Harris Associates (Oakmark)

Q2 2019 13F · by Bill Nygren, CIO

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $54.4B · prev $54.5B
Positions: 127 · prev 127
Options notional: $9M
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%

Moves131 since the prior filing

+3.7 pp in · −3.6 pp out

New 4 +1.67 pp
Added 38 +1.98 pp
Trimmed 83 −3.41 pp
Exited 4 −0.24 pp

Options: 2 moves on a notional base, in the table below.

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions22% of US stock

BAC Bank of America Corporation added+0.25 pp added+0.254.8%
C Citigroup Inc. trimmed+0.38 pp trimmed+0.384.7%
GOOG Alphabet Inc. Class C trimmed−0.41 pp trimmed−0.414.4%
GM General Motors Company trimmed+0.08 pp trimmed+0.084.3%
CHTR Charter Comm Inc Del CL A New trimmed+0.34 pp trimmed+0.344.0%

Positions127 in this filing · 4 exited


BACBank of America Corporation	4.76%	89,242,115	$2.6B	added0%	+0.25 pp	25 q
CCitigroup Inc.	4.66%	36,163,994	$2.5B	trimmed−4%	+0.38 pp	22 q
GOOGAlphabet Inc. Class C	4.42%	2,221,902	$2.4B	trimmed−1%	−0.41 pp	21 q
GMGeneral Motors Company	4.28%	60,441,886	$2.3B	trimmed−2%	+0.08 pp	25 q
CHTRCharter Comm Inc Del CL A New	4.04%	5,564,234	$2.2B	trimmed−4%	+0.34 pp	13 q
0VQJLTe Connectivity Ltd	3.89%	22,115,695	$2.1B	trimmed−7%	+0.38 pp	25 q
AIGAmerican International Group, Inc.	3.13%	31,900,505	$1.7B	trimmed−10%	+0.33 pp	25 q
MAMastercard Incorporated	2.80%	5,762,663	$1.5B	trimmed−12%	−0.04 pp	25 q
HLTHilton Worldwide Holdings Inc.	2.52%	14,042,808	$1.4B	trimmed−3%	+0.32 pp	6 q
RYAAYRyanair Holdings plc	2.34%	19,878,084	$1.3B	added+21%	+0.07 pp	6 q
REGNRegeneron Pharmaceuticals Inc	2.25%	3,914,719	$1.2B	added+47%	+0.24 pp	6 q
BKNGBooking Holdings Inc.	2.18%	632,410	$1.2B	added+13%	+0.38 pp	6 q
ALLYAlly Financial Inc.	2.12%	37,230,016	$1.2B	trimmed−1%	+0.22 pp	15 q
NFLXNetFlix Inc	2.08%	3,072,396	$1.1B	trimmed−1%	+0.05 pp	8 q
CMCSAComcast Corp	1.79%	22,961,284	$971M	trimmed−4%	+0.03 pp	25 q
unresolvedGeneral Electric Co	1.62%	83,888,402	$881M	trimmed−3%	+0.03 pp	25 q
LBTYALiberty Global Ltd. Class A	1.60%	32,286,189	$871M	added0%	+0.13 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	1.58%	62,280,758	$861M	trimmed−2%	−0.15 pp	17 q
COFCapital One Financial	1.40%	8,404,128	$763M	added+1%	+0.15 pp	25 q
HCAHCA Healthcare, Inc.	1.32%	5,295,402	$716M	trimmed−4%	0.00 pp	14 q
MCOMoody's Corporation	1.29%	3,603,472	$704M	trimmed−1%	+0.08 pp	10 q
CVSCvs Health Corporation	1.26%	12,559,007	$684M	added+2%	+0.04 pp	25 q
STZConstellation Brands, Inc.	1.24%	3,427,533	$675M	added+45%	+0.48 pp	2 q
AAPLApple Inc.	1.22%	3,351,123	$663M	trimmed−13%	−0.13 pp	25 q
BIDUBaidu, Inc.	1.22%	5,671,390	$666M	added+38%	−0.02 pp	16 q
ORCLOracle Corp	1.22%	11,639,628	$663M	trimmed−4%	+0.03 pp	25 q
LBTYKLiberty Global Ltd. Class C	1.22%	24,912,336	$661M	trimmed−25%	−0.25 pp	8 q
GOOGLAlphabet Inc. Class A	1.20%	601,416	$651M	trimmed−5%	−0.17 pp	15 q
CBRECbre Group, Inc.	1.19%	12,610,231	$647M	trimmed−5%	−0.02 pp	22 q
SCHWThe Charles Schwab Corporation	1.18%	15,950,124	$641M	added+4%	−0.03 pp	4 q
AALAmerican Airlines Group Inc.	1.10%	18,289,405	$596M	trimmed−3%	0.00 pp	7 q
VVISA Inc.	1.10%	3,459,389	$600M	trimmed−12%	−0.02 pp	25 q
9990302DApache Corp	1.03%	19,251,673	$558M	trimmed−3%	−0.24 pp	25 q
MGMMgm Resorts International	1.00%	18,952,172	$541M	trimmed−0%	+0.11 pp	14 q
WTWWillis Towers Watson Public Limited Company	0.99%	2,801,402	$537M	trimmed−40%	−0.53 pp	14 q
METAMeta Platforms, Inc. Class A	0.98%	2,760,263	$533M	trimmed−5%	+0.09 pp	6 q
WFCWells Fargo & Co.	0.98%	11,230,780	$531M	trimmed−13%	−0.17 pp	25 q
CVECenovus Energy Inc.	0.97%	59,832,619	$529M	trimmed−13%	−0.13 pp	6 q
TVGrupo Televisa S.A.	0.94%	60,472,628	$510M	trimmed−0%	−0.29 pp	15 q
LEALear Corporation	0.93%	3,628,064	$505M	added+5%	+0.07 pp	25 q
CATCaterpillar Inc.	0.90%	3,596,248	$490M	trimmed−0%	0.00 pp	23 q
ARNCHowmet Aerospace Inc.	0.85%	17,917,694	$463M	trimmed−2%	+0.21 pp	10 q
INTCIntel Corp	0.84%	9,529,152	$456M	trimmed−0%	−0.10 pp	25 q
STTState Street Corporation	0.84%	8,160,633	$457M	trimmed−1%	−0.15 pp	25 q
TXNTexas Instruments Incorporated	0.78%	3,691,142	$424M	trimmed−3%	+0.04 pp	25 q
CXOConcho Resources Inc.	0.74%	3,900,576	$402M	new	+0.74 pp	new
PHParker-Hannifin Corporation	0.73%	2,339,861	$398M	trimmed−6%	−0.05 pp	25 q
BNYBank of New York Mellon Corporation	0.63%	7,734,648	$341M	trimmed−22%	−0.28 pp	25 q
HALHalliburton Company	0.63%	14,994,879	$341M	added+11%	−0.10 pp	3 q
DEODiageo plc	0.60%	1,902,321	$328M	trimmed−17%	−0.09 pp	25 q
CMICummins Inc.	0.59%	1,862,918	$319M	trimmed−1%	+0.05 pp	25 q
FANGDiamondback Energy, Inc.	0.59%	2,927,973	$319M	new	+0.59 pp	new
NOVNOV Inc.	0.58%	14,293,080	$318M	trimmed−38%	−0.55 pp	25 q
PMPhilip Morris International Inc.	0.57%	3,969,343	$312M	trimmed−1%	−0.08 pp	25 q
unresolvedQurate Retail Inc	0.57%	24,935,924	$309M	trimmed−8%	−0.22 pp	5 q
LUVSouthwest Airlines Co.	0.57%	6,075,345	$309M	added+7%	+0.03 pp	8 q
ITGartner, Inc.	0.56%	1,908,280	$307M	trimmed−0%	+0.03 pp	5 q
ADPAutomatic Data Processing	0.55%	1,796,627	$297M	trimmed−10%	−0.04 pp	25 q
IPGThe Interpublic Group of Companies, Inc.	0.53%	12,772,033	$289M	trimmed−3%	+0.02 pp	21 q
BWABorgWarner Inc.	0.51%	6,575,139	$276M	added0%	+0.05 pp	25 q
GSGoldman Sachs Group Inc.	0.51%	1,352,287	$277M	trimmed−0%	+0.03 pp	25 q
JCIJohnson Controls International plc	0.50%	6,618,131	$273M	trimmed−11%	0.00 pp	7 q
LBRDKLiberty Broadband Corporation Class C	0.49%	2,559,727	$267M	trimmed−3%	+0.05 pp	15 q
EBAYeBay Inc	0.48%	6,643,647	$262M	added0%	+0.03 pp	3 q
HHCThe Howard Hughes Corporation	0.44%	1,934,527	$240M	added+16%	+0.10 pp	25 q
FDXFedEx Corporation	0.40%	1,309,497	$215M	added0%	−0.04 pp	25 q
SPGIS&P Global Inc.	0.37%	880,665	$201M	added0%	+0.03 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.37%	821,115	$200M	trimmed−1%	−0.01 pp	25 q
LIVNLivaNova PLC	0.34%	2,574,414	$185M	added+57%	+0.05 pp	7 q
9991429DAptiv Irish Holdings Ltd	0.33%	2,251,003	$182M	added0%	0.00 pp	7 q
EOGEOG Resources, Inc.	0.32%	1,840,873	$171M	new	+0.32 pp	new
CSLCarlisle Companies, Inc.	0.31%	1,193,309	$168M	trimmed−3%	+0.03 pp	6 q
CLGXCorelogic, Inc.	0.29%	3,812,273	$159M	trimmed−4%	+0.02 pp	7 q
WOOFoot Locker Inc	0.28%	3,600,755	$151M	added0%	−0.12 pp	25 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.28%	6,778,737	$150M	trimmed−15%	0.00 pp	9 q
LYVLive Nation Entertainment Inc.	0.26%	2,110,182	$140M	trimmed−1%	+0.01 pp	25 q
GLPIGaming and Leisure Properties, Inc.	0.24%	3,281,136	$128M	trimmed−1%	+0.01 pp	23 q
THCTenet Healthcare Corporation New	0.24%	6,245,537	$129M	added+4%	−0.08 pp	25 q
POSTPost Holdings, Inc.	0.23%	1,206,012	$125M	trimmed−4%	−0.02 pp	4 q
BAXBaxter International Inc.	0.22%	1,484,646	$122M	trimmed−48%	−0.20 pp	14 q
CHKChesapeake Energy Corp	0.22%	62,131,994	$121M	added+47%	−0.02 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.19%	2,701,091	$106M	trimmed−8%	−0.03 pp	4 q
CRICarter's Inc.	0.16%	904,931	$88M	trimmed−0%	−0.01 pp	25 q
NWSANews Corporation Class A	0.16%	6,595,652	$89M	trimmed−60%	−0.22 pp	22 q
PDCEPDC Energy, Inc.	0.16%	2,389,476	$86M	added+14%	0.00 pp	8 q
DLPHBorgwarner Jersey Ltd	0.14%	3,815,303	$76M	added0%	+0.01 pp	7 q
ADTADT Inc.	0.13%	11,569,071	$71M	trimmed−18%	−0.04 pp	6 q
APYChampionX Corporation	0.13%	2,098,628	$70M	added+9%	−0.01 pp	5 q
BLQADBlackrock Inc	0.13%	145,852	$68M	trimmed−4%	+0.01 pp	25 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.12%	6,792,450	$64M	trimmed−3%	+0.01 pp	8 q
AMTTd Ameritrade Holding Corp	0.12%	1,273,845	$64M	added×22.2	+0.11 pp	3 q
unresolvedAon PLC	0.11%	316,841	$61M	trimmed−7%	0.00 pp	25 q
ALVAutoliv, Inc.	0.09%	660,200	$47M	added+78%	+0.04 pp	2 q
HRIHerc Holdings Inc.	0.09%	1,110,486	$51M	added+7%	+0.02 pp	13 q
TRNTrinity Industries, Inc.	0.09%	2,377,850	$49M	added×2.7	+0.05 pp	9 q
WCCWesco International Inc.	0.09%	915,276	$46M	added+29%	+0.02 pp	21 q
CRTOCriteo S.A.	0.08%	2,399,800	$41M	trimmed−1%	−0.01 pp	8 q
THOThor Industries, Inc.	0.07%	647,982	$38M	added0%	0.00 pp	5 q
WABWabtec Inc.	0.07%	507,272	$36M	added×2.5	+0.04 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.06%	412,823	$35M	trimmed−4%	−0.01 pp	13 q
CDEVPermian Resources Corporation	0.06%	4,572,136	$35M	added+7%	−0.01 pp	5 q
MASMasco Corporation	0.06%	855,320	$34M	added+35%	+0.01 pp	3 q
KMXCarMax Inc.	0.05%	296,926	$26M	trimmed−22%	0.00 pp	25 q
EFXEquifax, Incorporated	0.05%	219,012	$30M	trimmed−8%	0.00 pp	5 q
ACAArcosa, Inc.	0.04%	613,231	$23M	added+2%	+0.01 pp	3 q
DXCDXC Technology Company	0.04%	398,576	$22M	trimmed−91%	−0.49 pp	7 q
DOVDover Corporation	0.04%	236,042	$24M	trimmed−13%	−0.01 pp	25 q
SLCAU.s. Silica Holdings, Inc.	0.03%	1,467,900	$19M	trimmed−11%	−0.02 pp	7 q
AXTAAxalta Coating Systems Ltd.	0.03%	503,911	$15M	trimmed−14%	0.00 pp	15 q
NDAQNasdaq, Inc.	0.02%	104,625	$10M	new	+0.02 pp	new
QRVOQorvo, Inc.	0.02%	138,984	$9M	trimmed−5%	0.00 pp	7 q
WPPWpp PLC	0.02%	146,300	$9M	trimmed−2%	+0.01 pp	8 q
ZBHZimmer Biomet Holdings, Inc.	0.02%	86,087	$10M	trimmed−1%	0.00 pp	6 q
BMYBristol-Myers Squibb Co.	0.01%	121,824	$6M	trimmed−86%	−0.07 pp	8 q
JPMJPMorgan Chase & Co.	0.01%	38,216	$4M	trimmed−2%	0.00 pp	25 q
APCAnadarko Petroleum Corp	0.00%	4,070	$287,000	trimmed−100%	−1.15 pp	16 q
BKRBaker Hughes Company	0.00%	31,632	$779,000	trimmed−28%	0.00 pp	8 q
BCBrunswick Corporation	0.00%	11,450	$525,000	trimmed−11%	0.00 pp	7 q
ETRAE*trade Financial Corp	0.00%	27,200	$1M	added+1%	0.00 pp	2 q
FBINFortune Brands Innovations, Inc.	0.00%	29,245	$2M	trimmed−8%	0.00 pp	4 q
ITWIllinois Tool Works Inc.	0.00%	3,100	$468,000	trimmed−23%	0.00 pp	25 q
MANManpowerGroup	0.00%	12,815	$1M	trimmed−10%	0.00 pp	2 q
MSFTMicrosoft Corp	0.00%	2,500	$335,000	held	—	25 q
RRCRange Resources Corp	0.00%	20,000	$140,000	held	—	6 q
SLBSLB Limited	0.00%	48,250	$2M	added+35%	0.00 pp	3 q
USBU.S. Bancorp	0.00%	10,691	$560,000	trimmed−34%	0.00 pp	25 q
unresolvedUnilever Spn.Adr 1:1	0.00%	11,000	$682,000	trimmed−92%	−0.01 pp	25 q
unresolvedU S G Corp	—	−1,635,702	—	exited	−0.13 pp	—
0WEWeatherford International plc	—	−67,000,000	—	exited	−0.09 pp	—
CDWCDW Corporation	—	−115,000	—	exited	−0.02 pp	—
CVXChevron Corporation	—	−2,000	—	exited	0.00 pp	—