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Bill Miller Miller Value Partners

AUM $423M
1-Year Est. Return 49.14%
 

Bill Miller is a legendary value-oriented investor best known for a long streak of beating the S&P 500 while managing Legg Mason Value Trust, and later for Miller Value Partners. His process has always been flexible, incorporating both traditional value and growth-at-a-reasonable-price ideas when fundamentals support them. Miller remains a closely followed voice for contrarian equity ideas.

This Fund
S&P 500
This Quarter Est. Return
+11.87%
1 Year Est. Return
+49.14%
3 Year Est. Return
+132.73%
5 Year Est. Return
+100.12%
10 Year Est. Return
+859.21%
AUM
$1.66B
AUM Growth
+$203M
Cap. Flow
+$45.8M
Cap. Flow %
2.76%
Top 10 Hldgs %
35.03%
Holding
103
New
4
Increased
46
Reduced
10
Closed
5

Top Buys

Rank Stock Value
1
PPLI
People Inc
PPLI
+$17.4M
2
PHM icon
Pultegroup
PHM
+$9.22M
3
DS
Drive Shack Inc.
DS
+$7.57M
4
APOL
Apollo Education Group Inc Class A
APOL
+$7.4M
5
TMHC
Taylor Morrison
TMHC
+$7.24M

Top Sells

Rank Stock Value
1
FON
SPRINT CORP FON COM
FON
+$20.7M
2
GRPN icon
Groupon
GRPN
+$13.5M
3
LEDR
MARKET LEADER INC COM STK (WA)
LEDR
+$13.5M
4
P
Pandora Media Inc
P
+$7.67M
5
NFLX icon
Netflix
NFLX
+$4.36M

Sector Composition

Rank Sector Weight
1 Financials 27.54%
2 Consumer Discretionary 19.39%
3 Communication Services 11.92%
4 Industrials 11.19%
5 Technology 10.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHK
26
DELISTED
Chesapeake Energy Corporation
CHK
$32.2M 1.94%
6,582
+226
+4% +$1.05M
ETFC
27
DELISTED
E*Trade Financial Corporation
ETFC
$32.2M 1.94%
1,949,675
+66,925
+4% +$998K
NIHD
28
DELISTED
NII HOLDINGS INC CL B
NIHD
$30.6M 1.84%
5,038,475
+172,875
+4% +$1.17M
ARCC icon
29
Ares Capital
ARCC
$14.3B
$28.9M 1.74%
1,668,963
+37,575
+2% +$658K
F icon
30
Ford
F
$57.5B
$27.9M 1.68%
1,653,860
+56,750
+4% +$959K
OLED icon
31
Universal Display
OLED
$3.95B
$25.7M 1.55%
803,875
+27,575
+4% +$881K
RDN icon
32
Radian Group
RDN
$4.84B
$22.3M 1.34%
1,599,500
+54,900
+4% +$733K
GM icon
33
General Motors
GM
$77.2B
$22.1M 1.33%
615,091
+21,075
+4% +$756K
LVLT
34
DELISTED
Level 3 Communications Inc
LVLT
$21M 1.27%
786,900
+27,000
+4% +$623K
TER icon
35
Teradyne
TER
$58.7B
$18.7M 1.13%
1,132,250
+38,900
+4% +$646K
PPLI
36
People Inc
PPLI
$2.86B
$18.6M 1.12%
+1,899,641
New +$17.4M
MS icon
37
Morgan Stanley
MS
$336B
$18.3M 1.1%
679,375
+23,325
+4% +$626K
APOL
38
DELISTED
Apollo Education Group Inc Class A
APOL
$17.1M 1.03%
820,275
+382,975
+88% +$7.4M
PFSI icon
39
PennyMac Financial
PFSI
$3.9B
$17M 1.03%
905,625
+30,925
+4% +$581K
MSFT icon
40
Microsoft
MSFT
$3.59T
$16M 0.96%
481,075
+16,375
+4% +$539K
NXPI icon
41
NXP Semiconductors
NXPI
$56.9B
$14.4M 0.87%
386,475
+12,975
+3% +$459K
TMHC
42
DELISTED
Taylor Morrison
TMHC
$13.7M 0.83%
606,410
+320,650
+112% +$7.24M
DS
43
DELISTED
Drive Shack Inc.
DS
$12.6M 0.76%
2,482,509
+1,494,448
+151% +$7.57M
MFIC icon
44
MidCap Financial Investment
MFIC
$804M
$12.6M 0.76%
514,492
+11,425
+2% +$277K
MRVL icon
45
Marvell Technology
MRVL
$213B
$12.4M 0.75%
1,075,600
+36,900
+4% +$455K
IVR icon
46
Invesco Mortgage Capital
IVR
$809M
$9.59M 0.58%
62,275
+2,135
+4% +$338K
AGNC icon
47
AGNC Investment
AGNC
$12.9B
$9.53M 0.57%
421,850
+14,125
+3% +$318K
NRF
48
DELISTED
NorthStar Realty Finance Corp.
NRF
$7.88M 0.47%
432,315
+13,049
+3% +$238K
DNDN
49
DELISTED
DENDREON CORPORATION
DNDN
$7.13M 0.43%
2,434,000
+28,600
+1% +$106K
MTGE
50
DELISTED
MTGE Investment Corp. Common Stock
MTGE
$6.71M 0.4%
339,600
+11,600
+4% +$224K
1
2
3 4 5

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Bill Miller's Q3 2013 Portfolio in Review

As of Q3 2013, Bill Miller held 103 positions worth $1.66B, up 14% from $1.46B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Bill Miller's Q3 2013 filing shows 4 new, 46 increased, 10 reduced and 5 closed positions. Its largest new stake was People Inc: 1,899,641 shares worth $18.6M. The largest sale was SPRINT CORP FON COM, an estimated $20.7M.

By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 29% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Bill Miller's largest Q3 2013 buy was People Inc: 1,899,641 shares worth $18.6M.
  • Bill Miller added most to Pultegroup in Q3 2013, an estimated $9.22M increase.
  • Bill Miller's biggest Q3 2013 reduction was Groupon, cutting an estimated $13.5M.
  • Bill Miller fully exited SPRINT CORP FON COM in Q3 2013, selling an estimated $20.7M.
  • Bill Miller's ten largest holdings make up 35% of its $1.66B portfolio in Q3 2013.
  • Bill Miller opened 4 new positions and closed 5 in Q3 2013.
  • Bill Miller's portfolio value rose 14% quarter-over-quarter to $1.66B.

Based on Miller Value Partners's 13F filing for Q3 2013, filed 14 Nov 2013.