Harris Associates (Oakmark)

Q4 2017 13F · by Bill Nygren, CIO

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $61.1B · prev $59.3B
Positions: 130 · prev 124
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%

Moves142 since the prior filing

+6.8 pp in · −6.9 pp out

New 18 +1.42 pp
Added 37 +5.37 pp
Trimmed 75 −5.21 pp
Exited 12 −1.67 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions22% of US stock

C Citigroup Inc. trimmed−0.14 pp trimmed−0.145.0%
GOOG Alphabet Inc. Class C trimmed+0.21 pp trimmed+0.214.4%
BAC Bank of America Corporation trimmed+0.25 pp trimmed+0.254.2%
GM General Motors Company trimmed−0.15 pp trimmed−0.154.0%
0VQJL Te Connectivity Ltd trimmed+0.27 pp trimmed+0.274.0%

Positions130 in this filing · 12 exited


CCitigroup Inc.	4.95%	40,663,653	$3.0B	trimmed−2%	−0.14 pp	16 q
GOOGAlphabet Inc. Class C	4.40%	2,567,092	$2.7B	trimmed−1%	+0.21 pp	15 q
BACBank of America Corporation	4.21%	87,076,255	$2.6B	trimmed−6%	+0.25 pp	19 q
GMGeneral Motors Company	4.04%	60,229,367	$2.5B	trimmed−2%	−0.15 pp	19 q
0VQJLTe Connectivity Ltd	3.97%	25,536,233	$2.4B	trimmed−3%	+0.27 pp	19 q
ORCLOracle Corp	3.50%	45,224,901	$2.1B	trimmed−0%	−0.20 pp	19 q
MAMastercard Incorporated	2.96%	11,952,622	$1.8B	trimmed−9%	−0.17 pp	19 q
AIGAmerican International Group, Inc.	2.83%	29,042,029	$1.7B	added+8%	+0.04 pp	19 q
WFCWells Fargo & Co.	2.57%	25,860,274	$1.6B	added0%	+0.17 pp	19 q
WTWWillis Towers Watson Public Limited Company	2.54%	10,284,286	$1.5B	added+7%	+0.04 pp	8 q
HCAHCA Healthcare, Inc.	2.38%	16,512,145	$1.5B	added+16%	+0.46 pp	8 q
LBTYKLiberty Global Ltd. Class C	2.27%	41,047,039	$1.4B	added+70%	+0.94 pp	2 q
CHTRCharter Comm Inc Del CL A New	2.20%	3,989,853	$1.3B	added+89%	+0.90 pp	7 q
unresolvedGeneral Electric Co	2.16%	75,625,367	$1.3B	trimmed−14%	−1.43 pp	19 q
ALLYAlly Financial Inc.	1.93%	40,508,483	$1.2B	trimmed−0%	+0.27 pp	9 q
TVGrupo Televisa S.A.	1.79%	58,711,017	$1.1B	added+15%	−0.33 pp	9 q
BIDUBaidu, Inc.	1.67%	4,353,749	$1.0B	trimmed−29%	−0.89 pp	10 q
unresolvedFiat Chrysler Automobiles NV s	1.63%	55,748,141	$995M	trimmed−2%	−0.08 pp	11 q
DEODiageo plc	1.53%	6,410,325	$936M	trimmed−0%	+0.10 pp	19 q
9990302DApache Corp	1.31%	19,009,317	$803M	added+9%	−0.04 pp	19 q
CATCaterpillar Inc.	1.30%	5,024,562	$792M	trimmed−6%	+0.17 pp	17 q
COFCapital One Financial	1.29%	7,894,306	$786M	trimmed−2%	+0.13 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.29%	3,564,601	$786M	trimmed−9%	0.00 pp	19 q
NOVNOV Inc.	1.28%	21,681,884	$781M	added+12%	+0.11 pp	19 q
MGMMgm Resorts International	1.21%	22,214,034	$742M	added+6%	+0.05 pp	8 q
INTCIntel Corp	1.14%	15,136,920	$699M	trimmed−1%	+0.16 pp	19 q
VVISA Inc.	1.14%	6,098,477	$695M	trimmed−1%	+0.05 pp	19 q
CMCSAComcast Corp	1.11%	16,952,512	$679M	added+64%	+0.44 pp	19 q
CBRECbre Group, Inc.	1.07%	15,148,128	$656M	trimmed−2%	+0.08 pp	16 q
LBTYALiberty Global Ltd. Class A	1.04%	17,652,145	$633M	added+56%	+0.39 pp	2 q
unresolvedLiberty Interactive Corp	1.03%	25,651,705	$626M	trimmed−0%	+0.01 pp	19 q
AAPLApple Inc.	1.02%	3,684,788	$624M	trimmed−0%	+0.06 pp	19 q
STTState Street Corporation	1.02%	6,373,625	$622M	trimmed−0%	−0.01 pp	19 q
BAXBaxter International Inc.	0.95%	8,970,827	$580M	trimmed−12%	−0.13 pp	8 q
TXNTexas Instruments Incorporated	0.94%	5,520,492	$577M	trimmed−16%	−0.06 pp	19 q
CVSCvs Health Corporation	0.92%	7,757,853	$562M	added+55%	+0.23 pp	19 q
GOOGLAlphabet Inc. Class A	0.90%	521,456	$549M	added0%	+0.05 pp	9 q
INFYInfosys Limited	0.89%	33,451,925	$543M	added+7%	+0.12 pp	5 q
MCOMoody's Corporation	0.89%	3,684,097	$544M	added+1%	+0.03 pp	4 q
BNYBank of New York Mellon Corporation	0.86%	9,703,709	$523M	trimmed−0%	−0.01 pp	19 q
unresolvedPriceline Grp Inc	0.84%	296,416	$515M	added×4.5	+0.64 pp	5 q
unresolvedAon PLC	0.84%	3,847,763	$516M	trimmed−1%	−0.11 pp	19 q
ARNCHowmet Aerospace Inc.	0.82%	18,468,730	$503M	added+32%	+0.23 pp	4 q
PHParker-Hannifin Corporation	0.81%	2,487,520	$496M	trimmed−0%	+0.08 pp	19 q
DOVDover Corporation	0.77%	4,685,399	$473M	trimmed−5%	+0.01 pp	19 q
FDXFedEx Corporation	0.72%	1,758,984	$439M	trimmed−4%	+0.03 pp	19 q
AFLAflac Inc.	0.71%	4,925,243	$432M	trimmed−9%	−0.03 pp	19 q
unresolvedUnilever Spn.Adr 1:1	0.70%	7,729,289	$428M	trimmed−0%	−0.06 pp	19 q
FNFFidelity National Financial, Inc.	0.69%	10,721,670	$421M	trimmed−19%	−0.37 pp	14 q
KMXCarMax Inc.	0.68%	6,456,746	$414M	trimmed−8%	−0.22 pp	19 q
ADPAutomatic Data Processing	0.67%	3,512,017	$412M	added+6%	+0.06 pp	19 q
HOGHarley-Davidson, Inc.	0.66%	7,916,649	$403M	trimmed−0%	+0.02 pp	19 q
GSGoldman Sachs Group Inc.	0.64%	1,533,878	$391M	trimmed−2%	+0.01 pp	19 q
NFLXNetFlix Inc	0.63%	1,998,704	$384M	added+24%	+0.14 pp	2 q
APCAnadarko Petroleum Corp	0.62%	7,012,310	$376M	added0%	+0.04 pp	10 q
JPMJPMorgan Chase & Co.	0.62%	3,528,167	$377M	trimmed−68%	−1.15 pp	19 q
VISNVistance Networks, Inc.	0.55%	8,868,972	$336M	trimmed−1%	+0.05 pp	6 q
PMPhilip Morris International Inc.	0.54%	3,123,817	$330M	added0%	−0.04 pp	19 q
MDTMedtronic plc	0.53%	4,005,042	$323M	added+28%	+0.12 pp	12 q
IPGThe Interpublic Group of Companies, Inc.	0.51%	15,540,404	$313M	added+9%	+0.01 pp	15 q
CMICummins Inc.	0.49%	1,708,316	$302M	trimmed−26%	−0.16 pp	19 q
JLLJones Lang LaSalle, Inc.	0.48%	1,976,111	$294M	trimmed−2%	+0.06 pp	8 q
0WEWeatherford International plc	0.47%	69,103,790	$288M	added+22%	+0.03 pp	4 q
BWABorgWarner Inc.	0.44%	5,305,893	$271M	trimmed−8%	−0.06 pp	19 q
JCIJohnson Controls International plc	0.44%	7,060,238	$269M	new	+0.44 pp	new
unresolvedU S G Corp	0.43%	6,764,819	$261M	trimmed−1%	+0.05 pp	11 q
LEALear Corporation	0.42%	1,436,804	$254M	trimmed−0%	0.00 pp	19 q
NWSANews Corporation Class A	0.42%	15,869,038	$257M	trimmed−5%	+0.05 pp	16 q
CHKChesapeake Energy Corp	0.41%	63,229,451	$250M	trimmed−7%	−0.09 pp	13 q
HHCThe Howard Hughes Corporation	0.37%	1,722,490	$226M	added+8%	+0.05 pp	19 q
BKRBaker Hughes Company	0.33%	6,452,550	$204M	added+31%	+0.03 pp	2 q
CDWCDW Corporation	0.33%	2,869,166	$199M	trimmed−11%	−0.03 pp	10 q
WOOFoot Locker Inc	0.32%	4,198,730	$197M	trimmed−30%	−0.03 pp	19 q
ADNTAdient plc	0.32%	2,463,191	$194M	added×5.1	+0.25 pp	5 q
9991429DAptiv Irish Holdings Ltd	0.31%	2,245,520	$190M	new	+0.31 pp	new
unresolvedBlue Buffalo Pet Prods Inc	0.28%	5,293,766	$174M	trimmed−1%	+0.02 pp	3 q
LBRDKLiberty Broadband Corporation Class C	0.26%	1,894,533	$161M	added+5%	−0.03 pp	9 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.22%	10,009,933	$133M	trimmed−23%	−0.11 pp	3 q
WHRWhirlpool Corp.	0.21%	771,999	$130M	trimmed−61%	−0.40 pp	14 q
CHRWC.H. Robinson Worldwide, Inc.	0.19%	1,303,285	$116M	trimmed−4%	+0.01 pp	7 q
CRICarter's Inc.	0.19%	1,013,195	$119M	trimmed−1%	+0.02 pp	19 q
THCTenet Healthcare Corporation New	0.19%	7,471,011	$113M	trimmed−8%	−0.04 pp	19 q
LYVLive Nation Entertainment Inc.	0.18%	2,578,837	$110M	trimmed−30%	−0.09 pp	19 q
AALAmerican Airlines Group Inc.	0.17%	2,023,077	$105M	new	+0.17 pp	new
GLPIGaming and Leisure Properties, Inc.	0.17%	2,772,195	$103M	trimmed−2%	−0.01 pp	17 q
IQVIQVIA Holdings Inc.	0.17%	1,043,397	$102M	new	+0.17 pp	new
PDCEPDC Energy, Inc.	0.17%	2,027,933	$105M	added×16.6	+0.16 pp	2 q
PFGPrincipal Financial Group, Inc.	0.17%	1,450,153	$102M	trimmed−18%	−0.02 pp	19 q
CRTOCriteo S.A.	0.15%	3,589,800	$93M	added+76%	+0.01 pp	2 q
ANAutoNation, Inc.	0.14%	1,667,782	$86M	trimmed−61%	−0.20 pp	5 q
HRIHerc Holdings Inc.	0.14%	1,357,340	$85M	trimmed−4%	+0.02 pp	7 q
LWLamb Weston Holdings, Inc.	0.14%	1,537,703	$87M	trimmed−17%	−0.01 pp	3 q
BKIBlack Knight, Inc.	0.13%	1,792,869	$79M	new	+0.13 pp	new
unresolvedHsn Inc	0.11%	1,716,030	$69M	added+26%	+0.02 pp	19 q
BLQADBlackrock Inc	0.10%	123,047	$63M	trimmed−37%	−0.05 pp	19 q
AXTAAxalta Coating Systems Ltd.	0.10%	1,941,213	$63M	trimmed−3%	0.00 pp	9 q
WCCWesco International Inc.	0.08%	713,075	$49M	trimmed−1%	+0.01 pp	15 q
LIVNLivaNova PLC	0.08%	624,032	$50M	new	+0.08 pp	new
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.06%	4,315,700	$35M	added×5.4	+0.04 pp	2 q
DLPHBorgwarner Jersey Ltd	0.06%	748,503	$39M	new	+0.06 pp	new
BMYBristol-Myers Squibb Co.	0.05%	491,786	$30M	added+25%	+0.01 pp	2 q
OSKOshkosh Corp.	0.05%	365,370	$33M	trimmed−75%	−0.16 pp	12 q
EXPEExpedia Group, Inc.	0.04%	190,948	$23M	trimmed−0%	−0.01 pp	6 q
UNPUnion Pacific Corp.	0.04%	160,286	$21M	trimmed−2%	+0.01 pp	19 q
unresolvedQiagen N.V	0.04%	802,580	$25M	trimmed−2%	0.00 pp	4 q
FLSFlowserve Corporation	0.03%	383,244	$16M	trimmed−50%	−0.02 pp	13 q
MTWThe Manitowoc Company, Inc.	0.03%	428,116	$17M	new	+0.03 pp	new
WPPWpp PLC	0.03%	219,000	$20M	added+23%	0.00 pp	2 q
DXCDXC Technology Company	0.02%	158,753	$15M	new	+0.02 pp	new
AMTTd Ameritrade Holding Corp	0.02%	269,589	$14M	trimmed−95%	−0.40 pp	19 q
ABBVAbbvie Inc.	0.01%	42,100	$4M	trimmed−31%	0.00 pp	3 q
CLGXCorelogic, Inc.	0.01%	134,292	$6M	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	37,750	$3M	trimmed−98%	−0.30 pp	19 q
TIFTiffany & Co.	0.01%	39,353	$4M	trimmed−70%	−0.01 pp	19 q
USBU.S. Bancorp	0.01%	90,262	$5M	trimmed−10%	0.00 pp	19 q
AGCOAGCO Corporation	0.00%	16,975	$1M	trimmed−8%	0.00 pp	13 q
BIVVBioverativ Inc	0.00%	53,255	$3M	new	0.00 pp	new
BCBrunswick Corporation	0.00%	14,425	$797,000	new	0.00 pp	new
CVXChevron Corporation	0.00%	3,400	$426,000	added+70%	0.00 pp	6 q
unresolvedEllie Mae	0.00%	12,485	$1M	new	0.00 pp	new
HDHome Depot, Inc.	0.00%	3,150	$597,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	4,750	$793,000	trimmed−17%	0.00 pp	19 q
JNJJohnson & Johnson	0.00%	2,200	$307,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	2,515	$231,000	new	0.00 pp	new
QRVOQorvo, Inc.	0.00%	39,440	$3M	new	0.00 pp	new
LUVSouthwest Airlines Co.	0.00%	32,659	$2M	added+26%	0.00 pp	2 q
DATATableau Software, Inc.	0.00%	14,075	$974,000	trimmed−9%	0.00 pp	5 q
TRCOTribune Media Company Class A	0.00%	13,600	$578,000	trimmed−89%	−0.01 pp	12 q
TRNTrinity Industries, Inc.	0.00%	62,700	$2M	trimmed−8%	0.00 pp	3 q
SLCAU.s. Silica Holdings, Inc.	0.00%	6,800	$221,000	new	0.00 pp	new
QCOMQualcomm Inc	—	−4,432,481	—	exited	−0.39 pp	—
unresolvedDelphi Automotive PLC	—	−2,247,105	—	exited	−0.37 pp	—
unresolvedQuintiles Transnatio Hldgs I	—	−1,681,511	—	exited	−0.27 pp	—
unresolvedVwr Corp	—	−3,566,705	—	exited	−0.20 pp	—
MLCOMelco Resorts & Entertainment Limited	—	−2,840,959	—	exited	−0.12 pp	—
ITRIItron Inc	—	−771,403	—	exited	−0.10 pp	—
unresolvedManitowoc Inc	—	−6,589,849	—	exited	−0.10 pp	—
MLKNMillerKnoll, Inc.	—	−1,261,177	—	exited	−0.08 pp	—
GWWW.W. Grainger, Inc.	—	−98,618	—	exited	−0.03 pp	—
unresolvedExpress Scripts Hldg Co	—	−118,776	—	exited	−0.01 pp	—
OIIOceaneering International Inc.	—	−21,200	—	exited	0.00 pp	—
TMKGlobe Life Inc.	—	−10,050	—	exited	0.00 pp	—