Bill Nygren's Q1 2026 Portfolio — CRM Weight Up 52%, New $897M Stake in MRSH

Harris Associates, led by Bill Nygren, expanded its CRM position by 52% in its Q1 2026 13F filing, making it the portfolio's largest holding at 3.7% ($2.8B), while initiating a new $897M stake in MRSH. Total assets under management stood at $37.9B across 20 holdings.

Top 5 Holdings — As of Q1 2026

• CRM: $2.8B (3.7%)
• ICE: $2.6B (3.4%)
• KDP: $2.5B (3.3%)
• ABNB: $2.4B (3.2%)
• GOOGL: $2.4B (3.2%)

Key Trading Highlights

As of quarter-end, Harris Associates' largest holding was CRM (3.7%, $2.8B), which climbed to the top spot after a 52% increase from the prior quarter. Rounding out the top five were ICE (3.4%), KDP (3.3%), ABNB (3.2%), and GOOGL (3.2%). Among new purchases, the firm made its largest new bets with $897M in MRSH and $759M in SUNB, while also initiating positions in ROP, ACN, and ADBE.

• CRM: Position increased +52% ($2.8B, 3.7%) — rose to become the portfolio's largest holding
• MRSH: New position $897M — the largest new bet of the quarter
• AZN, APA, BAX, CE, MGA: Fully exited all five positions — reducing healthcare, energy, and industrials exposure

On the selling side, the firm fully exited five positions: AZN ($343M), APA ($285M), BAX ($161M), CE ($144M), and MGA ($11M). Among existing holdings, VTV was cut by 87% to just $500K, while BWA (-84%) and DE (-83%) were also slashed significantly. Nygren's portfolio narrowed to 20 holdings this quarter, further concentrating exposure in top positions.

Outlook

Nygren's sharp increase in CRM reaffirms his conviction in software and cloud, while also lifting stakes in existing top holdings like ICE and KDP. At the same time, the full exit from healthcare and energy names such as AZN and APA, along with trimmed stakes in VTV and DE, points to a portfolio reshaping that concentrates positions even within his existing deep-value strategy. How the new MRSH and SUNB positions evolve in size will likely serve as a key indicator of strategic direction next quarter.