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 |
ENDP
Endo International plc
ENDP
|
+$36.2M |
| 2 |
Bausch Health
BHC
|
+$12M |
| 3 |
OneMain Financial
OMF
|
+$5.6M |
| 4 |
MGP
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
|
+$1.78M |
| 5 |
AAIC
Arlington Asset Investment Corp.
AAIC
|
+$1.68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KB Home
KBH
|
+$54.5M |
| 2 |
Apple
AAPL
|
+$39.5M |
| 3 |
Groupon
GRPN
|
+$26.4M |
| 4 |
Alibaba
BABA
|
+$22.9M |
| 5 |
General Motors
GM
|
+$16.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 14.61% |
| 2 | Consumer Discretionary | 14.6% |
| 3 | Healthcare | 10.46% |
| 4 | Communication Services | 8.61% |
| 5 | Industrials | 8.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
GameStop
GME
$8.17B
| $30.8M | 1.38% |
4,640,500
-1,160,400
| -20% | -$8.49M |
|
27
Alaunos Therapeutics
TCRT
$4.47M
| $27.5M | 1.23% |
33,373
-3,084
| -8% | -$3.36M |
|
|
ENDP
28
DELISTED
Endo International plc
ENDP
| $27.2M | 1.22% |
+1,745,475
| New | +$36.2M |
|
|
NSM
29
DELISTED
Nationstar Mortgage Holdings
NSM
| $27M | 1.21% |
2,400,350
-256,600
| -10% | -$2.98M |
|
|
TPH
30
DELISTED
Tri Pointe Homes
TPH
| $24M | 1.07% |
2,027,650
-196,825
| -9% | -$2.3M |
|
31
JD.com
JD
$39.7B
| $23.9M | 1.07% |
1,125,000
-336,550
| -23% | -$8.13M |
|
32
Cigna
CI
$73.3B
| $23.2M | 1.04% |
181,120
-121,400
| -40% | -$16M |
|
33
Seagate
STX
$193B
| $19.8M | 0.88% |
812,075
-45,900
| -5% | -$1.11M |
|
34
PennyMac Financial
PFSI
$3.9B
| $18.2M | 0.81% |
1,457,550
-138,525
| -9% | -$1.8M |
|
35
Radian Group
RDN
$4.84B
| $16.5M | 0.74% |
1,585,975
-156,100
| -9% | -$1.84M |
|
|
36
Alibaba
BABA
$286B
| $15.8M | 0.71% |
198,825
-292,100
| -59% | -$22.9M |
|
37
Amazon
AMZN
$2.79T
| $11.2M | 0.5% |
312,300
-125,000
| -29% | -$4.23M |
|
|
TDAY
38
USA Today Co
TDAY
$950M
| $4.07M | 0.18% |
225,000
| – | – |
|
|
VER
39
DELISTED
VEREIT, Inc.
VER
| $3.9M | 0.17% |
77,000
-20,000
| -21% | -$942K |
|
40
Barings BDC
BBDC
$978M
| $3.57M | 0.16% |
184,278
+7,500
| +4% | +$144K |
|
|
CIM
41
Chimera Investment
CIM
$964M
| $3.3M | 0.15% |
70,000
+10,000
| +17% | +$441K |
|
42
Starwood Property Trust
STWD
$6.06B
| $3.01M | 0.13% |
145,200
| – | – |
|
43
FTAI Aviation
FTAI
$21.5B
| $2.88M | 0.13% |
366,523
+38,643
| +12% | +$329K |
|
44
Rithm Capital
RITM
$5.69B
| $2.88M | 0.13% |
207,750
+34,000
| +20% | +$437K |
|
|
NRF
45
DELISTED
NorthStar Realty Finance Corp.
NRF
| $2.87M | 0.13% |
251,450
+38,000
| +18% | +$488K |
|
|
FTRPR
46
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
| $2.65M | 0.12% |
28,000
| – | – |
|
|
LRFC
47
DELISTED
Logan Ridge Finance Corp
LRFC
| $2.43M | 0.11% |
28,917
+4,000
| +16% | +$325K |
|
48
AGNC Investment
AGNC
$12.9B
| $2.3M | 0.1% |
116,000
-9,000
| -7% | -$170K |
|
|
PMT
49
PennyMac Mortgage Investment
PMT
$815M
| $2.27M | 0.1% |
140,000
| – | – |
|
|
FIG
50
DELISTED
Fortress Investment Group Llc
FIG
| $2.21M | 0.1% |
500,000
| – | – |
|
Similar funds
Bill Miller's Q2 2016 Portfolio in Review
As of Q2 2016, Bill Miller held 74 positions worth $2.24B, down 14% from $2.6B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Bill Miller withdrew a net $218M in Q2 2016, closing 9 positions and reducing 37 holdings. Its most notable exit was KB Home, an estimated $54.5M position sold in full.
By sector, the portfolio is most concentrated in Financials at 15% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bill Miller opened a new position in Endo International plc worth $27.2M.
- Bill Miller's largest Q2 2016 buy was Endo International plc: 1,745,475 shares worth $27.2M.
- Bill Miller added most to Bausch Health in Q2 2016, an estimated $12M increase.
- Bill Miller's biggest Q2 2016 reduction was Apple, cutting an estimated $39.5M.
- Bill Miller fully exited KB Home in Q2 2016, selling an estimated $54.5M.
- Bill Miller's ten largest holdings make up 54% of its $2.24B portfolio in Q2 2016.
- Bill Miller opened 3 new positions and closed 9 in Q2 2016.
- Bill Miller's portfolio value fell 14% quarter-over-quarter to $2.24B.
Based on Miller Value Partners's 13F filing for Q2 2016, filed 15 Aug 2016.