Oakmark / Harris Associates (Bill Nygren)

large-active, value, concentrated, lo

Quarters 52

2026-03-31 $75.03B

Positions 156

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for Oakmark / Harris Associates (Bill Nygren) in 2026-03-31.

Oakmark's $75B value book: Salesforce scaled +52% in shares despite a -22% unrealized — Nygren doubling down on the deep-value tech bet. Warner Bros Discovery cut -58% in shares at +146% unrealized — taking profit on the contrarian media bet that paid off. Capital One held flat at +60% unrealized. Top-3 weight basically flat at 10.4%. Classic Oakmark: concentrated, contrarian, willing to add to losers and sell winners.

▲ ADDED
SALESFORCE INC CRM
Shares +52% despite being -22% underwater — Nygren's signature 'add to value drawdown' move. 26 quarters held.
★ HELD
ALPHABET INC GOOGL
42 quarters held at +273% unrealized — Nygren's longest-running tech persistence.
▼ REDUCED
WARNER BROS DISCOVERY INC WBD
Cut -58% at +146% unrealized — taking profit on the contrarian media bet that worked. 15 quarters held.
★ HELD
SCHWAB CHARLES CORP SCHW
35 quarters at +57% unrealized — classic Oakmark financials anchor.
★ HELD
CAPITAL ONE FINL CORP COF
52 quarters at +60% unrealized — multi-decade ownership.
• CONTEXT

Oakmark is one of the few value managers actually adding to a -22% underwater name (CRM) — quintessential Nygren behavior.