Harris Associates (Oakmark)

Q3 2017 13F · by Bill Nygren, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $59.3B · prev $55.6B
Positions: 124 · prev 120
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

+5.4 pp in · −5.4 pp out

New 10 +3.01 pp
Added 39 +2.43 pp
Trimmed 74 −4.97 pp
Exited 6 −0.47 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions21% of US stock

C Citigroup Inc. added+0.11 pp added+0.115.1%
GOOG Alphabet Inc. Class C added+0.36 pp added+0.364.2%
GM General Motors Company trimmed+0.28 pp trimmed+0.284.2%
BAC Bank of America Corporation trimmed−0.13 pp trimmed−0.134.0%
ORCL Oracle Corp trimmed−0.72 pp trimmed−0.723.7%

Positions124 in this filing · 6 exited


CCitigroup Inc.	5.09%	41,514,413	$3.0B	added0%	+0.11 pp	15 q
GOOGAlphabet Inc. Class C	4.19%	2,591,532	$2.5B	added+11%	+0.36 pp	14 q
GMGeneral Motors Company	4.19%	61,521,195	$2.5B	trimmed−1%	+0.28 pp	18 q
BACBank of America Corporation	3.96%	92,676,554	$2.3B	trimmed−1%	−0.13 pp	18 q
ORCLOracle Corp	3.70%	45,431,165	$2.2B	trimmed−7%	−0.72 pp	18 q
0VQJLTe Connectivity Ltd	3.70%	26,418,041	$2.2B	added0%	−0.04 pp	18 q
unresolvedGeneral Electric Co	3.59%	87,953,275	$2.1B	added+55%	+0.84 pp	18 q
MAMastercard Incorporated	3.13%	13,156,887	$1.9B	trimmed−7%	+0.04 pp	18 q
AIGAmerican International Group, Inc.	2.79%	26,918,359	$1.7B	added+17%	+0.20 pp	18 q
BIDUBaidu, Inc.	2.56%	6,125,450	$1.5B	trimmed−32%	−0.34 pp	9 q
WTWWillis Towers Watson Public Limited Company	2.50%	9,607,306	$1.5B	added+7%	+0.16 pp	7 q
WFCWells Fargo & Co.	2.40%	25,851,597	$1.4B	added+1%	−0.16 pp	18 q
TVGrupo Televisa S.A.	2.12%	50,842,737	$1.3B	added+2%	−0.06 pp	8 q
HCAHCA Healthcare, Inc.	1.92%	14,271,640	$1.1B	added+20%	+0.06 pp	7 q
JPMJPMorgan Chase & Co.	1.77%	11,004,779	$1.1B	trimmed−11%	−0.26 pp	18 q
unresolvedFiat Chrysler Automobiles NV s	1.71%	56,747,622	$1.0B	trimmed−0%	+0.62 pp	10 q
ALLYAlly Financial Inc.	1.66%	40,571,501	$984M	added+4%	+0.19 pp	8 q
DEODiageo plc	1.43%	6,433,188	$850M	trimmed−1%	+0.02 pp	18 q
9990302DApache Corp	1.35%	17,435,612	$799M	trimmed−7%	−0.27 pp	18 q
LBTYKLiberty Global Ltd. Class C	1.33%	24,160,579	$790M	new	+1.33 pp	new
CHTRCharter Comm Inc Del CL A New	1.30%	2,113,077	$768M	added+4%	+0.06 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	3,898,965	$764M	trimmed−16%	−0.26 pp	18 q
NOVNOV Inc.	1.17%	19,428,844	$694M	added+5%	+0.07 pp	18 q
COFCapital One Financial	1.16%	8,095,436	$685M	added0%	−0.04 pp	18 q
MGMMgm Resorts International	1.16%	21,044,634	$686M	trimmed−1%	−0.04 pp	7 q
CATCaterpillar Inc.	1.13%	5,359,347	$668M	trimmed−21%	−0.18 pp	16 q
VVISA Inc.	1.09%	6,168,857	$649M	trimmed−16%	−0.14 pp	18 q
BAXBaxter International Inc.	1.08%	10,229,768	$642M	trimmed−14%	−0.21 pp	7 q
FNFFidelity National Financial, Inc.	1.06%	13,295,902	$631M	trimmed−0%	−0.01 pp	13 q
STTState Street Corporation	1.03%	6,380,504	$610M	trimmed−0%	0.00 pp	18 q
unresolvedLiberty Interactive Corp	1.02%	25,689,904	$606M	added+6%	−0.05 pp	18 q
TXNTexas Instruments Incorporated	1.00%	6,610,675	$593M	trimmed−0%	+0.08 pp	18 q
CBRECbre Group, Inc.	0.99%	15,435,822	$585M	trimmed−5%	−0.08 pp	15 q
INTCIntel Corp	0.98%	15,275,320	$582M	trimmed−2%	+0.04 pp	18 q
AAPLApple Inc.	0.96%	3,702,653	$571M	trimmed−0%	0.00 pp	18 q
unresolvedAon PLC	0.95%	3,873,439	$566M	trimmed−20%	−0.20 pp	18 q
KMXCarMax Inc.	0.90%	7,009,207	$531M	trimmed−2%	+0.09 pp	18 q
BNYBank of New York Mellon Corporation	0.87%	9,708,499	$515M	trimmed−18%	−0.22 pp	18 q
MCOMoody's Corporation	0.86%	3,650,854	$508M	trimmed−1%	+0.06 pp	3 q
GOOGLAlphabet Inc. Class A	0.85%	519,263	$506M	added+2%	0.00 pp	8 q
INFYInfosys Limited	0.77%	31,202,494	$455M	added+19%	+0.06 pp	4 q
DOVDover Corporation	0.76%	4,912,424	$449M	trimmed−15%	−0.07 pp	18 q
unresolvedUnilever Spn.Adr 1:1	0.76%	7,737,450	$448M	trimmed−0%	0.00 pp	18 q
AFLAflac Inc.	0.74%	5,395,452	$439M	trimmed−13%	−0.12 pp	18 q
PHParker-Hannifin Corporation	0.73%	2,488,070	$435M	trimmed−3%	0.00 pp	18 q
CVSCvs Health Corporation	0.69%	5,004,035	$407M	trimmed−0%	−0.03 pp	18 q
FDXFedEx Corporation	0.69%	1,825,955	$412M	trimmed−27%	−0.29 pp	18 q
CMCSAComcast Corp	0.67%	10,334,483	$398M	added+5%	−0.02 pp	18 q
CMICummins Inc.	0.65%	2,300,571	$387M	trimmed−11%	−0.11 pp	18 q
LBTYALiberty Global Ltd. Class A	0.65%	11,334,333	$384M	new	+0.65 pp	new
HOGHarley-Davidson, Inc.	0.64%	7,922,594	$382M	added0%	−0.13 pp	18 q
GSGoldman Sachs Group Inc.	0.63%	1,569,098	$372M	trimmed−2%	−0.01 pp	18 q
ADPAutomatic Data Processing	0.61%	3,311,737	$362M	trimmed−10%	−0.07 pp	18 q
WHRWhirlpool Corp.	0.61%	1,965,889	$363M	trimmed−10%	−0.14 pp	13 q
ARNCHowmet Aerospace Inc.	0.59%	14,016,700	$349M	added+4%	+0.04 pp	3 q
APCAnadarko Petroleum Corp	0.58%	7,004,841	$342M	added+35%	+0.16 pp	9 q
PMPhilip Morris International Inc.	0.58%	3,121,993	$347M	trimmed−0%	−0.08 pp	18 q
BWABorgWarner Inc.	0.50%	5,764,593	$295M	trimmed−13%	0.00 pp	18 q
CHKChesapeake Energy Corp	0.50%	68,307,815	$294M	added+11%	−0.05 pp	12 q
VISNVistance Networks, Inc.	0.50%	8,938,494	$297M	added+40%	+0.06 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	0.50%	14,274,602	$297M	added+12%	−0.06 pp	14 q
NFLXNetFlix Inc	0.49%	1,614,946	$293M	new	+0.49 pp	new
0WEWeatherford International plc	0.44%	56,555,775	$259M	trimmed−7%	+0.01 pp	3 q
JLLJones Lang LaSalle, Inc.	0.42%	2,008,859	$248M	trimmed−1%	−0.04 pp	7 q
LEALear Corporation	0.42%	1,439,632	$249M	trimmed−0%	+0.05 pp	18 q
AMTTd Ameritrade Holding Corp	0.42%	5,102,803	$249M	trimmed−20%	−0.07 pp	18 q
MDTMedtronic plc	0.41%	3,134,174	$244M	trimmed−1%	−0.10 pp	11 q
QCOMQualcomm Inc	0.39%	4,432,481	$230M	added0%	−0.05 pp	17 q
unresolvedU S G Corp	0.38%	6,839,694	$223M	trimmed−1%	+0.02 pp	10 q
NWSANews Corporation Class A	0.37%	16,695,663	$221M	added+5%	−0.02 pp	15 q
unresolvedDelphi Automotive PLC	0.37%	2,247,105	$221M	added0%	+0.02 pp	3 q
CDWCDW Corporation	0.36%	3,224,898	$213M	trimmed−4%	−0.02 pp	9 q
WOOFoot Locker Inc	0.35%	5,955,553	$210M	trimmed−1%	−0.18 pp	18 q
ANAutoNation, Inc.	0.34%	4,306,064	$204M	added+20%	+0.07 pp	4 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.33%	13,079,782	$196M	added×11.5	+0.29 pp	2 q
HHCThe Howard Hughes Corporation	0.32%	1,601,013	$189M	added+1%	−0.03 pp	18 q
MSFTMicrosoft Corp	0.31%	2,445,475	$182M	trimmed−29%	−0.12 pp	18 q
BKRBaker Hughes Company	0.30%	4,926,750	$180M	new	+0.30 pp	new
LBRDKLiberty Broadband Corporation Class C	0.29%	1,803,794	$172M	trimmed−2%	0.00 pp	8 q
LYVLive Nation Entertainment Inc.	0.27%	3,662,852	$160M	trimmed−20%	−0.02 pp	18 q
unresolvedQuintiles Transnatio Hldgs I	0.27%	1,681,511	$160M	trimmed−10%	−0.03 pp	6 q
unresolvedBlue Buffalo Pet Prods Inc	0.26%	5,343,266	$151M	added×2.3	+0.16 pp	2 q
THCTenet Healthcare Corporation New	0.23%	8,156,836	$134M	added+5%	−0.04 pp	18 q
OSKOshkosh Corp.	0.21%	1,483,195	$122M	trimmed−27%	−0.04 pp	11 q
unresolvedPriceline Grp Inc	0.20%	65,414	$120M	added+61%	+0.06 pp	4 q
unresolvedVwr Corp	0.20%	3,566,705	$118M	trimmed−19%	−0.06 pp	7 q
PFGPrincipal Financial Group, Inc.	0.19%	1,771,266	$114M	trimmed−37%	−0.14 pp	18 q
CHRWC.H. Robinson Worldwide, Inc.	0.18%	1,364,015	$104M	added+33%	+0.05 pp	6 q
GLPIGaming and Leisure Properties, Inc.	0.18%	2,823,050	$104M	trimmed−0%	−0.01 pp	16 q
CRICarter's Inc.	0.17%	1,018,795	$101M	added+5%	+0.02 pp	18 q
BLQADBlackrock Inc	0.15%	195,597	$87M	trimmed−73%	−0.40 pp	18 q
LWLamb Weston Holdings, Inc.	0.15%	1,863,568	$87M	added×2.7	+0.09 pp	2 q
CRTOCriteo S.A.	0.14%	2,040,600	$85M	new	+0.14 pp	new
HRIHerc Holdings Inc.	0.12%	1,410,650	$69M	added+1%	+0.02 pp	6 q
MLCOMelco Resorts & Entertainment Limited	0.12%	2,840,959	$69M	trimmed−45%	−0.09 pp	13 q
ITRIItron Inc	0.10%	771,403	$60M	trimmed−53%	−0.10 pp	17 q
unresolvedManitowoc Inc	0.10%	6,589,849	$59M	trimmed−0%	+0.03 pp	10 q
AXTAAxalta Coating Systems Ltd.	0.10%	2,006,214	$58M	trimmed−2%	−0.02 pp	8 q
unresolvedHsn Inc	0.09%	1,363,930	$53M	trimmed−9%	0.00 pp	18 q
MLKNMillerKnoll, Inc.	0.08%	1,261,177	$45M	trimmed−0%	+0.01 pp	18 q
WCCWesco International Inc.	0.07%	717,675	$42M	trimmed−11%	−0.01 pp	14 q
ADNTAdient plc	0.07%	479,630	$40M	added+4%	+0.02 pp	4 q
EXPEExpedia Group, Inc.	0.05%	191,232	$28M	trimmed−7%	−0.01 pp	5 q
FLSFlowserve Corporation	0.05%	765,186	$33M	trimmed−73%	−0.19 pp	12 q
BMYBristol-Myers Squibb Co.	0.04%	391,881	$25M	new	+0.04 pp	new
unresolvedQiagen N.V	0.04%	822,480	$26M	held	—	3 q
GWWW.W. Grainger, Inc.	0.03%	98,618	$18M	trimmed−16%	−0.01 pp	11 q
UNPUnion Pacific Corp.	0.03%	163,805	$19M	trimmed−94%	−0.47 pp	18 q
WPPWpp PLC	0.03%	177,400	$16M	new	+0.03 pp	new
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.02%	796,811	$9M	new	+0.02 pp	new
TIFTiffany & Co.	0.02%	132,147	$12M	trimmed−73%	−0.06 pp	18 q
ABBVAbbvie Inc.	0.01%	61,050	$5M	added×2.6	+0.01 pp	2 q
unresolvedExpress Scripts Hldg Co	0.01%	118,776	$8M	added+8%	0.00 pp	2 q
PDCEPDC Energy, Inc.	0.01%	122,475	$6M	new	+0.01 pp	new
TRCOTribune Media Company Class A	0.01%	118,786	$5M	trimmed−16%	0.00 pp	11 q
USBU.S. Bancorp	0.01%	100,215	$5M	trimmed−94%	−0.15 pp	18 q
AGCOAGCO Corporation	0.00%	18,525	$1M	trimmed−2%	0.00 pp	12 q
CVXChevron Corporation	0.00%	2,000	$235,000	trimmed−20%	0.00 pp	5 q
ITWIllinois Tool Works Inc.	0.00%	5,750	$851,000	trimmed−15%	0.00 pp	18 q
OIIOceaneering International Inc.	0.00%	21,200	$557,000	trimmed−39%	0.00 pp	9 q
LUVSouthwest Airlines Co.	0.00%	25,961	$1M	new	0.00 pp	new
DATATableau Software, Inc.	0.00%	15,425	$1M	trimmed−1%	0.00 pp	4 q
TMKGlobe Life Inc.	0.00%	10,050	$805,000	trimmed−57%	0.00 pp	18 q
TRNTrinity Industries, Inc.	0.00%	68,400	$2M	trimmed−1%	0.00 pp	2 q
unresolvedBaker Hughes Inc.	—	−3,882,972	—	exited	−0.38 pp	—
UPLUltra Petroleum Corp.	—	−2,927,833	—	exited	−0.06 pp	—
CTSHCognizant Technology Solutions	—	−215,765	—	exited	−0.03 pp	—
CMAComerica Incorporated	—	−2,785	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−1,504	—	exited	0.00 pp	—
unresolvedKate Spade & Co	—	−81,500	—	exited	0.00 pp	—