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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
+6.05%
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
$2.28B
AUM Growth
-$163M
Cap. Flow
-$193M
Cap. Flow %
-8.48%
Top 10 Hldgs %
48.37%
Holding
68
New
4
Increased
17
Reduced
24
Closed
9

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$75.2M
2
RH icon
RH
RH
+$51.9M
3
BHC icon
Bausch Health
BHC
+$47M
4
ENDP
Endo International plc
ENDP
+$28.6M
5
AGN
Allergan plc
AGN
+$27.6M

Top Sells

Rank Stock Value
1
NXPI icon
NXP Semiconductors
NXPI
+$82.1M
2
STLA icon
Stellantis
STLA
+$31.7M
3
JD icon
JD.com
JD
+$27.1M
4
JPM.WS
JPMorgan Chase
JPM.WS
+$20.7M
5
PHM icon
Pultegroup
PHM
+$7.95M

Sector Composition

Rank Sector Weight
1 Financials 20.12%
2 Consumer Discretionary 16.24%
3 Healthcare 13.19%
4 Industrials 12.49%
5 Communication Services 7.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GILD icon
26
Gilead Sciences
GILD
$181B
$33.4M 1.46%
466,050
-4,500
-1% -$334K
STX icon
27
Seagate
STX
$193B
$30M 1.32%
785,275
-26,800
-3% -$1M
TWTR
28
DELISTED
Twitter, Inc.
TWTR
$29.3M 1.29%
1,800,334
-38,715
-2% -$710K
AGN
29
DELISTED
Allergan plc
AGN
$27.9M 1.23%
+133,015
New +$27.6M
RDN icon
30
Radian Group
RDN
$4.84B
$27.8M 1.22%
1,547,475
-38,500
-2% -$578K
TCRT icon
31
Alaunos Therapeutics
TCRT
$4.47M
$26.2M 1.15%
32,671
-702
-2% -$633K
PFSI icon
32
PennyMac Financial
PFSI
$3.9B
$23.8M 1.04%
1,429,050
-28,500
-2% -$485K
TPH
33
DELISTED
Tri Pointe Homes
TPH
$22.8M 1%
1,990,050
-37,600
-2% -$449K
GTYHU
34
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$21.1M 0.93%
+2,011,800
New +$20.6M
ALXN
35
DELISTED
Alexion Pharmaceuticals
ALXN
$12.2M 0.54%
+99,710
New +$12.2M
GEO icon
36
The GEO Group
GEO
$4.31B
$5.46M 0.24%
228,000
+90,000
+65% +$1.75M
FTAI icon
37
FTAI Aviation
FTAI
$21.5B
$5.23M 0.23%
460,203
– –
APO icon
38
Apollo Global Management
APO
$78.4B
$4.65M 0.2%
240,000
+62,000
+35% +$1.17M
TDAY
39
USA Today Co
TDAY
$950M
$4.51M 0.2%
282,000
+25,000
+10% +$386K
FIG
40
DELISTED
Fortress Investment Group Llc
FIG
$4.51M 0.2%
927,000
+250,000
+37% +$1.27M
CIM
41
Chimera Investment
CIM
$964M
$4.08M 0.18%
80,000
+10,000
+14% +$490K
RITM icon
42
Rithm Capital
RITM
$5.69B
$4.02M 0.18%
255,750
+33,000
+15% +$487K
NRF
43
DELISTED
NorthStar Realty Finance Corp.
NRF
$3.81M 0.17%
251,450
– –
BBDC icon
44
Barings BDC
BBDC
$978M
$3.38M 0.15%
184,278
– –
STWD icon
45
Starwood Property Trust
STWD
$6.06B
$3.19M 0.14%
145,200
– –
AAIC
46
DELISTED
Arlington Asset Investment Corp.
AAIC
$3.11M 0.14%
210,000
+50,000
+31% +$764K
CG icon
47
Carlyle Group
CG
$17.6B
$3.05M 0.13%
200,000
+114,000
+133% +$1.76M
FTRPR
48
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$2.7M 0.12%
38,000
+10,000
+36% +$766K
BGC icon
49
BGC Group
BGC
$5.63B
$2.32M 0.1%
352,052
– –
PFX icon
50
PhenixFIN
PFX
$98.9M
$1.97M 0.09%
13,142
– –
1
2
3

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Bill Miller's Q4 2016 Portfolio in Review

As of Q4 2016, Bill Miller held 68 positions worth $2.28B, down 6.7% from $2.44B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Bill Miller withdrew a net $193M in Q4 2016, closing 9 positions and reducing 24 holdings. Its most notable exit was NXP Semiconductors, an estimated $82.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Bill Miller opened a new position in RH worth $49.4M.

  • Bill Miller's largest Q4 2016 buy was RH: 1,608,050 shares worth $49.4M.
  • Bill Miller added most to Amazon in Q4 2016, an estimated $75.2M increase.
  • Bill Miller's biggest Q4 2016 reduction was JPMorgan Chase, cutting an estimated $20.7M.
  • Bill Miller fully exited NXP Semiconductors in Q4 2016, selling an estimated $82.1M.
  • Bill Miller's ten largest holdings make up 48% of its $2.28B portfolio in Q4 2016.
  • Bill Miller opened 4 new positions and closed 9 in Q4 2016.
  • Bill Miller's portfolio value fell 6.7% quarter-over-quarter to $2.28B.

Based on Miller Value Partners's 13F filing for Q4 2016, filed 14 Feb 2017.