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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
-8.36%
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
$3.48B
AUM Growth
+$594M
Cap. Flow
+$333M
Cap. Flow %
9.56%
Top 10 Hldgs %
51.54%
Holding
92
New
2
Increased
30
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
ANGI icon
Angi Inc
ANGI
+$15.8M
2
GRPN icon
Groupon
GRPN
+$13.5M
3
BABA icon
Alibaba
BABA
+$11M
4
TPH
Tri Pointe Homes
TPH
+$10.5M
5
GNW icon
Genworth Financial
GNW
+$9.86M

Top Sells

Rank Stock Value
1
ZU
ZULILY INC CLASS A COMMON STOCK
ZU
+$32M
2
EBAY icon
eBay
EBAY
+$19.9M
3
CI icon
Cigna
CI
+$17.3M
4
STX icon
Seagate
STX
+$13M
5
CHK
Chesapeake Energy Corporation
CHK
+$10.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 20.3%
2 Financials 11.91%
3 Industrials 8.46%
4 Communication Services 8.03%
5 Technology 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BKNG icon
26
Booking.com
BKNG
$158B
$44.3M 1.27%
896,375
– –
KBH icon
27
KB Home
KBH
$3.39B
$41.6M 1.2%
3,070,975
+241,625
+9% +$3.69M
CI icon
28
Cigna
CI
$73.3B
$40.4M 1.16%
299,120
-119,305
-29% -$17.3M
TMHC
29
DELISTED
Taylor Morrison
TMHC
$39.9M 1.15%
2,138,150
+210,650
+11% +$4.16M
ZU
30
DELISTED
ZULILY INC CLASS A COMMON STOCK
ZU
$39.3M 1.13%
2,258,000
-2,065,500
-48% -$32M
QCOM icon
31
Qualcomm
QCOM
$169B
$38.6M 1.11%
718,490
-135,950
-16% -$8.08M
GM icon
32
General Motors
GM
$77.2B
$36.8M 1.06%
1,224,975
+121,075
+11% +$3.71M
TCRT icon
33
Alaunos Therapeutics
TCRT
$4.47M
$35.6M 1.02%
26,357
+3,173
+14% +$5.24M
QUOT
34
DELISTED
Quotient Technology Inc
QUOT
$35M 1.01%
3,891,750
+741,075
+24% +$7.31M
OMF icon
35
OneMain Financial
OMF
$7.27B
$32.7M 0.94%
747,075
– –
STX icon
36
Seagate
STX
$193B
$29.4M 0.84%
656,325
-268,075
-29% -$13M
JD icon
37
JD.com
JD
$39.7B
$28.1M 0.81%
1,078,175
+327,150
+44% +$9.46M
GRPN icon
38
Groupon
GRPN
$797M
$27.9M 0.8%
427,435
+151,380
+55% +$13.5M
RDN icon
39
Radian Group
RDN
$4.84B
$26.9M 0.77%
1,691,875
– –
ETFC
40
DELISTED
E*Trade Financial Corporation
ETFC
$26.6M 0.76%
1,009,975
– –
NSM
41
DELISTED
Nationstar Mortgage Holdings
NSM
$25.7M 0.74%
1,850,300
+291,350
+19% +$4.89M
TPH
42
DELISTED
Tri Pointe Homes
TPH
$25.1M 0.72%
1,920,475
+724,725
+61% +$10.5M
PFSI icon
43
PennyMac Financial
PFSI
$3.9B
$24.9M 0.72%
1,556,575
– –
BABA icon
44
Alibaba
BABA
$286B
$24.8M 0.71%
420,650
+151,250
+56% +$11M
GRBK icon
45
Green Brick Partners
GRBK
$3.09B
$19M 0.55%
1,754,148
+28,923
+2% +$348K
TWTR
46
DELISTED
Twitter, Inc.
TWTR
$16.7M 0.48%
620,775
+142,000
+30% +$4.26M
ANGI icon
47
Angi Inc
ANGI
$200M
$15.6M 0.45%
+309,678
New +$15.8M
TDAY
48
USA Today Co
TDAY
$950M
$4.64M 0.13%
300,000
+16,800
+6% +$270K
VER
49
DELISTED
VEREIT, Inc.
VER
$3.75M 0.11%
97,000
– –
HTS
50
DELISTED
HATTERAS FINANCIAL CORP
HTS
$3.03M 0.09%
200,000
+67,700
+51% +$1.1M
1
2
3 4

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Bill Miller's Q3 2015 Portfolio in Review

As of Q3 2015, Bill Miller held 92 positions worth $3.48B, up 21% from $2.89B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Bill Miller deployed $333M of net new capital in Q3 2015, opening 2 new positions and adding to 30 existing holdings. Its largest new stake was Angi Inc: 309,678 shares worth $15.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was ZULILY INC CLASS A COMMON STOCK, an estimated $32M trimmed.

  • Bill Miller's largest Q3 2015 buy was Angi Inc: 309,678 shares worth $15.6M.
  • Bill Miller added most to Groupon in Q3 2015, an estimated $13.5M increase.
  • Bill Miller's biggest Q3 2015 reduction was ZULILY INC CLASS A COMMON STOCK, cutting an estimated $32M.
  • Bill Miller fully exited eBay in Q3 2015, selling an estimated $19.9M.
  • Bill Miller's ten largest holdings make up 52% of its $3.48B portfolio in Q3 2015.
  • Bill Miller opened 2 new positions and closed 9 in Q3 2015.
  • Bill Miller's portfolio value rose 21% quarter-over-quarter to $3.48B.

Based on Miller Value Partners's 13F filing for Q3 2015, filed 16 Nov 2015.