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 |
Wayfair
W
|
+$52.1M |
| 2 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$33.4M |
| 3 |
RH
RH
|
+$31.7M |
| 4 |
ATHN
Athenahealth, Inc.
ATHN
|
+$21.6M |
| 5 |
ENDP
Endo International plc
ENDP
|
+$16.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TMHC
Taylor Morrison
TMHC
|
+$42.2M |
| 2 |
NSM
Nationstar Mortgage Holdings
NSM
|
+$33.3M |
| 3 |
Radian Group
RDN
|
+$27.8M |
| 4 |
PennyMac Financial
PFSI
|
+$23.3M |
| 5 |
TPH
Tri Pointe Homes
TPH
|
+$22.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 20.68% |
| 2 | Financials | 17.08% |
| 3 | Healthcare | 14.33% |
| 4 | Industrials | 11.91% |
| 5 | Communication Services | 6.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
GameStop
GME
$8.17B
| $28.4M | 1.25% |
5,032,300
-1,394,000
| -22% | -$8.52M |
|
27
Seagate
STX
$193B
| $27.9M | 1.23% |
607,775
-177,500
| -23% | -$7.88M |
|
|
TWTR
28
DELISTED
Twitter, Inc.
TWTR
| $26.2M | 1.15% |
1,750,680
-49,654
| -3% | -$806K |
|
29
Gilead Sciences
GILD
$181B
| $25.6M | 1.13% |
377,250
-88,800
| -19% | -$6.24M |
|
|
ATHN
30
DELISTED
Athenahealth, Inc.
ATHN
| $20.8M | 0.92% |
+184,925
| New | +$21.6M |
|
|
GTYHU
31
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $20.1M | 0.89% |
1,951,575
-60,225
| -3% | -$625K |
|
32
CALL
Bausch Health
BHC
$2.41B
| $16.5M | 0.73% |
+1,500,000
| New | +$20.6M |
|
|
ENDP
33
CALL
DELISTED
Endo International plc
ENDP
| $11.4M | 0.5% |
+1,025,000
| New | +$12.7M |
|
34
CALL
Genworth Financial
GNW
$3.73B
| $9.64M | 0.42% |
+2,339,000
| New | +$9.01M |
|
35
The GEO Group
GEO
$4.31B
| $7.05M | 0.31% |
228,000
| – | – |
|
|
PRMW
36
DELISTED
Primo Water Corporation
PRMW
| $6.8M | 0.3% |
+550,000
| New | +$6.19M |
|
37
Apollo Global Management
APO
$78.4B
| $5.84M | 0.26% |
240,000
| – | – |
|
38
ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
$311M
| $5.79M | 0.25% |
+175,000
| New | +$6.99M |
|
|
CIM
39
Chimera Investment
CIM
$964M
| $5.65M | 0.25% |
93,333
+13,333
| +17% | +$743K |
|
40
Stellantis
STLA
$20.4B
| $5.46M | 0.24% |
+502,000
| New | +$5.4M |
|
41
Carlyle Group
CG
$17.6B
| $5.34M | 0.24% |
335,000
+135,000
| +68% | +$2.21M |
|
|
CS
42
DELISTED
Credit Suisse Group
CS
| $5.19M | 0.23% |
+350,000
| New | +$5.34M |
|
43
Rithm Capital
RITM
$5.69B
| $4.77M | 0.21% |
280,750
+25,000
| +10% | +$409K |
|
44
Chegg
CHGG
$90.8M
| $4.64M | 0.2% |
+550,000
| New | +$4.24M |
|
45
DigitalBridge
DBRG
$2.95B
| $4.38M | 0.19% |
+84,875
| New | +$4.77M |
|
46
FTAI Aviation
FTAI
$21.5B
| $4.37M | 0.19% |
343,103
-117,100
| -25% | -$1.49M |
|
|
TDAY
47
USA Today Co
TDAY
$950M
| $4.01M | 0.18% |
282,000
| – | – |
|
|
CAA
48
DELISTED
CalAtlantic Group, Inc.
CAA
| $3.75M | 0.16% |
+100,000
| New | +$3.54M |
|
|
ATCO
49
DELISTED
Atlas Corp.
ATCO
| $3.46M | 0.15% |
+500,000
| New | +$4.13M |
|
|
NSM
50
DELISTED
Nationstar Mortgage Holdings
NSM
| $3.32M | 0.15% |
210,400
-1,886,575
| -90% | -$33.3M |
|
Similar funds
Bill Miller's Q1 2017 Portfolio in Review
As of Q1 2017, Bill Miller held 76 positions worth $2.27B, down 0.28% from $2.28B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Bill Miller withdrew a net $125M in Q1 2017, closing 6 positions and reducing 21 holdings. Its most notable exit was Taylor Morrison, an estimated $42.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, up from 16% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Bill Miller opened a new position in Wayfair worth $53.4M.
- Bill Miller's largest Q1 2017 buy was Wayfair: 1,318,200 shares worth $53.4M.
- Bill Miller added most to Alexion Pharmaceuticals in Q1 2017, an estimated $33.4M increase.
- Bill Miller's biggest Q1 2017 reduction was Nationstar Mortgage Holdings, cutting an estimated $33.3M.
- Bill Miller fully exited Taylor Morrison in Q1 2017, selling an estimated $42.2M.
- Bill Miller's ten largest holdings make up 49% of its $2.27B portfolio in Q1 2017.
- Bill Miller opened 17 new positions and closed 6 in Q1 2017.
- Bill Miller's portfolio value fell 0.28% quarter-over-quarter to $2.27B.
Based on Miller Value Partners's 13F filing for Q1 2017, filed 12 May 2017.