Insights from the Latest N-PORT Filing by a Veteran Value Investor
Renowned for his value investment philosophy, Bill Nygren (Trades, Portfolio), Portfolio Manager of The Oakmark Fund, The Oakmark Select Fund, and the Oakmark Global Select Fund, has made notable changes to his portfolio in the fourth quarter of 2023. With a Master's in Finance and a Bachelor's in Accounting, Nygren and his team invest in undervalued companies, anticipating that their stock prices will eventually align with the intrinsic business value. They prioritize stocks trading at a significant discount to their estimated true business value, focusing on free cash flows, intelligent reinvestment, and high managerial ownership.
Summary of New Buys
Bill Nygren (Trades, Portfolio) added one stock to his firm's portfolio. The firm entered a holding in BlackRock Inc (BLK, Financial), with 275,000 shares, representing approximately 1.22% of the portfolio, valued at $223.25 million.
Key Position Increases
Bill Nygren (Trades, Portfolio) also increased stakes in a total of 20 stocks, with the most notable being:
- Centene Corp (CNC, Financial), with an additional 2,388,599 shares, bringing the total to 4,545,919 shares. This represents a 110.72% increase in share count, a 0.97% impact on the current portfolio, and a total value of $337.35 million.
- The second largest increase was in Phillips 66 (PSX, Financial), with an additional 1,211,000 shares, bringing the total to 2,761,000. This adjustment represents a 78.13% increase in share count, with a total value of $367.60 million.
- Warner Bros. Discovery Inc (WBD, Financial): The fund added 11 million shares, bringing the total to 23,587,000 shares.
Summary of Sold Out Positions
Bill Nygren (Trades, Portfolio) completely exited 5 holdings in the fourth quarter of 2023, including:
- PulteGroup Inc (PHM, Financial): Sold all 1,954,000 shares, resulting in a -0.91% impact on the portfolio.
Key Position Reductions
Bill Nygren (Trades, Portfolio) reduced positions in 15 stocks. The most significant changes include:
- Reduced KKR & Co Inc (KKR, Financial) by 1,750,000 shares, resulting in a -22.79% decrease in shares and a -0.68% impact on the portfolio. The stock traded at an average price of $67.71 during the quarter and has returned 40.20% over the past 3 months and 15.83% year-to-date.
- Reduced Amazon.com Inc (AMZN, Financial) by 656,700 shares, resulting in a -29.92% reduction in shares and a -0.53% impact on the portfolio. The stock traded at an average price of $140.18 during the quarter and has returned 19.28% over the past 3 months and 15.17% year-to-date.
Portfolio Overview
At the end of the fourth quarter of 2023, Bill Nygren (Trades, Portfolio)'s portfolio comprised 58 stocks. The top holdings included 3.47% in Alphabet Inc (GOOGL, Financial), 2.98% in Capital One Financial Corp (COF, Financial), 2.93% in Intercontinental Exchange Inc (ICE, Financial), 2.74% in Wells Fargo & Co (WFC, Financial), and 2.72% in ConocoPhillips (COP, Financial). The holdings are mainly concentrated across 10 industries, with significant investments in Financial Services, Communication Services, Energy, Healthcare, Consumer Cyclical, Technology, Industrials, Consumer Defensive, Basic Materials, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
