Harris Associates (Oakmark)

Q3 2025 13F · by Bill Nygren, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $62.4B · prev $61.5B
Positions: 177 · prev 171
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%

Moves172 since the prior filing

+5.3 pp in · −5.3 pp out

New 18 +1.06 pp
Added 41 +4.26 pp
Trimmed 101 −4.83 pp
Exited 12 −0.48 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions177 in this filing · 12 exited


GOOGLAlphabet Inc. Class A	4.45%	11,407,227	$2.8B	trimmed−28%	−0.06 pp	40 q
IQVIQVIA Holdings Inc.	3.47%	11,387,265	$2.2B	trimmed−3%	+0.46 pp	10 q
SCHWThe Charles Schwab Corporation	3.25%	21,235,618	$2.0B	trimmed−8%	−0.16 pp	29 q
COFCapital One Financial	3.08%	9,025,271	$1.9B	trimmed−10%	−0.40 pp	50 q
ABNBAirbnb, Inc. Class A	3.01%	15,453,931	$1.9B	added+9%	−0.05 pp	4 q
WBDWarner Bros. Discovery, Inc. Series A	3.00%	95,960,593	$1.9B	trimmed−12%	+0.97 pp	13 q
PSXPhillips 66	2.97%	13,640,378	$1.9B	added+1%	+0.36 pp	9 q
COPConocoPhillips	2.86%	18,864,278	$1.8B	trimmed−3%	+0.03 pp	19 q
ICEIntercontinental Exchange Inc.	2.75%	10,195,719	$1.7B	trimmed−1%	−0.31 pp	18 q
CRMSalesforce, Inc.	2.68%	7,046,580	$1.7B	added×2.4	+1.35 pp	19 q
KDPKeurig Dr Pepper Inc.	2.56%	62,619,103	$1.6B	added+33%	+0.03 pp	6 q
EFXEquifax, Incorporated	2.40%	5,833,688	$1.5B	added+14%	+0.25 pp	30 q
WTWWillis Towers Watson Public Limited Company	2.38%	4,294,607	$1.5B	added+13%	+0.49 pp	19 q
BACBank of America Corporation	2.25%	27,154,620	$1.4B	trimmed−8%	−0.01 pp	50 q
CCitigroup Inc.	2.25%	13,813,507	$1.4B	trimmed−14%	+0.02 pp	47 q
AIGAmerican International Group, Inc.	2.24%	17,792,652	$1.4B	added+3%	−0.16 pp	50 q
FCNCAFirst Citizens BancShares Inc	2.11%	737,317	$1.3B	added0%	−0.23 pp	19 q
GMGeneral Motors Company	2.06%	21,050,724	$1.3B	trimmed−17%	+0.04 pp	50 q
CBRECbre Group, Inc.	1.74%	6,889,975	$1.1B	trimmed−24%	−0.33 pp	47 q
ALLYAlly Financial Inc.	1.70%	26,998,441	$1.1B	added+1%	0.00 pp	40 q
ELVElevance Health, Inc.	1.65%	3,189,624	$1.0B	added+39%	+0.20 pp	4 q
DEDeere & Company	1.58%	2,156,188	$986M	trimmed−1%	−0.23 pp	7 q
CHTRCharter Comm Inc Del CL A New	1.54%	3,494,551	$961M	trimmed−5%	−0.90 pp	38 q
AMZNAmazon.Com Inc	1.53%	4,352,250	$956M	trimmed−7%	−0.15 pp	16 q
WFCWells Fargo & Co.	1.45%	10,802,260	$905M	trimmed−6%	−0.04 pp	50 q
STTState Street Corporation	1.42%	7,621,051	$884M	trimmed0%	+0.10 pp	50 q
TELTE Connectivity plc	1.41%	4,007,606	$880M	trimmed−27%	−0.10 pp	5 q
FISVFiserv, Inc.	1.40%	6,764,074	$872M	added+27%	−0.09 pp	20 q
CNHCnh Industrial N.v.	1.38%	79,328,327	$861M	added0%	−0.29 pp	20 q
GEHCGE HealthCare Technologies Inc.	1.33%	11,021,328	$828M	added+14%	+0.17 pp	6 q
MRKMerck & Co., Inc.	1.32%	9,823,608	$824M	added+8%	+0.14 pp	5 q
MPCMarathon Petroleum Corporation	1.24%	4,005,582	$772M	trimmed−3%	+0.12 pp	3 q
DALDelta Air Lines, Inc.	1.23%	13,521,870	$767M	trimmed−4%	+0.11 pp	7 q
TRGPTarga Resources Corp.	1.12%	4,155,014	$696M	added×16.0	+1.05 pp	3 q
CMCSAComcast Corp	1.11%	22,058,618	$693M	added+3%	−0.13 pp	50 q
CGThe Carlyle Group Inc.	1.10%	10,928,150	$685M	trimmed−3%	+0.15 pp	4 q
SYYSysco Corporation	1.10%	8,307,409	$684M	trimmed−5%	+0.02 pp	4 q
RGAReinsurance Group of America, Incorporated	1.03%	3,345,681	$643M	added+40%	+0.26 pp	23 q
LADLithia Motors, Inc.	1.00%	1,982,297	$626M	trimmed−0%	−0.09 pp	15 q
APAAPA Corporation	0.97%	25,005,790	$607M	trimmed−6%	+0.18 pp	19 q
NKENike, Inc.	0.97%	8,678,895	$605M	trimmed−1%	−0.04 pp	2 q
CRBGCorebridge Financial, Inc.	0.96%	18,725,293	$600M	trimmed−7%	−0.20 pp	11 q
BDXBecton, Dickinson and Co.	0.93%	3,115,375	$583M	added+7%	+0.11 pp	4 q
GPNGlobal Payments, Inc.	0.91%	6,818,691	$566M	added+2%	+0.04 pp	16 q
MASMasco Corporation	0.84%	7,411,192	$522M	added+1%	+0.07 pp	14 q
NDAQNasdaq, Inc.	0.84%	5,905,409	$522M	trimmed−24%	−0.29 pp	6 q
EOGEOG Resources, Inc.	0.82%	4,563,050	$512M	trimmed−2%	−0.09 pp	26 q
MOHMolina Healthcare, Inc.	0.82%	2,682,141	$513M	added+74%	+0.07 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.75%	4,750,567	$468M	added+27%	+0.20 pp	2 q
CTVACorteva, Inc.	0.69%	6,351,169	$430M	trimmed−8%	−0.15 pp	9 q
FBINFortune Brands Innovations, Inc.	0.66%	7,747,916	$414M	added+2%	+0.03 pp	13 q
ICLRIcon Plc	0.66%	2,342,559	$410M	added+43%	+0.27 pp	2 q
GPCGenuine Parts Company	0.65%	2,912,214	$404M	added0%	+0.08 pp	5 q
LBRDKLiberty Broadband Corporation Class C	0.65%	6,400,927	$407M	trimmed−0%	−0.38 pp	40 q
PAYCPaycom Software, Inc.	0.64%	1,904,534	$396M	trimmed−9%	−0.14 pp	8 q
BNYBank of New York Mellon Corporation	0.60%	3,444,837	$375M	trimmed−30%	−0.13 pp	50 q
UNPUnion Pacific Corp.	0.56%	1,465,587	$346M	new	+0.56 pp	new
CNCCentene Corporation	0.52%	9,127,944	$326M	trimmed−55%	−1.28 pp	9 q
GOOGAlphabet Inc. Class C	0.46%	1,186,221	$289M	trimmed−13%	+0.07 pp	46 q
STZConstellation Brands, Inc.	0.44%	2,049,341	$276M	added+17%	−0.02 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.43%	2,706,099	$267M	new	+0.43 pp	new
VVISA Inc.	0.41%	757,438	$259M	trimmed−2%	−0.04 pp	50 q
CRLCharles River Laboratories International, Inc.	0.37%	1,473,084	$230M	added+27%	+0.08 pp	2 q
ORCLOracle Corp	0.36%	801,230	$225M	trimmed−22%	0.00 pp	50 q
BCBrunswick Corporation	0.34%	3,391,252	$214M	trimmed−11%	0.00 pp	9 q
BAXBaxter International Inc.	0.31%	8,472,474	$193M	trimmed−9%	−0.15 pp	39 q
RYAAYRyanair Holdings plc	0.30%	3,060,471	$184M	trimmed−22%	−0.07 pp	31 q
SEESealed Air Corp New	0.30%	5,304,832	$188M	trimmed−1%	+0.03 pp	22 q
FLUTFlutter Entertainment plc	0.26%	640,181	$163M	trimmed−21%	−0.12 pp	3 q
CECelanese Corporation	0.23%	3,437,497	$145M	trimmed−3%	−0.09 pp	10 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.22%	6,849,670	$140M	trimmed−12%	−0.03 pp	23 q
MTNVail Resorts, Inc.	0.22%	900,324	$135M	trimmed−7%	−0.03 pp	11 q
ABMABM Industries, Inc.	0.20%	2,769,110	$128M	added+6%	0.00 pp	14 q
THOThor Industries, Inc.	0.18%	1,082,180	$112M	trimmed−18%	−0.01 pp	30 q
MGAMagna International	0.16%	2,160,297	$102M	trimmed−70%	−0.30 pp	12 q
WENThe Wendy's Company	0.16%	10,597,639	$97M	trimmed−4%	−0.05 pp	16 q
BWABorgWarner Inc.	0.15%	2,064,746	$91M	trimmed−26%	0.00 pp	50 q
HCAHCA Healthcare, Inc.	0.15%	221,822	$95M	trimmed−8%	0.00 pp	39 q
MDLZMondelez International, Inc. Class A	0.14%	1,434,969	$90M	added+5%	−0.01 pp	3 q
AXPAmerican Express Company	0.13%	243,297	$81M	trimmed−2%	0.00 pp	23 q
BLKBlackrock, Inc.	0.12%	66,698	$78M	trimmed−74%	−0.32 pp	4 q
MAMastercard Incorporated	0.11%	125,880	$72M	trimmed−1%	−0.01 pp	50 q
WMGWarner Music Group Corp. Class A	0.11%	2,071,070	$71M	trimmed−25%	−0.01 pp	17 q
ALSNAllison Transmission Holdings, Inc.	0.10%	710,157	$60M	trimmed−0%	−0.01 pp	19 q
OPLNOPENLANE, Inc	0.08%	1,684,018	$48M	trimmed−53%	−0.06 pp	17 q
KKRKKR & Co. Inc.	0.08%	379,906	$49M	trimmed−12%	−0.01 pp	20 q
CDWCDW Corporation	0.07%	274,550	$44M	added+38%	+0.01 pp	2 q
CVSCvs Health Corporation	0.07%	548,572	$41M	trimmed−35%	−0.02 pp	50 q
ACVAACV Auctions Inc.	0.06%	3,804,814	$38M	added+25%	−0.02 pp	16 q
OCOwens Corning	0.06%	261,960	$37M	trimmed−0%	0.00 pp	2 q
91990EURCushman & Wakefield UK Holdc	0.06%	2,310,494	$37M	trimmed−21%	+0.01 pp	18 q
AAPLApple Inc.	0.05%	128,803	$33M	trimmed−2%	+0.01 pp	50 q
ALVAutoliv, Inc.	0.05%	264,690	$33M	trimmed−21%	−0.01 pp	27 q
GSGoldman Sachs Group Inc.	0.05%	36,803	$29M	trimmed−44%	−0.03 pp	50 q
HLTHilton Worldwide Holdings Inc.	0.05%	126,360	$33M	trimmed−15%	−0.01 pp	31 q
ZGNErmenegildo Zegna N.V.	0.05%	3,556,200	$34M	new	+0.05 pp	new
GRFSGrifois, S.A.	0.04%	2,733,100	$27M	trimmed−13%	−0.01 pp	15 q
CCKCrown Holdings Inc.	0.03%	186,612	$18M	trimmed−1%	0.00 pp	11 q
KRThe Kroger Co.	0.03%	284,538	$19M	trimmed−27%	−0.02 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	0.02%	27,046	$14M	trimmed−2%	0.00 pp	24 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.02%	80,200	$13M	trimmed−24%	0.00 pp	11 q
GLIBKLiberty Capital Corporation Series C GCI Group	0.02%	354,597	$13M	new	+0.02 pp	new
IPGThe Interpublic Group of Companies, Inc.	0.02%	493,971	$14M	trimmed−79%	−0.08 pp	46 q
CSXCSX Corporation	0.01%	194,360	$7M	held	—	2 q
HHHHoward Hughes Holdings Inc.	0.01%	58,816	$5M	trimmed−53%	0.00 pp	9 q
LEALear Corporation	0.01%	41,305	$4M	trimmed−83%	−0.03 pp	50 q
MSFTMicrosoft Corp	0.01%	7,848	$4M	added+16%	0.00 pp	50 q
NFLXNetFlix Inc	0.01%	3,236	$4M	added+1%	0.00 pp	33 q
TXNTexas Instruments Incorporated	0.01%	48,290	$9M	trimmed−1%	−0.01 pp	50 q
APTVAptiv PLC	0.01%	59,155	$5M	trimmed−96%	−0.14 pp	4 q
ABTAbbott Laboratories	0.00%	2,046	$274,041	trimmed−1%	0.00 pp	2 q
ABBVAbbvie Inc.	0.00%	3,163	$732,361	held	—	2 q
AMDAdvanced Micro Devices	0.00%	1,530	$247,539	trimmed−18%	0.00 pp	2 q
BABAAlibaba Group Holding Limited	0.00%	2,155	$385,163	trimmed−14%	0.00 pp	4 q
AMATApplied Materials Inc	0.00%	2,200	$450,428	held	—	2 q
ADPAutomatic Data Processing	0.00%	805	$236,268	trimmed−50%	0.00 pp	50 q
BKNGBooking Holdings Inc.	0.00%	46	$248,366	held	—	31 q
AVGOBroadcom Inc.	0.00%	1,710	$564,146	trimmed−16%	0.00 pp	2 q
CDNSCadence Design Systems	0.00%	790	$277,495	new	0.00 pp	new
CSLCarlisle Companies, Inc.	0.00%	6,235	$2M	trimmed−7%	0.00 pp	31 q
CRICarter's Inc.	0.00%	11,700	$330,174	trimmed−16%	0.00 pp	50 q
CATCaterpillar Inc.	0.00%	2,408	$1M	trimmed−9%	0.00 pp	48 q
CVXChevron Corporation	0.00%	1,653	$256,694	trimmed−34%	0.00 pp	12 q
CFGCitizens Financial Group, Inc.	0.00%	15,702	$834,718	trimmed−2%	0.00 pp	10 q
KOCoca-Cola Company	0.00%	3,190	$211,561	new	0.00 pp	new
COSTCostco Wholesale Corp	0.00%	581	$537,791	held	—	2 q
DHRDanaher Corporation	0.00%	3,318	$657,827	added+1%	0.00 pp	10 q
DEODiageo plc	0.00%	5,134	$489,938	trimmed−57%	0.00 pp	50 q
DISThe Walt Disney Company	0.00%	1,923	$220,184	added+19%	0.00 pp	22 q
DOVDover Corporation	0.00%	12,113	$2M	trimmed−1%	0.00 pp	50 q
XOMExxon Mobil Corp	0.00%	1,966	$221,667	trimmed−73%	0.00 pp	3 q
METAMeta Platforms, Inc. Class A	0.00%	3,811	$3M	added+8%	0.00 pp	31 q
GLIBALiberty Capital Corporation Series A GCI Group	0.00%	2,000	$75,110	new	0.00 pp	new
HDBHDFC Bank Limited	0.00%	8,756	$299,105	added+46%	0.00 pp	2 q
HRIHerc Holdings Inc.	0.00%	7,275	$848,702	added0%	0.00 pp	38 q
HONHoneywell International, Inc.	0.00%	1,015	$213,658	trimmed−24%	0.00 pp	3 q
IDXXIdexx Laboratories Inc	0.00%	455	$290,695	new	0.00 pp	new
RSPInvesco S&P 500 Equal Weight ETF	0.00%	1,469	$278,669	held	—	2 q
EFAiShares MSCI EAFE ETF	0.00%	468	$43,697	trimmed−30%	0.00 pp	5 q
IWRiShares Russell Mid-Cap ETF	0.00%	1,000	$96,521	held	—	2 q
IWMiShares Russell 2000 ETF	0.00%	533	$128,965	trimmed−32%	0.00 pp	3 q
ACWIiShares MSCI ACWI ETF	0.00%	1,092	$150,958	held	—	5 q
EUFNiShares MSCI Europe Financials ETF	0.00%	600	$20,604	held	—	4 q
INDAiShares MSCI India ETF	0.00%	600	$31,236	held	—	4 q
IIshares Core Msci Europe ETF	0.00%	46	$3,134	new	0.00 pp	new
USHYiShares Broad USD High Yield Corporate Bond ETF	0.00%	3,795	$143,375	new	0.00 pp	new
JPMJPMorgan Chase & Co.	0.00%	5,705	$2M	trimmed−2%	0.00 pp	50 q
KBKB Financial Group Inc	0.00%	3,365	$278,992	trimmed−5%	0.00 pp	2 q
LHXL3Harris Technologies, Inc.	0.00%	713	$217,757	new	0.00 pp	new
LBRDALiberty Broadband Corporation Class A	0.00%	5,305	$335,966	trimmed−60%	0.00 pp	24 q
LLYEli Lilly & Co.	0.00%	414	$315,882	held	—	2 q
MBCMasterBrand, Inc.	0.00%	110,237	$1M	trimmed−2%	0.00 pp	12 q
MCDMcDonald's Corporation	0.00%	1,273	$386,852	trimmed−10%	0.00 pp	4 q
MCOMoody's Corporation	0.00%	2,600	$1M	trimmed−11%	0.00 pp	35 q
MSIMotorola Solutions, Inc. New	0.00%	469	$214,469	new	0.00 pp	new
NVDANvidia Corp	0.00%	14,992	$3M	trimmed−10%	0.00 pp	5 q
OSKOshkosh Corp.	0.00%	1,645	$213,357	new	0.00 pp	new
PDXPIMCO Dynamic Income Strategy Fund	0.00%	10,000	$249,300	held	—	2 q
PHParker-Hannifin Corporation	0.00%	295	$223,654	held	—	2 q
PEPPepsiCo, Inc.	0.00%	2,124	$298,295	trimmed−15%	0.00 pp	2 q
PMPhilip Morris International Inc.	0.00%	5,099	$827,058	held	—	50 q
PGProcter & Gamble Company	0.00%	1,846	$283,638	added+10%	0.00 pp	2 q
PUKPrudential PLC	0.00%	7,495	$209,785	trimmed−16%	0.00 pp	3 q
QCOMQualcomm Inc	0.00%	1,266	$210,612	new	0.00 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	2,001	$1M	trimmed−13%	0.00 pp	14 q
NOWServicenow, Inc.	0.00%	340	$312,895	new	0.00 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	1,185	$330,959	new	0.00 pp	new
THCTenet Healthcare Corporation New	0.00%	2,400	$487,296	held	—	50 q
TMOThermo Fisher Scientific, Inc.	0.00%	541	$262,396	new	0.00 pp	new
TFCTruist Financial Corporation	0.00%	23,000	$1M	trimmed−18%	0.00 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,414	$488,254	new	0.00 pp	new
VOTVanguard Morningstar Mid-Cap Growth ETF	0.00%	700	$205,653	held	—	2 q
VTVVanguard Morningstar Value ETF	0.00%	748	$139,495	trimmed−75%	0.00 pp	6 q
WMTWalmart Inc.	0.00%	2,637	$271,769	held	—	3 q
WDAYWorkday, Inc. Class A	0.00%	6,596	$2M	added+8%	0.00 pp	24 q
AONAon plc Class A	0.00%	704	$251,032	added+1%	0.00 pp	2 q
JCIJohnson Controls International plc	0.00%	8,631	$948,978	trimmed−9%	0.00 pp	32 q
OTEXOpen Text Corp	—	−5,498,367	—	exited	−0.26 pp	—
KVUEKenvue Inc.	—	−5,652,093	—	exited	−0.19 pp	—
SPNNSapiens International Corp	—	−673,980	—	exited	−0.03 pp	—
BTXBlackRock Technology and Private Equity Term Trust	—	−25,000	—	exited	0.00 pp	—
EBAYeBay Inc	—	−8,500	—	exited	0.00 pp	—
ETEnergy Transfer LP	—	−16,500	—	exited	0.00 pp	—
FMSFresenius Medical Care AG	—	−9,750	—	exited	0.00 pp	—
HDHome Depot, Inc.	—	−693	—	exited	0.00 pp	—
INTUIntuit Inc	—	−264	—	exited	0.00 pp	—
LYGLloyds Banking Group PLC	—	−28,590	—	exited	0.00 pp	—
SYKStryker Corporation	—	−571	—	exited	0.00 pp	—
ZTSZoetis Inc.	—	−1,405	—	exited	0.00 pp	—