Bill Miller Miller Value Partners
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gilead Sciences
GILD
|
+$52.2M |
| 2 |
Precigen
PGEN
|
+$24.4M |
| 3 |
GameStop
GME
|
+$13.3M |
| 4 |
TWTR
Twitter, Inc.
TWTR
|
+$8.84M |
| 5 |
Cisco
CSCO
|
+$7.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
QCOR
QUESTCOR PHARMA INC
QCOR
|
+$43.9M |
| 2 |
Ares Capital
ARCC
|
+$28M |
| 3 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$21M |
| 4 |
TDAY
USA Today Co
TDAY
|
+$10.5M |
| 5 |
American Airlines Group
AAL
|
+$10.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.78% |
| 2 | Consumer Discretionary | 20.68% |
| 3 | Technology | 13.34% |
| 4 | Industrials | 11.55% |
| 5 | Communication Services | 8.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Lennar Class A
LEN
$21B
| $45M | 1.73% |
1,126,149
-15,863
| -1% | -$601K |
|
27
Cigna
CI
$73.3B
| $42.8M | 1.64% |
465,500
-5,700
| -1% | -$489K |
|
|
NSM
28
DELISTED
Nationstar Mortgage Holdings
NSM
| $41.2M | 1.58% |
1,136,175
+131,825
| +13% | +$4.37M |
|
|
EFC
29
Ellington Financial
EFC
$1.76B
| $40.7M | 1.56% |
1,693,972
+7,000
| +0.4% | +$167K |
|
30
NXP Semiconductors
NXPI
$56.9B
| $39.5M | 1.51% |
596,650
+74,900
| +14% | +$4.59M |
|
|
TMHC
31
DELISTED
Taylor Morrison
TMHC
| $39M | 1.5% |
1,741,035
-24,800
| -1% | -$537K |
|
32
General Motors
GM
$77.2B
| $39M | 1.5% |
1,074,700
-37,941
| -3% | -$1.32M |
|
|
ETFC
33
DELISTED
E*Trade Financial Corporation
ETFC
| $38.9M | 1.49% |
1,828,900
-199,700
| -10% | -$4.2M |
|
34
Amazon
AMZN
$2.79T
| $37.8M | 1.45% |
2,326,800
-36,500
| -2% | -$577K |
|
35
KB Home
KBH
$3.39B
| $37.1M | 1.42% |
1,987,625
-31,625
| -2% | -$530K |
|
36
Best Buy
BBY
$18.1B
| $36M | 1.38% |
1,161,275
-16,575
| -1% | -$447K |
|
37
Groupon
GRPN
$797M
| $34.5M | 1.32% |
260,610
-3,595
| -1% | -$474K |
|
|
LVLT
38
DELISTED
Level 3 Communications Inc
LVLT
| $34.2M | 1.31% |
779,625
-39,425
| -5% | -$1.65M |
|
39
Microsoft
MSFT
$3.59T
| $30.3M | 1.16% |
726,875
-9,600
| -1% | -$389K |
|
40
Universal Display
OLED
$3.95B
| $26.5M | 1.02% |
825,075
-11,600
| -1% | -$324K |
|
|
APOL
41
DELISTED
Apollo Education Group Inc Class A
APOL
| $26.4M | 1.01% |
843,375
-11,700
| -1% | -$337K |
|
42
Ford
F
$57.5B
| $26.1M | 1% |
1,515,750
-201,685
| -12% | -$3.28M |
|
|
OCIP
43
DELISTED
OCI Partners LP
OCIP
| $24.8M | 0.95% |
1,166,625
+15,850
| +1% | +$336K |
|
44
Radian Group
RDN
$4.84B
| $24.3M | 0.93% |
1,643,875
-26,300
| -2% | -$383K |
|
|
PPLI
45
People Inc
PPLI
$2.86B
| $24.1M | 0.92% |
1,947,621
-35,811
| -2% | -$429K |
|
|
SVU
46
DELISTED
SUPERVALU Inc.
SVU
| $23.9M | 0.92% |
415,354
-6,371
| -2% | -$329K |
|
47
PennyMac Financial
PFSI
$3.9B
| $23M | 0.88% |
1,511,075
-26,400
| -2% | -$422K |
|
48
Teradyne
TER
$58.7B
| $22.7M | 0.87% |
1,159,925
-19,625
| -2% | -$365K |
|
|
ZU
49
DELISTED
ZULILY INC CLASS A COMMON STOCK
ZU
| $22.3M | 0.85% |
543,600
-8,000
| -1% | -$322K |
|
50
Morgan Stanley
MS
$336B
| $20.7M | 0.79% |
640,275
-66,950
| -9% | -$2.06M |
|
Similar funds
Bill Miller's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Miller held 122 positions worth $2.61B, up 4.6% from $2.49B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Miller deployed $396M of net new capital in Q2 2014, opening 14 new positions and adding to 52 existing holdings. Its largest new stake was Gilead Sciences: 670,075 shares worth $55.6M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 25% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was Ares Capital, an estimated $28M trimmed.
- Bill Miller's largest Q2 2014 buy was Gilead Sciences: 670,075 shares worth $55.6M.
- Bill Miller added most to Precigen in Q2 2014, an estimated $24.4M increase.
- Bill Miller's biggest Q2 2014 reduction was Ares Capital, cutting an estimated $28M.
- Bill Miller fully exited QUESTCOR PHARMA INC in Q2 2014, selling an estimated $43.9M.
- Bill Miller's ten largest holdings make up 32% of its $2.61B portfolio in Q2 2014.
- Bill Miller opened 14 new positions and closed 8 in Q2 2014.
- Bill Miller's portfolio value rose 4.6% quarter-over-quarter to $2.61B.
Based on Miller Value Partners's 13F filing for Q2 2014, filed 14 Aug 2014.