Monitoring William Nygren’s Harris Associates Portfolio – Q3 2023 Replace (MUTF:OAKMX)

This text is a part of a collection that gives an ongoing evaluation of the modifications made to Harris Associates 13F inventory portfolio on a quarterly foundation. It’s based mostly on Harris Associates’ regulatory 13F Form filed on 11/14/2023. William Nygren’s 13F portfolio worth decreased from $56.60B to $51.39B this quarter. The portfolio is diversified with current 13F reviews displaying round 200 positions. There are 61 securities which can be considerably giant (greater than ~0.5% of the portfolio every) and they’re the main target of this text. The biggest 5 stakes are Alphabet, Constitution Communications, Capital One Monetary, Intercontinental Trade, and Fiserv. They add as much as ~21% of the portfolio. Please go to our Tracking William Nygren’s Harris Associates Portfolio collection to get an concept of their funding philosophy and our last update for the fund’s strikes throughout Q2 2023.

Harris Associates at the moment has ~$100B beneath administration. Their flagship mutual funds are the Oakmark Fund (MUTF:OAKMX) incepted in 1991 and the Oakmark Worldwide (MUTF:OAKIX) incepted in 1992. Each funds have produced substantial alpha throughout their lifetimes: 12.40% annualized return in comparison with 9.96% for the S&P 500 index for OAKMX and eight.40% annualized return for OAKIX in comparison with 5.67% annualized return for the MSCI World ex-US Index. The opposite mutual funds within the group are Oakmark Choose (OAKLX), Oakmark Fairness and Revenue (OAKBX), Oakmark International (OAKGX), Oakmark International Choose (OAKWX), and Oakmark Worldwide Small Cap (OAKEX).

Word: The highest holdings within the Oakmark Worldwide Fund will not be within the 13F report as they don’t seem to be 13F securities. The positions are Lloyds Banking Group (LYG), BNP Paribas (OTCQX:BNPQF), Mercedes-Benz Group (DDAIF), Intesa Sanpaolo (OTCPK:ISNPY), Bayer (OTCPK:BAYRY), Fresenius (OTCPK:FSNUY), Continental (OTCPK:CTTAF), Kering (OTCPK:PPRUF), and Prudential (PUK).

New Stakes:

Cisco Methods (CSCO): The 1.14% of the portfolio stake in CSCO was established this quarter at costs between ~$50 and ~$57. The inventory at the moment trades close to the underside of that vary at $50.09.

Stake Will increase:

Capital One Monetary (COF): COF is a big (prime three) 3.67% of the portfolio stake constructed over the past 4 quarters at costs between ~$85 and ~$122 and it’s now above that vary at ~$130. There was a minor ~2% additional enhance this quarter.

Intercontinental Trade (ICE): COF is a big (prime 5) 3.32% of the portfolio stake constructed over the past 4 quarters at costs between ~$85 and ~$122 and it’s now at ~$126. This quarter noticed a ~7% additional enhance.

IQVIA Holdings (IQV): The ~3% IQV stake was constructed this quarter at costs between ~$197 and ~$232. The inventory is now at ~$229.

CNH Industrial (CNHI): CNHI is a 2.92% of the portfolio place bought in This fall 2020 at costs between $7.75 and $13. The 5 quarters via Q1 2022 noticed a ~55% promoting at costs between ~$11 and ~$17. There was a ~20% stake enhance final quarter at costs between ~$12.80 and ~$14.60. This quarter additionally noticed a ~9% additional enhance. The inventory at the moment trades at $11.98.

Word: They management ~8% of the enterprise.

American Worldwide Group (AIG): The two.70% AIG place noticed a ~45% stake enhance final quarter at costs between ~$50 and ~$57. The inventory at the moment trades nicely above that vary at $66.93. There was a minor ~2% enhance this quarter.

CBRE Group (CBRE): The two.20% CBRE stake noticed a ~20% enhance throughout H1 2022 at costs between ~$70 and ~$109. H2 2022 additionally noticed the same enhance at costs between ~$67.50 and ~$88. The inventory at the moment trades at $91.95. The final two quarters noticed minor will increase.

Willis Towers Watson (WTW): The 1.71% WTW stake noticed a ~20% enhance this quarter at costs between ~$196 and ~$234. The inventory is now at ~$240.

Warner Bros. Discovery (WBD): WBD is a 1.57% of the portfolio place bought throughout Q3 2022 at costs between ~$11.30 and ~$17.50 and the inventory at the moment trades slightly below that vary at $11.27. This fall 2022 additionally noticed a ~10% stake enhance. There was marginal trimming throughout Q1 2023 and a ~7% enhance final quarter. This quarter additionally noticed a ~16% enhance at costs between $10.66 and $14.47.

Ally Monetary (ALLY), Altria Group (MO), American Categorical (AXP), Financial institution of New York Mellon (BK), Citigroup Inc. (C), Corebridge Monetary (CRBG), Danaher Corp (DHR), Goldman Sachs (GS), International Funds (GPN), Interpublic Group (IPG), Kroger Co. (KR), Liberty Broadband (LBRDK), Open Textual content Corp (OTEX), and Truist Monetary (TFC): These small (lower than ~1.5% of the portfolio every) stakes had been elevated throughout the quarter.

Stake Decreases:

Alphabet Inc. (GOOG): GOOG is at the moment the biggest 13F place by far at 6.48% of the portfolio. The majority of the stake was bought in 2014 at costs between ~$26 and ~$30. Subsequent yr additionally noticed a ~20% stake enhance at costs between ~$25 and ~$38. The 2 years via This fall 2020 noticed a ~28% promoting at costs between ~$53 and ~$91. That was adopted by a ~26% promoting final quarter at costs between ~$104 and ~$128. This quarter additionally noticed a ~12% discount at costs between ~$117 and ~$139. The inventory at the moment trades at ~$143.

Constitution Communications (CHTR): CHTR is a big (prime three) 4.48% of the portfolio stake. It was established in 2015 when round 2M shares had been bought at costs between ~$150 and ~$190. Current exercise follows. There was a ~20% stake enhance in H1 2021 at costs between ~$597 and ~$722. That was adopted with a ~30% enhance in Q1 2022 at costs between ~$545 and ~$648. The final quarter additionally noticed a ~25% enhance at costs between ~$320 and ~$367. The inventory at the moment trades at ~$382. There was a minor ~3% trimming this quarter.

Fiserv Inc. (FI): FI is a big (prime 5) 3.29% of the portfolio place primarily constructed throughout 2021 at costs between ~$96 and ~$111. The final 5 quarters noticed a ~40% promoting at costs between ~$89 and ~$126. The inventory at the moment trades at ~$134. This quarter additionally noticed a minor ~3% trimming.

KKR & Firm (KKR): KKR is a 3.23% of the portfolio stake that noticed a ~115% enhance throughout This fall 2022 at costs between ~$43 and ~$57.50. The inventory at the moment trades at $81.92. The final quarter noticed a ~9% stake enhance whereas this quarter there was the same trimming.

ConocoPhillips (COP): COP is a 3.15% of the portfolio stake primarily constructed over the past two quarters at costs between ~$94 and ~$125. The stake was decreased by 10% this quarter at costs between ~$99 and ~$123. The inventory at the moment trades at ~$118.

Financial institution of America (BAC): BAC was a minutely small place of their first 13F submitting in 1999. It grew to become a major a part of the portfolio in 2011. The 2012 to 2015 timeframe noticed the stake constructed from 9.8M shares to 138M shares at costs between ~$6 and ~$18. Current exercise follows. Q3 2022 noticed a ~15% promoting and that was adopted with marginal trimming subsequent quarter. There was a ~20% enhance throughout Q1 2023 at costs between ~$27 and ~$37. The inventory is now at $33.43, and the stake is at 2.79% of the portfolio. The final quarter noticed a ~6% enhance whereas this quarter there was a minor ~2% trimming.

Amazon.com (AMZN): The two.61% of the portfolio AMZN stake was constructed throughout the 5 quarters via Q1 2023 at costs between ~$85 and ~$170. There was a one-third promoting final quarter at costs between ~$98 and ~$130. This quarter noticed one other one-third discount at costs between ~$126 and ~$145. The inventory at the moment trades at ~$153.

Common Motors (GM): GM is a 2.28% of the portfolio place. It’s a very long-term stake. The unique place was small in 2007 and it was disposed the next yr. In 2013, an enormous ~70M share stake was established at costs between $27 and $41. The place measurement peaked at ~81M shares in 2015. The stake was bought down by ~25% within the 2016-2019 timeframe at costs between $28 and $46. That was adopted with a ~45% discount within the 5 quarters via Q2 2021 at costs between ~$18 and ~$64. There was a ~25% stake enhance in Q1 2022 at costs between ~$40 and ~$66. The inventory at the moment trades at $36.02. There was an ~8% trimming this quarter.

Charles Schwab (SCHW): The ~2% SCHW stake was constructed throughout H1 2023 at costs between ~$47 and ~$86. The inventory is now at $68.58. There was marginal trimming this quarter.

EOG Assets (EOG): The ~2% EOG place noticed a ~45% enhance within the final two quarters at costs between ~$101 and ~$136. The inventory at the moment trades at ~$122. There was an ~8% trimming this quarter.

Wells Fargo (WFC): The 1.90% WFC stake noticed a ~45% enhance throughout Q3 2022 at costs between ~$39 and ~$46. It now goes for $49.18. The final quarter noticed a ~6% enhance whereas this quarter noticed marginal trimming.

Salesforce.com (CRM): CRM is a 1.85% stake that noticed a roughly two-thirds enhance throughout This fall 2022 at costs between ~$128 and ~$191. There was a ~35% promoting final quarter at costs between ~$189 and ~$223. It’s now at ~$266. This quarter additionally noticed a ~7% trimming.

Oracle Corp (ORCL): The 1.73% ORCL place noticed a ~90% enhance throughout This fall 2022 at costs between ~$61 and ~$84. There was a ~37% promoting final quarter at costs between ~$93 and ~$127. That was adopted by one other ~30% discount this quarter at costs between ~$104 and ~$126. The inventory at the moment trades at ~$106.

APA Company (APA), BorgWarner (BWA), BlackRock Inc. (BLK), Carlisle Firms (CSL), Comcast Corp (CMCSA), Equifax (EFX), First Residents BancShares (FCNCA), Fortune Manufacturers (FBIN), Hilton Worldwide (HLT), HCA Healthcare (HCA), Liberty International (LBTYK), Lithia Motors (LAD), Masco Corp (MAS), Moody’s Corp (MCO), Meta Platforms (META), Parker-Hannifin (PH), Pinterest (PINS), PulteGroup (PHM), Reinsurance Group of America (RGA), Ryanair Holdings (RYAAY), State Road Corp (STT), TE Connectivity (TEL), THOR Industries (THO), Visa Inc. (V), and Workday, Inc. (WDAY): These small (lower than ~1.5% of the portfolio every) stakes had been lowered throughout the quarter.

Word: Though the place sizes relative to the overall portfolio worth are very small, they’ve important possession stakes in APA Company, Liberty International, and Reinsurance Group of America.

Under is a spreadsheet that exhibits the modifications to William Nygren’s Harris Associates 13F portfolio holdings as of Q3 2023:

Supply: John Vincent. Knowledge constructed from Harris Associates’ 13F filings for Q2 2023 and Q3 2023.

Editor’s Word: This text discusses a number of securities that don’t commerce on a serious U.S. change. Please concentrate on the dangers related to these shares.