Oakmark / Harris Associates (Bill Nygren)
large-active, value, concentrated, lo
Quarter Analysis
13F change notes for Oakmark / Harris Associates (Bill Nygren) in 2025-12-31.
Oakmark had a busy quarter — book up sharply $62B → $79B (possibly fund inflows or AUM mark), Targa Resources +134% in shares (the energy-infra bet), Elevance +50%, Fiserv +198% from a tiny sleeve. ICE +53% added to the exchanges-as-toll-roads thesis. Alphabet GOOGL cut -22% on +306% unrealized — the classic Nygren 'sell the winner, buy the contrarian' pattern.
-
★ HELD
ALPHABET INC GOOGL
Cut -22% at +306% unrealized — biggest profit-take in the quarter.
-
★ HELD
CAPITAL ONE FINL CORP COF
Shares +20% to 3.32% weight — adding to the consumer-credit anchor at +112% unrealized.
-
▲ ADDED
INTERCONTINENTAL EXCHANGE IN ICE
Shares +53% to 3.19% — exchanges-as-toll-road thesis at +29% unrealized.
-
▲ ADDED
TARGA RES CORP TRGP
Shares +134% — energy-infrastructure scaled aggressively.
-
▲ ADDED
ELEVANCE HEALTH INC FORMERLY ELV
Shares +50% — healthcare-payor value bet.
-
▲ ADDED
FISERV INC FISV
Shares +198% to 1.71% at -36% unrealized — adding meaningfully to a deep-drawdown name. Pure Nygren 'add to value pain' behavior.
-
• CONTEXT
Book grew $62B → $79B in one quarter — combination of fund inflows and existing-position appreciation. Oakmark deploying into defensive financials + energy-infra + value drawdowns.