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 (OAKMX) and Oakmark Select Fund at Harris Associates

William Nygren is an American portfolio manager and value investor who serves as a portfolio manager at Harris Associates, the investment adviser to the Oakmark Funds. He is the lead portfolio manager of the Oakmark Fund (OAKMX) and the Oakmark Select Fund, two prominent mutual funds that follow a value investing philosophy focused on identifying companies trading below their estimated intrinsic value. Over the course of a career spanning several decades, Nygren has built a reputation within the investment management industry for his disciplined, long-term approach to equity investing. His 13F portfolio, filed on behalf of Harris Associates, has at various points reflected assets under management in the tens of billions of dollars, with the firm's reported 13F portfolio valued at approximately $61.5 billion as of the second quarter of 2025. Nygren's investment record, including strong performance in years such as 2021, has drawn attention from financial media and investors seeking insight into his stock-selection methods and portfolio construction.

Career

Harris Associates and Oakmark Funds

William Nygren serves as a portfolio manager at Harris Associates, the Chicago-based investment advisory firm that manages the Oakmark family of mutual funds. He is the lead manager of the flagship Oakmark Fund (ticker: OAKMX) and the more concentrated Oakmark Select Fund. Both funds follow a value investing strategy, seeking to purchase shares of companies at prices below Nygren's and his team's estimate of the companies' intrinsic business value.

Harris Associates' investment approach under Nygren emphasizes fundamental analysis and a long-term investment horizon. The firm's 13F filings with the U.S. Securities and Exchange Commission provide a periodic snapshot of the equity portfolio managed by Nygren and his colleagues. These filings have been closely followed by investment analysts and financial media as indicators of the firm's evolving views on individual stocks and sectors.

Portfolio Performance and Scale

The scale of the Harris Associates portfolio managed under Nygren's leadership has fluctuated with market conditions and fund flows. According to analysis of the firm's 13F filings, the portfolio's reported value stood at approximately $75.99 billion at one point before decreasing to approximately $59.55 billion in the first quarter of 2025. By the second quarter of 2025, the 13F portfolio had risen to approximately $61.5 billion. The portfolio has been described as diversified, with recent 13F reports showing approximately 200 positions.

Analysis of the third quarter of 2025 indicated continued activity in the portfolio, including stake changes across various holdings. During the 2024–2025 period, Harris Associates also launched new Oakmark exchange-traded funds (ETFs), expanding the range of investment vehicles available to investors seeking exposure to the firm's value investing strategy.

2021 Performance

The year 2021 was a particularly notable period for Nygren's funds. Business Insider reported in January 2022 that Nygren had run "two of the best mutual funds of 2021," extending what the publication described as "a long run of success." In that coverage, Nygren discussed his approach to long-term investing and shared insights into his stock-selection process, including the specific types of opportunities he sought in the market. The strong 2021 results brought renewed attention to Nygren's methods and investment philosophy from both retail and institutional investors.

Oakmark ETFs and Large-Cap Value Strategy

In addition to the traditional mutual fund offerings, the Oakmark franchise expanded into the exchange-traded fund space. The Oakmark Large Cap Value ETF (ticker: OAKM) was among the products introduced as part of this expansion. In December 2024, the Harris | Oakmark portfolio team discussed how OAKM's value strategy differentiated it from other large-cap ETFs, outlining the advantages they perceived in the large-cap value approach. The launch of ETFs under the Oakmark brand represented a strategic effort to reach a broader investor base beyond the firm's established mutual fund shareholders.

Investment Philosophy

Nygren's investment philosophy is rooted in value investing principles. As described in his public commentary and interviews, his approach centers on identifying companies whose stock prices trade at a meaningful discount to what he estimates the businesses are worth. He has emphasized the importance of a long-term time horizon, patience, and disciplined adherence to valuation criteria.

In his January 2022 interview with Business Insider, Nygren revealed aspects of how he evaluates potential investments and constructs his portfolios. He discussed his methodology for estimating intrinsic value and the factors that lead him to add or trim positions. His approach involves deep fundamental research into individual companies rather than reliance on macroeconomic forecasting or market timing.

The Harris Associates 13F filings, which are tracked quarterly by investment analysts, reflect the practical application of this philosophy. The portfolio's composition—spanning approximately 200 positions as of recent filings—suggests a balance between diversification and conviction-weighted positioning.

Industry Context: Subadvisory Relationships

Harris Associates has historically served as a subadviser on funds managed by other investment firms, in addition to managing the Oakmark Funds directly. The broader subadvisory landscape in which Harris Associates operates was illustrated by a December 2025 report from Pensions & Investments, which noted changes in subadvisory arrangements at Vanguard Group. While that specific report concerned the replacement of Lazard Asset Management as a subadviser on Vanguard Windsor II Fund and a Vanguard Variable fund, it reflected the competitive environment in which firms like Harris Associates operate for institutional mandates.

Quarterly Portfolio Tracking

Nygren's portfolio decisions have been subject to regular analysis by financial research platforms. Seeking Alpha, among other outlets, has published detailed quarterly updates tracking the Harris Associates 13F portfolio, examining new positions, eliminated stakes, and adjustments to existing holdings. These analyses cover the portfolio's sector allocations, top holdings, and overall trends in the firm's investment strategy.

The first quarter of 2025 saw the portfolio's reported value decline from approximately $75.99 billion to $59.55 billion, a decrease that reflected broader market conditions during that period. The portfolio subsequently recovered to approximately $61.5 billion in the second quarter of 2025. By the third quarter of 2025, analysts continued to track stake changes and new positions in the portfolio, as well as the impact of the new Oakmark ETFs on the overall 13F filings.

Recognition

William Nygren has received attention from financial media outlets for his investment performance and approach. Business Insider highlighted Nygren in January 2022 as a "top fund manager," noting that he had managed two of the best-performing mutual funds of 2021. The publication profiled his investment strategy and stock picks as part of its coverage of successful fund managers.

The regular tracking of Nygren's 13F portfolio by financial analysis platforms such as Seeking Alpha reflects his standing within the investment management community. Quarterly analyses of the Harris Associates portfolio have become a regular feature on the platform, with articles examining the portfolio's composition and performance across multiple quarters in 2024 and 2025.

The expansion of the Oakmark brand into ETFs has also generated industry coverage. ETF Trends featured the Oakmark Large Cap Value ETF (OAKM) in December 2024, with the Harris | Oakmark portfolio team discussing the fund's strategy and positioning within the large-cap value category.

Legacy

William Nygren's career at Harris Associates and the Oakmark Funds spans a significant period in the history of American value investing. His stewardship of the Oakmark Fund and Oakmark Select Fund has placed him among the prominent practitioners of value investing in the mutual fund industry. The firm's 13F portfolio, reflecting tens of billions of dollars in equity investments, represents one of the larger value-oriented portfolios tracked by analysts and investors.

Nygren's emphasis on long-term investing, intrinsic value estimation, and fundamental company analysis aligns with the broader tradition of value investing associated with figures such as Benjamin Graham and Warren Buffett, though Nygren has developed his own approach within this framework. His willingness to discuss his investment process publicly—through media interviews and industry commentary—has contributed to broader investor education about value investing principles.

The expansion of the Oakmark brand from mutual funds into ETFs during the 2024–2025 period represents an adaptation of the firm's value investing approach to changing investor preferences for lower-cost, more tax-efficient investment vehicles. This strategic evolution ensures that the investment philosophy Nygren has championed at Harris Associates remains accessible to new generations of investors through modern fund structures.

The quarterly tracking of the Harris Associates portfolio by multiple financial media outlets underscores the continued interest in Nygren's investment decisions and the broader influence of his approach on market participants who follow his portfolio for insights into value opportunities in the equity markets.