Harris Associates (Oakmark)

Q4 2025 13F · by Bill Nygren, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $78.8B · prev $62.4B
Positions: 167 · prev 177
Options notional: $309M
Documents: 1· no amendments

Picture99.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.6%
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 0.4%

Moves162 since the prior filing

+9.4 pp in · −9.4 pp out

New 10 +2.65 pp
Added 58 +6.76 pp
Trimmed 73 −9.25 pp
Exited 20 −0.16 pp

Options: 1 move on a notional base, in the table below.

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions167 in this filing · 20 exited


GOOGLAlphabet Inc. Class A	3.54%	8,918,581	$2.8B	trimmed−22%	−0.91 pp	41 q
COFCapital One Financial	3.33%	10,825,295	$2.6B	added+20%	+0.25 pp	51 q
CRMSalesforce, Inc.	3.29%	9,791,328	$2.6B	added+39%	+0.61 pp	20 q
IQVIQVIA Holdings Inc.	3.24%	11,319,718	$2.6B	trimmed−1%	−0.23 pp	11 q
ABNBAirbnb, Inc. Class A	3.22%	18,694,408	$2.5B	added+21%	+0.21 pp	5 q
ICEIntercontinental Exchange Inc.	3.20%	15,584,531	$2.5B	added+53%	+0.45 pp	19 q
KDPKeurig Dr Pepper Inc.	3.07%	86,269,175	$2.4B	added+38%	+0.51 pp	7 q
WBDWarner Bros. Discovery, Inc. Series A	2.88%	78,854,809	$2.3B	trimmed−18%	−0.12 pp	14 q
COPConocoPhillips	2.85%	24,002,747	$2.2B	added+27%	−0.01 pp	20 q
SCHWThe Charles Schwab Corporation	2.79%	22,031,493	$2.2B	added+4%	−0.46 pp	30 q
FCNCAFirst Citizens BancShares Inc	2.53%	928,944	$2.0B	added+26%	+0.42 pp	20 q
AIGAmerican International Group, Inc.	2.40%	22,144,430	$1.9B	added+24%	+0.16 pp	51 q
WTWWillis Towers Watson Public Limited Company	2.34%	5,613,089	$1.8B	added+31%	−0.04 pp	20 q
PSXPhillips 66	2.29%	13,978,492	$1.8B	added+2%	−0.68 pp	10 q
TRGPTarga Resources Corp.	2.28%	9,729,925	$1.8B	added×2.3	+1.16 pp	4 q
ELVElevance Health, Inc.	2.13%	4,794,445	$1.7B	added+50%	+0.48 pp	5 q
EFXEquifax, Incorporated	2.08%	7,557,127	$1.6B	added+30%	−0.32 pp	31 q
MRKMerck & Co., Inc.	1.88%	14,088,705	$1.5B	added+43%	+0.56 pp	6 q
DEDeere & Company	1.85%	3,135,045	$1.5B	added+45%	+0.27 pp	8 q
GMGeneral Motors Company	1.80%	17,407,745	$1.4B	trimmed−17%	−0.26 pp	51 q
DALDelta Air Lines, Inc.	1.73%	19,666,515	$1.4B	added+45%	+0.50 pp	8 q
GEHCGE HealthCare Technologies Inc.	1.65%	15,854,646	$1.3B	added+44%	+0.32 pp	7 q
ALLYAlly Financial Inc.	1.55%	27,045,748	$1.2B	added0%	−0.15 pp	41 q
WFCWells Fargo & Co.	1.53%	12,903,643	$1.2B	added+19%	+0.08 pp	51 q
CCitigroup Inc.	1.49%	10,041,169	$1.2B	trimmed−27%	−0.76 pp	48 q
CTVACorteva, Inc.	1.45%	17,026,221	$1.1B	added×2.7	+0.76 pp	10 q
CBRECbre Group, Inc.	1.41%	6,928,621	$1.1B	added+1%	−0.33 pp	48 q
ZBHZimmer Biomet Holdings, Inc.	1.40%	12,264,703	$1.1B	added×2.6	+0.65 pp	3 q
BACBank of America Corporation	1.39%	19,853,400	$1.1B	trimmed−27%	−0.86 pp	51 q
FISVFiserv, Inc.	1.33%	15,554,703	$1.0B	added×2.3	−0.07 pp	21 q
AMZNAmazon.Com Inc	1.31%	4,463,110	$1.0B	added+3%	−0.22 pp	17 q
NKENike, Inc.	1.21%	14,956,882	$953M	added+72%	+0.24 pp	3 q
CHTRCharter Comm Inc Del CL A New	1.15%	4,344,822	$907M	added+24%	−0.39 pp	39 q
CGThe Carlyle Group Inc.	1.14%	15,198,269	$898M	added+39%	+0.04 pp	5 q
GPNGlobal Payments, Inc.	1.11%	11,348,361	$878M	added+66%	+0.20 pp	17 q
RGAReinsurance Group of America, Incorporated	1.10%	4,261,078	$867M	added+27%	+0.07 pp	24 q
UNPUnion Pacific Corp.	1.07%	3,656,510	$846M	added×2.5	+0.51 pp	2 q
AERAercap Holdings N.V.	1.07%	5,840,480	$840M	new	+1.07 pp	new
NDAQNasdaq, Inc.	1.06%	8,621,689	$837M	added+46%	+0.22 pp	7 q
CMCSAComcast Corp	1.04%	27,458,428	$821M	added+24%	−0.07 pp	51 q
STTState Street Corporation	1.03%	6,306,244	$814M	trimmed−17%	−0.39 pp	51 q
EOGEOG Resources, Inc.	0.98%	7,372,292	$774M	added+62%	+0.16 pp	27 q
CRBGCorebridge Financial, Inc.	0.93%	24,370,017	$735M	added+30%	−0.03 pp	12 q
MASMasco Corporation	0.93%	11,501,911	$730M	added+55%	+0.09 pp	15 q
TELTE Connectivity plc	0.93%	3,229,986	$735M	trimmed−19%	−0.48 pp	6 q
CNHCnh Industrial N.v.	0.86%	73,420,366	$677M	trimmed−7%	−0.52 pp	21 q
LADLithia Motors, Inc.	0.83%	1,967,035	$654M	trimmed−1%	−0.17 pp	16 q
MPCMarathon Petroleum Corporation	0.83%	4,031,962	$656M	added+1%	−0.41 pp	4 q
CDWCDW Corporation	0.78%	4,525,812	$616M	added×16.5	+0.71 pp	3 q
AMRZAmrize Ltd	0.78%	11,379,547	$615M	new	+0.78 pp	new
SYYSysco Corporation	0.74%	7,913,611	$583M	trimmed−5%	−0.36 pp	5 q
BDXBecton, Dickinson and Co.	0.70%	2,841,721	$551M	trimmed−9%	−0.23 pp	5 q
GPCGenuine Parts Company	0.68%	4,347,003	$535M	added+49%	+0.03 pp	6 q
PAYCPaycom Software, Inc.	0.65%	3,209,759	$512M	added+69%	+0.01 pp	9 q
ICLRIcon Plc	0.58%	2,510,166	$457M	added+7%	−0.08 pp	3 q
STZConstellation Brands, Inc.	0.57%	3,234,152	$446M	added+58%	+0.13 pp	4 q
MOHMolina Healthcare, Inc.	0.52%	2,346,437	$407M	trimmed−13%	−0.30 pp	4 q
FBINFortune Brands Innovations, Inc.	0.48%	7,641,019	$382M	trimmed−1%	−0.18 pp	14 q
CNCCentene Corporation	0.47%	9,050,554	$372M	trimmed−1%	−0.05 pp	10 q
AZNNAstrazeneca Plc-spons ADR	0.44%	3,729,731	$343M	new	+0.44 pp	new
CRLCharles River Laboratories International, Inc.	0.42%	1,677,606	$335M	added+14%	+0.05 pp	3 q
GOOGAlphabet Inc. Class C	0.38%	961,570	$302M	trimmed−19%	−0.08 pp	47 q
APAAPA Corporation	0.36%	11,644,670	$285M	trimmed−53%	−0.61 pp	20 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.35%	2,704,716	$273M	trimmed−0%	−0.08 pp	2 q
VVISA Inc.	0.33%	735,344	$258M	trimmed−3%	−0.08 pp	51 q
MDLZMondelez International, Inc. Class A	0.32%	4,619,758	$249M	added×3.2	+0.18 pp	4 q
ITGartner, Inc.	0.31%	963,984	$243M	new	+0.31 pp	new
FLUTFlutter Entertainment plc	0.28%	1,016,963	$219M	added+59%	+0.02 pp	4 q
LBRDKLiberty Broadband Corporation Class C	0.26%	4,148,894	$202M	trimmed−35%	−0.39 pp	41 q
BCBrunswick Corporation	0.23%	2,435,469	$181M	trimmed−28%	−0.11 pp	10 q
BAXBaxter International Inc.	0.20%	8,445,832	$161M	trimmed−0%	−0.11 pp	40 q
RYAAYRyanair Holdings plc	0.20%	2,233,754	$161M	trimmed−27%	−0.10 pp	32 q
SEESealed Air Corp New	0.20%	3,805,827	$158M	trimmed−28%	−0.10 pp	23 q
ORCLOracle Corp	0.19%	760,995	$148M	trimmed−5%	−0.17 pp	51 q
CECelanese Corporation	0.18%	3,401,656	$144M	trimmed−1%	−0.05 pp	11 q
ABMABM Industries, Inc.	0.15%	2,711,878	$115M	trimmed−2%	−0.05 pp	15 q
THOThor Industries, Inc.	0.14%	1,060,985	$109M	trimmed−2%	−0.04 pp	31 q
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.13%	4,645,560	$101M	trimmed−32%	−0.09 pp	24 q
MTNVail Resorts, Inc.	0.12%	714,776	$95M	trimmed−21%	−0.10 pp	12 q
HCAHCA Healthcare, Inc.	0.11%	181,042	$85M	trimmed−18%	−0.04 pp	40 q
WENThe Wendy's Company	0.11%	9,966,105	$83M	trimmed−6%	−0.05 pp	17 q
AXPAmerican Express Company	0.10%	219,077	$81M	trimmed−10%	−0.03 pp	24 q
MAMastercard Incorporated	0.09%	119,031	$68M	trimmed−5%	−0.02 pp	51 q
ALSNAllison Transmission Holdings, Inc.	0.08%	678,527	$66M	trimmed−4%	−0.02 pp	20 q
BWABorgWarner Inc.	0.08%	1,373,924	$62M	trimmed−33%	−0.07 pp	51 q
BLKBlackrock, Inc.	0.07%	54,409	$58M	trimmed−18%	−0.05 pp	5 q
KKRKKR & Co. Inc.	0.06%	370,193	$47M	trimmed−3%	−0.02 pp	21 q
WMGWarner Music Group Corp. Class A	0.06%	1,652,725	$51M	trimmed−20%	−0.05 pp	18 q
AAPLApple Inc.	0.05%	133,170	$36M	added+3%	0.00 pp	51 q
CVSCvs Health Corporation	0.05%	525,051	$42M	trimmed−4%	−0.02 pp	51 q
OPLNOPENLANE, Inc	0.05%	1,375,115	$41M	trimmed−18%	−0.03 pp	18 q
ALVAutoliv, Inc.	0.04%	255,590	$30M	trimmed−3%	−0.01 pp	28 q
GSGoldman Sachs Group Inc.	0.04%	33,049	$29M	trimmed−10%	−0.01 pp	51 q
HLTHilton Worldwide Holdings Inc.	0.04%	114,415	$33M	trimmed−9%	−0.01 pp	32 q
OCOwens Corning	0.04%	280,528	$31M	added+7%	−0.02 pp	3 q
CWKCushman & Wakefield Ltd.	0.04%	1,983,990	$32M	new	+0.04 pp	new
ZGNErmenegildo Zegna N.V.	0.04%	3,213,300	$33M	trimmed−10%	−0.01 pp	2 q
CCKCrown Holdings Inc.	0.03%	193,110	$20M	added+3%	0.00 pp	12 q
GRFSGrifois, S.A.	0.03%	2,689,100	$25M	trimmed−2%	−0.01 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.02%	25,999	$13M	trimmed−4%	0.00 pp	25 q
BNYBank of New York Mellon Corporation	0.01%	67,654	$8M	trimmed−98%	−0.59 pp	51 q
CSXCSX Corporation	0.01%	194,360	$7M	held	—	3 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.01%	72,600	$11M	trimmed−9%	−0.01 pp	12 q
MGAMagna International	0.01%	206,680	$11M	trimmed−90%	−0.15 pp	13 q
OMCOmnicom Group Inc.	0.01%	61,340	$5M	new	+0.01 pp	new
TXNTexas Instruments Incorporated	0.01%	48,265	$8M	trimmed−0%	0.00 pp	51 q
ABTAbbott Laboratories	0.00%	2,046	$256,343	held	—	3 q
ABBVAbbvie Inc.	0.00%	2,682	$612,810	trimmed−15%	0.00 pp	3 q
AMDAdvanced Micro Devices	0.00%	1,530	$327,665	held	—	3 q
BABAAlibaba Group Holding Limited	0.00%	9,589	$1M	added×4.4	0.00 pp	5 q
AMATApplied Materials Inc	0.00%	2,200	$565,378	held	—	3 q
ADPAutomatic Data Processing	0.00%	805	$207,070	held	—	51 q
BXBlackstone Inc.	0.00%	3,750	$578,025	new	0.00 pp	new
AVGOBroadcom Inc.	0.00%	1,710	$591,831	held	—	3 q
CSLCarlisle Companies, Inc.	0.00%	5,480	$2M	trimmed−12%	0.00 pp	32 q
CATCaterpillar Inc.	0.00%	2,408	$1M	held	—	49 q
CVXChevron Corporation	0.00%	1,350	$205,754	trimmed−18%	0.00 pp	13 q
COSTCostco Wholesale Corp	0.00%	656	$565,695	added+13%	0.00 pp	3 q
DHRDanaher Corporation	0.00%	2,261	$517,588	trimmed−32%	0.00 pp	11 q
DEODiageo plc	0.00%	3,495	$301,514	trimmed−32%	0.00 pp	51 q
DISThe Walt Disney Company	0.00%	1,810	$205,924	trimmed−6%	0.00 pp	23 q
DOVDover Corporation	0.00%	11,863	$2M	trimmed−2%	0.00 pp	51 q
XOMExxon Mobil Corp	0.00%	1,966	$236,588	held	—	4 q
METAMeta Platforms, Inc. Class A	0.00%	4,285	$3M	added+12%	0.00 pp	32 q
HDBHDFC Bank Limited	0.00%	6,000	$219,240	trimmed−31%	0.00 pp	3 q
HRIHerc Holdings Inc.	0.00%	7,105	$1M	trimmed−2%	0.00 pp	39 q
HHHHoward Hughes Holdings Inc.	0.00%	38,394	$3M	trimmed−35%	−0.01 pp	10 q
IDXXIdexx Laboratories Inc	0.00%	455	$307,821	held	—	2 q
IWMiShares Russell 2000 ETF	0.00%	533	$131,203	held	—	4 q
ACWIiShares MSCI ACWI ETF	0.00%	1,092	$154,507	held	—	6 q
EUFNiShares MSCI Europe Financials ETF	0.00%	600	$22,254	held	—	5 q
INDAiShares MSCI India ETF	0.00%	600	$32,430	held	—	5 q
IIshares Core Msci Europe ETF	0.00%	46	$3,265	held	—	2 q
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	400	$40,152	new	0.00 pp	new
JPMJPMorgan Chase & Co.	0.00%	5,935	$2M	added+4%	0.00 pp	51 q
KBKB Financial Group Inc	0.00%	3,115	$268,015	trimmed−7%	0.00 pp	3 q
KRThe Kroger Co.	0.00%	41,645	$3M	trimmed−85%	−0.03 pp	12 q
LEALear Corporation	0.00%	22,750	$3M	trimmed−45%	−0.01 pp	51 q
LBRDALiberty Broadband Corporation Class A	0.00%	4,305	$207,845	trimmed−19%	0.00 pp	25 q
LLYEli Lilly & Co.	0.00%	414	$444,918	held	—	3 q
MBCMasterBrand, Inc.	0.00%	108,716	$1M	trimmed−1%	0.00 pp	13 q
MCDMcDonald's Corporation	0.00%	1,273	$389,067	held	—	5 q
MSFTMicrosoft Corp	0.00%	6,854	$3M	trimmed−13%	−0.01 pp	51 q
MCOMoody's Corporation	0.00%	1,948	$995,136	trimmed−25%	0.00 pp	36 q
NFLXNetFlix Inc	0.00%	32,540	$3M	added+1%	−0.01 pp	34 q
NVDANvidia Corp	0.00%	13,154	$2M	trimmed−12%	0.00 pp	6 q
NUVNuveen Municipal Value Fund, Inc.	0.00%	14,854	$134,580	new	0.00 pp	new
OSKOshkosh Corp.	0.00%	1,645	$206,661	held	—	2 q
PDXPIMCO Dynamic Income Strategy Fund	0.00%	10,000	$187,800	held	—	3 q
PANWPalo Alto Networks, Inc.	0.00%	2,640	$486,288	new	0.00 pp	new
PHParker-Hannifin Corporation	0.00%	295	$259,293	held	—	3 q
PEPPepsiCo, Inc.	0.00%	2,124	$304,836	held	—	3 q
PMPhilip Morris International Inc.	0.00%	5,099	$817,880	held	—	51 q
PGProcter & Gamble Company	0.00%	1,897	$271,859	added+3%	0.00 pp	3 q
PUKPrudential PLC	0.00%	7,520	$234,022	added0%	0.00 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	5,037	$3M	added×2.5	0.00 pp	15 q
THCTenet Healthcare Corporation New	0.00%	2,400	$476,928	held	—	51 q
TMOThermo Fisher Scientific, Inc.	0.00%	541	$313,482	held	—	2 q
TFCTruist Financial Corporation	0.00%	23,000	$1M	held	—	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,414	$466,776	held	—	2 q
VOTVanguard Morningstar Mid-Cap Growth ETF	0.00%	700	$195,398	held	—	3 q
VTVVanguard Morningstar Value ETF	0.00%	19,859	$4M	added×26.5	0.00 pp	7 q
WMTWalmart Inc.	0.00%	3,512	$391,272	added+33%	0.00 pp	4 q
WDAYWorkday, Inc. Class A	0.00%	5,727	$1M	trimmed−13%	0.00 pp	25 q
AONAon plc Class A	0.00%	699	$246,663	trimmed−1%	0.00 pp	3 q
APTVAptiv PLC	0.00%	38,815	$3M	trimmed−34%	−0.01 pp	5 q
JCIJohnson Controls International plc	0.00%	8,165	$977,759	trimmed−5%	0.00 pp	33 q
ACVAACV Auctions Inc.	—	−3,804,814	—	exited	−0.06 pp	—
91990EURCushman & Wakefield UK Holdc	—	−2,310,494	—	exited	−0.06 pp	—
GLIBKLiberty Capital Corporation Series C GCI Group	—	−354,597	—	exited	−0.02 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−493,971	—	exited	−0.02 pp	—
BKNGBooking Holdings Inc.	—	−46	—	exited	0.00 pp	—
CDNSCadence Design Systems	—	−790	—	exited	0.00 pp	—
CRICarter's Inc.	—	−11,700	—	exited	0.00 pp	—
CFGCitizens Financial Group, Inc.	—	−15,702	—	exited	0.00 pp	—
KOCoca-Cola Company	—	−3,190	—	exited	0.00 pp	—
GLIBALiberty Capital Corporation Series A GCI Group	—	−2,000	—	exited	0.00 pp	—
HONHoneywell International, Inc.	—	−1,015	—	exited	0.00 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−1,469	—	exited	0.00 pp	—
EFAiShares MSCI EAFE ETF	—	−468	—	exited	0.00 pp	—
IWRiShares Russell Mid-Cap ETF	—	−1,000	—	exited	0.00 pp	—
USHYiShares Broad USD High Yield Corporate Bond ETF	—	−3,795	—	exited	0.00 pp	—
LHXL3Harris Technologies, Inc.	—	−713	—	exited	0.00 pp	—
MSIMotorola Solutions, Inc. New	—	−469	—	exited	0.00 pp	—
QCOMQualcomm Inc	—	−1,266	—	exited	0.00 pp	—
NOWServicenow, Inc.	—	−1,700	—	exited	0.00 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−1,185	—	exited	0.00 pp	—