Harris Associates (Oakmark)

Q1 2018 13F · by Bill Nygren, CIO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $59.9B · prev $61.1B
Positions: 128 · prev 130
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%

Moves139 since the prior filing

+7.9 pp in · −7.9 pp out

New 12 +3.39 pp
Added 47 +4.51 pp
Trimmed 66 −5.46 pp
Exited 14 −2.40 pp

The book

Diversified · behaves like 49 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

C Citigroup Inc. trimmed−0.37 pp trimmed−0.374.6%
0VQJL Te Connectivity Ltd trimmed+0.23 pp trimmed+0.234.2%
GOOG Alphabet Inc. Class C trimmed−0.33 pp trimmed−0.334.1%
BAC Bank of America Corporation trimmed−0.16 pp trimmed−0.164.0%
GM General Motors Company added−0.34 pp added−0.343.7%

Positions128 in this filing · 14 exited


CCitigroup Inc.	4.58%	40,630,638	$2.7B	trimmed−0%	−0.37 pp	17 q
0VQJLTe Connectivity Ltd	4.20%	25,162,779	$2.5B	trimmed−1%	+0.23 pp	20 q
GOOGAlphabet Inc. Class C	4.07%	2,363,905	$2.4B	trimmed−8%	−0.33 pp	16 q
BACBank of America Corporation	4.05%	80,881,113	$2.4B	trimmed−7%	−0.16 pp	20 q
GMGeneral Motors Company	3.70%	60,923,336	$2.2B	added+1%	−0.34 pp	20 q
ORCLOracle Corp	3.46%	45,250,857	$2.1B	added0%	−0.04 pp	20 q
MAMastercard Incorporated	3.29%	11,255,570	$2.0B	trimmed−6%	+0.33 pp	20 q
AIGAmerican International Group, Inc.	3.02%	33,208,625	$1.8B	added+14%	+0.19 pp	20 q
HCAHCA Healthcare, Inc.	2.72%	16,808,283	$1.6B	added+2%	+0.34 pp	9 q
WTWWillis Towers Watson Public Limited Company	2.71%	10,659,140	$1.6B	added+4%	+0.17 pp	9 q
CHTRCharter Comm Inc Del CL A New	2.43%	4,676,387	$1.5B	added+17%	+0.23 pp	8 q
WFCWells Fargo & Co.	2.20%	25,189,626	$1.3B	trimmed−3%	−0.37 pp	20 q
LBTYKLiberty Global Ltd. Class C	2.13%	41,875,670	$1.3B	added+2%	−0.14 pp	3 q
ALLYAlly Financial Inc.	1.83%	40,457,740	$1.1B	trimmed−0%	−0.10 pp	10 q
unresolvedFiat Chrysler Automobiles NV s	1.73%	50,510,151	$1.0B	trimmed−9%	+0.10 pp	12 q
CMCSAComcast Corp	1.65%	28,975,936	$990M	added+71%	+0.54 pp	20 q
BIDUBaidu, Inc.	1.63%	4,370,697	$975M	added0%	−0.04 pp	11 q
TVGrupo Televisa S.A.	1.59%	59,663,107	$952M	added+2%	−0.20 pp	10 q
unresolvedGeneral Electric Co	1.52%	67,385,799	$908M	trimmed−11%	−0.64 pp	20 q
NOVNOV Inc.	1.47%	23,907,039	$880M	added+10%	+0.19 pp	20 q
DEODiageo plc	1.41%	6,253,734	$847M	trimmed−2%	−0.12 pp	20 q
MGMMgm Resorts International	1.30%	22,204,669	$778M	trimmed−0%	+0.09 pp	9 q
GOOGLAlphabet Inc. Class A	1.28%	738,483	$766M	added+42%	+0.38 pp	10 q
COFCapital One Financial	1.26%	7,899,751	$757M	added0%	−0.03 pp	20 q
9990302DApache Corp	1.22%	18,995,147	$731M	trimmed−0%	−0.09 pp	20 q
INTCIntel Corp	1.22%	14,049,434	$732M	trimmed−7%	+0.08 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.22%	3,426,996	$733M	trimmed−4%	−0.07 pp	20 q
VVISA Inc.	1.22%	6,112,761	$731M	added0%	+0.08 pp	20 q
unresolvedLiberty Interactive Corp	1.20%	28,552,376	$719M	added+11%	+0.17 pp	20 q
CVSCvs Health Corporation	1.19%	11,429,785	$711M	added+47%	+0.27 pp	20 q
CBRECbre Group, Inc.	1.17%	14,863,034	$702M	trimmed−2%	+0.10 pp	17 q
AALAmerican Airlines Group Inc.	1.15%	13,290,582	$691M	added×6.6	+0.98 pp	2 q
AAPLApple Inc.	1.07%	3,813,826	$640M	added+4%	+0.05 pp	20 q
MCOMoody's Corporation	1.06%	3,927,421	$633M	added+7%	+0.17 pp	5 q
STTState Street Corporation	1.06%	6,376,075	$636M	added0%	+0.04 pp	20 q
BKNGBooking Holdings Inc.	1.04%	298,254	$620M	new	+1.04 pp	new
LBTYALiberty Global Ltd. Class A	0.99%	18,885,420	$591M	added+7%	−0.05 pp	3 q
REGNRegeneron Pharmaceuticals Inc	0.98%	1,700,033	$585M	new	+0.98 pp	new
NFLXNetFlix Inc	0.97%	1,972,436	$583M	trimmed−1%	+0.34 pp	3 q
APCAnadarko Petroleum Corp	0.91%	8,994,228	$543M	added+28%	+0.29 pp	11 q
BNYBank of New York Mellon Corporation	0.84%	9,707,454	$500M	added0%	−0.02 pp	20 q
unresolvedAon PLC	0.76%	3,239,826	$455M	trimmed−16%	−0.08 pp	20 q
BAXBaxter International Inc.	0.75%	6,918,821	$450M	trimmed−23%	−0.20 pp	9 q
unresolvedUnilever Spn.Adr 1:1	0.75%	8,088,079	$449M	added+5%	+0.05 pp	20 q
JCIJohnson Controls International plc	0.75%	12,772,840	$450M	added+81%	+0.31 pp	2 q
ARNCHowmet Aerospace Inc.	0.73%	18,846,942	$434M	added+2%	−0.09 pp	5 q
PHParker-Hannifin Corporation	0.71%	2,488,770	$426M	added0%	−0.10 pp	20 q
TXNTexas Instruments Incorporated	0.68%	3,907,030	$406M	trimmed−29%	−0.26 pp	20 q
ADPAutomatic Data Processing	0.67%	3,510,872	$398M	trimmed−0%	0.00 pp	20 q
FDXFedEx Corporation	0.65%	1,628,767	$391M	trimmed−7%	−0.07 pp	20 q
CATCaterpillar Inc.	0.64%	2,614,562	$385M	trimmed−48%	−0.66 pp	18 q
DOVDover Corporation	0.64%	3,922,209	$385M	trimmed−16%	−0.13 pp	20 q
KMXCarMax Inc.	0.61%	5,854,849	$363M	trimmed−9%	−0.07 pp	20 q
GSGoldman Sachs Group Inc.	0.60%	1,438,575	$362M	trimmed−6%	−0.04 pp	20 q
IPGThe Interpublic Group of Companies, Inc.	0.60%	15,670,474	$361M	added+1%	+0.09 pp	16 q
VISNVistance Networks, Inc.	0.59%	8,876,660	$355M	added0%	+0.04 pp	7 q
PMPhilip Morris International Inc.	0.58%	3,491,444	$347M	added+12%	+0.04 pp	20 q
MDTMedtronic plc	0.54%	3,994,873	$320M	trimmed−0%	+0.01 pp	13 q
ADNTAdient plc	0.48%	4,797,420	$287M	added+95%	+0.16 pp	6 q
LEALear Corporation	0.45%	1,436,804	$267M	held	—	20 q
LBRDKLiberty Broadband Corporation Class C	0.43%	3,011,107	$258M	added+59%	+0.17 pp	10 q
unresolvedU S G Corp	0.43%	6,429,382	$260M	trimmed−5%	0.00 pp	12 q
NWSANews Corporation Class A	0.42%	15,862,953	$251M	trimmed−0%	0.00 pp	17 q
BWABorgWarner Inc.	0.41%	4,941,193	$248M	trimmed−7%	−0.03 pp	20 q
HHCThe Howard Hughes Corporation	0.41%	1,775,075	$247M	added+3%	+0.04 pp	20 q
METAMeta Platforms, Inc. Class A	0.36%	1,350,095	$216M	new	+0.36 pp	new
JLLJones Lang LaSalle, Inc.	0.34%	1,179,045	$206M	trimmed−40%	−0.14 pp	9 q
AFLAflac Inc.	0.33%	4,551,884	$199M	trimmed−54%	−0.38 pp	20 q
unresolvedBlue Buffalo Pet Prods Inc	0.33%	4,963,543	$198M	trimmed−6%	+0.05 pp	4 q
FLEXFlex Ltd.	0.33%	12,242,945	$200M	new	+0.33 pp	new
CHKChesapeake Energy Corp	0.32%	63,464,251	$192M	added0%	−0.09 pp	14 q
WOOFoot Locker Inc	0.32%	4,158,130	$189M	trimmed−1%	0.00 pp	20 q
9991429DAptiv Irish Holdings Ltd	0.32%	2,246,985	$191M	added0%	+0.01 pp	2 q
CDWCDW Corporation	0.30%	2,522,924	$177M	trimmed−12%	−0.03 pp	11 q
THCTenet Healthcare Corporation New	0.30%	7,453,711	$181M	trimmed−0%	+0.11 pp	20 q
CLGXCorelogic, Inc.	0.29%	3,802,392	$172M	added×28.3	+0.28 pp	2 q
CMICummins Inc.	0.27%	984,736	$160M	trimmed−42%	−0.22 pp	20 q
PDCEPDC Energy, Inc.	0.25%	3,082,278	$151M	added+52%	+0.08 pp	3 q
0WEWeatherford International plc	0.24%	62,750,974	$144M	trimmed−9%	−0.23 pp	5 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.23%	9,480,468	$136M	trimmed−5%	+0.01 pp	4 q
RYAAYRyanair Holdings plc	0.21%	1,023,894	$126M	new	+0.21 pp	new
ADTADT Inc.	0.19%	14,491,835	$115M	new	+0.19 pp	new
FNFFidelity National Financial, Inc.	0.19%	2,778,668	$111M	trimmed−74%	−0.50 pp	15 q
LYVLive Nation Entertainment Inc.	0.18%	2,628,937	$111M	added+2%	0.00 pp	20 q
CHRWC.H. Robinson Worldwide, Inc.	0.17%	1,114,790	$104M	trimmed−14%	−0.02 pp	8 q
CRICarter's Inc.	0.17%	1,006,595	$105M	trimmed−1%	−0.02 pp	20 q
GLPIGaming and Leisure Properties, Inc.	0.17%	3,058,185	$102M	added+10%	0.00 pp	18 q
IQVIQVIA Holdings Inc.	0.16%	989,232	$97M	trimmed−5%	−0.01 pp	2 q
CRTOCriteo S.A.	0.15%	3,580,500	$93M	trimmed−0%	0.00 pp	3 q
LWLamb Weston Holdings, Inc.	0.15%	1,522,558	$89M	trimmed−1%	+0.01 pp	4 q
CVECenovus Energy Inc.	0.14%	9,755,372	$83M	new	+0.14 pp	new
HRIHerc Holdings Inc.	0.14%	1,276,111	$83M	trimmed−6%	0.00 pp	8 q
JPMJPMorgan Chase & Co.	0.14%	747,152	$82M	trimmed−79%	−0.48 pp	20 q
BKRBaker Hughes Company	0.13%	2,761,493	$77M	trimmed−57%	−0.20 pp	3 q
QRVOQorvo, Inc.	0.13%	1,090,380	$77M	added×27.6	+0.13 pp	2 q
BLQADBlackrock Inc	0.10%	112,466	$61M	trimmed−9%	0.00 pp	20 q
AXTAAxalta Coating Systems Ltd.	0.09%	1,730,266	$52M	trimmed−11%	−0.01 pp	10 q
LIVNLivaNova PLC	0.09%	623,957	$55M	trimmed−0%	+0.01 pp	2 q
BMYBristol-Myers Squibb Co.	0.07%	640,206	$40M	added+30%	+0.02 pp	3 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.07%	4,860,900	$40M	added+13%	+0.01 pp	3 q
WCCWesco International Inc.	0.07%	712,075	$44M	trimmed−0%	−0.01 pp	16 q
CSLCarlisle Companies, Inc.	0.06%	334,511	$35M	new	+0.06 pp	new
LUVSouthwest Airlines Co.	0.06%	632,630	$36M	added×19.4	+0.06 pp	3 q
DLPHBorgwarner Jersey Ltd	0.06%	748,503	$36M	held	—	2 q
HLTHilton Worldwide Holdings Inc.	0.04%	295,087	$23M	new	+0.04 pp	new
SLCAU.s. Silica Holdings, Inc.	0.04%	957,000	$24M	added×140.7	+0.04 pp	2 q
DXCDXC Technology Company	0.03%	157,043	$16M	trimmed−1%	+0.01 pp	2 q
FLSFlowserve Corporation	0.03%	373,157	$16M	trimmed−3%	0.00 pp	14 q
TRNTrinity Industries, Inc.	0.03%	514,158	$17M	added×8.2	+0.03 pp	4 q
WPPWpp PLC	0.03%	201,900	$16M	trimmed−8%	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.03%	169,710	$19M	new	+0.03 pp	new
unresolvedQiagen N.V	0.03%	537,580	$17M	trimmed−33%	−0.01 pp	5 q
EXPEExpedia Group, Inc.	0.02%	83,770	$9M	trimmed−56%	−0.02 pp	7 q
OSKOshkosh Corp.	0.02%	182,650	$14M	trimmed−50%	−0.03 pp	13 q
PFGPrincipal Financial Group, Inc.	0.02%	217,578	$13M	trimmed−85%	−0.15 pp	20 q
ABBVAbbvie Inc.	0.01%	41,300	$4M	trimmed−2%	0.00 pp	4 q
LBRDALiberty Broadband Corporation Class A	0.01%	95,900	$8M	new	+0.01 pp	new
USBU.S. Bancorp	0.01%	87,324	$4M	trimmed−3%	0.00 pp	20 q
AGCOAGCO Corporation	0.00%	16,150	$1M	trimmed−5%	0.00 pp	14 q
BCBrunswick Corporation	0.00%	13,825	$821,000	trimmed−4%	0.00 pp	2 q
CVXChevron Corporation	0.00%	2,000	$228,000	trimmed−41%	0.00 pp	7 q
unresolvedEllie Mae	0.00%	31,675	$3M	added×2.5	0.00 pp	2 q
HOGHarley-Davidson, Inc.	0.00%	69,414	$3M	trimmed−99%	−0.66 pp	20 q
ITWIllinois Tool Works Inc.	0.00%	4,750	$744,000	held	—	20 q
MSFTMicrosoft Corp	0.00%	3,150	$288,000	trimmed−92%	−0.01 pp	20 q
RRCRange Resources Corp	0.00%	20,000	$291,000	new	0.00 pp	new
AMTTd Ameritrade Holding Corp	0.00%	3,900	$231,000	trimmed−99%	−0.02 pp	20 q
DATATableau Software, Inc.	0.00%	19,475	$2M	added+38%	0.00 pp	6 q
INFYInfosys Limited	—	−33,451,925	—	exited	−0.89 pp	—
unresolvedPriceline Grp Inc	—	−296,416	—	exited	−0.84 pp	—
WHRWhirlpool Corp.	—	−771,999	—	exited	−0.21 pp	—
ANAutoNation, Inc.	—	−1,667,782	—	exited	−0.14 pp	—
BKIBlack Knight, Inc.	—	−1,792,869	—	exited	−0.13 pp	—
unresolvedHsn Inc	—	−1,716,030	—	exited	−0.11 pp	—
UNPUnion Pacific Corp.	—	−160,286	—	exited	−0.04 pp	—
MTWThe Manitowoc Company, Inc.	—	−428,116	—	exited	−0.03 pp	—
TIFTiffany & Co.	—	−39,353	—	exited	−0.01 pp	—
BIVVBioverativ Inc	—	−53,255	—	exited	0.00 pp	—
HDHome Depot, Inc.	—	−3,150	—	exited	0.00 pp	—
JNJJohnson & Johnson	—	−2,200	—	exited	0.00 pp	—
PGProcter & Gamble Company	—	−2,515	—	exited	0.00 pp	—
TRCOTribune Media Company Class A	—	−13,600	—	exited	0.00 pp	—