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"Tracking William Nygren’s Harris Associates Portfolio – Q4 2022 Update"

"Harris Associates’ 13F portfolio value decreased from $59.68B to $49.11B this quarter.They increased Amazon, Oracle, Capital One Financial, and Intercontinental Exchange while decreasing American International Group, Netflix, Charles Schwab, and Citigroup.The top three positions are Alphabet, Fiserv, and Amazon.com, and they add up to ~14% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 2/14/2023. William Nygren’s 13F portfolio value decreased from $59.68B to $49.11B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 62 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Fiserv, Amazon.com, HCA Healthcare, and Oracle. They add up to ~21% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.Harris Associates currently has ~$85B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.19% annualized return compared to 9.78% for the S&P 500 index for OAKMX and 8.30% annualized return for OAKIX compared to 5.59% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are BNP Paribas (BNPQF), Intesa Sanpaolo (ISNPY), Mercedes-Benz Group (DDAIF), Lloyds Banking Group (LYG), BMW (BMWYY), Allianz (ALIZF), Prosus (PROSY), Continental (CTTAF), Fresenius (FSNUF), and adidas (ADDYY).Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at ~7% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 had seen a ~28% selling at prices between ~$53 and ~$91. The stock currently trades at ~$103. The last two years have seen only minor adjustments.Amazon.com (AMZN): The top three 3.30% of the portfolio AMZN stake was built during the last four quarters at prices between ~$85 and ~$170. The stock currently trades at ~$98.KKR & Company (KKR), Oracle Corp (ORCL), and Salesforce.com (CRM): These three positions saw large increases in the last two quarters. KKR is a 2.52% of the portfolio stake that saw a ~115% increase at prices between ~$43 and ~$57.50. The stock currently trades at $50.42. The 3.19% ORCL position saw a ~90% increase at prices between ~$61 and ~$84. The stock currently trades at ~$90. CRM is a 2.20% stake that saw a roughly two-thirds increase at prices between ~$128 and ~$191. It is now at ~$191.CBRE Group (CBRE), Capital One Financial (COF), and Intercontinental Exchange (ICE): The 2.14% CBRE stake saw a ~20% increase during H1 2022 at prices between ~$70 and ~$109. The stock currently trades at $69.37. The last two quarters also saw a similar increase at prices between ~$67.50 and ~$88. COF is a 2.38% of the portfolio stake built during the last two quarters at prices between ~$88 and ~$116 and it is now at $91.75. The ~2% ICE stake saw a whopping 170% increase this quarter at prices between ~$90 and ~$110. The stock currently trades at ~$98.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent activity follows. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~55% reduction over the last nine quarters at prices between ~$79 and ~$165. This quarter saw a ~13% stake increase. The stock currently trades at ~$125 and the stake is at ~2% of the portfolio.Warner Brothers Discovery (WBD): WBD is a 1.18% of the portfolio position purchased last quarter at prices between ~$11.30 and ~$17.50 and the stock currently trades at $14.34. This quarter also saw a ~10% stake increase.Comcast Corp (CMCSA), Goldman Sachs (GS), Interpublic Group (IPG), Liberty Broadband (LBRDK), Lithia Motors (LAD), Masco Corp (MAS), Open Text Corp (OTEX), Parker-Hannifin (PH), Ryanair Holdings (RYAAY), and WorkDay Inc. (WDAY): These small (less than 1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Fiserv Inc. (FISV): FISV is a large (top three) ~4% of the portfolio position primarily built during 2021 at prices between ~$96 and ~$111. The last three quarters have seen a ~20% selling at prices between ~$88 and ~$111. The stock currently trades at ~$112.HCA Healthcare (HCA): HCA is now a top five 3.26% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The last nine quarters have seen a ~28% selling at prices between ~$122 and ~$267. The stock currently trades at ~$254.CNH Industrial (CNHI): CNHI is a ~3% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at ~$15. The five quarters through Q1 2022 saw a ~55% selling at prices between ~$11 and ~$17. The last few quarters have seen only minor adjustments.Note: They control ~7% of the business.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. The last quarter saw a ~15% selling and that was followed with marginal trimming this quarter. The stock is now at $28.49, and the stake is at 2.81% of the portfolio.General Motors (GM): GM is a 2.70% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase in Q1 2022 at prices between ~$40 and ~$66. The last three quarters have seen only minor adjustments. The stock currently trades at $34.45.Charter Communications (CHTR): CHTR is a 2.69% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase in Q1 2022 at prices between ~$545 and ~$648. The stock currently trades at ~$348. There was a ~10% trimming this quarter.Booking Holdings (BKNG): BKNG is now a 2.11% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The four quarters through Q2 2021 had seen a ~20% trimming. That was followed with another ~23% selling in the last three quarters at prices between ~$1635 and ~$2372. The stock is currently at ~$2508.American International Group (AIG): AIG is a 2.08% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50. The last three quarters have seen another ~42% selling at prices between ~$47.50 and ~$64.50. The stock is now at $47.46.Wells Fargo (WFC): The 1.75% WFC stake saw a ~45% increase last quarter at prices between ~$39 and ~$46. It now goes for $37.47. There was a minor ~2% trimming this quarter.Citigroup Inc. (C): The 1.43% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The last two quarters saw another ~40% reduction at prices between ~$40.50 and ~$54.40. The stock currently trades at $44.78.Netflix Inc. (NFLX): The 1.49% NFLX stake was built during H1 2022 at prices between ~$166 and ~$392. The stock currently trades at ~$328. There was a one-third reduction this quarter at prices between ~$214 and ~$320.Ally Financial (ALLY): ALLY is a 1.29% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. The ten quarters through Q2 2021 had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $24.22. The last six quarters have seen only minor adjustments.Note: They have a ~7.3 ownership stake in Ally Financial.Meta Platforms (META) previously Facebook: META is now a small 0.70% of the portfolio position. The original stake saw a ~42% increase in Q1 2020 at prices between ~$146 and ~$223. That was followed with a ~35% stake increase in Q2 2022 at prices between ~$156 and ~$223. This quarter saw the position reduced by ~50% at prices between ~$89 and ~$140. The stock currently trades at ~$203.APA Corporation (APA), Altria Group (MO), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Borg Warner (BWA), Blackrock Inc. (BLK), Charles Schwab (SCHW), ConocoPhillips (COP), EOG Resources (EOG), Equifax (EFX), Global Payments (GPN), Grupo Televisa (TV), Hilton Worldwide (HLT), Humana Inc. (HUM), Koninklijke Philips NV (PHG), Keurig Dr. Pepper (KDP), Lear Corp (LEA), Liberty Global (LBTYK), Lithia Motors (LAD), MasterCard Inc. (MA), Nov Inc. (NOV), Pinterest (PINS), Pulte Group (PHM), Regeneron Pharmaceuticals (REGN), Reinsurance Group of America (RGA), State Street Corp (STT), Tenet Healthcare (THC), Visa Inc. (V), Vipshop Holdings (VIPS), and Willis Towers Watson (WLTW): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in APA Corporation, Grupo Televisa, Lear Corp, Liberty Global, and Reinsurance Group of America.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q4 2022:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/3/2022 to 12/28/2022: 13G/A – 12/12 – LBTYK – 32M shares – 18.6% of business, TV – 140M shares – 4.9% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q3 2022 Update"

"Harris Associates’ 13F portfolio value decreased from $62.85B to $59.68B this quarter.They added Warner Brothers Discovery and increased Salesforce.com, KKR, and Oracle while decreasing Keurig Dr. Pepper and Humana.The top three positions are Alphabet, Fiserv, and Amazon.com, and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 11/14/2022. William Nygren’s 13F portfolio value decreased from $62.85B to $59.68B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 55 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Fiserv, Amazon.com, HCA Healthcare, and General Motors. They add up to ~16% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.Harris Associates currently has ~$100B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 11.94% annualized return compared to 9.60% for the S&P 500 index for OAKMX and 7.63% annualized return for OAKIX compared to 5.11% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Intesa Sanpaolo (ISNPY), BNP Paribas (BNPQF), Lloyds Banking Group (LYG), Mercedes-Benz Group (DDAIF), Allianz (ALIZF), BMW (BMWYY), Prosus (PROSY), Exor (EXXRF), Worldline (WRDLY), and Bayer (BAYRY).New Stakes:Warner Brothers Discovery (WBD): WBD is a ~1% of the portfolio position purchased this quarter at prices between ~$11.30 and ~$17.50 and the stock currently trades well below that range at $8.87.Stake Increases:Amazon.com (AMZN): The top three 2.56% of the portfolio AMZN stake was primarily built during the last two quarters at prices between ~$102 and ~$170. The stock currently trades well below that range at ~$82. There was a marginal further increase this quarter.Charter Communications (CHTR): CHTR is a 2.20% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase in Q1 2022 at prices between ~$545 and ~$648. The stock currently trades at ~$332. There was a minor ~4% further increase this quarter.CNH Industrial (CNHI): CNHI is a 1.87% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at ~$16. The five quarters through Q1 2022 saw a ~55% selling at prices between ~$11 and ~$17. Last two quarters have seen minor increases.Note: They control ~7.4% of the business.KKR & Company (KKR), Oracle Corp (ORCL), Salesforce.com (CRM), and Wells Fargo (WFC): These four positions saw large increases this quarter. KKR is a 1.52% of the portfolio stake that saw a ~70% increase this quarter at prices between ~$43 and ~$58. The stock currently trades at $45.20. The 1.49% ORCL position saw a ~45% increase this quarter at prices between ~$61 and ~$80. The stock currently trades at ~$80. CRM is a 1.58% stake that saw a roughly one-third increase this quarter at prices between ~$144 and ~$191. It is now at ~$128. The 1.43% WFC stake saw a ~45% increase this quarter at prices between ~$39 and ~$46. It now goes for $41.12.Ally Financial (ALLY): ALLY is a 1.25% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. The ten quarters through Q2 2021 had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $23.52. Last five quarters have seen minor increases.Note: They have a ~7.5% ownership stake in Ally Financial.Meta Platforms (META) previously Facebook: META is a 1.25% of the portfolio position. The stake saw a ~42% increase in Q1 2020 at prices between ~$146 and ~$223. That was followed with a ~35% stake increase last quarter at prices between ~$156 and ~$223. The stock currently trades at ~$116. There was a minor ~3% increase this quarter.CBRE Group (CBRE), Capital One Financial (COF), Global Payments (GPN), Goldman Sachs (GS), Intercontinental Exchange (ICE), Koninklijke Philips NV (PHG), Open Text Corp (OTEX), Parker-Hannifin (PH), Ryanair Holdings (RYAAY), State Street Corp (STT), Willis Towers Watson (WLTW), and WorkDay Inc. (WDAY): These small (less than 1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 5.85% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 had seen a ~28% selling at prices between ~$53 and ~$91. The stock currently trades at $86.46. Last seven quarters have seen only minor adjustments.Fiserv Inc. (FISV): FISV is a large (top three) 3.34% of the portfolio position primarily built last year at prices between ~$96 and ~$111. There was a minor ~4% trimming last quarter and a ~8% trimming this quarter. The stock currently trades at ~$100.HCA Healthcare (HCA): HCA is now a 2.32% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The four quarters through Q3 2021 had seen a ~14% selling at prices between ~$124 and ~$262. The stock currently trades at ~$236. Last four quarters have seen only minor adjustments.General Motors (GM): GM is a 2.23% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase in Q1 2022 at prices between ~$40 and ~$66. The stock currently trades at $32.53. Last quarter saw a ~6% further increase while this quarter saw similar trimming.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. Q1 2022 saw a ~17% reduction while last quarter there was a similar increase. This quarter saw a ~15% selling. The stock is now at $32.77, and the stake is at 2.12% of the portfolio.American International Group (AIG): AIG is a 1.79% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50. The stock is now at $62.89. Last several quarters have seen further selling.Citigroup Inc. (C): The 1.61% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. This quarter also saw a ~12% trimming. The stock currently trades at $44.62.Netflix Inc. (NFLX): The 1.49% NFLX stake was built over the last two quarters at prices between ~$166 and ~$392. The stock currently trades at ~$277. There was a minor ~5% trimming this quarter.Booking Holdings (BKNG): BKNG is now a 1.48% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The four quarters through Q2 2021 had seen a ~20% trimming. The stock is currently at ~$1959. This quarter saw a ~13% trimming.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent activity follows. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~55% reduction over the last nine quarters at prices between ~$79 and ~$165. The stock currently trades at ~$112 and the stake is at 1.38% of the portfolio.APA Corporation (APA), Berkshire Hathaway (BRK.B), Blackrock Inc. (BLK), Borg Warner (BWA), Comcast Corp (CMCSA), Charles Schwab (SCHW), ConocoPhillips (COP), EOG Resources (EOG), General Electric (GE), Grupo Televisa (TV), Hilton Worldwide (HLT), Humana Inc. (HUM), Interpublic Group (IPG), Keurig Dr. Pepper (KDP), Lear Corp (LEA), Liberty Global (LBTYK), MasterCard Inc. (MA), Pinterest (PINS), Regeneron Pharmaceuticals (REGN), Reinsurance Group of America (RGA), Visa Inc. (V), and Vipshop Holdings (VIPS): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in APA Corporation, Grupo Televisa, Lear Corp, Liberty Global, and Reinsurance Group of America.Kept Steady:Liberty Broadband (LBRDK): The very small 0.35% of the portfolio stake in LBRDK was kept steady this quarter.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q3 2022:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/18/2022 to 9/3/2022: 13G – 8/10 – Credit Suisse Group – CS – 266.45M shares – 10.1% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q2 2022 Update"

"Harris Associates’ 13F portfolio value decreased from $75.90B to $62.85B this quarter.They increased Amazon.com, Meta Platforms, and Salesforce.com while reducing Keurig Dr. Pepper, Humana, Regeneron Pharma, CVS Health, Constellation Brands, and General Dynamics.The top three positions are Alphabet, Fiserv, and Charter Communications, and they add up to ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 8/15/2022. William Nygren’s 13F portfolio value decreased from $75.90B to $62.85B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Fiserv, Charter Communications, Bank of America, and Amazon.com. They add up to ~18% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.Harris Associates currently has ~$120B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.11% annualized return compared to 9.86% for the S&P 500 index for OAKMX and 8.28% annualized return for OAKIX compared to 5.49% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Prosus (PROSY), Intesa Sanpaolo (ISNPY), Lloyds Banking Group (LYG), BNP Paribas (BNPQF), BMW (BMWYY), Allianz (ALIZF), Bayer (BAYRY), Mercedes-Benz Group (MBGAF), and Continental Aktiengesellschaft (CTTAF).Note 2: Regulatory filings since the quarter ended show them owning 266.45M shares (10.1% of the business) of Credit Suisse (CS).Stake Disposals:DXC Technology (DXC): The minutely small 0.29% of the portfolio stake in DXC Technology was disposed during the quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 6.50% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 had seen a ~28% selling at prices between ~$53 and ~$91. The stock currently trades at ~$102. Last six quarters have seen only minor adjustments.Charter Communications (CHTR): CHTR is a large (top three) 3.10% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase last quarter at prices between ~$545 and ~$648. The stock currently trades at ~$329. There was a marginal increase this quarter.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. Last quarter saw a ~17% reduction while this quarter there was a similar increase. The stock is now at ~$32, and the stake is at 2.45% of the portfolio.Amazon.com (AMZN): The 1.46% of the portfolio AMZN stake was primarily built during the last two quarters at prices between ~$102 and ~$170. The stock currently trades at ~$121.General Motors (GM): GM is a 2.20% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase last quarter at prices between ~$40 and ~$66. The stock currently trades at $34.84. This quarter saw a ~6% further increase.HCA Healthcare (HCA): HCA is now a ~2% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The four quarters through Q3 2021 had seen a ~14% selling at prices between ~$124 and ~$262. The stock currently trades at ~$203. Last three quarters have seen only minor adjustments.CNH Industrial (CNHI): CNHI is a 1.77% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at $12.24. Last five quarters saw a ~55% selling at prices between ~$11 and ~$17. This quarter saw a minor ~5% stake increase.Note: They control ~7.3% of the business.Ally Financial (ALLY): ALLY is a 1.43% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. The ten quarters through Q2 2021 had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $30.69. Last four quarters have seen minor increases.Note: They have a ~7.5% ownership stake in Ally Financial.Meta Platforms (META) previously Facebook: META is a 1.37% of the portfolio position. The stake saw a ~42% increase in Q1 2020 at prices between ~$146 and ~$223. That was followed with a ~35% stake increase this quarter at prices between ~$156 and ~$223. The stock currently trades at ~$139.Blackrock Inc. (BLK), Borg Warner (BWA), CBRE Group (CBRE), Charles Schwab (SCHW), Comcast Corp (CMCSA), General Electric (GE), Global Payments (GPN), Intercontinental Exchange (ICE), Interpublic Group (IPG), KKR & Company (KKR), Koninklijke Philips NV (PHG), Liberty Broadband (LBRDK), Netflix Inc. (NFLX), Open Text Corp (OTEX), Oracle Corp (ORCL), Parker-Hannifin (PH), Pinterest (PINS), Ryanair Holdings (RYAAY), Salesforce.com (CRM), State Street Corp (STT), Wells Fargo (WFC), Willis Towers Watson (WLTW), and WorkDay Inc. (WDAY): These small (less than 1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Fiserv Inc. (FISV): FISV is a large (top three) 3.28% of the portfolio position primarily built last year at prices between ~$96 and ~$111. There was a minor ~4% trimming this quarter. The stock currently trades at ~$101.American International Group (AIG): AIG is a 2.12% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50. The stock is now at $51.30. Last several quarters have seen further trimming.Citigroup Inc. (C): The 1.90% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at ~$44. Last few quarters have seen minor trimming.Booking Holdings (BKNG): BKNG is now a 1.72% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The four quarters through Q2 2021 had seen a ~20% trimming. The stock is currently at ~$1727. Last few quarters have also seen minor trimming.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~50% reduction over the last two years at prices between ~$79 and ~$165. The stock currently trades at ~$118 and the stake is at 1.45% of the portfolio.Keurig Dr. Pepper (KDP): KDP is a 1.36% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled next quarter at around the same price range. Q1 2021 saw a ~25% further increase at prices between ~$30.50 and ~$35.50. Last two quarters have seen a ~50% selling at prices between ~$34 and ~$39. The stock currently trades at $37.44.Constellation Brands (STZ): STZ is now a minutely small 0.06% of the portfolio stake. Recent activity follows. Q1 2020 saw a ~50% stake increase at prices between ~$106 and ~$208. The next three quarters had seen a ~23% selling at prices between ~$130 and ~$220. The position was almost sold out over the last two quarters at prices between ~$212 and ~$259. The stock currently trades at ~$236.APA Corporation (APA), Altria Group (MO), American Express (AXP), Berkshire Hathaway (BRK.B), Capital One Financial (COF), ConocoPhillips (COP), CVS Health (CVS), EOG Resources (EOG), Gartner Inc. (IT), General Dynamics (GD), Goldman Sachs (GS), Grupo Televisa (TV), Hilton Worldwide (HLT), Humana Inc. (HUM), Lear Corp (LEA), Liberty Global (LBTYK), MasterCard Inc. (MA), Regeneron Pharmaceuticals (REGN), Reinsurance Group of America (RGA), Tenet Healthcare (THC), Visa Inc. (V), and Vipshop Holdings (VIPS): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in APA Corporation, Grupo Televisa, Lear Corp, Liberty Global, Reinsurance Group of America, and Tenet Healthcare.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/1/2022 to 6/18/2022: 13G/A – 4/8 – GOCO – GoHealth – 6.22M shares – 5.3% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q1 2022 Update"

"Harris Associates’ 13F portfolio value increased from $64.23B to $75.90B this quarter.They increased Charter Communications, General Motors, Amazon.com, and Netflix while reducing Humana, Hilton Worldwide, and General Dynamics.The top three positions are Alphabet, Fiserv, and Charter Communications, and they add up to ~13% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 5/16/2022. William Nygren’s 13F portfolio value increased from $64.23B to $75.90B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 58 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Fiserv, Charter Communications, HCA Communications, and Bank of America. They add up to ~18% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.Harris Associates currently has ~$118B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.94% annualized return compared to 10.58% for the S&P 500 index for OAKMX and 8.81% annualized return for OAKIX compared to 6.11% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Bayer (BAYRY), Lloyds Banking Group (LYG), Allianz (ALIZF), Intesa Sanpaolo (ISNPY), BNP Paribas (BNPQF), Credit Suisse Group (CS), BMW (BMWYY), Mercedes-Benz Group (DDAIF), Glencore (GLCNF), and Prosus (PROSY).Note 2: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: CDK Global (CDK), Envista Holdings (NVST), GoHealth (GOCO), Qurate Retail (QRTEA), and Vipshop Holdings (VIPS).Stake Increases:Fiserv Inc. (FISV): FISV is a large (top three) 3.22% of the portfolio position primarily built over the last four quarters at prices between ~$96 and ~$111. The stock currently trades below the low end of that range at $89.26. There was a minor ~3% increase this quarter.Charter Communications (CHTR): CHTR is a large (top three) 2.94% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase this quarter at prices between ~$545 and ~$648. The stock currently trades at ~$437.General Motors (GM): GM is a 2.36% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase this quarter at prices between ~$40 and ~$66. The stock currently trades at $32.64.Ally Financial (ALLY): ALLY is a 1.53% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. The ten quarters through Q2 2021 had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $33.20. Last three quarters have seen minor increases.Note: They have a ~7.5% ownership stake in Ally Financial.Amazon.com (AMZN): The 1.46% of the portfolio AMZN stake was primarily built this quarter at prices between ~$136 and ~$170 and the stock currently trades well below that range at ~$109.Netflix Inc. (NFLX): NFLX is a 1.38% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling in 2020 at prices between ~$299 and ~$557. Q2 2021 saw a roughly one-third increase at prices between ~$485 and ~$555. This quarter saw another ~50% stake increase at prices between ~$331 and ~$597. The stock is now at ~$171.Meta Platforms (META) previously Facebook: META is a 1.15% of the portfolio position. The stake saw a ~42% increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$157. Last several quarters have seen only minor adjustments.APA Corporation (APA), Altria Group (MO), Blackrock Inc. (BLK), Borg Warner (BWA), Capital One Financial (COF), CBRE Group (CBRE), Goldman Sachs (GS), Interpublic Group (IPG), Intercontinental Exchange (ICE), LivaNova plc (LIVN), Open Text Corp (OTEX), Oracle Corp (ORCL), Reinsurance Group of America (RGA), Ryanair Holdings (RYAAY), Salesforce.com (CRM), Wells Fargo (WFC), Willis Towers Watson (WLTW), and WorkDay Inc. (WDAY): These small (less than 1.5% of the portfolio each) positions were increased this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in APA Corporation and Reinsurance Group of America.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 6.76% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. The two years through Q4 2020 had seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2240. Last five quarters have seen only minor adjustments.HCA Healthcare (HCA): HCA is now a 2.52% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The four quarters through Q3 2021 had seen a ~14% selling at prices between ~$124 and ~$262. The stock currently trades at ~$174. There was marginal trimming in the last two quarters.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. That was followed with a ~17% reduction this quarter at prices between ~$38 and ~$49. The stock is now at ~$32.85, and the stake is at 2.40% of the portfolio.American International Group (AIG): AIG is a 2.30% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50. The stock is now at $52.15. Last several quarters have seen further trimming.Keurig Dr. Pepper (KDP): KDP is a 2.19% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled next quarter at around the same price range. Q1 2021 saw a ~25% further increase at prices between ~$30.50 and ~$35.50. The stock currently trades at $34.94. There were minor increases in the last three quarters while this quarter there was a ~10% trimming.Booking Holdings (BKNG): BKNG is now a medium-sized ~2% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The four quarters through Q2 2021 had seen a ~20% trimming. The stock is currently at ~$1937. Last three quarters have seen only minor adjustments.CNH Industrial (CNHI): CNHI is a 1.94% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at $12.82. Last five quarters saw a ~55% selling at prices between ~$11 and ~$17.Note: They control ~7% of the business.Citigroup Inc. (C): The 1.89% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at ~$48. Last six quarters have seen only minor adjustments.Humana Inc. (HUM): The 1.76% of the portfolio HUM stake was built in Q1 2021 at prices between ~$375 and ~$448 and the stock currently trades at ~$449. The two quarters through Q3 2021 had seen a ~44% stake increase at prices between ~$389 and ~$471. This quarter saw a ~31% reduction at prices between ~$363 and ~$466.Liberty Global (LBTYK): LBTYK is a 1.42% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. The two quarters through Q1 2021 had seen a one-third increase at prices between ~$18.50 and ~$26.60. Last four quarters have seen a ~26% selling at prices between ~$24.50 and ~$30. The stock is now at $22.93.Note: Oakmark has a ~24% ownership stake in Liberty Global.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~50% reduction over the last seven quarters at prices between ~$79 and ~$165. The stock currently trades at ~$118 and the stake is at 1.41% of the portfolio.Hilton Worldwide (HLT): The ~1% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. There was a ~18% selling in Q1 2021 at prices between ~$99 and ~$127. This quarter saw another ~40% reduction at prices between ~$129 and ~$158. The stock currently trades at ~$114.Constellation Brands (STZ): STZ is now a ~1% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208. The next three quarters had seen a ~23% selling at prices between ~$130 and ~$220. This quarter also saw a ~17% trimming. The stock currently trades at ~$235.American Express (AXP), Berkshire Hathaway (BRK.B), Charles Schwab (SCHW), Comcast Corp (CMCSA), ConocoPhillips (COP), CVS Health (CVS), DXC Technology (DXC), EOG Resources (EOG), Gartner Inc. (IT), General Electric (GE), General Dynamics (GD), Grupo Televisa (TV), Howmet Aerospace (HWM), Lear Corp (LEA), MasterCard Inc. (MA), Regeneron Pharmaceuticals (REGN), Restaurant Brands (QSR), State Street Corp (STT), Tenet Healthcare (THC), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the 13F portfolio is very small, they have significant ownership stakes in Grupo Televisa, Lear Corp, and Tenet Healthcare.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/30/2021 to 3/1/2022: 13G/As – 2/11 – LBTYA – 43.25M shares – 24.5% of business, GOCO – GoHealth – 14.08M shares – 12.3% of business, LIVN – 3.82M shares – 7.2% of business, CNHI – 97.91M shares – 7.2% of business, ALLY – 24.83M shares – 7.2% of business, VIPS – 7.68M shares – 6.4% of business, RGA – Reinsurance Group – 4.43M shares – 6.6% of business, LEA – Lear Group – 3.40M shares – 5.7% of business, TV – Grupo Televisa – 329M shares – 11.8% of business, THC – 6M shares – 5.6% of business, CDK – 6.43M shares – 5.4% of business, APA – 19.15M shares – 5.3% of business, WPP – 37.71M shares – 3.3% of business, NVST – Envista Holdings – 3.28M shares – 2% of business, CVE – Cenovus Energy - zero."

"Tracking William Nygren’s Harris Associates Portfolio – Q4 2021 Update"

"Harris Associates’ 13F portfolio value increased from $62.77B to $64.23B this quarter.They increased Fiserv and Visa while dropping Alibaba Group Holdings and Cenovus Energy.The top three positions are Alphabet, Fiserv, and Bank of America, and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 2/14/2022. William Nygren’s 13F portfolio value increased from $62.77B to $64.23B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 58 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Fiserv, Bank of America, Charter Communications, and Huma. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.Harris Associates currently has ~$125B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 13.15% annualized return compared to 10.84% for the S&P 500 index for OAKMX and 9.23% annualized return for OAKIX compared to 6.34% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Bayer (BAYRY), Lloyds Banking Group (LYG), BNP Paribas (BNPQF), Allianz (ALIZF), Intesa Sanpaolo (ISNPY), Credit Suisse Group (CS), BMW (BMWYY), Glencore (GLCNF), and Continental (CTTAF).Stake Disposals:Alibaba Group Holdings (BABA) and Cenovus Energy (CVE): These small (less than ~1.2% of the portfolio each) positions were disposed this quarter.Stake Increases:Fiserv Inc. (FISV): FISV is a large (top three) 3.78% of the portfolio position primarily built over the last four quarters at prices between ~$96 and ~$111. The stock currently trades near the low end of that range at $98.78.Charter Communications (CHTR): CHTR is a large (top five) 3.21% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. The stock currently trades at ~$560. Last two quarters have seen only minor adjustments.Humana Inc. (HUM): The 3.21% of the portfolio HUM stake was built in Q1 2021 at prices between ~$375 and ~$448 and the stock currently trades at ~$431. Last two quarters had seen a ~44% stake increase at prices between ~$389 and ~$471. There was a marginal further increase this quarter.Keurig Dr. Pepper (KDP): KDP is a 2.81% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled next quarter at around the same price range. Q1 2021 saw a ~25% further increase at prices between ~$30.50 and ~$35.50. The stock currently trades at $36.87. There were minor increases in the last three quarters.Booking Holdings (BKNG): BKNG is now a medium-sized 2.50% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2160. The four quarters through Q2 2021 had seen a ~20% trimming while the last two quarters saw marginal increases.Ally Financial (ALLY): ALLY is a 1.84% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. The ten quarters through Q2 2021 had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $44.18. Last two quarters have seen marginal increases.Note: They have a ~7.2% ownership stake in Ally Financial.American Express (AXP), Borg Warner (BWA), ConocoPhillips (COP), General Dynamics (GD), Grupo Televisa (TV), Howmet Aerospace (HWM), Interpublic Group (IPG), Intercontinental Exchange (ICE), LivaNova plc (LIVN), Liberty Broadband (LBRDK), MasterCard Inc. (MA), Open Text Corp (OTEX), Reinsurance Group of America (RGA), Restaurant Brands (QSR), Ryanair Holdings (RYAAY), Visa Inc. (V), Wells Fargo (WFC), and Willis Towers Watson (WLTW): These small (less than 1.5% of the portfolio each) stakes were increased this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in Grupo Televisa and Reinsurance Group of America.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 8.65% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. The two years through Q4 2020 had seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2770. Last four quarters have seen only minor adjustments.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Last three years saw another ~40% selling at prices between ~$20 and ~$48. The stock is now at ~$43, and it is a top-three stake at 3.68% of the portfolio.HCA Healthcare (HCA): HCA is now a 3.14% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. Last four quarters had seen a ~14% selling at prices between ~$124 and ~$262. The stock currently trades at ~$261. There was marginal trimming this quarter.General Motors (GM): GM is a 3.05% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. The stock currently trades at $43.78. Last two quarters have seen minor trimming.CNH Industrial (CNHI): CNHI is a ~3% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades well above that range at $16.46. Last four quarters saw a ~50% selling at prices between ~$11 and ~$17.Note: They control ~7.2% of the business.American International Group (AIG): AIG is a 2.68% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at $61.85. Last six quarters have seen only minor adjustments.Citigroup Inc. (C): The 2.64% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at $56.35. Last five quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~45% reduction over the last six quarters at prices between ~$79 and ~$166. The stock currently trades at ~$129 and the stake is at 2.21% of the portfolio.Hilton Worldwide (HLT): The 2.08% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. There was a ~18% selling in Q1 2021 at prices between ~$99 and ~$127. The stock currently trades at ~$148. This quarter also saw a ~9% trimming.Meta Platforms (FB) previously Facebook: FB is a ~2% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$214. Last several quarters have seen only minor adjustments.Liberty Global (LBTYK): LBTYK is a 1.88% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. The two quarters through Q1 2021 had seen a one-third increase at prices between ~$18.50 and ~$26.60. Last three quarters have seen a ~25% selling at prices between ~$25 and ~$30. The stock is now at $25.95.Note: Oakmark has a ~25% ownership stake in Liberty Global.Netflix Inc. (NFLX): NFLX is a 1.70% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling in 2020 at prices between ~$299 and ~$557. Q2 2021 saw a roughly one-third increase at prices between ~$485 and ~$555. The stock is now at ~$375. Last two quarters have seen only minor adjustments.Constellation Brands (STZ): STZ is now a 1.57% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208. The next three quarters had seen a ~23% selling at prices between ~$130 and ~$220. The stock currently trades at ~$225. Last four quarters have seen only minor adjustments.Automatic Data Processing (ADP), APA Corporation (APA), Berkshire Hathaway (BRK.B), Capital One Financial (COF), CBRE Group (CBRE), Charles Schwab (SCHW), Comcast Corp (CMCSA), CVS Health (CVS), DXC Technology (DXC), eBay Inc. (EBAY), EOG Resources (EOG), Gartner Inc. (IT), General Electric (GE), Goldman Sachs (GS), Lear Corp (LEA), Moody’s Corp (MCO), Oracle Corp (ORCL), Regeneron Pharmaceuticals (REGN), State Street Corp (STT), Tenet Healthcare (THC), and WorkDay Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note 1: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: APA Corporation, Lear Corp, and Tenet Healthcare.Note 2: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: CDK Global (CDK), Envista Holdings (NVST), GoHealth (GOCO), Qurate Retail (QRTEA), Vipshop Holdings (VIPS), and WPP plc (WPP).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q4 2021:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/1/2021 to 11/30/2021: None."

"Tracking William Nygren’s Harris Associates Portfolio – Q3 2021 Update"

"Harris Associates’ 13F portfolio value decreased from $62.80B to $62.77B this quarter.They increased Fiserv, Humana, and Alibaba while decreasing CNH Industrial, Liberty Global, and Automatic Data Processing.The top three positions are Alphabet, Bank of America, and Charter Communications, and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 11/15/2021. William Nygren’s 13F portfolio value decreased marginally from $62.80B to $62.77B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 56 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Charter Communications, CNH Industrial, and Citigroup. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.Harris Associates currently has ~$125B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 13.09% annualized return compared to 10.55% for the S&P 500 index for OAKMX and 9.28% annualized return for OAKIX compared to 6.28% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Lloyds Banking Group (LYG), Bayer (BAYRY), Intesa Sanpaolo (ISNPY), Daimler (DDAIF), BNP Paribas (BNPQF), BMW (BMWYY), Allianz (ALIZF), Credit Suisse Group (CS), and Glencore (GLCNF).Stake Increases:Citigroup Inc. (C): The ~3% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at $59.60. Last four quarters have seen minor increases.Fiserv Inc. (FISV): FISV is a 2.81% of the portfolio position primarily built over the last three quarters at prices between ~$106 and ~$119. The stock currently trades at the low end of that range at ~$106.Humana Inc. (HUM): The 2.37% of the portfolio HUM stake was built in Q1 2021 at prices between ~$375 and ~$448 and the stock currently trades at ~$456. Last two quarters have seen a ~44% stake increase at prices between ~$389 and ~$471.Keurig Dr. Pepper (KDP): KDP is a 2.58% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled next quarter at around the same price range. Q1 2021 saw a ~25% further increase at prices between ~$30.50 and ~$35.50. The stock currently trades at $35.87. There were minor increases in the last two quarters.Booking Holdings (BKNG): BKNG is now a medium-sized 2.53% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2385. Last four quarters had seen a combined ~20% trimming while this quarter there was a marginal increase.Ally Financial (ALLY): ALLY is a 1.98% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Last ten quarters had seen a ~40% selling at prices between ~$12 and ~$55. The stock is now at $47.24. There was a marginal increase this quarter.Note: They have a ~6.5% ownership stake in Ally Financial.Netflix Inc. (NFLX): NFLX is a 1.90% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling last year at prices between ~$299 and ~$557. Last quarter saw a roughly one-third increase at prices between ~$485 and ~$555. The stock is now at ~$614. There was a marginal increase this quarter.Alibaba Group Holdings (BABA), APA Corporation (APA), Berkshire Hathaway (BRK.B), Charles Schwab (SCHW), ConocoPhillips (COP), EOG Resources (EOG), General Dynamics (GD), Grupo Televisa (TV), Gartner Inc. (IT), Lear Corp (LEA), Ryanair Holdings (RYAAY), Reinsurance Group of America (RGA), Tenet Healthcare (THC), and Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: APA Corporation, Grupo Televisa, Lear Corp and Tenet Healthcare.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 8.53% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. The two years through Q4 2020 had seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2928. Last three quarters have seen only minor adjustments.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Last two years saw another ~30% selling at prices between ~$20 and ~$43. The stock is now at $44.28 and it is a top-three stake at ~4% of the portfolio.Charter Communications (CHTR): CHTR is a large (top three) 3.62% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in the last two quarters at prices between ~$597 and ~$722. The stock currently trades at ~$640. This quarter saw marginal trimming.CNH Industrial (CNHI): CNHI is a top-five 3.28% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades well above that range at $18.40. Last three quarters saw a ~40% selling at prices between ~$12.50 and ~$18.40.Note: Regulatory filings since the quarter ended show them owning 129.9M shares (9.6% of the business) of CNH Industrial. This is compared to 134.56M shares in the 13F report.HCA Healthcare (HCA): HCA is now a ~3% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. Last four quarters have seen a ~14% selling at prices between ~$124 and ~$262. The stock currently trades at ~$252.General Motors (GM): GM is a 2.92% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the last five quarters at prices between ~$18 and ~$64. The stock currently trades at ~$56. There was marginal trimming this quarter.American International Group (AIG): AIG is a 2.71% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters through Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at $55.27. Last five quarters have seen only minor adjustments.Liberty Global (LBTYK): LBTYK is a 2.21% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. The two quarters through Q1 2021 had seen a one-third increase at prices between ~$18.50 and ~$26.60. Last two quarters have seen a ~18% selling at prices between ~$25 and ~$30. The stock is now at $28.14.Note: Oakmark has a ~22% ownership stake in Liberty Global.Meta Platforms (FB) previously Facebook: FB is a ~2% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$330. Last several quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~45% reduction over the last four quarters at prices between ~$80 and ~$140. The stock currently trades at ~$157 and the stake is at ~2% of the portfolio. There was a minor ~2% trimming this quarter.Hilton Worldwide (HLT): The 1.98% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. There was a ~18% selling in Q1 2021 at prices between ~$99 and ~$127. The stock currently trades at ~$153. Last two quarters have seen marginal trimming.Comcast Corp (CMCSA): CMCSA is a very long-term 1.54% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Since then, the activity has been minor. The stock is now at ~$49.Constellation Brands (STZ): STZ is now a 1.35% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208. The next three quarters had seen a ~23% selling at prices between ~$130 and ~$220. The stock currently trades at ~$243. Last three quarters have seen only minor adjustments.Regeneron Pharmaceuticals (REGN): REGN is 1.28% of the portfolio position. The bulk of the original stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last year had seen a ~88% selling at prices between ~$339 and ~$658 while Q1 2021 saw a stake doubling at prices between ~$447 and ~$548. That was followed with a ~40% stake increase last quarter at prices between ~$473 and ~$575. The stock is now at ~$618. There was a ~8% trimming this quarter.American Express (AXP), Automatic Data Processing (ADP), CBRE Group (CBRE), Capital One Financial (COF), CVS Health (CVS), Cenovus Energy (CVE), DXC Technology (DXC), eBay Inc. (EBAY), General Electric (GE), Goldman Sachs (GS), Howmet Aerospace (HWM), Interpublic Group (IPG), Johnson Controls (JCI), Liberty Broadband (LBRDK), MasterCard Inc. (MA), Moody’s Corp (MCO), Open Text Corp (OTEX), Oracle Corp (ORCL), State Street Corp (STT), Visa Inc. (V), and WorkDay Inc. (WDAY): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Note: They have a significant ownership in Cenovus Energy.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: Envista Holdings (NVST), GoHealth (GOCO), LivaNova plc (LIVN), and Qurate Retail (QRTEA).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/25/2021 thru 9/1/2021: 13G/A – 8/10 – CNHI – 129.9M shares – 9.6% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q2 2021 Update"

"Harris Associates’ 13F portfolio value increased from $58.52B to $62.80B this quarter.They increased Fiserv, Netflix, Regeneron, and Alibaba while decreasing Cenovus Energy, MasterCard, Howmet Aerospace, Caterpillar, and MGM Resorts.The top three positions are Alphabet, Bank of America, and Charter Communications, and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 8/16/2021. William Nygren’s 13F portfolio value increased ~7% from $58.52B to $62.80B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 58 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Charter Communications, CNH Industrial, and General Motors. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.Harris Associates currently has ~$125B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 13.14% annualized return compared to 10.62% for the S&P 500 index for OAKMX and 9.56% annualized return for OAKIX compared to 6.37% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Lloyds Banking Group (LYG), Intesa Sanpaolo (ISNPY), Bayer (BAYRY), BMW (BMWYY), Daimler (DDAIF), BNP Paribas (BNPQF), Allianz (ALIZF), Glencore (GLCNF), Continental (CTTAF), and Credit Suisse Group (CS).New Stakes:None.Stake Disposals:None.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 8.23% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. The two years through Q4 2020 had seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2665. Last two quarters have seen only minor adjustments.Charter Communications (CHTR): CHTR is a large (top three) 3.62% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in the last two quarters at prices between ~$597 and ~$722. The stock currently trades at ~$728.Citigroup Inc. (C): The ~3% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at ~$70. Last three quarters have seen marginal increases.Keurig Dr. Pepper (KDP): KDP is a 2.60% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled next quarter at around the same price range. Last quarter saw a ~25% further increase at prices between ~$30.50 and ~$35.50. The stock currently trades at $34.16. There was a minor ~4% stake increase this quarter.Humana Inc. (HUM): The 2.37% of the portfolio HUM stake was built last quarter at prices between ~$375 and ~$448 and the stock currently trades at ~$389. This quarter saw a ~10% increase.Facebook Inc. (FB): FB is a 2.23% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$339. There was ~8% trimming in Q3 2020 while last quarter there was a similar increase. This quarter saw a marginal further increase.Fiserv Inc. (FISV): FISV is a ~2% of the portfolio position primarily built over the last two quarters at prices between ~$103 and ~$127. The stock currently trades at ~$109.Netflix Inc. (NFLX): NFLX is a 1.63% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling last year at prices between ~$299 and ~$557. This quarter saw a roughly one-third increase at prices between ~$485 and ~$555. The stock is now at ~$610.Comcast Corp (CMCSA): CMCSA is a very long-term 1.63% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Since then, the activity has been minor. The stock is now at $55.93.Constellation Brands (STZ): STZ is now a 1.50% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208. The next three quarters had seen a ~23% selling at prices between ~$130 and ~$220. The stock currently trades at ~$211. Last two quarters have seen only minor adjustments.Regeneron Pharmaceuticals (REGN): REGN is 1.29% of the portfolio position. The bulk of the original stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last year had seen a ~88% selling at prices between ~$339 and ~$658 while last quarter saw a stake doubling at prices between ~$447 and ~$548. That was followed with a ~40% stake increase this quarter at prices between ~$473 and ~$575. The stock is now at ~$605.American Express (AXP): The 0.59% of the portfolio AXP position was purchased in Q1 2020 at prices between ~$69 and ~$137 and the stock currently trades at ~$168. Last five quarters have seen minor increases.Note: In an interview last May, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.APA Corporation (APA), Alibaba Group Holdings (BABA), Berkshire Hathaway (BRK.B), Charles Schwab (SCHW), DXC Technology (DXC), eBay Inc. (EBAY), General Dynamics (GD), Liberty Broadband (LBRDK), Open Text Corp (OTEX), Reinsurance Group of America (RGA), Tenet Healthcare (THC), Wells Fargo (WFC), and WorkDay Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: APA Corporation and Tenet Healthcare.Stake Decreases:Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $42.45 and it is a top-three stake at 4.25% of the portfolio.CNH Industrial (CNHI): CNHI is a top-five 3.54% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at $16.61. Last two quarters saw a one-third selling at prices between ~$12.50 and ~$18.40.Note: Regulatory filings since the quarter ended show them owning 129.9M shares (9.6% of the business) of CNH Industrial. This is compared to 134.56M shares in the 13F report.General Motors (GM): GM is a 3.29% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the last five quarters at prices between ~$18 and ~$64. The stock currently trades at $52.71.HCA Healthcare (HCA): HCA is now a 2.89% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The stock currently trades at ~$243. Last three quarters have seen minor trimming.Liberty Global (LBTYK): LBTYK is a 2.43% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. Last two quarters had seen a one-third increase at prices between ~$18.50 and ~$26.60. The stock is now at $29.46. There was a marginal trimming this quarter.Note: Oakmark has a ~27% ownership stake in Liberty Global.American International Group (AIG): AIG is a 2.37% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at $54.89. Last four quarters have seen only minor adjustments.Booking Holdings (BKNG): BKNG is now a medium-sized 2.32% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2374. Last four quarters have seen a combined ~20% trimming.TE Connectivity (TEL): TE is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~45% reduction over the last four quarters at prices between ~$80 and ~$140. The stock currently trades at ~$137 and the stake is at ~2% of the portfolio.Ally Financial (ALLY): ALLY is a 1.92% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Last ten quarters have seen a ~40% selling at prices between ~$12 and ~$55. It is now at $51.05.Note: They have a ~6.5% ownership stake in Ally Financial.Hilton Worldwide (HLT): The 1.82% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. There was a ~18% selling last quarter at prices between ~$99 and ~$127. The stock currently trades at ~$132. This quarter saw marginal trimming.Ryanair Holdings (RYAAY): RYAAY is a ~1% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. The five quarters through Q4 2020 had seen a ~73% selling at prices between ~$48 and ~$118. The stock currently trades at ~$110. Last two quarters have seen only minor adjustments.Note: They have a ~3% ownership stake in Ryanair Holdings.Moody’s Corp (MCO): MCO is a 0.74% of the portfolio stake established in 2017 at prices between $94 and $152. Last year had seen a ~60% selling at prices between ~$165 and ~$305. The stock currently trades at ~$355. There was a ~5% stake increase last quarter while this quarter there was a ~15% selling.MasterCard Inc. (MA): The ~1% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe had seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. Last six quarters have seen another ~70% selling at prices between ~$210 and ~$395. The stock currently trades at ~$348. They are harvesting gains.Automatic Data Processing (ADP), Caterpillar Inc. (CAT), CBRE Group (CBRE), Capital One Financial (COF), Cenovus Energy (CVE), CVS Health (CVS), EOG Resources (EOG), Envista Holdings (EVST),Gartner Inc. (IT), General Electric (GE), Goldman Sachs (GS), Grupo Televisa (TV), Howmet Aerospace (HWM), Interpublic Group (IPG), Johnson Controls (JCI), Lear Corp (LEA), MGM Resorts (MGM), Oracle Corp (ORCL), State Street Corp (STT), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: Cenovus Energy, Envista Holdings, Grupo Televisa, and Lear Corp.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: GoHealth (GOCO), LivaNova plc (LIVN), Qurate Retail (QRTEA), and Volaris - Controladoravuela Compañía de Aviación (VLRS).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q2 2021:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/15/2021 thru 6/25/2021: 13G – 6/10 – GoHealth – GOCO - 10.29M shares – 10.3% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q1 2021 Update"

"Harris Associates’ 13F portfolio value increased from $51.71B to $58.52B this quarter.They increased Humana, General Dynamics, & Regeneron Pharmaceuticals while decreasing Agilent Technologies, MasterCard, TE Connectivity, & CNH Industrial.The top three positions are Alphabet, Bank of America, and CNH Industrial, and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 5/17/2021. William Nygren’s 13F portfolio value increased ~13% from $51.71B to $58.52B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 60 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, CNH Industrial, General Motors, and Citigroup. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.Harris Associates currently has ~$115B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.93% annualized return compared to 10.41% for the S&P 500 index for OAKMX and 9.48% annualized return for OAKIX compared to 6.22% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Lloyds Banking Group (LYG), Intesa Sanpaolo (ISNPY), Daimler (DDAIF), BMW (BMWYY), Glencore (GLCNF), Bayer (BAYRY), BNP Paribas (BNPQF), Allianz (ALIZF), and Credit Suisse Group (CS).Note 2: Regulatory filings since the quarter ended show them owning 10.29M shares (10.3% of the business) of GoHealth (GOCO).New Stakes:None.Stake Disposals:None.Stake Increases:Citigroup Inc. (C): The top-five 3.40% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at $71.55. Last two quarters have seen marginal increases.Charter Communications (CHTR): CHTR is a large ~3% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last two years had seen a ~58% selling at prices between ~$275 and ~$680. The stock currently trades at ~$721. There was a ~9% stake increase this quarter.Keurig Dr. Pepper (KDP): KDP is a 2.61% of the portfolio position established in Q3 2020 at prices between ~$27 and ~$31 and doubled last quarter at around the same price range. This quarter saw a ~25% further increase at prices between ~$30.50 and ~$35.50. The stock currently trades at $34.86.Liberty Global (LBTYK): LBTYK is a 2.50% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. Last two quarters saw a one-third increase at prices between ~$18.50 and ~$26.60. The stock is now at $28.33.Note: Oakmark has a ~27% ownership stake in Liberty Global.American International Group (AIG): AIG is a 2.49% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at ~$49. Last three quarters have seen only minor adjustments.Humana Inc. (HUM): The 2.19% of the portfolio HUM stake was built this quarter at prices between ~$375 and ~$448 and the stock currently trades at ~$442.Facebook Inc. (FB): FB is a ~2% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$341. There was ~8% trimming in Q3 2020 while this quarter there was a similar increase.Fiserv Inc. (FISV): FISV is a 1.68% of the portfolio position primarily built this quarter at prices between ~$103 and ~$124. The stock currently trades at ~$109.Comcast Corp (CMCSA): CMCSA is a very long-term 1.52% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Since then, the activity has been minor. The stock is now at $56.42.Netflix Inc. (NFLX): NFLX is a 1.32% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling over the last four quarters at prices between ~$299 and ~$557. The stock is now at ~$527. This quarter saw a ~5% stake increase.Ryanair Holdings (RYAAY): RYAAY is a 1.13% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. Last five quarters had seen a ~73% selling at prices between ~$48 and ~$118. The stock currently trades at ~$109. There was a ~4% stake increase this quarter.Note: They have a ~3% ownership stake in Ryanair Holdings.Regeneron Pharmaceuticals (REGN): REGN is 0.84% of the portfolio position. The bulk of the original stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last four quarters had seen a ~88% selling at prices between ~$339 and ~$658 while this quarter saw a stake doubling at prices between ~$447 and ~$548. The stock is now at ~$551.Moody’s Corp (MCO): MCO is a 0.78% of the portfolio stake established in 2017 at prices between $94 and $152. Last four quarters had seen a ~60% selling at prices between ~$165 and ~$305. The stock currently trades at ~$365. There was a ~5% stake increase this quarter.American Express (AXP): The 0.54% of the portfolio AXP position was purchased in Q1 2020 at prices between ~$69 and ~$137 and the stock currently trades at ~$170. Last four quarters have seen minor increases.Note: In an interview last May, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.Alibaba Group Holdings (BABA), APA Corporation (APA), Automatic Data Processing (ADP), Berkshire Hathaway (BRK.B), CVS Health (CVS), DXC Technology (DXC), eBay Inc. (EBAY), Envista Holdings (EVST), General Dynamics (GD), Grupo Televisa (TV), Interpublic Group (IPG), Liberty Broadband (LBRDK), Open Text Corp (OTEX), Oracle Corp (ORCL), Reinsurance Group of America (RGA), and Wells Fargo (WFC): These small (less than ~1.25% of the portfolio each) stakes were increased this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: APA Corporation, Envista Holdings, and Grupo Televisa.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 7.40% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last two years had seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2540. This quarter saw marginal trimming.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $41.62 and it is a top-three stake at 4.54% of the portfolio.CNH Industrial (CNHI): CNHI is a top-three ~4% of the portfolio position purchased last quarter at prices between $7.75 and $13 and the stock currently trades at $16.64. This quarter saw a ~25% selling at prices between ~$12.50 and ~$15.80.General Motors (GM): GM is a 3.59% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~40% reduction in the last four quarters at prices between ~$18 and ~$60. The stock currently trades at $60.30.HCA Healthcare (HCA): HCA is now a 2.88% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The stock currently trades at ~$208. Last two quarters have seen minor trimming.Booking Holdings (BKNG): BKNG is now a medium-sized 2.84% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2282. Last three quarters have seen a combined ~12% trimming.TE Connectivity (TEL): TE is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~40% reduction over the last three quarters at prices between ~$79 and ~$135. The stock currently trades at ~$134 and the stake is at 2.14% of the portfolio.Note: They have a ~3% ownership stake in TE Connectivity.Hilton Worldwide (HLT): The ~2% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. There was a ~18% selling this quarter at prices between ~$99 and ~$127. The stock currently trades at ~$125.Ally Financial (ALLY): ALLY is a 1.95% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Last nine quarters have seen a ~36% selling at prices between ~$12 and ~$47. It is now at $50.75.Note: They have a ~7% ownership stake in Ally Financial.Constellation Brands (STZ): STZ is now a 1.56% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208. Last three quarters had seen a ~23% selling at prices between ~$130 and ~$220. The stock currently trades at ~$229. This quarter saw marginal trimming.MasterCard Inc. (MA): The ~1% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe had seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. Last five quarters have seen another ~63% selling at prices between ~$203 and ~$384. The stock currently trades at ~$380. They are harvesting gains.Agilent Technologies (A), Borg Warner (BWA), CBRE Group (CBRE), Capital One Financial (COF), Caterpillar Inc. (CAT), Cenovus Energy (CVE), Charles Schwab (SCHW), EOG Resources (EOG), Gartner Inc. (IT), General Electric (GE), Goldman Sachs (GS), Howmet Aerospace (HWM), Johnson Controls (JCI), Lear Corp (LEA), MGM Resorts (MGM), State Street Corp (STT), Tenet Healthcare (THC), Visa Inc. (V), and WorkDay Inc. (WDAY): These small (less than ~1.75% of the portfolio each) stakes were reduced during the quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: Tenet Healthcare, Lear Corp, and Cenovus Energy,Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: LivaNova plc (LIVN), Qurate Retail (QRTEA), and Volaris - Controladoravuela Compañía de Aviación (VLRS).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/14/2021: 13G/As – 2/16 – TE Connectivity – TEL – 13.16M shares – 4% of business, RYAAY – 29.5M shares – 2.6% of business, QRTEA – 10.26M shares – 2.6% of business, TV - ~321M shares – 11.4% of business, Valaris – VLRS – 41.91M shares – 4% of business, LBTYA – 44.51 shares – 24.5% of business, LEA – 3.66M shares – 6.1% of business, CoreLogic – CLGX – 17.6K shares – zero, Apache – APA – 14.77M shares – 3.9% of business, ALLY – 28.23M shares – 7.6% of business, Envista – NVST – 8.26M shares – 5.2% of business, Reinsurance Group – RGA – 3.92M shares – 5.8% of business, Cenovus Energy – CVE – 98.3M shares – 8% of business. 13G/As – 2/12 – WPP – 72.6M shares – 5.9% of business, THC – 7.11M shares – 6.7% of business, LivaNova – LIVN – 3.74M shares – 7.7% of business, 13G – 1/11 – CNHI – 200.4M shares – 14.7% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q4 2020 Update"

"Harris Associates’ 13F portfolio value increased from $41.07B to $51.71B this quarter.They added CNH Industrial and doubled Keurig Dr. Pepper while dropping CVS Health and Baidu.The top three positions are Alphabet, CNH Industrial, and Bank of America, and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 2/16/2021. William Nygren’s 13F portfolio value increased ~26% from $41.07B to $51.71B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 56 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, CNH Industrial, Bank of America, Charter Communications, and General Motors. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.Harris Associates currently has ~$104B under management. Their flag ship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.49% annualized return compared to 10.28% for the S&P 500 index for OAKMX and 9.24% annualized return for OAKIX compared to 6.13% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Glencore (GLCNF), Lloyds Banking Group (LYG), Intesa Sanpaolo (ISNPY), Credit Suisse Group (CS), Daimler (DDAIF), BNP Paribas (BNPQF), Bayer (BAYRY), BMW (BMWYY), and Allianz (ALIZF).New Stakes:CNH Industrial (CNHI): CNHI is a top-three 4.89% of the portfolio position purchased this quarter at prices between $7.75 and $13 and the stock currently trades above that range at $15.53.Stake Disposals:Baidu Inc. (BIDU): BIDU was a ~1% of the portfolio position first purchased in 2015 at prices between ~$134 and ~$233. Next year saw a substantial stake increase at prices between ~$125 and ~$194. 2017-2018 timeframe saw that original stake sold down by ~50% at prices between ~$165 and ~$280. It was built back up last year at prices between ~$97 and ~$182. Q1 2020 saw a ~40% selling at prices between ~$84 and ~$145. Last quarter saw another ~17% selling at prices between ~$115 and ~$133. The disposal this quarter was at prices between ~$125 and ~$220. The stock currently trades at ~$209.CVS Health Group (CVS): CVS was a small 1.14% of the portfolio stake. It was disposed this quarter at prices between ~$56 and ~$75. The stock is now at ~$76.Stake Increases:Citigroup Inc. (C): The 3.23% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there had been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at ~$73. This quarter saw a ~4% increase.Liberty Global (LBTYK): LBTYK is a medium sized 2.39% position established in 2017 at prices between $28 and $37. Next year saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while the next quarter saw a similar increase at prices between $20.50 and $25. H1 2020 had seen a ~30% selling at prices between ~$15 and ~$23. This quarter saw a ~20% stake increase at prices between ~$18.50 and ~$24.75. The stock is now at ~$26.Note: Oakmark has a ~25% ownership stake in Liberty Global.Keurig Dr. Pepper (KDP): KDP is a 2.21% of the portfolio position established last quarter at prices between ~$27 and ~$31 and doubled this quarter at around the same price range. The stock currently trades above that range at $35.24.American Express (AXP): The small 0.52% of the portfolio AXP position was purchased in Q1 2020 at prices between ~$69 and ~$137 and the stock currently trades at ~$144. Last three quarters have seen minor increases.Note: In an interview last May, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.Alibaba Group Holdings (BABA), Berkshire Hathaway (BRK.B), Borg Warner (BWA), Cenovus Energy (CVE), Charles Schwab (SCHW), EOG Resources (EOG), eBay Inc. (EBAY), Grupo Televisa (TV), Howmet Aerospace (HWM), Humana Inc. (HUM), Interpublic Group (IPG), Johnson Controls (JCI), Lear Corp (LEA), MGM Resorts (MGM), Open Text Corp (OTEX), Oracle Corp (ORCL), State Street Corp (STT), Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Although the position size relative to the 13F portfolio is very small, they have significant ownership stakes in the following businesses: Grupo Televisa, Lear Corp, and Cenovus Energy,Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~7% of the portfolio. The bulk of the position was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last two years have seen a ~28% selling at prices between ~$1054 and ~$1828. The stock currently trades at ~$2036.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $38.68 and it is at 4.13% of the portfolio.Charter Communications (CHTR): CHTR is a top-five 3.38% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last two years have seen a ~58% selling at prices between ~$275 and ~$680. The stock currently trades at ~$632.General Motors (GM): GM is a 3.31% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~25% reduction in Q2 2020 at prices between ~$17 and ~$37. Last two quarters have also seen minor trimming. The stock currently trades at $56.52.Booking Holdings (BKNG): BKNG is now a medium-sized 3.14% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2324. Last two quarters have seen a combined ~10% trimming.TE Connectivity (TEL): TE is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~20% reduction over the last two quarters at prices between ~$79 and ~$121. The stock currently trades at ~$129 and the stake is at ~3% of the portfolio.Note: They have a ~4% ownership stake in TE Connectivity.HCA Healthcare (HCA): HCA is now a 2.87% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase last quarter at prices between ~$94 and ~$138. The stock currently trades at ~$191. This quarter saw a minor ~2% trimming.Hilton Worldwide (HLT): The 2.49% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. The stock currently trades at ~$121. Last seven quarters have seen only minor adjustments.American International Group (AIG): AIG is a 2.26% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at $46.82. Last two quarters have seen minor trimming.Ally Financial (ALLY): ALLY is a 1.95% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Since then, the stake had been kept relatively steady although adjustments were made every quarter. Last two years have seen a ~30% selling at prices between ~$12 and ~$36. It is now at $45.82.Note: They have a ~7.6% ownership stake in Ally Financial.Facebook Inc. (FB): FB is a 1.93% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$283. There was ~8% trimming last quarter and a marginal reduction this quarter.Comcast Corp (CMCSA): CMCSA is a very long-term 1.77% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Since then, the activity has been minor. The stock is now at $55.18.Constellation Brands (STZ): STZ is now a 1.72% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208 and the stock currently trades at ~$235. Last three quarters have seen a ~23% selling at prices between ~$130 and ~$220.MasterCard Inc. (MA): The 1.69% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe had seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. Last four quarters have seen another ~42% selling at prices between ~$203 and ~$366. The stock currently trades at ~$366. They are harvesting gains.Netflix Inc. (NFLX): NFLX is a 1.47% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~55% selling over the last four quarters at prices between ~$299 and ~$557. The stock is now at ~$508.Ryanair Holdings (RYAAY): RYAAY is a 1.17% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. The stock currently trades at ~$114. Last five quarters have seen a ~73% selling at prices between ~$48 and ~$118.Note: They have a ~2.6% ownership stake in Ryanair Holdings.Moody’s Corp (MCO): MCO is a 0.82% of the portfolio stake established in 2017 at prices between $94 and $152. Last four quarters have seen a ~60% selling at prices between ~$165 and ~$305. The stock currently trades at ~$304.Regeneron Pharmaceuticals (REGN): REGN is now a very small 0.49% of the portfolio position. The bulk of the original stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last four quarters have seen a ~88% selling at prices between ~$339 and ~$658. The stock is now at ~$477. They are harvesting gains.Agilent Technologies (A), Automatic Data Processing (ADP), CBRE Group (CBRE), Capital One Financial (COF), Caterpillar Inc. (CAT), Cummins (CMI), Gartner Inc. (IT), General Electric (GE), Goldman Sachs (GS), Liberty Broadband (LBRDK), Parker Hannifin (PH), Pinterest Inc. (PINS), Reinsurance Group of America (RGA), Visa Inc. (V), and WorkDay Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: Apache Corp (APA), Envista Holdings (NVST), LivaNova plc (LIVN), Qurate Retail (QRTEA), Tenet Healthcare (THC), Volaris - Controladora Vuela Compañía de Aviación (VLRS), and WPP Inc. (WPP).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q4 2020:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q3 and Q4 2020.Regulatory filings thru 12/25/2020: None."

"Tracking William Nygren’s Harris Associates Portfolio – Q3 2020 Update"

"Harris Associates’ 13F portfolio value decreased marginally from $41.11B to $41.07B this quarter.They increased Automatic Data Processing and added Keurig Dr. Pepper while reducing Pinterest and CoreLogic.The top three positions are Alphabet, Bank of America, and Charter Communications and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 11/16/2020. William Nygren’s 13F portfolio value decreased marginally from $41.11B to $41.07B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Charter Communications, TE Connectivity, and General Motors. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.Harris Associates currently has ~$86B under management. Their flag ship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 11.77% annualized return compared to 9.94% for the S&P 500 index for OAKMX and 8.26% annualized return for OAKIX compared to 5.63% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are BNP Paribas (BNPQF), Glencore (GLCNF), Lloyds Banking Group (LYG), Daimler (DDAIF), Intesa Sanpaolo (ISNPY), CNH Industrial (CNHI), Credit Suisse Group (CS), BMW (BMWYY), Continental (CTTAF), and Naspers (NPSNY).New Stakes:Keurig Dr. Pepper (KDP): KDP is a 1.19% of the portfolio position established this quarter at prices between ~$27 and ~$31 and the stock currently trades at ~$32.Stake Increases:HCA Healthcare (HCA): HCA is now a 2.80% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase last quarter at prices between $82 and $118. That was followed with a ~15% stake increase this quarter at prices between ~$94 and ~$138. The stock currently trades at ~$165.Liberty Global (LBTYK): LBTYK is a medium sized 2.18% position established in 2017 at prices between $28 and $37. 2018 also saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while next quarter saw a similar increase at prices between $20.50 and $25. Last two quarters had seen a ~30% selling at prices between ~$15 and ~$23. This quarter saw a ~5% stake increase. The stock is now at $23.65.Note: Oakmark has a ~14% ownership stake in Liberty Global.American Express (AXP): The small 0.54% of the portfolio AXP position was purchased in Q1 2020 at prices between ~$69 and ~$137 and the stock currently trades at ~$121. Last two quarters have seen minor increases.Note: In an interview last May, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.Automatic Data Processing (ADP), Berkshire Hathaway (BRK.B), CBRE Group (CBRE), Cenovus Energy (CVE), Gartner Inc. (IT), General Electric (GE), Johnson Controls (JCI), Reinsurance Group of America (RGA), Wells Fargo (WFC), and WorkDay Inc. (WDAY): These small (less than ~1.75% of the portfolio each) stakes were increased this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~8% of the portfolio. The bulk of the position was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last seven quarters have seen a ~25% selling at prices between ~$1054 and ~$1717. The stock currently trades at ~$1753.Bank of America (BAC) and Citigroup Inc. (C): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $30.31 and it is at 4.22% of the portfolio. The 2.73% Citigroup position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since 2018, there has been a combined ~30% selling at prices between ~$35 and ~$82. The stock currently trades at $61.66.Charter Communications (CHTR): CHTR is a top three 4.18% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last seven quarters have seen a ~55% selling at prices between ~$275 and ~$635. The stock currently trades at ~$662.TE Connectivity (TEL): TE is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters have seen minor selling. There was a 16% reduction last quarter at prices between ~$59 and ~$92. That was followed with a ~10% trimming this quarter. The stock currently trades at ~$121 and the stake is at 3.50% of the portfolio.General Motors (GM): GM is a 3.22% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~25% reduction last quarter at prices between ~$17 and ~$37. This quarter saw minor trimming. The stock currently trades at $41.64.Booking Holdings (BKNG): BKNG is now a medium-sized 3.11% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The stock is currently at ~$2227. This quarter saw a ~7% trimming.Hilton Worldwide (HLT): The 2.63% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. The stock currently trades at ~$111. Last six quarters have seen only minor adjustments.MasterCard Inc. (MA): The 2.48% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe had seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. The stock currently trades at ~$357. Last three quarters have seen another ~30% selling at prices between ~$203 and ~$366. They are harvesting gains.Facebook Inc. (FB): FB is a 2.35% of the portfolio position. The stake saw a ~42% stake increase in Q1 2020 at prices between ~$146 and ~$223. The stock currently trades at ~$273. There was ~8% trimming this quarter.Netflix Inc. (NFLX): NFLX is a 2.13% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~45% selling over the last three quarters at prices between ~$299 and ~$557. The stock is now at ~$541.American International Group (AIG): AIG is a 2.10% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while the next three quarters saw minor increases. The stock is now at $37.86. This quarter saw a ~7% trimming.Constellation Brands (STZ): STZ is now a ~2% of the portfolio stake. The position saw a ~50% stake increase in Q1 2020 at prices between ~$106 and ~$208 and the stock currently trades at ~$219. Last two quarters have seen a ~15% trimming.Comcast Corp (CMCSA): CMCSA is a very long-term ~2% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Last six quarters had seen only minor adjustments. The stock is now at $52.40. There was a ~12% trimming this quarter.Ally Financial (ALLY): ALLY is a 1.94% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Since then, the stake had been kept relatively steady although adjustments were made every quarter. Last seven quarters have seen a ~20% selling at prices between ~$12 and ~$35. It is now at $35.66.Ryanair Holdings (RYAAY): RYAAY is a 1.85% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. The stock currently trades at ~$110. Last four quarters have seen a ~55% selling at prices between ~$48 and ~$96.Moody’s Corp (MCO): MCO is a 1.26% of the portfolio stake established in 2017 at prices between $94 and $152. The stock currently trades at ~$290. Last three quarters have seen a ~50% selling at prices between ~$165 and ~$305.Baidu Inc. (BIDU): BIDU is a ~1% of the portfolio position first purchased in 2015 at prices between ~$134 and ~$233. Next year saw a substantial stake increase at prices between ~$125 and ~$194. 2017-2018 timeframe saw that original stake sold down by ~50% at prices between ~$165 and ~$280. It was built back up last year at prices between ~$97 and ~$182. Q1 2020 saw a ~40% selling at prices between ~$84 and ~$145. This quarter saw another ~17% selling at prices between ~$115 and ~$133. The stock currently trades at ~$216.Regeneron Pharmaceuticals (REGN): REGN is a 0.91% of the portfolio position. The bulk of the original stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last three quarters have seen a ~85% selling at prices between ~$339 and ~$658. The stock is now at ~$483.Agilent Technologies (A), Apache Corp (APA), Bank of New York Mellon (BK), Borg Warner (BWA), Capital One Financial (COF), CVS Health Group (CVS), Caterpillar Inc. (CAT), Charles Schwab (SCHW), CoreLogic Inc. (CLGX), Cummins (CMI), eBay Inc. (EBAY), EOG Resources (EOG), Humana Inc. (HUM), Goldman Sachs (GS), Grupo Televisa (TV), Howmet Aerospace (HWM), Lear Corp (LEA), Liberty Broadband (LBRDK), MGM Resorts (MGM), Oracle Corp (ORCL), Open Text Corp (OTEX), Parker Hannifin (PH), Pinterest Inc. (PINS), Qurate Retail (QRTEA), S&P Global (SPGI), State Street Corp (STT), Trip.com (TRIP), Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: Tenet Healthcare (THC) and Volaris - Controladora Vuela Compañía de Aviación (VLRS).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q3 2020:Regulatory filings thru 9/17/2020: None."

"Tracking William Nygren’s Harris Associates Portfolio – Q2 2020 Update"

"Harris Associates 13F portfolio value increased from $36.11B to $41.11B this quarter.They increased WorkDay while reducing Regeneron Pharmaceuticals.The top three positions are Alphabet, Bank of America, and Charter Communications and they add up to ~16% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 08/14/2020. William Nygren’s 13F portfolio value increased ~14% from $36.11B to $41.11B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions although most of them are very small. There are 66 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Charter Communications, Citigroup, and TE Connectivity. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.Harris Associates currently has ~$86B under management. Their flag ship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 11.65% annualized return compared to 9.71% for the S&P 500 index for OAKMX and 8.20% annualized return for OAKIX compared to 5.50% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Glencore (GLCNF), BNP Paribas (BNPQF), Intesa Sanpaolo (ISNPY), Daimler (DDAIF), Lloyds Banking Group (LYG), Credit Suisse Group (CS), BMW (BMWYY), Continental (CTTAF), CNH Industrial (CNHI), and Allianz (ALIZF).Note2: In a July interview, it was disclosed that they built a stake in T-Mobile US at an attractive valuation due to forced-selling by Softbank (SFTBY).Stake Increases:American International Group (AIG): AIG is a 2.15% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while last three quarters saw minor increases. The stock is now at $29.77.HCA Healthcare (HCA): HCA is now a ~1.89% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase this quarter at prices between $82 and $118. The stock currently trades at ~$138.American Express (AXP): The small 0.51% of the portfolio position was purchased last quarter at prices between ~$69 and ~$137 and the stock currently trades at ~$106. This quarter also saw a ~8% stake increase.Note: In an interview in May, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.Berkshire Hathaway (BRK.B), CBRE Group (CBRE), Charles Schwab (SCHW), Cenovus Energy (CVE), EOG Resources (EOG), Pinterest Inc. (PINS), Reinsurance Group of America (RGA), and WorkDay Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter. Pinterest, Reinsurance Group of America, and WorkDay stakes were built this year.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~8% of the portfolio. The bulk of the position was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last six quarters have seen a ~22% trimming. The stock currently trades at ~$1512.Bank of America (BAC) and Citigroup Inc. (C): BAC and C are the second and fourth largest stakes in the portfolio. BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $25.60 and it is at 4.31% of the portfolio. The 3.82% C position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since then, there has been a combined ~23% selling at prices between ~$50 and ~$80. The stock currently trades at $46.02.Charter Communications (CHTR): CHTR is a top three 3.82% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last six quarters have seen a ~45% selling at prices between ~$275 and ~$545. The stock currently trades at ~$630.TE Connectivity (TEL): TE is a very long-term stake first purchased in 2011 in the high-20s price range. Recent quarters had seen minor selling. There was a 16% reduction this quarter at prices between ~$59 and ~$92. The stock currently trades at ~$102 and the stake is at 3.24% of the portfolio.Booking Holdings (BKNG): BKNG is now a medium-sized 3.12% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. H2 2019 had seen minor trimming. There was a ~25% stake increase last quarter at prices between ~$1152 and ~$2087. The stock is currently at ~$1807. This quarter saw minor trimming.General Motors (GM): GM is a 2.86% of the portfolio position. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was since sold down by ~25% at prices between $28 and $46. The stock currently trades at $31.79. Last two quarters had seen a minor increase while this quarter there was a ~25% reduction at prices between ~$17 and ~$37.MasterCard Inc. (MA): The 2.53% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe had seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. The stock currently trades at ~$342. Last two quarters have seen another ~20% selling at prices between $229 and $313. They are harvesting gains.Hilton Worldwide (HLT): The 2.37% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. The stock currently trades at $94.03. Last five quarters have seen only minor adjustments.Netflix Inc. (NFLX): NFLX is a 2.25% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~38% selling over the last two quarters at prices between ~$300 and ~$470. The stock is now at ~$484.Facebook Inc. (FB): FB is a 2.22% of the portfolio position. The stake saw a ~42% stake increase last quarter at prices between ~$146 and ~$223. The stock currently trades at ~$264. There was marginal trimming this quarter.Liberty Global (LBTYK): LBTYK is a medium sized 2.16% position established in 2017 at prices between $28 and $37. 2018 also saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while next quarter saw a similar increase at prices between $20.50 and $25. It is now at $21.92. Last two quarters have seen a ~30% selling at prices between ~$15 and ~$23.Note: Oakmark has a ~14% ownership stake in Liberty Global.Constellation Brands (STZ): STZ is now a ~2% of the portfolio stake. The position saw a ~50% stake increase last quarter at prices between ~$106 and ~$208 and the stock currently trades at ~$193. There was a ~5% trimming this quarter.Ryanair Holdings (RYAAY): RYAAY is a ~2% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. The stock currently trades at $87.49. Last three quarters have seen a ~42% selling at prices between ~$47 and ~$96.Note: Oakmark has a ~5% ownership stake in Ryanair Holdings.Comcast Corp (CMCSA): CMCSA is a very long-term 1.90% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Last six quarters have seen only minor adjustments. The stock is now at $46.81.Regeneron Pharmaceuticals (REGN): REGN is a 1.86% of the portfolio position. The bulk of the stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. Last quarter saw a ~50% selling at prices between ~$335 and ~$495. That was followed with a similar reduction this quarter at prices between ~$493 and ~$644. The stock is now at ~$569.Moody’s Corp (MCO): MCO is a 1.65% of the portfolio stake established in 2017 at prices between $94 and $152. The stock currently trades at ~$287. Last quarter saw a ~20% reduction at prices between ~$165 and ~$285. That was followed with a ~11% trimming this quarter.Ally Financial (ALLY): ALLY is a 1.60% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Since then, the stake had been kept relatively steady although adjustments were made every quarter. Last six quarters have seen a ~12% selling at prices between ~$12 and ~$35. It is now at $25.70.Baidu Inc. (BIDU): BIDU is a 1.12% of the portfolio position first purchased in 2015 at prices between ~$134 and ~$233. Next year saw a substantial stake increase at prices between ~$125 and ~$194. 2017-2018 timeframe saw that original stake sold down by ~50% at prices between ~$165 and ~$280. It was built back up last year at prices between ~$97 and ~$182. Last quarter saw a ~40% selling at prices between ~$84 and ~$145. The stock currently trades at ~$126. There was marginal trimming this quarter.Agilent Technologies (A), Apache Corp (APA), Apple Inc. (AAPL), Bank of New York Mellon (BK), Borg Warner (BWA), Capital One Financial (COF), CVS Health Group (CVS), Caterpillar Inc. (CAT), CoreLogic Inc. (CLGX), Cummins (CMI), eBay Inc. (EBAY), Fiat Chrysler (FCAU), Gartner Inc. (IT), Goldman Sachs (GS), Grupo Televisa (TV), General Electric (GE), Howmet Aerospace (HWM), Humana Inc. (HUM), Intel Corp (INTC), Interpublic Group (IPG), Lear Corp (LEA), Liberty Broadband (LBRDK), MGM Resorts (MGM), Open Text Corp (OTEX), Oracle Corp (ORCL), Parker Hannifin (PH), Philip Morris (PM), Qurate Retail (QRTEA), S&P Global (SPGI), Southwest Airlines (LUV), State Street Corp (STT), Texas Instruments (TXN), Trip.com (TRIP), Visa Inc. (V), and Wells Fargo (WFC): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: CoreLogic (CLGX), Tenet Healthcare (THC), and Volaris - Controladora Vuela Compañía de Aviación (VLRS).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q2 2020:Bill Nygren – 4/30/20 – Value Investor’s & 4/15/2020 – added STZ, PINS (thinks could earn $1.50 to $2 per share in 2022, at $16 selling at 1/10th Facebooks per-user-revenue multiple but they expect them to monetize at half Facebook’s ratio) & WDAY during selloff while dropping American Airlines. AXP – thinks it is cheap at $96 as they expect $4 to $5 earnings this year and double that in a couple of years – commercial paper funded during financial crisis, now deposit & long-term debt, used to charge merchants more but now the same, etc. So, now very advantaged. Two-thirds is like capital one, and one-third is like MasterCard. AXP is selling at 10x times earnings, comparable should be 14x – so, gap to close there. AAL – sold as it is leveraged and it fell only like others who have strong balance sheets – so, EV did not go down as much, so sold… MTCH – tinder is not monetized 90% of users.Regulatory filings thru 5/31/2020: None."

"Tracking William Nygren’s Harris Associates Portfolio – Q1 2020 Update"

"Harris Associates 13F portfolio value decreased from $56.4B to $36.11B this quarter.They increased Booking Holdings, Constellation Brands, and Facebook while reducing Regeneron Pharmaceuticals and dropping American Airlines and Arconic.The top three positions are Alphabet, Bank of America, and Charter Communications and they add up to ~17% of the portfolio.This article part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 05/15/2020. William Nygren’s 13F portfolio value decreased ~36% from $56.41B to $36.11B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions although most of them are very small. There are 66 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Charter Communications, Citigroup,and General Motors. They add up to ~24% of the portfolio. Please visit our series to get an idea of their investment philosophy and the fund’s moves during Q4 2019.Harris Associates currently has ~$120B under management. Their flag ship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes – 12.5% annualized return compared to 10% for the S&P 500 index for OAKMX and 9.4% annualized return for OAKIX compared to 6.07% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note 1: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Daimler (DDAIF), Glencore (GLCNF), BMW (BMWYY), BNP Paribas (BNPQF), Credit Suisse Group (CS), Continental (CTTAF), Intesa Sanpaolo (ISNPY), Lloyds Banking Group (LYG), CNH Industrial (CNHI), and Allianz (ALIZF).Note2: In an April interview it was disclosed that Nygren is building stakes in Pinterest (PINS), Workday (WDAY), and Match Group (MTCH).New Stakes:American Express (AXP): The small 0.49% of the portfolio position was purchased this quarter at prices between ~$69 and ~$137 and the stock currently trades at ~$102. In an interview last month, Nygren said he thinks AXP will earn between $4 and $5 per share this year and that could double in a couple of years. He also said compared to the financial crisis when the stock crashed to the low-teens, the difference now is that the firm is funded by long-term debt and so there is no risk of a liquidity crunch.Stake Disposals:American Airlines (AAL) and Willis Towers Watson (WLTW): These very small (less than ~1% of the portfolio each) positions were disposed during the quarter.Stake Increases:General Motors (GM): GM is a top-five position at 3.48% of the portfolio. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was since sold down by ~25% at prices between $28 and $46. The stock currently trades at ~$28. Last two quarters have seen a minor increase.Booking Holdings (BKNG): BKNG is now a medium-sized ~3% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. Last two quarters had seen minor trimming. There was a ~25% stake increase this quarter at prices between ~$1152 and ~$2087. The stock is currently at ~$1624.American International Group (AIG): AIG is a 2.15% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. The three quarters thru Q3 2019 had seen a ~20% reduction at prices between $40 and $57.50 while last two quarters saw minor increases. The stock is now at ~$33.Constellation Brands (STZ): STZ is now a ~2% of the portfolio stake. The position saw a ~50% stake increase this quarter at prices between ~$106 and ~$208 and the stock currently trades at ~$170.Comcast Corp (CMCSA): CMCSA is a very long-term ~2% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. The three quarters thru Q3 2019 had seen minor selling while the last two quarters have seen a marginal increase. The stock is now at $39.46.Facebook Inc. (FB): FB is a 1.88% of the portfolio position. The stake saw a ~42% stake increase this quarter at prices between ~$146 and ~$223. The stock currently trades at ~$229.HCA Healthcare (HCA): HCA is now a ~1.5% of the portfolio stake. A large stake was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. Since then, the activity has been minor. The stock currently trades at ~$101.Agilent Technologies (A), Berkshire Hathaway (BRK.B), Borg Warner (BWA), Capital One Financial (COF), Cenovus Energy (CVE), DXC Technology (DXC), EOG Resources (EOG), Grupo Televisa (TV), Howmet Aerospace (HWM) previously Arconic Inc. (ARNC), Humana Inc. (HUM), Lear Corp (LEA), Southwest Airlines (LUV), and Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Note: Oakmark has significant ownership stakes in the following businesses: Lear Corp and Grupo Televisa.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~8% of the portfolio. The bulk of the position was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last five quarters have seen a ~15% trimming. The stock currently trades at ~$1413.Bank of America (BAC) and Citigroup Inc. (C): BAC and C are the second and fourth largest stakes in the portfolio. BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and $18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $24.78 and it is at 4.54% of the portfolio. The 3.77% C position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Since then, there has been a combined ~18% selling at prices between ~$50 and ~$80. The stock currently trades at $52.25.Charter Communications (CHTR): CHTR is a top three 4.24% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last five quarters have seen a ~40% selling at prices between ~$275 and ~$543. The stock currently trades at ~$523.Regeneron Pharmaceuticals (REGN): REGN is a 3.13% of the portfolio position. The bulk of the stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. That was followed with minor increases over the last two quarters. This quarter saw a ~50% selling at prices between ~$335 and ~$495. The stock is now at ~$588.MasterCard Inc. (MA): The 2.64% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe has seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. The stock currently trades at ~$298. This quarter also saw a ~7% trimming. They are harvesting gains.Hilton Worldwide (HLT): The 2.54% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. The stock currently trades at $77.45. Last four quarters have seen only minor adjustments.Netflix Inc. (NFLX): NFLX is a 2.42% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. There was a ~25% selling this quarter at prices between ~$300 and ~$388. The stock is now at ~$418.Liberty Global (LBTYK): LBTYK is a medium sized 2.41% position established in 2017 at prices between $28 and $37. 2018 also saw a ~15% stake increase at prices between ~$20 and ~$37. Q2 & Q3 2019 had seen a ~30% selling at prices between $24 and $27.50 while last quarter saw a similar increase at prices between $20.50 and $25. It is now at $21.77. There was a ~8% trimming this quarter.Note: Oakmark has a ~19% ownership stake in Liberty Global.Ryanair Holdings (RYAAY): RYAAY is a 2.29% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. The stock currently trades at ~$71. Last two quarters have seen a ~23% selling at prices between $47.50 and $96.Note: Oakmark has a ~6.5% ownership stake in Ryanair Holdings.Moody’s Corp (MCO): MCO is a 1.63% of the portfolio stake established in 2017 at prices between $94 and $152. The stock currently trades at ~$267. This quarter saw a ~20% reduction at prices between ~$165 and ~$285.Baidu Inc. (BIDU): BIDU is a 1.10% of the portfolio position first purchased in 2015 at prices between ~$134 and ~$233. Next year saw a substantial stake increase at prices between ~$125 and ~$194. 2017-2018 timeframe saw that original stake sold down by ~50% at prices between ~$165 and ~$280. It was built back up last year at prices between ~$97 and ~$182. This quarter saw a ~40% selling at prices between ~$84 and ~$145. The stock currently trades at ~$116.Ally Financial (ALLY): ALLY is a 1.35% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Since then, the stake has been kept relatively steady although adjustments were made every quarter. Last five quarters have seen a ~10% selling at prices between ~$11.50 and ~$35. It is now at $20.44.Apache Corp (APA), Apple Inc. (AAPL), Automatic Data Processing (ADP), Bank of New York Mellon (BK), Cummins (CMI), CVS Health Group (CVS), Charles Schwab (SCHW), CBRE Group (CBRE), Concho Resources (CXO), Caterpillar Inc. (CAT), Diamondback Energy (FANG), Diageo plc (DEO), Fiat Chrysler (FCAU), General Electric (GE), Gartner Inc. (IT), Goldman Sachs (GS), Halliburton (HAL), Intel Corp (INTC), Interpublic Group (IPG), Liberty Broadband (LBRDK), MGM Resorts (MGM), National Oilwell Varco (NOV), Open Text Corp (OTEX), Oracle Corp (ORCL), Parker Hannifin (PH), Philip Morris (PM), State Street Corp (STT), Texas Instruments (TXN), TE Connectivity (TEL), and Visa Inc. (V): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Note: Oakmark has significant ownership stakes National Oilwell Varco and Apache Corp.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: CoreLogic (CLGX), Tenet Healtchare (THC), Volaris - Controladora Vuela Compañía de Aviación (VLRS), and LivaNova plc (LIVN).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q1 2020:Regulatory filings thru 3/15/2020: 13G/As – 2/14: CLGX – 4.6M shares – 5.8% of business, TV – 325M shares – 11.3% of business, TEL – 19.9M shares – 6% of business, THC - 6.2M shares – 6% of business, Volaris (Controladora Vuela Compañía de Aviación) – VLRS - ~59M shares – 6.4% of business, RYAAY – 91M shares – 8.3% of business, LBTYK - ~37M shares – 20.4% of business, LEA – 3.9M shares – 6.5% of business, QRTEA – 22.5M shares - 5.8% of business, APA – 20.6M shares – 5.5% of business, LIVN – 2.7M shares – 5.6% of business, WPP - ~82M shares – 6.5% of business, NOV – 11M shares – 2.9% of business, ALLY – 34.5M shares – 9.1% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q4 2019 Update"

"Harris Associates 13F portfolio increased from $51.5B to $56.4B this quarter.They increased Liberty Global, Open Text, and DXC Technology while decreasing Apple, Halliburton, National Oilwell Varco, and Diageo during the quarter.The top three positions are Alphabet, Bank of America, and Citigroup and they add up to ~16% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 02/14/2020. William Nygren’s 13F portfolio value increased ~10% from $51.53B to $56.41B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions although most of them are very small. There are 62 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Bank of America, Citigroup, Charter Communications, and General Motors. They add up to ~16% of the portfolio.Harris Associates was founded in 1976. Their roots go back to 1957 when Irving Harris became a partner at R.J Levy and Company. In 1975, Irving Harris left the firm to found William Harris Investors as a Family Office to focus on managing the family assets. The remaining partners founded Harris Associates. William Nygren joined the firm in 1983 as an Equity Analyst and is now the Chief Investment Officer.Harris Associates currently has ~$120B under management. They are long-only equity investors and they invest globally. The strategy is offered thru several mutual funds under the Oakmark umbrella and other vehicles. Their flag ship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes – 12.5% annualized return compared to 10% for the S&P 500 index for OAKMX and 9.4% annualized return for OAKIX compared to 6.07% annualized for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Glencore (GLCNF), BNP Paribas (BNPQF), Intesa Sanpaolo (ISNPY), Continental (CTTAF), Credit Suisse Group (CS), Daimler (DDAIF), CNH Industrial (CNHI), BMW (BMWYY), Lloyds Banking Group (LYB), and Bayer (BAYRY).New Stakes:None.Stake Disposals:None.Stake Increases:General Motors (GM): GM is a top-five position at 3.77% of the portfolio. It is a very long-term stake. The original position was minutely small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake has been sold down since: last four years saw a ~28% selling at prices between $28 and $46. The stock currently trades at $21.Regeneron Pharmaceuticals (REGN): REGN is a 2.91% of the portfolio position. The bulk of the stake was built in H1 2018 at prices between $320 and $385. Q2 2019 saw a ~45% increase at prices between $300 and $415. That was followed with minor increases over the last two quarters. The stock is now at ~$441.Hilton Worldwide (HLT): The 2.74% of the portfolio HLT stake was built during the four quarters thru Q1 2019 at prices between $66.50 and $85.75. The stock currently trades at $69.54. Last three quarters have seen only minor adjustments.American International Group (AIG): AIG is a 2.68% of the portfolio position first purchased in 2012 at prices between ~$23 and ~$36. The stake was almost doubled over the next two years at prices between $35 and $56.50. 2016 saw a one-third selling at prices between $50 and $66. 2017-2018 timeframe saw a similar increase at prices between $37.50 and $67. Last three quarters had seen a ~20% reduction at prices between $40 and $57.50 while this quarter saw a marginal increase. The stock is now at $23.25.Booking Holdings (BKNG): BKNG is now a medium-sized 2.43% of the portfolio position. It was a minutely small stake first purchased in 2016. It was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost doubled at prices between $1665 and $1880. Last two quarters have seen minor trimming. The stock is currently at ~$1290.Liberty Global (LBTYK): LBTYK is a medium size 2.30% position established in 2017 at prices between $28 and $37. 2018 also saw a ~15% stake increase at prices between ~$20 and ~$37. Last two quarters had seen a ~30% selling at prices between $24 and $27.50 while this quarter saw a similar increase at prices between $20.50 and $25. It is now at $14.75.Note: Oakmark has a ~20% ownership stake in Liberty Global.Comcast Corp (CMCSA): CMCSA is a very long-term 1.66% of the portfolio stake that has been in the portfolio for well over 15 years. The first significant buying happened in 2004 when around 10M shares were purchased in the $6 to $8 price-range. The interim period saw some selling but in 2011 there was a 4x stake increase at prices between ~$10 and ~$13. The next five years saw a ~80% reduction at prices between ~$12 and ~$35. 2017-2018 timeframe saw the stake rebuilt at prices between $31 and $43. Last three quarters had seen minor selling while this quarter saw a marginal increase. The stock is now at ~$36.HCA Healthcare (HCA): HCA is now a ~1.5% of the portfolio stake. A large stake was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. Since then, the activity has been minor. The stock currently trades at $84.45.Moody’s Corp (MCO): MCO is a ~1.5% of the portfolio stake established in 2017 at prices between $94 and $152. The stock currently trades at ~$185. The position size has remained steady since although adjustments have been made in most quarters.Baidu Inc. (BIDU): BIDU is a ~1.5% of the portfolio position first purchased in 2015 at prices between ~$134 and ~$233. Next year saw a substantial stake increase at prices between ~$125 and ~$194. 2017-2018 timeframe saw that original stake sold down by ~50% at prices between ~$165 and ~$280. It was built back up over the last four quarters at prices between ~$97 and ~$182. The stock currently trades at ~$90.Grupo televisa (TV), Constellation Brands (STZ), Cenovus Energy (CVE), and Facebook Inc. (FB): These are small positions (less than ~1.5% of the portfolio each) that saw minor increases during the quarter.Note: Oakmark has a ~11% ownership stake in Grupo Televisa.Caterpillar Inc. (CAT), Apache Corp (APA), Concho Resources (CXO), Southwest Airlines (LUV), Philip Morris (PM), Open Text Corp (OTEX), and DXC Technology (DXC): These are very small (less than ~1% of the portfolio each) stakes that were increased during the quarter.Note: Oakmark has a ~5.5% ownership stake in Apache Corp.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at 6.37% of the portfolio. The bulk of the position was purchased in 2014 at prices between ~$515 and ~$595. Next year also saw a ~20% stake increase at prices between ~$495 and ~$750. Last four quarters have seen a ~8% trimming. The stock currently trades at ~$1084.Bank of America (BAC) and Citigroup Inc. (C): BAC and C are the second and third largest stakes in the portfolio. BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and $18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. Since then, the position has stayed steady although adjustments were made every quarter. The stock is now at $20.44 and it is the second largest position at 5.11% of the portfolio. The 4.72% C position was built in 2014 at prices between ~$46 and ~$56. The stake was almost doubled over the next three years at prices between ~$37.50 and ~$76. Last two years have seen a combined ~18% selling at prices between ~$50 and ~$80. The stock currently trades at $41.19.Charter Communications (CHTR): CHTR is a top five ~4% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. Last four quarters have seen a ~25% selling at prices between ~$290 and ~$490. The stock currently trades at ~$389.TE Connectivity (TEL): TE is a 3.39% of the portfolio position established in 2011 at prices between ~$28 and ~$39. The position was increased from ~23M shares to ~30M shares over the next three years at prices between $30 and $65. The stake has been sold down since. Last four quarters have seen a ~20% reduction at prices between $74 and $97. The stock is now at ~$61.Ryanair Holdings (RYAAY): RYAAY is a 2.83% of the portfolio stake established in 2018 at prices between ~$69 and ~$125. Q2 2019 also saw a ~20% stake increase at prices between ~$62 and ~$83. There was a ~10% trimming this quarter. The stock currently trades well below those ranges at $53.24.Note: Oakmark has a ~8% ownership stake in Ryanair Holdings.MasterCard Inc. (MA): The 2.24% of the portfolio stake in MA was established in 2011 at prices between $23 and $37. The 2015-2019 timeframe has seen the stake reduced from over 25M shares to 4.23M shares at prices between ~$84 and ~$300. The stock currently trades at ~$236. They are harvesting gains.Ally Financial (ALLY): ALLY is a 1.87% of the portfolio position first purchased in 2015 at prices between $18.50 and $24. Next year saw the position more than doubled at prices between $15.50 and $20.50. Since then, the stake has been kept relatively steady although adjustments were made every quarter. Last four quarters have seen a ~12% selling at prices between $23 and $35. It is now at ~$16.Note: Oakmark has a ~9% ownership stake in Ally Financial.Netflix Inc. (NFLX): NFLX is a 1.77% of the portfolio stake purchased in 2017 at prices between ~$131 and ~$200. Next year also saw a ~50% stake increase at prices between ~$210 and ~$410. Last four quarters have seen only minor adjustments. The stock is now at ~$299.Capital One Financial (COF), CVS Health Group (CVS), Charles Schwab (SCHW), CBRE Group (CBRE), Fiat Chrysler (FCAU), General Electric (GE), MGM Resorts (MGM), Oracle Corp (ORCL), State Street Corp (STT), and Wells Fargo (WFC): These small (less than ~1.5% of the portfolio each) stakes saw reductions during the quarter.Lear Corp (LEA), Arconic Inc. (ARNC), Apple Inc. (AAPL), American Airlines (AAL), Visa Inc. (V), Intel Corp (INTC), Parker Hannifin (PH), Halliburton (HAL), Bank of New York Mellon (BK), Cummins (CMI), Diamondback Energy (FANG), Goldman Sachs (GS), Texas Instruments (TXN), Liberty Broadband (LBRDK), Interpublic Group (IPG), Gartner Inc. (IT), National Oilwell Varco (NOV), Johnson Controls (JCI), Diageo plc (DEO), Automatic Data Processing (ADP), Qurate Retail Group (QRTEA), and Willis Towers Watson (WLTW): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Note: Oakmark controls ~6% of Qurate Retail Group, ~3% of National Oilwell Varco, and ~6.5% of Lear Corp.Kept Steady:None.Note: Although the stakes as percentage of the 13F portfolio are very small, Oakmark has significant ownership stakes in the following businesses: 5.8% of CoreLogic (CLGX), 6% of Tenet Healtchare (THC), 6.4% of Volaris - Controladora Vuela Compañía de Aviación (VLRS), 5.6% of LivaNova plc (LIVN), and 6.5% of WPP plc (WPP).Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q4 2019:"