 q
TMKGlobe Life Inc.	0.01%	88,676	$7M	trimmed−20%	0.00 pp	15 q
ADNTAdient plc	0.01%	75,175	$4M	new	+0.01 pp	new
AGCOAGCO Corporation	0.00%	21,525	$1M	trimmed−6%	0.00 pp	9 q
BRBroadridge Financial Solutions Inc	0.00%	5,220	$346,000	trimmed−7%	0.00 pp	15 q
CITCIT Group Inc.	0.00%	21,750	$928,000	trimmed−6%	0.00 pp	4 q
CVXChevron Corporation	0.00%	2,500	$294,000	held	—	2 q
LRCXLam Research Corp	0.00%	13,200	$1M	trimmed−89%	−0.02 pp	15 q
unresolvedManitowoc Foodservice Inc	0.00%	89,500	$2M	trimmed−98%	−0.13 pp	4 q
NTRSNorthern Trust Corp	0.00%	2,652	$236,000	new	0.00 pp	new
OIIOceaneering International Inc.	0.00%	33,700	$951,000	trimmed−57%	0.00 pp	6 q
DATATableau Software, Inc.	0.00%	17,475	$737,000	new	0.00 pp	new
TROWT Rowe Price Group Inc	—	−1,638,881	—	exited	−0.22 pp	—
HTZGQHertz Global Holdings Inc	—	−788,356	—	exited	−0.06 pp	—