William Nygren

William Nygren
Born	William Nygren
Nationality	American
Occupation	Portfolio manager, investor
Employer	Harris Associates (Oakmark Funds)
Known for	Portfolio manager of Oakmark Fund and Oakmark Select Fund at Harris Associates

William "Bill" Nygren is an American portfolio manager and value investor who serves as a portfolio manager at Harris Associates, the investment advisory firm responsible for the Oakmark Funds family of mutual funds. Nygren is known for managing two of the firm's flagship products — the Oakmark Fund (OAKMX) and the Oakmark Select Fund — and for his long-term, fundamentals-driven approach to equity investing. His investment philosophy centers on identifying companies trading at significant discounts to their intrinsic business value, a discipline rooted in the tradition of value investing. Nygren's tenure at Harris Associates has spanned decades, during which he has overseen portfolios with assets under management reaching into the tens of billions of dollars. As of the second quarter of 2025, the Harris Associates 13F portfolio stood at approximately $61.5 billion. In 2021, both the Oakmark Fund and the Oakmark Select Fund delivered strong returns, drawing recognition for Nygren as one of the top-performing mutual fund managers of that year. His career represents one of the longer and more consistent track records in the American mutual fund industry.

Career

Harris Associates and Oakmark Funds

William Nygren has spent the bulk of his professional career at Harris Associates, the Chicago-based investment advisory firm that manages the Oakmark family of mutual funds. At Harris Associates, Nygren serves as a portfolio manager responsible for the Oakmark Fund (ticker: OAKMX) and the Oakmark Select Fund, two of the firm's most prominent investment vehicles. The Oakmark Fund is a diversified large-cap value fund, while the Oakmark Select Fund is a more concentrated portfolio that holds a smaller number of high-conviction positions.

Nygren's investment approach at Oakmark is grounded in value investing principles. He and his team seek to purchase shares of companies that are trading at a meaningful discount to what they estimate to be the companies' intrinsic value — defined as the price a knowledgeable buyer would pay for the entire business. This approach requires extensive fundamental research into a company's financial statements, competitive position, management quality, and long-term earnings potential. Rather than following short-term market momentum or macroeconomic forecasts, Nygren has emphasized patience and a willingness to hold positions for extended periods until the market recognizes the underlying value of the businesses owned in the portfolio.

Performance and portfolio evolution

In 2021, Nygren attracted particular attention in the financial press after running two of the best-performing mutual funds of the year. Business Insider profiled Nygren in early 2022, noting that his success in 2021 was part of a "long run of success" rather than a single-year anomaly. In the profile, Nygren discussed his investment process and shared insights on specific stock picks and how he evaluates potential investments over the long term.

The scale of the Harris Associates portfolio managed by Nygren and his team has fluctuated with market conditions. Quarterly 13F filings — the disclosure documents that institutional investment managers with over $100 million in qualifying assets must file with the U.S. Securities and Exchange Commission — provide a detailed snapshot of the portfolio's holdings and changes over time. These filings have been closely tracked by investment analysts and financial media outlets.

In the first quarter of 2025, the Harris Associates 13F portfolio value decreased from $75.99 billion to $59.55 billion, reflecting broader market movements during that period. The portfolio remained broadly diversified, with recent filings showing approximately 200 positions. By the second quarter of 2025, the portfolio had recovered to approximately $61.5 billion. Third-quarter 2025 analysis continued to track the portfolio's stake changes and evolving position sizing, with analysts noting the introduction of new Oakmark ETFs during the 2024–2025 period as a noteworthy development for the firm.

Expansion into ETFs

In addition to the traditional open-end mutual funds that have long defined the Oakmark brand, the firm expanded its product offerings to include exchange-traded funds (ETFs). The Oakmark Large-Cap Value ETF (ticker: OAKM) was introduced as part of this initiative. The Harris | Oakmark portfolio team has described how OAKM's value strategy distinguishes it from other large-cap ETFs on the market, emphasizing the active management and fundamental research process that also underlies the traditional Oakmark mutual funds. This expansion into the ETF space represented a significant strategic move for the firm, allowing it to reach investors who prefer the ETF structure — with its intraday trading, potential tax efficiency, and typically lower expense ratios — while still applying the same value-oriented stock selection process that Nygren and his team have employed for years. Analysts tracking the Harris Associates 13F portfolio noted the new Oakmark ETFs as part of the broader trends observed in the firm's 2024–2025 portfolio activity.

Investment philosophy

Nygren's investment philosophy, as articulated in interviews and public commentary, reflects a disciplined application of value investing principles. In his January 2022 interview with Business Insider, Nygren discussed his approach to long-term investing and the specific criteria he uses when evaluating potential stock picks. His methodology involves estimating the intrinsic value of a business — the price a rational, informed buyer would pay for the entire enterprise — and then purchasing shares only when the market price represents a substantial discount to that estimate.

This approach requires Nygren and his analysts to conduct detailed research into companies' competitive advantages, capital allocation decisions, balance sheet strength, and management track records. The value investor's traditional emphasis on a "margin of safety" — the gap between the purchase price and the estimated intrinsic value — is a core component of the Oakmark investment process. By requiring a significant discount before investing, the strategy aims to protect against permanent capital loss even if the intrinsic value estimate proves somewhat optimistic.

Nygren has also been known for his willingness to invest in sectors and companies that may be out of favor with the broader market. Value investing, by its nature, often involves buying into areas of the market where sentiment is negative, with the expectation that fundamentals will ultimately reassert themselves in the stock price. The concentration of the Oakmark Select Fund, in particular, reflects a high-conviction approach in which Nygren allocates capital to his team's best ideas rather than diversifying across a wide range of holdings.

Subadvisory relationships

Harris Associates has also served as a subadviser to funds managed by other large asset management firms. In December 2025, Pensions & Investments reported that Vanguard Group replaced Lazard Asset Management as a subadviser on the Vanguard Windsor II Fund and a related variable insurance fund. While the reporting focused on the subadviser changes at Vanguard, the article referenced the broader landscape of subadvisory mandates in the asset management industry, a space in which firms such as Harris Associates have operated.

Recognition

William Nygren's performance at the Oakmark Funds has drawn coverage from major financial publications and investment analysis platforms. His management of two of the top-performing mutual funds in 2021 was highlighted by Business Insider, which described his success that year as an extension of a sustained record of strong results rather than an isolated event.

Nygren's portfolio decisions are closely monitored by the investment community. Seeking Alpha, one of the largest crowdsourced financial analysis platforms, publishes detailed quarterly updates tracking the Harris Associates 13F portfolio. These analyses examine new positions initiated, stakes increased or decreased, and positions eliminated, providing a window into Nygren's evolving investment views. The regular publication of these tracking reports — covering the first, second, and third quarters of 2025, among other periods — reflects the level of attention that institutional investors and individual analysts pay to Nygren's portfolio moves.

The launch of the Oakmark Large-Cap Value ETF also received attention in the trade press, with ETF Trends featuring the Harris | Oakmark team's discussion of the product's value strategy and how it competes in the large-cap ETF space.

Legacy

William Nygren's career at Harris Associates and the Oakmark Funds spans a significant chapter in the history of American value investing. Managing portfolios that have at times exceeded $75 billion in reported 13F value, Nygren has been one of the more prominent practitioners of fundamental, bottom-up equity analysis in the mutual fund industry.

His tenure has encompassed multiple market cycles, including periods of significant volatility and divergence between growth and value investing styles. The consistency of his approach — maintaining a focus on intrinsic business value and a long-term holding orientation — has been a defining feature of his career. The expansion of the Oakmark brand from traditional mutual funds into the ETF market during 2024–2025 represents an adaptation to changing investor preferences while preserving the core investment philosophy that Nygren has applied throughout his career.

Nygren's influence extends beyond the direct management of the Oakmark Funds. The regular analysis of his portfolio moves by financial media platforms such as Seeking Alpha speaks to his stature within the professional investment community, where his decisions are studied as signals of potential value opportunities in the equity markets.