Harris Associates (Oakmark)

Q4 2018 13F · by Bill Nygren, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $49.6B · prev $63.6B
Positions: 124 · prev 122
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

+8.4 pp in · −8.4 pp out

New 7 +1.20 pp
Added 40 +7.22 pp
Trimmed 73 −7.57 pp
Exited 5 −0.86 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions21% of US stock

GOOG Alphabet Inc. Class C trimmed+0.49 pp trimmed+0.494.8%
GM General Motors Company added+1.04 pp added+1.044.2%
BAC Bank of America Corporation added+0.31 pp added+0.314.0%
C Citigroup Inc. trimmed−0.47 pp trimmed−0.473.9%
0VQJL Te Connectivity Ltd trimmed+0.23 pp trimmed+0.233.7%

Positions124 in this filing · 5 exited


GOOGAlphabet Inc. Class C	4.80%	2,295,072	$2.4B	trimmed−0%	+0.49 pp	19 q
GMGeneral Motors Company	4.21%	62,412,310	$2.1B	added+4%	+1.04 pp	23 q
BACBank of America Corporation	4.03%	81,107,007	$2.0B	added+1%	+0.31 pp	23 q
CCitigroup Inc.	3.94%	37,552,566	$2.0B	trimmed−4%	−0.47 pp	20 q
0VQJLTe Connectivity Ltd	3.71%	24,345,438	$1.8B	trimmed−3%	+0.23 pp	23 q
CHTRCharter Comm Inc Del CL A New	3.58%	6,219,181	$1.8B	trimmed−7%	+0.15 pp	11 q
AIGAmerican International Group, Inc.	2.92%	36,697,379	$1.4B	trimmed−0%	−0.15 pp	23 q
MAMastercard Incorporated	2.77%	7,277,453	$1.4B	trimmed−20%	−0.41 pp	23 q
REGNRegeneron Pharmaceuticals Inc	2.27%	3,011,408	$1.1B	trimmed−5%	+0.25 pp	4 q
RYAAYRyanair Holdings plc	2.07%	14,358,251	$1.0B	added+39%	+0.51 pp	4 q
WFCWells Fargo & Co.	2.04%	21,950,927	$1.0B	trimmed−5%	+0.13 pp	23 q
HLTHilton Worldwide Holdings Inc.	1.91%	13,199,591	$948M	added+87%	+1.01 pp	4 q
unresolvedGeneral Electric Co	1.86%	121,783,710	$922M	added+35%	+0.26 pp	23 q
unresolvedFiat Chrysler Automobiles NV s	1.84%	63,059,845	$912M	added+8%	+0.24 pp	15 q
ALLYAlly Financial Inc.	1.81%	39,562,868	$896M	trimmed−0%	+0.17 pp	13 q
LBTYKLiberty Global Ltd. Class C	1.75%	42,007,872	$867M	trimmed−20%	−0.59 pp	6 q
NFLXNetFlix Inc	1.68%	3,109,548	$832M	added+91%	+0.72 pp	6 q
CMCSAComcast Corp	1.67%	24,376,857	$830M	trimmed−5%	+0.24 pp	23 q
HCAHCA Healthcare, Inc.	1.62%	6,442,798	$802M	trimmed−48%	−1.06 pp	12 q
CVSCvs Health Corporation	1.57%	11,875,407	$778M	trimmed−10%	−0.05 pp	23 q
ORCLOracle Corp	1.56%	17,119,378	$773M	trimmed−52%	−1.31 pp	23 q
TVGrupo Televisa S.A.	1.53%	60,148,738	$757M	added0%	−0.14 pp	13 q
WTWWillis Towers Watson Public Limited Company	1.48%	4,816,138	$731M	trimmed−51%	−0.68 pp	12 q
GOOGLAlphabet Inc. Class A	1.35%	638,098	$667M	trimmed−14%	−0.06 pp	13 q
AALAmerican Airlines Group Inc.	1.23%	18,951,352	$609M	added+14%	+0.15 pp	5 q
COFCapital One Financial	1.23%	8,070,530	$610M	added+6%	+0.10 pp	23 q
AAPLApple Inc.	1.21%	3,805,794	$600M	added+3%	−0.10 pp	23 q
DEODiageo plc	1.21%	4,219,074	$598M	trimmed−29%	−0.12 pp	23 q
APCAnadarko Petroleum Corp	1.20%	13,514,955	$592M	added+50%	+0.25 pp	14 q
NOVNOV Inc.	1.18%	22,820,259	$586M	added+2%	−0.34 pp	23 q
CBRECbre Group, Inc.	1.17%	14,433,299	$578M	added+7%	+0.24 pp	20 q
SCHWThe Charles Schwab Corporation	1.17%	13,940,097	$579M	added×3.0	+0.81 pp	2 q
BKNGBooking Holdings Inc.	1.13%	323,988	$558M	added+15%	+0.25 pp	4 q
VVISA Inc.	1.12%	4,195,267	$554M	trimmed−26%	−0.22 pp	23 q
unresolvedQurate Retail Inc	1.09%	27,610,598	$539M	trimmed−1%	+0.12 pp	3 q
LBTYALiberty Global Ltd. Class A	1.09%	25,294,509	$540M	added+9%	+0.03 pp	6 q
MCOMoody's Corporation	1.08%	3,805,977	$533M	trimmed−1%	+0.07 pp	8 q
CVECenovus Energy Inc.	1.05%	73,886,985	$519M	added+10%	−0.01 pp	4 q
9990302DApache Corp	1.04%	19,644,841	$516M	added+6%	−0.35 pp	23 q
STTState Street Corporation	1.04%	8,200,705	$517M	added+21%	+0.14 pp	23 q
BNYBank of New York Mellon Corporation	1.03%	10,826,019	$510M	added+5%	+0.21 pp	23 q
BIDUBaidu, Inc.	1.01%	3,155,245	$500M	added+50%	+0.25 pp	14 q
INTCIntel Corp	0.96%	10,131,163	$475M	trimmed−1%	+0.20 pp	23 q
MGMMgm Resorts International	0.94%	19,165,903	$465M	trimmed−12%	−0.01 pp	12 q
CATCaterpillar Inc.	0.90%	3,529,388	$448M	added+39%	+0.29 pp	21 q
LEALear Corporation	0.85%	3,424,807	$421M	added+66%	+0.38 pp	23 q
BMYBristol-Myers Squibb Co.	0.76%	7,242,366	$376M	trimmed−10%	−0.02 pp	6 q
METAMeta Platforms, Inc. Class A	0.75%	2,839,715	$372M	added+45%	+0.24 pp	4 q
PHParker-Hannifin Corporation	0.75%	2,490,145	$371M	trimmed−0%	+0.03 pp	23 q
BAXBaxter International Inc.	0.74%	5,585,064	$368M	trimmed−18%	−0.09 pp	12 q
TXNTexas Instruments Incorporated	0.73%	3,840,731	$363M	trimmed−0%	+0.08 pp	23 q
HALHalliburton Company	0.68%	12,660,135	$337M	new	+0.68 pp	new
ARNCHowmet Aerospace Inc.	0.62%	18,284,546	$308M	trimmed−6%	−0.05 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.62%	1,226,011	$305M	trimmed−55%	−0.52 pp	23 q
PMPhilip Morris International Inc.	0.56%	4,172,473	$279M	trimmed−1%	+0.02 pp	23 q
IPGThe Interpublic Group of Companies, Inc.	0.54%	13,084,919	$270M	trimmed−13%	0.00 pp	19 q
ADPAutomatic Data Processing	0.53%	2,010,938	$264M	trimmed−42%	−0.30 pp	23 q
CMICummins Inc.	0.50%	1,870,424	$250M	trimmed−1%	+0.06 pp	23 q
ITGartner, Inc.	0.49%	1,912,018	$244M	trimmed−1%	+0.01 pp	3 q
BWABorgWarner Inc.	0.47%	6,663,643	$231M	added+30%	+0.12 pp	23 q
DXCDXC Technology Company	0.47%	4,423,822	$235M	added+43%	+0.01 pp	5 q
GSGoldman Sachs Group Inc.	0.46%	1,364,085	$228M	trimmed−2%	−0.03 pp	23 q
WOOFoot Locker Inc	0.45%	4,153,230	$221M	trimmed−0%	+0.12 pp	23 q
LUVSouthwest Airlines Co.	0.45%	4,792,368	$223M	added+17%	+0.05 pp	6 q
JCIJohnson Controls International plc	0.45%	7,599,381	$225M	trimmed−35%	−0.20 pp	5 q
FDXFedEx Corporation	0.43%	1,311,528	$212M	trimmed−0%	−0.07 pp	23 q
EBAYeBay Inc	0.38%	6,635,330	$186M	new	+0.38 pp	new
LBRDKLiberty Broadband Corporation Class C	0.38%	2,638,986	$190M	trimmed−4%	+0.02 pp	13 q
NWSANews Corporation Class A	0.36%	15,819,883	$180M	added+46%	+0.13 pp	20 q
HHCThe Howard Hughes Corporation	0.34%	1,702,349	$166M	trimmed−4%	−0.01 pp	23 q
unresolvedAon PLC	0.34%	1,149,105	$167M	trimmed−50%	−0.22 pp	23 q
9991429DAptiv Irish Holdings Ltd	0.28%	2,248,290	$138M	trimmed−0%	−0.02 pp	5 q
CLGXCorelogic, Inc.	0.27%	4,029,333	$135M	trimmed−2%	−0.05 pp	5 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.27%	8,363,376	$135M	trimmed−8%	−0.01 pp	7 q
CSLCarlisle Companies, Inc.	0.25%	1,244,010	$125M	added+60%	+0.10 pp	4 q
LYVLive Nation Entertainment Inc.	0.25%	2,516,452	$124M	trimmed−1%	+0.03 pp	23 q
unresolvedU S G Corp	0.24%	2,803,502	$120M	trimmed−10%	+0.03 pp	15 q
GLPIGaming and Leisure Properties, Inc.	0.22%	3,317,187	$107M	added+7%	+0.05 pp	21 q
POSTPost Holdings, Inc.	0.22%	1,245,640	$111M	added+20%	+0.06 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.22%	2,928,771	$108M	added×5.3	+0.18 pp	2 q
THCTenet Healthcare Corporation New	0.21%	6,209,187	$106M	trimmed−17%	−0.13 pp	23 q
DOVDover Corporation	0.20%	1,378,079	$98M	trimmed−57%	−0.24 pp	23 q
CHKChesapeake Energy Corp	0.18%	41,888,380	$88M	trimmed−39%	−0.30 pp	17 q
CRICarter's Inc.	0.15%	909,818	$74M	trimmed−9%	−0.01 pp	23 q
ADTADT Inc.	0.14%	11,862,845	$71M	trimmed−35%	−0.13 pp	4 q
PDCEPDC Energy, Inc.	0.14%	2,348,459	$70M	trimmed−28%	−0.11 pp	6 q
BLQADBlackrock Inc	0.12%	148,897	$58M	added+17%	+0.03 pp	23 q
CRTOCriteo S.A.	0.12%	2,644,800	$60M	trimmed−19%	0.00 pp	6 q
APYChampionX Corporation	0.11%	1,933,860	$52M	trimmed−1%	−0.02 pp	3 q
LIVNLivaNova PLC	0.11%	586,142	$54M	trimmed−0%	0.00 pp	5 q
CDEVPermian Resources Corporation	0.10%	4,645,582	$51M	trimmed−21%	−0.10 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.09%	534,133	$45M	trimmed−10%	0.00 pp	11 q
QRVOQorvo, Inc.	0.09%	761,259	$46M	trimmed−30%	−0.04 pp	5 q
FLEXFlex Ltd.	0.09%	5,806,390	$44M	trimmed−75%	−0.39 pp	4 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.08%	7,195,950	$38M	added+6%	0.00 pp	6 q
CTRPTrip.com Group Limited	0.08%	1,515,900	$41M	new	+0.08 pp	new
unresolvedUnilever Spn.Adr 1:1	0.08%	781,436	$41M	trimmed−90%	−0.62 pp	23 q
WCCWesco International Inc.	0.07%	709,750	$34M	trimmed−0%	0.00 pp	19 q
THOThor Industries, Inc.	0.06%	559,822	$29M	added+29%	0.00 pp	3 q
KMXCarMax Inc.	0.05%	401,583	$25M	trimmed−81%	−0.19 pp	23 q
HRIHerc Holdings Inc.	0.05%	953,232	$25M	trimmed−28%	−0.06 pp	11 q
MDTMedtronic plc	0.05%	254,463	$23M	trimmed−93%	−0.53 pp	16 q
EFXEquifax, Incorporated	0.04%	234,908	$22M	added+14%	0.00 pp	3 q
ACAArcosa, Inc.	0.03%	513,506	$14M	new	+0.03 pp	new
CDWCDW Corporation	0.03%	164,353	$13M	trimmed−45%	−0.01 pp	14 q
MASMasco Corporation	0.03%	433,815	$13M	new	+0.03 pp	new
SLCAU.s. Silica Holdings, Inc.	0.03%	1,615,800	$16M	trimmed−30%	−0.04 pp	5 q
AXTAAxalta Coating Systems Ltd.	0.03%	602,461	$14M	trimmed−40%	−0.02 pp	13 q
TRNTrinity Industries, Inc.	0.02%	365,083	$8M	trimmed−48%	−0.02 pp	7 q
WPPWpp PLC	0.02%	158,000	$9M	trimmed−1%	0.00 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	0.02%	89,852	$9M	trimmed−57%	−0.02 pp	4 q
unresolvedEllie Mae	0.01%	106,000	$7M	added×2.3	0.00 pp	5 q
JPMJPMorgan Chase & Co.	0.01%	39,574	$4M	held	—	23 q
BKRBaker Hughes Company	0.00%	46,932	$1M	trimmed−98%	−0.13 pp	6 q
BCBrunswick Corporation	0.00%	13,100	$608,000	trimmed−1%	0.00 pp	5 q
CVXChevron Corporation	0.00%	2,000	$218,000	held	—	10 q
FBINFortune Brands Innovations, Inc.	0.00%	27,620	$1M	added+2%	0.00 pp	2 q
ITWIllinois Tool Works Inc.	0.00%	4,000	$507,000	held	—	23 q
MSFTMicrosoft Corp	0.00%	2,515	$255,000	added+1%	0.00 pp	23 q
RRCRange Resources Corp	0.00%	20,000	$191,000	held	—	4 q
SLBSLB Limited	0.00%	34,425	$1M	new	0.00 pp	new
AMTTd Ameritrade Holding Corp	0.00%	48,515	$2M	new	0.00 pp	new
USBU.S. Bancorp	0.00%	17,497	$800,000	trimmed−45%	0.00 pp	23 q
DLPHBorgwarner Jersey Ltd	0.00%	79,522	$1M	trimmed−98%	−0.19 pp	5 q
ADNTAdient plc	—	−5,510,757	—	exited	−0.34 pp	—
0WEWeatherford International plc	—	−71,800,681	—	exited	−0.31 pp	—
VISNVistance Networks, Inc.	—	−4,404,898	—	exited	−0.21 pp	—
JLLJones Lang LaSalle, Inc.	—	−1,950	—	exited	0.00 pp	—
PFGPrincipal Financial Group, Inc.	—	−5,350	—	exited	0.00 pp	—