Harris Associates (Oakmark)

Q2 2017 13F · by Bill Nygren, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $55.6B · prev $54.7B
Positions: 120 · prev 116
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

+4.7 pp in · −4.7 pp out

New 8 +0.27 pp
Added 35 +4.46 pp
Trimmed 75 −4.69 pp
Exited 4 −0.05 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions120 in this filing · 4 exited


CCitigroup Inc.	4.98%	41,350,951	$2.8B	added+1%	+0.48 pp	14 q
ORCLOracle Corp	4.42%	48,989,216	$2.5B	added+18%	+1.03 pp	17 q
BACBank of America Corporation	4.09%	93,643,170	$2.3B	trimmed−0%	+0.04 pp	17 q
GMGeneral Motors Company	3.91%	62,227,361	$2.2B	trimmed−2%	−0.21 pp	17 q
GOOGAlphabet Inc. Class C	3.83%	2,339,888	$2.1B	trimmed−2%	+0.22 pp	13 q
0VQJLTe Connectivity Ltd	3.74%	26,408,595	$2.1B	trimmed−1%	+0.09 pp	17 q
MAMastercard Incorporated	3.09%	14,136,266	$1.7B	trimmed−4%	+0.07 pp	17 q
BIDUBaidu, Inc.	2.90%	9,015,196	$1.6B	added+30%	+0.71 pp	8 q
unresolvedGeneral Electric Co	2.75%	56,667,071	$1.5B	added+22%	+0.22 pp	17 q
AIGAmerican International Group, Inc.	2.59%	23,029,396	$1.4B	trimmed−4%	−0.15 pp	17 q
WFCWells Fargo & Co.	2.56%	25,684,927	$1.4B	added+8%	+0.14 pp	17 q
WTWWillis Towers Watson Public Limited Company	2.34%	8,937,984	$1.3B	added+13%	+0.45 pp	6 q
TVGrupo Televisa S.A.	2.18%	49,692,561	$1.2B	trimmed−1%	−0.20 pp	7 q
JPMJPMorgan Chase & Co.	2.03%	12,342,277	$1.1B	trimmed−2%	0.00 pp	17 q
HCAHCA Healthcare, Inc.	1.86%	11,876,853	$1.0B	trimmed−3%	−0.13 pp	6 q
9990302DApache Corp	1.62%	18,741,407	$898M	added+14%	+0.08 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.55%	4,644,572	$861M	trimmed−0%	+0.16 pp	17 q
ALLYAlly Financial Inc.	1.47%	39,078,816	$817M	trimmed−4%	−0.04 pp	7 q
DEODiageo plc	1.41%	6,526,275	$782M	trimmed−3%	−0.01 pp	17 q
CATCaterpillar Inc.	1.31%	6,767,448	$727M	trimmed−25%	−0.23 pp	15 q
BAXBaxter International Inc.	1.29%	11,846,207	$717M	trimmed−18%	−0.07 pp	6 q
CHTRCharter Comm Inc Del CL A New	1.24%	2,040,836	$687M	added+19%	+0.22 pp	5 q
VVISA Inc.	1.23%	7,312,471	$686M	trimmed−7%	−0.05 pp	17 q
COFCapital One Financial	1.20%	8,063,205	$666M	added+8%	+0.02 pp	17 q
MGMMgm Resorts International	1.20%	21,281,034	$666M	trimmed−10%	+0.02 pp	6 q
unresolvedAon PLC	1.15%	4,811,614	$640M	trimmed−28%	−0.31 pp	17 q
NOVNOV Inc.	1.10%	18,574,753	$612M	added+16%	−0.07 pp	17 q
BNYBank of New York Mellon Corporation	1.09%	11,859,316	$605M	trimmed−0%	+0.07 pp	17 q
unresolvedFiat Chrysler Automobiles NV s	1.09%	56,811,079	$604M	added0%	−0.04 pp	9 q
CBRECbre Group, Inc.	1.07%	16,305,865	$594M	trimmed−3%	0.00 pp	14 q
FNFFidelity National Financial, Inc.	1.07%	13,305,502	$596M	trimmed−0%	+0.12 pp	12 q
unresolvedLiberty Interactive Corp	1.07%	24,183,983	$593M	added+3%	+0.21 pp	17 q
STTState Street Corporation	1.03%	6,385,050	$573M	trimmed−0%	+0.10 pp	17 q
FDXFedEx Corporation	0.98%	2,502,601	$544M	trimmed−2%	+0.07 pp	17 q
AAPLApple Inc.	0.96%	3,709,538	$534M	trimmed−5%	−0.07 pp	17 q
INTCIntel Corp	0.94%	15,512,517	$523M	trimmed−24%	−0.40 pp	17 q
TXNTexas Instruments Incorporated	0.92%	6,637,622	$511M	trimmed−1%	−0.07 pp	17 q
AFLAflac Inc.	0.86%	6,189,627	$481M	trimmed−4%	+0.01 pp	17 q
GOOGLAlphabet Inc. Class A	0.85%	506,707	$471M	trimmed−6%	+0.02 pp	7 q
DOVDover Corporation	0.83%	5,765,341	$462M	trimmed−3%	−0.04 pp	17 q
KMXCarMax Inc.	0.81%	7,167,706	$452M	trimmed−4%	0.00 pp	17 q
MCOMoody's Corporation	0.80%	3,670,649	$447M	added+9%	+0.11 pp	2 q
HOGHarley-Davidson, Inc.	0.77%	7,922,364	$428M	trimmed−0%	−0.11 pp	17 q
CMICummins Inc.	0.76%	2,589,747	$420M	trimmed−29%	−0.25 pp	17 q
unresolvedUnilever Spn.Adr 1:1	0.76%	7,766,278	$420M	trimmed−11%	−0.03 pp	17 q
WHRWhirlpool Corp.	0.75%	2,180,839	$418M	added+12%	+0.14 pp	12 q
PHParker-Hannifin Corporation	0.73%	2,554,020	$408M	trimmed−0%	−0.02 pp	17 q
CVSCvs Health Corporation	0.72%	5,004,335	$403M	added0%	0.00 pp	17 q
INFYInfosys Limited	0.71%	26,153,550	$393M	trimmed−1%	−0.05 pp	3 q
CMCSAComcast Corp	0.69%	9,853,913	$384M	added+1%	+0.02 pp	17 q
ADPAutomatic Data Processing	0.68%	3,683,475	$377M	trimmed−0%	−0.01 pp	17 q
PMPhilip Morris International Inc.	0.66%	3,122,265	$367M	added0%	+0.02 pp	17 q
GSGoldman Sachs Group Inc.	0.64%	1,609,214	$357M	trimmed−4%	−0.06 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	0.56%	12,743,156	$313M	trimmed−3%	−0.03 pp	13 q
ARNCHowmet Aerospace Inc.	0.55%	13,439,188	$304M	added×2.5	+0.29 pp	2 q
BLQADBlackrock Inc	0.55%	726,405	$307M	trimmed−20%	−0.09 pp	17 q
CHKChesapeake Energy Corp	0.55%	61,556,090	$306M	trimmed−6%	−0.16 pp	11 q
WOOFoot Locker Inc	0.53%	5,997,205	$296M	added0%	−0.29 pp	17 q
MDTMedtronic plc	0.51%	3,178,330	$282M	trimmed−0%	+0.04 pp	10 q
BWABorgWarner Inc.	0.50%	6,623,793	$281M	trimmed−0%	−0.01 pp	17 q
UNPUnion Pacific Corp.	0.50%	2,565,634	$279M	trimmed−32%	−0.23 pp	17 q
AMTTd Ameritrade Holding Corp	0.49%	6,343,014	$273M	trimmed−1%	+0.04 pp	17 q
JLLJones Lang LaSalle, Inc.	0.46%	2,032,233	$254M	added0%	+0.05 pp	6 q
VISNVistance Networks, Inc.	0.44%	6,390,730	$243M	added+59%	+0.13 pp	4 q
QCOMQualcomm Inc	0.44%	4,431,791	$245M	trimmed−27%	−0.19 pp	16 q
MSFTMicrosoft Corp	0.43%	3,465,149	$239M	trimmed−26%	−0.13 pp	17 q
0WEWeatherford International plc	0.43%	61,075,275	$236M	added×22.7	+0.40 pp	2 q
APCAnadarko Petroleum Corp	0.42%	5,176,366	$235M	trimmed−21%	−0.33 pp	8 q
NWSANews Corporation Class A	0.39%	15,896,738	$218M	trimmed−8%	−0.02 pp	14 q
unresolvedBaker Hughes Inc.	0.38%	3,882,972	$212M	trimmed−0%	−0.05 pp	17 q
CDWCDW Corporation	0.38%	3,368,302	$211M	trimmed−14%	−0.03 pp	8 q
LEALear Corporation	0.37%	1,441,254	$205M	trimmed−0%	0.00 pp	17 q
unresolvedU S G Corp	0.36%	6,918,994	$201M	added+2%	−0.03 pp	9 q
HHCThe Howard Hughes Corporation	0.35%	1,585,474	$195M	added0%	+0.01 pp	17 q
unresolvedDelphi Automotive PLC	0.35%	2,246,675	$197M	added0%	+0.02 pp	2 q
PFGPrincipal Financial Group, Inc.	0.33%	2,823,271	$181M	trimmed−40%	−0.21 pp	17 q
unresolvedQuintiles Transnatio Hldgs I	0.30%	1,863,607	$167M	trimmed−10%	−0.01 pp	5 q
LBRDKLiberty Broadband Corporation Class C	0.29%	1,834,770	$159M	added+9%	+0.02 pp	7 q
LYVLive Nation Entertainment Inc.	0.29%	4,578,552	$160M	trimmed−11%	0.00 pp	17 q
ANAutoNation, Inc.	0.27%	3,576,454	$151M	trimmed−29%	−0.12 pp	3 q
THCTenet Healthcare Corporation New	0.27%	7,733,435	$150M	added+1%	+0.02 pp	17 q
unresolvedVwr Corp	0.26%	4,378,045	$145M	trimmed−17%	−0.01 pp	6 q
OSKOshkosh Corp.	0.25%	2,026,745	$140M	trimmed−3%	−0.01 pp	10 q
FLSFlowserve Corporation	0.24%	2,829,898	$131M	trimmed−4%	−0.02 pp	11 q
MLCOMelco Resorts & Entertainment Limited	0.21%	5,210,004	$117M	trimmed−75%	−0.51 pp	12 q
ITRIItron Inc	0.20%	1,642,928	$111M	trimmed−36%	−0.09 pp	16 q
GLPIGaming and Leisure Properties, Inc.	0.19%	2,832,950	$107M	added0%	+0.02 pp	15 q
USBU.S. Bancorp	0.16%	1,691,555	$88M	trimmed−0%	0.00 pp	17 q
CRICarter's Inc.	0.15%	968,440	$86M	added+3%	0.00 pp	17 q
unresolvedPriceline Grp Inc	0.14%	40,554	$76M	trimmed−6%	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.13%	1,027,045	$71M	added×3.7	+0.09 pp	5 q
AXTAAxalta Coating Systems Ltd.	0.12%	2,051,380	$66M	added+1%	0.00 pp	7 q
unresolvedBlue Buffalo Pet Prods Inc	0.10%	2,344,399	$53M	new	+0.10 pp	new
HRIHerc Holdings Inc.	0.10%	1,399,518	$55M	added+19%	−0.01 pp	5 q
unresolvedHsn Inc	0.09%	1,499,405	$48M	trimmed−4%	−0.02 pp	17 q
TIFTiffany & Co.	0.08%	490,278	$46M	trimmed−73%	−0.24 pp	17 q
WCCWesco International Inc.	0.08%	810,145	$46M	trimmed−0%	−0.02 pp	13 q
unresolvedManitowoc Inc	0.07%	6,591,749	$40M	trimmed−0%	0.00 pp	9 q
MLKNMillerKnoll, Inc.	0.07%	1,266,177	$38M	held	—	17 q
EXPEExpedia Group, Inc.	0.06%	206,649	$31M	trimmed−31%	−0.01 pp	4 q
LWLamb Weston Holdings, Inc.	0.06%	699,896	$31M	new	+0.06 pp	new
UPLUltra Petroleum Corp.	0.06%	2,927,833	$32M	new	+0.06 pp	new
ADNTAdient plc	0.05%	461,890	$30M	added+6%	−0.01 pp	3 q
unresolvedQiagen N.V	0.05%	822,480	$28M	trimmed−50%	−0.04 pp	2 q
GWWW.W. Grainger, Inc.	0.04%	117,184	$21M	trimmed−17%	−0.02 pp	10 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.04%	1,139,253	$23M	new	+0.04 pp	new
CTSHCognizant Technology Solutions	0.03%	215,765	$14M	added0%	+0.01 pp	5 q
unresolvedExpress Scripts Hldg Co	0.01%	110,100	$7M	new	+0.01 pp	new
TRCOTribune Media Company Class A	0.01%	141,586	$6M	trimmed−97%	−0.33 pp	10 q
AGCOAGCO Corporation	0.00%	18,875	$1M	trimmed−4%	0.00 pp	11 q
ABBVAbbvie Inc.	0.00%	23,700	$2M	new	0.00 pp	new
CVXChevron Corporation	0.00%	2,500	$261,000	held	—	4 q
CMAComerica Incorporated	0.00%	2,785	$204,000	trimmed−83%	0.00 pp	17 q
METAMeta Platforms, Inc. Class A	0.00%	1,504	$227,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	6,750	$967,000	trimmed−8%	0.00 pp	17 q
unresolvedKate Spade & Co	0.00%	81,500	$2M	trimmed−99%	−0.31 pp	9 q
OIIOceaneering International Inc.	0.00%	35,025	$800,000	added+2%	0.00 pp	8 q
DATATableau Software, Inc.	0.00%	15,525	$951,000	trimmed−3%	0.00 pp	3 q
TMKGlobe Life Inc.	0.00%	23,525	$2M	trimmed−35%	−0.01 pp	17 q
TRNTrinity Industries, Inc.	0.00%	68,750	$2M	new	0.00 pp	new
CHKPCheck Point Software Technologies Ltd	—	−281,275	—	exited	−0.05 pp	—
AMATApplied Materials Inc	—	−7,000	—	exited	0.00 pp	—
CITCIT Group Inc.	—	−19,850	—	exited	0.00 pp	—
ETRAE*trade Financial Corp	—	−49,800	—	exited	0.00 pp	—