Bill Nygren

Bill Nygren has managed the Oakmark Fund at Harris Associates for many years, building one of the most respected large-cap value fund track records in the US. He focuses on identifying large businesses where the market price is significantly below his estimate of intrinsic value — measured through various fundamental metrics including free cash flow yield and asset value. Oakmark's approach is willing to hold positions for very long periods, allowing intrinsic value realization to occur on its own timeline. Major positions have included various US financial, media, and industrial companies. The Oakmark Funds have won multiple Morningstar awards for their long-term performance. Nygren's analytical framework has evolved over time to incorporate a broader view of business value that extends beyond traditional accounting metrics, recognizing that balance sheets often fail to capture the value of subscription revenues, brand loyalty, and technology platforms — adaptations that have helped Oakmark remain competitive in an era where technology-driven businesses have redefined what constitutes a value investment.