Harris Associates (Oakmark)

Q1 2020 13F · by Bill Nygren, CIO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $36.1B · prev $56.4B
Positions: 129 · 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%

Moves130 since the prior filing

+7.4 pp in · −7.5 pp out

New 6 +1.42 pp
Added 40 +5.95 pp
Trimmed 77 −6.21 pp
Exited 7 −1.26 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions129 in this filing · 7 exited


GOOGLAlphabet Inc. Class A	5.30%	1,646,531	$1.9B	added+26%	+2.19 pp	18 q
BACBank of America Corporation	4.54%	77,269,113	$1.6B	trimmed−6%	−0.57 pp	28 q
CHTRCharter Comm Inc Del CL A New	4.24%	3,510,834	$1.5B	trimmed−24%	+0.27 pp	16 q
CCitigroup Inc.	3.77%	32,302,824	$1.4B	trimmed−3%	−0.95 pp	25 q
GMGeneral Motors Company	3.48%	60,394,555	$1.3B	added+4%	−0.29 pp	28 q
0VQJLTe Connectivity Ltd	3.38%	19,380,176	$1.2B	trimmed−3%	−0.01 pp	28 q
REGNRegeneron Pharmaceuticals Inc	3.13%	2,317,018	$1.1B	trimmed−47%	+0.22 pp	9 q
BKNGBooking Holdings Inc.	3.08%	827,023	$1.1B	added+24%	+0.65 pp	9 q
MAMastercard Incorporated	2.64%	3,950,971	$954M	trimmed−7%	+0.40 pp	28 q
HLTHilton Worldwide Holdings Inc.	2.57%	13,572,913	$926M	trimmed−2%	−0.17 pp	9 q
GOOGAlphabet Inc. Class C	2.53%	785,215	$913M	trimmed−43%	−0.74 pp	24 q
NFLXNetFlix Inc	2.42%	2,326,713	$874M	trimmed−25%	+0.65 pp	11 q
RYAAYRyanair Holdings plc	2.29%	15,552,820	$826M	trimmed−15%	−0.54 pp	9 q
AIGAmerican International Group, Inc.	2.15%	31,973,014	$775M	added+9%	−0.53 pp	28 q
STZConstellation Brands, Inc.	2.10%	5,282,779	$757M	added+46%	+0.89 pp	5 q
CMCSAComcast Corp	2.01%	21,158,213	$727M	added+2%	+0.35 pp	28 q
METAMeta Platforms, Inc. Class A	1.88%	4,062,034	$678M	added+42%	+0.84 pp	9 q
MCOMoody's Corporation	1.63%	2,777,040	$587M	trimmed−21%	+0.14 pp	13 q
LBTYALiberty Global Ltd. Class A	1.62%	35,499,997	$586M	trimmed−4%	+0.13 pp	11 q
HCAHCA Healthcare, Inc.	1.48%	5,959,728	$535M	added+5%	−0.01 pp	17 q
CVSCvs Health Corporation	1.40%	8,536,855	$506M	trimmed−17%	+0.05 pp	28 q
ALLYAlly Financial Inc.	1.36%	34,060,522	$491M	trimmed−1%	−0.51 pp	18 q
AAgilent Technologies Inc.	1.33%	6,724,655	$482M	added×2.3	+0.89 pp	3 q
SCHWThe Charles Schwab Corporation	1.31%	14,041,074	$472M	trimmed−11%	−0.03 pp	7 q
CBRECbre Group, Inc.	1.22%	11,728,639	$442M	trimmed−1%	−0.06 pp	25 q
VVISA Inc.	1.14%	2,564,215	$413M	trimmed−0%	+0.28 pp	28 q
BIDUBaidu, Inc.	1.10%	3,924,679	$396M	trimmed−41%	−0.39 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	1.10%	2,171,379	$397M	added×2.5	+0.74 pp	2 q
COFCapital One Financial	1.10%	7,896,810	$398M	added+4%	−0.29 pp	28 q
TVGrupo Televisa S.A.	1.05%	65,329,458	$379M	added0%	−0.30 pp	18 q
CATCaterpillar Inc.	1.04%	3,237,828	$376M	trimmed−11%	+0.09 pp	26 q
ORCLOracle Corp	0.99%	7,389,037	$357M	trimmed−33%	−0.05 pp	28 q
unresolvedGeneral Electric Co	0.96%	43,554,577	$346M	trimmed−22%	−0.14 pp	28 q
STTState Street Corporation	0.96%	6,478,353	$345M	trimmed−14%	−0.09 pp	28 q
WFCWells Fargo & Co.	0.96%	12,091,647	$347M	added+10%	−0.09 pp	28 q
LEALear Corporation	0.91%	4,033,744	$328M	added+3%	−0.04 pp	28 q
HWMHowmet Aerospace Inc.	0.84%	18,971,832	$305M	added+12%	−0.09 pp	13 q
HUMHumana Inc.	0.79%	911,839	$286M	added+2%	+0.21 pp	3 q
LUVSouthwest Airlines Co.	0.78%	7,923,444	$282M	added+12%	+0.10 pp	11 q
LBTYKLiberty Global Ltd. Class C	0.78%	17,988,464	$283M	trimmed−14%	−0.03 pp	11 q
PMPhilip Morris International Inc.	0.75%	3,699,870	$270M	trimmed−3%	+0.18 pp	28 q
INTCIntel Corp	0.70%	4,681,046	$253M	trimmed−39%	−0.11 pp	28 q
PHParker-Hannifin Corporation	0.66%	1,843,783	$239M	trimmed−5%	−0.05 pp	28 q
OTEXOpen Text Corp	0.65%	6,834,700	$236M	trimmed−0%	+0.11 pp	3 q
AAPLApple Inc.	0.63%	897,987	$228M	trimmed−47%	−0.26 pp	28 q
LBRDKLiberty Broadband Corporation Class C	0.62%	2,015,515	$223M	trimmed−14%	+0.10 pp	18 q
CMICummins Inc.	0.60%	1,600,849	$217M	trimmed−12%	+0.02 pp	28 q
GSGoldman Sachs Group Inc.	0.60%	1,401,836	$217M	added+4%	+0.05 pp	28 q
MGMMgm Resorts International	0.59%	17,958,328	$212M	trimmed−3%	−0.50 pp	17 q
BWABorgWarner Inc.	0.58%	8,600,459	$210M	added+35%	+0.09 pp	28 q
TXNTexas Instruments Incorporated	0.58%	2,102,691	$210M	trimmed−11%	+0.04 pp	28 q
BNYBank of New York Mellon Corporation	0.57%	6,151,577	$207M	trimmed−9%	−0.03 pp	28 q
EOGEOG Resources, Inc.	0.55%	5,501,792	$198M	added+65%	+0.06 pp	4 q
SPGIS&P Global Inc.	0.55%	817,003	$200M	trimmed−5%	+0.13 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	0.54%	12,069,051	$195M	trimmed−5%	+0.02 pp	24 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.51%	733,568	$183M	trimmed−4%	+0.11 pp	28 q
CVECenovus Energy Inc.	0.50%	90,053,821	$180M	added+38%	−0.68 pp	9 q
PINSPinterest, Inc. Class A	0.50%	11,783,262	$182M	added×18.5	+0.48 pp	2 q
unresolvedFiat Chrysler Automobiles NV s	0.50%	25,169,038	$181M	trimmed−55%	−0.94 pp	20 q
AXPAmerican Express Company	0.49%	2,053,106	$176M	new	+0.49 pp	new
ITGartner, Inc.	0.49%	1,771,783	$176M	trimmed−5%	−0.02 pp	8 q
WDAYWorkday, Inc. Class A	0.49%	1,365,002	$178M	added×16.8	+0.47 pp	2 q
TCOMTrip.com Group Limited	0.46%	7,077,411	$166M	added×2.0	+0.25 pp	2 q
CXOConcho Resources Inc.	0.43%	3,590,218	$154M	trimmed−32%	−0.39 pp	4 q
EBAYeBay Inc	0.40%	4,792,331	$144M	trimmed−26%	−0.02 pp	6 q
unresolvedQurate Retail Inc	0.40%	23,666,156	$144M	added+5%	+0.06 pp	8 q
DXCDXC Technology Company	0.39%	10,741,173	$140M	added+46%	−0.10 pp	10 q
CLGXCorelogic, Inc.	0.37%	4,378,546	$134M	trimmed−4%	+0.01 pp	10 q
JCIJohnson Controls International plc	0.37%	4,985,763	$134M	trimmed−12%	−0.04 pp	10 q
LIVNLivaNova PLC	0.37%	2,988,553	$135M	added+11%	+0.01 pp	10 q
CSLCarlisle Companies, Inc.	0.36%	1,033,185	$129M	trimmed−8%	+0.04 pp	9 q
ADPAutomatic Data Processing	0.34%	895,453	$122M	trimmed−24%	−0.01 pp	28 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.34%	8,220,642	$123M	new	+0.34 pp	new
DEODiageo plc	0.32%	900,985	$115M	trimmed−34%	−0.09 pp	28 q
GLPIGaming and Leisure Properties, Inc.	0.30%	3,849,651	$107M	added+20%	+0.05 pp	26 q
HHCThe Howard Hughes Corporation	0.29%	2,072,119	$105M	added+9%	−0.14 pp	28 q
MTCHMatch Group, Inc	0.28%	1,542,219	$102M	new	+0.28 pp	new
POSTPost Holdings, Inc.	0.28%	1,236,717	$103M	trimmed−2%	+0.04 pp	7 q
9991429DAptiv Irish Holdings Ltd	0.28%	2,088,365	$103M	trimmed−5%	−0.09 pp	10 q
FDXFedEx Corporation	0.25%	746,160	$90M	trimmed−41%	−0.09 pp	28 q
THCTenet Healthcare Corporation New	0.25%	6,390,037	$92M	added+3%	−0.17 pp	28 q
LYVLive Nation Entertainment Inc.	0.24%	1,931,477	$88M	trimmed−4%	−0.02 pp	28 q
NOVNOV Inc.	0.24%	8,887,361	$87M	trimmed−19%	−0.25 pp	28 q
9990302DApache Corp	0.23%	19,841,374	$83M	trimmed−4%	−0.70 pp	28 q
WOOFoot Locker Inc	0.22%	3,570,770	$79M	trimmed−1%	−0.03 pp	28 q
HALHalliburton Company	0.20%	10,642,555	$73M	trimmed−8%	−0.30 pp	6 q
RGAReinsurance Group of America, Incorporated	0.20%	865,330	$73M	new	+0.20 pp	new
BLQADBlackrock Inc	0.18%	147,622	$65M	added+1%	+0.05 pp	28 q
CRICarter's Inc.	0.18%	1,001,246	$66M	trimmed−1%	−0.02 pp	28 q
FANGDiamondback Energy, Inc.	0.18%	2,509,164	$66M	trimmed−28%	−0.39 pp	4 q
TRNTrinity Industries, Inc.	0.15%	3,278,092	$53M	trimmed−2%	+0.02 pp	12 q
THOThor Industries, Inc.	0.14%	1,187,212	$50M	added+81%	+0.05 pp	8 q
AMTTd Ameritrade Holding Corp	0.13%	1,356,625	$47M	added×33.3	+0.13 pp	6 q
BABAAlibaba Group Holding Limited	0.11%	202,125	$39M	new	+0.11 pp	new
ALVAutoliv, Inc.	0.08%	614,405	$28M	added+33%	+0.01 pp	5 q
BBBlackBerry Limited	0.08%	6,701,100	$27M	trimmed−11%	−0.01 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.08%	287,910	$29M	added×3.7	+0.06 pp	9 q
DLPHBorgwarner Jersey Ltd	0.08%	3,540,187	$28M	trimmed−5%	0.00 pp	10 q
ACAArcosa, Inc.	0.07%	599,518	$24M	trimmed−1%	+0.02 pp	6 q
HRIHerc Holdings Inc.	0.07%	1,282,841	$26M	added+10%	−0.03 pp	16 q
MASMasco Corporation	0.07%	737,360	$25M	trimmed−4%	0.00 pp	6 q
NDAQNasdaq, Inc.	0.06%	246,355	$23M	added+15%	+0.02 pp	4 q
PDCEPDC Energy, Inc.	0.06%	3,357,357	$21M	added×2.5	0.00 pp	11 q
ADTADT Inc.	0.05%	3,862,525	$17M	trimmed−60%	−0.08 pp	9 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.05%	4,791,188	$16M	trimmed−19%	−0.06 pp	11 q
APYChampionX Corporation	0.04%	2,520,057	$14M	trimmed−0%	−0.11 pp	8 q
CHRWC.H. Robinson Worldwide, Inc.	0.04%	196,475	$13M	trimmed−38%	0.00 pp	16 q
EFXEquifax, Incorporated	0.04%	133,088	$16M	trimmed−34%	−0.01 pp	8 q
GILGildan Activewear Inc.	0.04%	1,030,300	$13M	added+77%	+0.01 pp	2 q
DOVDover Corporation	0.03%	109,436	$9M	trimmed−6%	+0.01 pp	28 q
QRVOQorvo, Inc.	0.03%	130,199	$10M	trimmed−4%	0.00 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.03%	262,110	$13M	trimmed−65%	−0.05 pp	7 q
BAXBaxter International Inc.	0.02%	106,795	$9M	trimmed−43%	−0.01 pp	17 q
CDKCDK Global, Inc.	0.02%	254,023	$8M	trimmed−5%	−0.01 pp	3 q
WABWabtec Inc.	0.02%	136,260	$7M	trimmed−72%	−0.05 pp	5 q
JPMJPMorgan Chase & Co.	0.01%	21,137	$2M	trimmed−43%	0.00 pp	28 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.01%	267,175	$2M	trimmed−96%	−0.22 pp	12 q
BCBrunswick Corporation	0.00%	10,450	$370,000	trimmed−4%	0.00 pp	10 q
CDEVPermian Resources Corporation	0.00%	2,491,460	$655,000	trimmed−40%	−0.03 pp	8 q
ETRAE*trade Financial Corp	0.00%	25,825	$886,000	held	—	5 q
FBINFortune Brands Innovations, Inc.	0.00%	9,970	$431,000	trimmed−49%	0.00 pp	7 q
HUBSHubspot, Inc.	0.00%	4,412	$588,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	3,100	$441,000	held	—	28 q
LBRDALiberty Broadband Corporation Class A	0.00%	15,000	$2M	held	—	2 q
MANManpowerGroup	0.00%	11,565	$613,000	added+1%	0.00 pp	5 q
MSFTMicrosoft Corp	0.00%	2,500	$394,000	held	—	28 q
CRMSalesforce, Inc.	0.00%	3,200	$461,000	held	—	3 q
SLCAU.s. Silica Holdings, Inc.	0.00%	380,600	$685,000	held	—	10 q
AXTAAxalta Coating Systems Ltd.	0.00%	20,655	$357,000	trimmed−94%	−0.02 pp	18 q
AALAmerican Airlines Group Inc.	—	−16,925,979	—	exited	−0.86 pp	—
WTWWillis Towers Watson Public Limited Company	—	−427,194	—	exited	−0.15 pp	—
WCCWesco International Inc.	—	−914,751	—	exited	−0.10 pp	—
unresolvedAon PLC	—	−237,977	—	exited	−0.09 pp	—
CRTOCriteo S.A.	—	−1,816,800	—	exited	−0.06 pp	—
KMXCarMax Inc.	—	−8,575	—	exited	0.00 pp	—
USBU.S. Bancorp	—	−3,400	—	exited	0.00 pp	—