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 |
DigitalBridge
DBRG
|
+$38.7M |
| 2 |
QUOT
Quotient Technology Inc
QUOT
|
+$27.5M |
| 3 |
NXP Semiconductors
NXPI
|
+$5.32M |
| 4 |
Amazon
AMZN
|
+$3.38M |
| 5 |
NSM
Nationstar Mortgage Holdings
NSM
|
+$3.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$33.1M |
| 2 |
APOL
Apollo Education Group Inc Class A
APOL
|
+$26.4M |
| 3 |
PPLI
People Inc
PPLI
|
+$24.1M |
| 4 |
Teradyne
TER
|
+$22.7M |
| 5 |
Morgan Stanley
MS
|
+$20.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.21% |
| 2 | Consumer Discretionary | 20.81% |
| 3 | Technology | 13.17% |
| 4 | Industrials | 11.83% |
| 5 | Communication Services | 7.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Lennar Class A
LEN
$21B
| $43M | 1.72% |
1,164,704
+38,555
| +3% | +$1.43M |
|
|
ETFC
27
DELISTED
E*Trade Financial Corporation
ETFC
| $42.6M | 1.7% |
1,883,600
+54,700
| +3% | +$1.2M |
|
|
NSM
28
DELISTED
Nationstar Mortgage Holdings
NSM
| $42.2M | 1.69% |
1,231,375
+95,200
| +8% | +$3.16M |
|
|
29
Amazon
AMZN
$2.79T
| $40.8M | 1.63% |
2,530,200
+203,400
| +9% | +$3.38M |
|
30
Best Buy
BBY
$18.1B
| $40.3M | 1.61% |
1,198,475
+37,200
| +3% | +$1.17M |
|
31
Boyd Gaming
BYD
$5.87B
| $39.1M | 1.57% |
3,846,575
+123,200
| +3% | +$1.33M |
|
|
NRF
32
DELISTED
NorthStar Realty Finance Corp.
NRF
| $38.8M | 1.55% |
1,096,537
-946,803
| -46% | -$33.1M |
|
|
33
DigitalBridge
DBRG
$2.95B
| $37.9M | 1.52% |
+514,994
| New | +$38.7M |
|
|
EFC
34
Ellington Financial
EFC
$1.76B
| $37.1M | 1.49% |
1,668,972
-25,000
| -1% | -$594K |
|
35
Groupon
GRPN
$797M
| $35.9M | 1.44% |
268,555
+7,945
| +3% | +$1.03M |
|
36
General Motors
GM
$77.2B
| $35.1M | 1.41% |
1,099,900
+25,200
| +2% | +$878K |
|
37
Microsoft
MSFT
$3.59T
| $34.6M | 1.38% |
745,975
+19,100
| +3% | +$852K |
|
|
LVLT
38
DELISTED
Level 3 Communications Inc
LVLT
| $33M | 1.32% |
720,675
-58,950
| -8% | -$2.62M |
|
39
KB Home
KBH
$3.39B
| $30.6M | 1.23% |
2,050,625
+63,000
| +3% | +$1.08M |
|
|
TMHC
40
DELISTED
Taylor Morrison
TMHC
| $30.2M | 1.21% |
1,861,060
+120,025
| +7% | +$2.33M |
|
41
Universal Display
OLED
$3.95B
| $27.7M | 1.11% |
847,375
+22,300
| +3% | +$736K |
|
|
SVU
42
DELISTED
SUPERVALU Inc.
SVU
| $26.7M | 1.07% |
426,282
+10,928
| +3% | +$702K |
|
|
OCIP
43
DELISTED
OCI Partners LP
OCIP
| $25.8M | 1.03% |
1,201,325
+34,700
| +3% | +$704K |
|
|
QUOT
44
DELISTED
Quotient Technology Inc
QUOT
| $25.6M | 1.02% |
2,137,100
+1,554,100
| +267% | +$27.5M |
|
45
Radian Group
RDN
$4.84B
| $24.1M | 0.97% |
1,691,875
+48,000
| +3% | +$672K |
|
46
Ford
F
$57.5B
| $22.9M | 0.92% |
1,549,550
+33,800
| +2% | +$578K |
|
47
PennyMac Financial
PFSI
$3.9B
| $22.8M | 0.91% |
1,557,475
+46,400
| +3% | +$707K |
|
|
ZU
48
DELISTED
ZULILY INC CLASS A COMMON STOCK
ZU
| $22.5M | 0.9% |
592,725
+49,125
| +9% | +$1.78M |
|
49
OneMain Financial
OMF
$7.27B
| $20.2M | 0.81% |
632,700
+17,300
| +3% | +$524K |
|
50
Cisco
CSCO
$438B
| $15.4M | 0.62% |
612,800
+14,700
| +2% | +$370K |
|
Similar funds
Bill Miller's Q3 2014 Portfolio in Review
As of Q3 2014, Bill Miller held 122 positions worth $2.5B, down 4.2% from $2.61B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Miller withdrew a net $76.3M in Q3 2014, closing 8 positions and reducing 5 holdings. Its most notable exit was Apollo Education Group Inc Class A, an estimated $26.4M position sold in full.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Bill Miller opened a new position in DigitalBridge worth $37.9M.
- Bill Miller's largest Q3 2014 buy was DigitalBridge: 514,994 shares worth $37.9M.
- Bill Miller added most to Quotient Technology Inc in Q3 2014, an estimated $27.5M increase.
- Bill Miller's biggest Q3 2014 reduction was NorthStar Realty Finance Corp., cutting an estimated $33.1M.
- Bill Miller fully exited Apollo Education Group Inc Class A in Q3 2014, selling an estimated $26.4M.
- Bill Miller's ten largest holdings make up 33% of its $2.5B portfolio in Q3 2014.
- Bill Miller opened 7 new positions and closed 8 in Q3 2014.
- Bill Miller's portfolio value fell 4.2% quarter-over-quarter to $2.5B.
Based on Miller Value Partners's 13F filing for Q3 2014, filed 14 Nov 2014.