Invest1 publisher2 min readPublished
Harris Associates put six of its eight Q2 stake increases into financials and payments
Six of the eight positions Harris Associates increased in Q2 2026 are banks, brokers, exchanges or payments processors. The other two are Salesforce and Sysco, and the trim list includes an insurer.
The Investor · Invest desk
What happened
- Keurig Dr Pepper, Alphabet, Airbnb, Salesforce and IQVIA are the five largest holdings and together account for about 18% of the portfolio.
- The firm raised its stakes in Salesforce, Capital One, Charles Schwab, Intercontinental Exchange, Marsh & McLennan, Sysco, Bank of America and Fiserv during the quarter.
- It trimmed Keurig Dr Pepper, Alphabet, ConocoPhillips, American International Group, Equifax, General Motors and Phillips 66.
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Why it matters
- constraint Harris did not publish a dollar amount for any of the fifteen changes, so the case for a financials tilt rests on counting names.
- contradiction American International Group and Equifax were trimmed in the same quarter Capital One, Schwab and Bank of America were raised, so the filing adds and cuts financial names at once.
- decision Alphabet was cut and stayed in the top five, so anyone copying this book buys the banks without having to leave megacap tech.
A position that clears 1.25% of a $75.42bn book is worth at least $943m, so each of the 30 core names holds at least that [1][2][8]. The five largest, Keurig Dr Pepper, Alphabet, Airbnb, Salesforce and IQVIA, come to about 18%, which is roughly $13.6bn, or $2.7bn a position [3][9]. The other 25 core holdings clear the same line, so they carry at least 31.25% between them. Add the top five and the core is at least 49% of the fund, about $37.1bn, which leaves as much as $38bn spread across positions each smaller than $943m [10].
Six of the eight increased names are financial or payments companies: Capital One, Charles Schwab, Intercontinental Exchange, Marsh & McLennan, Bank of America and Fiserv [4][11]. Salesforce and Sysco are the other two [11]. Among the seven trims, two are oil companies, ConocoPhillips and Phillips 66, and two are financial or credit-data companies, American International Group and Equifax [5][12]. The sector groupings there are mine; the filing lists names.
The same quarter trims Keurig Dr Pepper and Alphabet, the two largest holdings, and increases Salesforce, the fourth [3][4][5][13]. Alphabet is still in the top five after the cut [3][5].
The Seeking Alpha writer who tracks this portfolio, in a series following William Nygren's Harris Associates 13F filings, disclosed long positions in GOOGL, COF, ICE and AMZN [6][7]. Three of those four are names in this quarter's lists. Amazon is not among the top holdings, the increases or the trims reported [14].
Three readings fit the same lists: the tilt toward rate-sensitive intermediaries is deliberate. Or the adds are opportunistic value buys that happen to cluster in finance. Or it is rebalancing after price moves in the names that got trimmed, which would make the adds a by-product of selling rather than a thesis.
I think the first is the better fit, mostly because six names moving the same way in one quarter is hard to get by accident, and because the two energy trims point the same direction. What would undo that: if each of the six financial increases pushed a position only just past the $943m line while the Alphabet trim moved several billion, the quarter's net direction is out of megacap tech and into nothing in particular [8].
What to watch
- The full 13F's dollar columns, and whether the six financial increases together exceed the value cut from Alphabet and Keurig Dr Pepper.
- Whether Capital One, Charles Schwab or Bank of America turns up in the top five when the Q3 2026 update lands.
- Whether American International Group and Equifax keep shrinking toward an exit or the Q2 trim was a single quarter's pause.