Harris Associates (Oakmark)

Q1 2017 13F · by Bill Nygren, CIO

As of: Mar 31, 2017
Filed: May 8, 2017
US stock: $54.7B · prev $51.9B
Positions: 116 · prev 121
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%

Moves125 since the prior filing

+6.7 pp in · −6.7 pp out

New 5 +1.40 pp
Added 46 +5.33 pp
Trimmed 64 −5.53 pp
Exited 10 −1.14 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

C Citigroup Inc. added+0.76 pp added+0.764.5%
GM General Motors Company trimmed−0.24 pp trimmed−0.244.1%
BAC Bank of America Corporation trimmed−0.32 pp trimmed−0.324.0%
0VQJL Te Connectivity Ltd trimmed0.00 pp trimmed0.003.6%
GOOG Alphabet Inc. Class C added+0.07 pp added+0.073.6%

Positions116 in this filing · 10 exited


CCitigroup Inc.	4.50%	41,129,780	$2.5B	added+26%	+0.76 pp	13 q
GMGeneral Motors Company	4.12%	63,715,090	$2.3B	trimmed−2%	−0.24 pp	16 q
BACBank of America Corporation	4.05%	94,067,258	$2.2B	trimmed−8%	−0.32 pp	16 q
0VQJLTe Connectivity Ltd	3.65%	26,778,297	$2.0B	trimmed−2%	0.00 pp	16 q
GOOGAlphabet Inc. Class C	3.61%	2,382,870	$2.0B	added0%	+0.07 pp	12 q
ORCLOracle Corp	3.39%	41,561,715	$1.9B	added0%	+0.32 pp	16 q
MAMastercard Incorporated	3.02%	14,698,960	$1.7B	trimmed−0%	+0.08 pp	16 q
AIGAmerican International Group, Inc.	2.74%	24,050,692	$1.5B	trimmed−5%	−0.44 pp	16 q
unresolvedGeneral Electric Co	2.53%	46,376,143	$1.4B	added+26%	+0.30 pp	16 q
WFCWells Fargo & Co.	2.42%	23,796,125	$1.3B	added+1%	−0.08 pp	16 q
TVGrupo Televisa S.A.	2.38%	50,127,512	$1.3B	added+7%	+0.50 pp	6 q
BIDUBaidu, Inc.	2.19%	6,948,582	$1.2B	added+9%	+0.17 pp	7 q
JPMJPMorgan Chase & Co.	2.03%	12,621,130	$1.1B	trimmed−30%	−0.95 pp	16 q
HCAHCA Healthcare, Inc.	1.99%	12,214,476	$1.1B	added+1%	+0.26 pp	5 q
WTWWillis Towers Watson Public Limited Company	1.89%	7,910,397	$1.0B	added+27%	+0.43 pp	5 q
9990302DApache Corp	1.54%	16,397,422	$843M	added+16%	−0.18 pp	16 q
CATCaterpillar Inc.	1.54%	9,081,669	$842M	trimmed−13%	−0.33 pp	14 q
ALLYAlly Financial Inc.	1.51%	40,594,446	$825M	added+12%	+0.18 pp	6 q
unresolvedAon PLC	1.46%	6,712,360	$797M	trimmed−1%	+0.01 pp	16 q
DEODiageo plc	1.42%	6,703,040	$775M	added+1%	+0.09 pp	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.39%	4,646,307	$762M	added0%	−0.04 pp	16 q
BAXBaxter International Inc.	1.36%	14,373,056	$745M	added+8%	+0.22 pp	5 q
INTCIntel Corp	1.34%	20,325,138	$733M	trimmed−1%	−0.09 pp	16 q
VVISA Inc.	1.28%	7,854,510	$698M	added0%	+0.10 pp	16 q
COFCapital One Financial	1.18%	7,474,541	$648M	added0%	−0.08 pp	16 q
MGMMgm Resorts International	1.18%	23,573,669	$646M	added+41%	+0.25 pp	5 q
NOVNOV Inc.	1.17%	16,017,269	$642M	added+7%	+0.09 pp	16 q
unresolvedFiat Chrysler Automobiles NV s	1.13%	56,595,290	$619M	added0%	+0.14 pp	8 q
CBRECbre Group, Inc.	1.07%	16,775,269	$584M	trimmed−4%	+0.01 pp	13 q
AAPLApple Inc.	1.03%	3,907,459	$561M	added+2%	+0.18 pp	16 q
BNYBank of New York Mellon Corporation	1.02%	11,863,301	$560M	added0%	−0.06 pp	16 q
CHTRCharter Comm Inc Del CL A New	1.02%	1,711,848	$560M	trimmed−3%	+0.04 pp	4 q
CMICummins Inc.	1.01%	3,660,183	$553M	trimmed−29%	−0.35 pp	16 q
TXNTexas Instruments Incorporated	0.99%	6,720,862	$541M	trimmed−3%	+0.02 pp	16 q
FNFFidelity National Financial, Inc.	0.95%	13,306,977	$518M	added+1%	+0.09 pp	11 q
STTState Street Corporation	0.93%	6,386,180	$508M	trimmed−0%	−0.03 pp	16 q
FDXFedEx Corporation	0.91%	2,545,701	$497M	trimmed−1%	−0.01 pp	16 q
HOGHarley-Davidson, Inc.	0.88%	7,923,779	$479M	trimmed−0%	−0.01 pp	16 q
DOVDover Corporation	0.87%	5,929,366	$476M	trimmed−0%	+0.01 pp	16 q
unresolvedLiberty Interactive Corp	0.86%	23,565,469	$472M	trimmed−6%	−0.10 pp	16 q
AFLAflac Inc.	0.85%	6,420,280	$465M	trimmed−0%	−0.01 pp	16 q
GOOGLAlphabet Inc. Class A	0.83%	538,510	$457M	added+12%	+0.10 pp	6 q
WOOFoot Locker Inc	0.82%	5,996,130	$449M	trimmed−9%	−0.08 pp	16 q
KMXCarMax Inc.	0.81%	7,490,739	$444M	trimmed−7%	−0.19 pp	16 q
unresolvedUnilever Spn.Adr 1:1	0.79%	8,716,947	$430M	added0%	+0.11 pp	16 q
INFYInfosys Limited	0.76%	26,313,050	$416M	added×2.1	+0.39 pp	2 q
APCAnadarko Petroleum Corp	0.75%	6,592,778	$409M	added+1%	−0.13 pp	7 q
PHParker-Hannifin Corporation	0.75%	2,554,225	$409M	trimmed−0%	+0.06 pp	16 q
UNPUnion Pacific Corp.	0.73%	3,781,364	$401M	trimmed−16%	−0.17 pp	16 q
CVSCvs Health Corporation	0.72%	5,003,692	$393M	trimmed−0%	−0.04 pp	16 q
MLCOMelco Resorts & Entertainment Limited	0.72%	21,260,360	$394M	trimmed−31%	−0.22 pp	11 q
CHKChesapeake Energy Corp	0.71%	65,475,640	$389M	added+96%	+0.26 pp	10 q
GSGoldman Sachs Group Inc.	0.70%	1,676,399	$385M	trimmed−24%	−0.32 pp	16 q
ADPAutomatic Data Processing	0.69%	3,686,725	$377M	added0%	−0.04 pp	16 q
MCOMoody's Corporation	0.69%	3,381,743	$379M	new	+0.69 pp	new
CMCSAComcast Corp	0.67%	9,773,868	$367M	added+9%	+0.07 pp	16 q
BLQADBlackrock Inc	0.64%	906,636	$348M	trimmed−10%	−0.10 pp	16 q
PMPhilip Morris International Inc.	0.64%	3,122,065	$352M	added0%	+0.09 pp	16 q
QCOMQualcomm Inc	0.63%	6,034,791	$346M	trimmed−4%	−0.16 pp	15 q
WHRWhirlpool Corp.	0.61%	1,939,180	$332M	added0%	−0.07 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	0.59%	13,112,931	$322M	trimmed−11%	−0.07 pp	12 q
MSFTMicrosoft Corp	0.56%	4,689,385	$309M	trimmed−17%	−0.12 pp	16 q
PFGPrincipal Financial Group, Inc.	0.54%	4,715,903	$298M	trimmed−1%	+0.01 pp	16 q
BWABorgWarner Inc.	0.51%	6,628,893	$277M	trimmed−17%	−0.10 pp	16 q
MDTMedtronic plc	0.47%	3,190,211	$257M	added+34%	+0.14 pp	9 q
AMTTd Ameritrade Holding Corp	0.45%	6,390,374	$248M	trimmed−5%	−0.11 pp	16 q
unresolvedBaker Hughes Inc.	0.43%	3,892,100	$233M	trimmed−0%	−0.06 pp	16 q
CDWCDW Corporation	0.41%	3,929,142	$227M	trimmed−15%	−0.05 pp	7 q
JLLJones Lang LaSalle, Inc.	0.41%	2,029,396	$226M	trimmed−4%	0.00 pp	5 q
NWSANews Corporation Class A	0.41%	17,196,313	$224M	trimmed−0%	+0.03 pp	13 q
ANAutoNation, Inc.	0.39%	5,038,530	$213M	added×4.2	+0.28 pp	2 q
unresolvedU S G Corp	0.39%	6,780,600	$216M	trimmed−1%	+0.01 pp	8 q
LEALear Corporation	0.37%	1,446,184	$205M	trimmed−0%	0.00 pp	16 q
HHCThe Howard Hughes Corporation	0.34%	1,580,163	$185M	added+1%	0.00 pp	16 q
TRCOTribune Media Company Class A	0.34%	5,027,090	$187M	trimmed−17%	−0.07 pp	9 q
unresolvedDelphi Automotive PLC	0.33%	2,246,565	$181M	new	+0.33 pp	new
TIFTiffany & Co.	0.32%	1,816,646	$173M	trimmed−53%	−0.25 pp	16 q
VISNVistance Networks, Inc.	0.31%	4,029,067	$168M	trimmed−10%	−0.01 pp	3 q
unresolvedKate Spade & Co	0.31%	7,288,211	$169M	trimmed−0%	+0.05 pp	8 q
unresolvedQuintiles Transnatio Hldgs I	0.31%	2,081,636	$168M	trimmed−16%	−0.05 pp	4 q
ITRIItron Inc	0.29%	2,579,448	$157M	trimmed−9%	−0.05 pp	15 q
LYVLive Nation Entertainment Inc.	0.29%	5,150,052	$156M	trimmed−2%	+0.02 pp	16 q
LBRDKLiberty Broadband Corporation Class C	0.27%	1,680,235	$145M	added+3%	+0.04 pp	6 q
unresolvedVwr Corp	0.27%	5,250,960	$148M	added+43%	+0.09 pp	5 q
ARNCHowmet Aerospace Inc.	0.26%	5,354,600	$141M	new	+0.26 pp	new
FLSFlowserve Corporation	0.26%	2,934,303	$142M	trimmed−28%	−0.12 pp	10 q
OSKOshkosh Corp.	0.26%	2,080,108	$143M	trimmed−18%	−0.06 pp	9 q
THCTenet Healthcare Corporation New	0.25%	7,625,365	$135M	added+2%	+0.04 pp	16 q
GLPIGaming and Leisure Properties, Inc.	0.17%	2,825,006	$94M	added+8%	+0.02 pp	14 q
USBU.S. Bancorp	0.16%	1,698,332	$87M	trimmed−19%	−0.05 pp	16 q
CRICarter's Inc.	0.15%	938,595	$84M	added+14%	+0.01 pp	16 q
unresolvedPriceline Grp Inc	0.14%	43,084	$77M	added×3.0	+0.10 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.12%	2,028,345	$65M	added+8%	+0.02 pp	6 q
unresolvedHsn Inc	0.11%	1,560,206	$58M	trimmed−30%	−0.04 pp	16 q
HRIHerc Holdings Inc.	0.11%	1,178,007	$58M	added+26%	+0.04 pp	4 q
WCCWesco International Inc.	0.10%	811,947	$56M	trimmed−0%	0.00 pp	12 q
unresolvedQiagen N.V	0.09%	1,658,990	$48M	new	+0.09 pp	new
EXPEExpedia Group, Inc.	0.07%	300,304	$38M	added+44%	+0.02 pp	3 q
unresolvedManitowoc Inc	0.07%	6,597,924	$38M	added+1%	−0.01 pp	8 q
MLKNMillerKnoll, Inc.	0.07%	1,266,177	$40M	trimmed−5%	−0.02 pp	16 q
GWWW.W. Grainger, Inc.	0.06%	140,541	$33M	trimmed−30%	−0.03 pp	9 q
ADNTAdient plc	0.06%	434,770	$32M	added×5.8	+0.05 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.05%	281,275	$29M	trimmed−4%	0.00 pp	16 q
CHRWC.H. Robinson Worldwide, Inc.	0.04%	275,225	$21M	trimmed−2%	0.00 pp	4 q
0WEWeatherford International plc	0.03%	2,694,930	$18M	new	+0.03 pp	new
CTSHCognizant Technology Solutions	0.02%	214,995	$13M	trimmed−3%	0.00 pp	4 q
TMKGlobe Life Inc.	0.01%	36,125	$3M	trimmed−59%	0.00 pp	16 q
AGCOAGCO Corporation	0.00%	19,625	$1M	trimmed−9%	0.00 pp	10 q
AMATApplied Materials Inc	0.00%	7,000	$272,000	trimmed−98%	−0.03 pp	16 q
CITCIT Group Inc.	0.00%	19,850	$852,000	trimmed−9%	0.00 pp	5 q
CVXChevron Corporation	0.00%	2,500	$268,000	held	—	3 q
CMAComerica Incorporated	0.00%	16,205	$1M	trimmed−99%	−0.38 pp	16 q
ETRAE*trade Financial Corp	0.00%	49,800	$2M	trimmed−85%	−0.02 pp	9 q
ITWIllinois Tool Works Inc.	0.00%	7,350	$974,000	trimmed−94%	−0.03 pp	16 q
OIIOceaneering International Inc.	0.00%	34,300	$929,000	added+2%	0.00 pp	7 q
DATATableau Software, Inc.	0.00%	15,975	$792,000	trimmed−9%	0.00 pp	2 q
HALHalliburton Company	—	−2,959,113	—	exited	−0.31 pp	—
ROKRockwell Automation, Inc.	—	−957,413	—	exited	−0.25 pp	—
SNYSanofi	—	−3,231,940	—	exited	−0.25 pp	—
RGAReinsurance Group of America, Incorporated	—	−723,086	—	exited	−0.18 pp	—
unresolvedQiagen N.V	—	−1,737,240	—	exited	−0.09 pp	—
SCHWThe Charles Schwab Corporation	—	−735,895	—	exited	−0.06 pp	—
BRBroadridge Financial Solutions Inc	—	−5,220	—	exited	0.00 pp	—
LRCXLam Research Corp	—	−13,200	—	exited	0.00 pp	—
unresolvedManitowoc Foodservice Inc	—	−89,500	—	exited	0.00 pp	—
NTRSNorthern Trust Corp	—	−2,652	—	exited	0.00 pp	—