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 |
Bausch Health
BHC
|
+$7.38M |
| 2 |
EIGI
Endurance International Group Holdings, Inc.
EIGI
|
+$5.05M |
| 3 |
The GEO Group
GEO
|
+$2.6M |
| 4 |
PhenixFIN
PFX
|
+$1.95M |
| 5 |
FTAI Aviation
FTAI
|
+$912K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$22.9M |
| 2 |
Alibaba
BABA
|
+$15.8M |
| 3 |
Stellantis
STLA
|
+$3.04M |
| 4 |
Lennar Class A
LEN
|
+$2.99M |
| 5 |
LRFC
Logan Ridge Finance Corp
LRFC
|
+$2.43M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.04% |
| 2 | Consumer Discretionary | 12.88% |
| 3 | Healthcare | 9.99% |
| 4 | Industrials | 9.5% |
| 5 | Communication Services | 8.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ENDP
26
DELISTED
Endo International plc
ENDP
| $35.3M | 1.45% |
1,753,425
+7,950
| +0.5% | +$158K |
|
27
GameStop
GME
$8.17B
| $32M | 1.31% |
4,640,500
| – | – |
|
|
28
Stellantis
STLA
$20.4B
| $31.7M | 1.3% |
4,978,962
-462,442
| -8% | -$3.04M |
|
29
Seagate
STX
$193B
| $31.3M | 1.28% |
812,075
| – | – |
|
30
Alaunos Therapeutics
TCRT
$4.47M
| $28.2M | 1.15% |
33,373
| – | – |
|
31
JD.com
JD
$39.7B
| $27.1M | 1.11% |
1,037,500
-87,500
| -8% | -$2.11M |
|
|
TPH
32
DELISTED
Tri Pointe Homes
TPH
| $26.7M | 1.09% |
2,027,650
| – | – |
|
33
PennyMac Financial
PFSI
$3.9B
| $24.8M | 1.02% |
1,457,550
| – | – |
|
34
Radian Group
RDN
$4.84B
| $21.5M | 0.88% |
1,585,975
| – | – |
|
35
Amazon
AMZN
$2.79T
| $11.6M | 0.47% |
276,100
-36,200
| -12% | -$1.39M |
|
|
36
FTAI Aviation
FTAI
$21.5B
| $4.92M | 0.2% |
460,203
+93,680
| +26% | +$912K |
|
|
VER
37
DELISTED
VEREIT, Inc.
VER
| $3.99M | 0.16% |
77,000
| – | – |
|
|
TDAY
38
USA Today Co
TDAY
$950M
| $3.98M | 0.16% |
257,000
+32,000
| +14% | +$551K |
|
39
Barings BDC
BBDC
$978M
| $3.63M | 0.15% |
184,278
| – | – |
|
|
CIM
40
Chimera Investment
CIM
$964M
| $3.35M | 0.14% |
70,000
| – | – |
|
|
FIG
41
DELISTED
Fortress Investment Group Llc
FIG
| $3.35M | 0.14% |
677,000
+177,000
| +35% | +$870K |
|
|
NRF
42
DELISTED
NorthStar Realty Finance Corp.
NRF
| $3.31M | 0.14% |
251,450
| – | – |
|
43
Starwood Property Trust
STWD
$6.06B
| $3.27M | 0.13% |
145,200
| – | – |
|
44
Apollo Global Management
APO
$78.4B
| $3.2M | 0.13% |
178,000
+43,000
| +32% | +$754K |
|
45
Rithm Capital
RITM
$5.69B
| $3.08M | 0.13% |
222,750
+15,000
| +7% | +$209K |
|
|
AAIC
46
DELISTED
Arlington Asset Investment Corp.
AAIC
| $2.37M | 0.1% |
160,000
+30,000
| +23% | +$430K |
|
|
FTRPR
47
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
| $2.35M | 0.1% |
28,000
| – | – |
|
|
48
The GEO Group
GEO
$4.31B
| $2.19M | 0.09% |
+138,000
| New | +$2.6M |
|
|
49
PhenixFIN
PFX
$98.9M
| $2.01M | 0.08% |
+13,142
| New | +$1.95M |
|
|
CYS
50
DELISTED
CYS Investments Inc.
CYS
| $2.01M | 0.08% |
230,000
| – | – |
|
Similar funds
Bill Miller's Q3 2016 Portfolio in Review
As of Q3 2016, Bill Miller held 67 positions worth $2.44B, up 9.2% from $2.24B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Bill Miller withdrew a net $165M in Q3 2016, closing 3 positions and reducing 21 holdings. Its most notable exit was Alibaba, an estimated $15.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bill Miller opened a new position in The GEO Group worth $2.19M.
- Bill Miller's largest Q3 2016 buy was The GEO Group: 138,000 shares worth $2.19M.
- Bill Miller added most to Bausch Health in Q3 2016, an estimated $7.38M increase.
- Bill Miller's biggest Q3 2016 reduction was Cigna, cutting an estimated $22.9M.
- Bill Miller fully exited Alibaba in Q3 2016, selling an estimated $15.8M.
- Bill Miller's ten largest holdings make up 52% of its $2.44B portfolio in Q3 2016.
- Bill Miller opened 2 new positions and closed 3 in Q3 2016.
- Bill Miller's portfolio value rose 9.2% quarter-over-quarter to $2.44B.
Based on Miller Value Partners's 13F filing for Q3 2016, filed 14 Nov 2016.