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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
+11.38%
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
$3.1B
AUM Growth
+$419M
Cap. Flow
+$193M
Cap. Flow %
6.23%
Top 10 Hldgs %
38.05%
Holding
123
New
12
Increased
34
Reduced
34
Closed
13

Top Buys

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$87.4M
2
NXPI icon
NXP Semiconductors
NXPI
+$69.5M
3
NWL icon
Newell Brands
NWL
+$57.9M
4
AVP
Avon Products, Inc.
AVP
+$50.2M
5
BHF icon
Brighthouse Financial
BHF
+$43.5M

Top Sells

Rank Stock Value
1
JPM.WS
JPMorgan Chase
JPM.WS
+$76.1M
2
FL
Foot Locker
FL
+$64.1M
3
W icon
Wayfair
W
+$51.1M
4
ESI icon
Element Solutions
ESI
+$44.8M
5
SFIX
Stitch Fix
SFIX
+$17.9M

Sector Composition

Rank Sector Weight
1 Healthcare 25.77%
2 Financials 17.46%
3 Consumer Discretionary 16.52%
4 Communication Services 13.32%
5 Industrials 10.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVP
26
DELISTED
Avon Products, Inc.
AVP
$60.3M 1.95%
27,420,713
+27,250,475
+16,007% +$50.2M
PHM icon
27
Pultegroup
PHM
$24.6B
$56.3M 1.82%
2,271,600
+154,875
+7% +$4.39M
FLXN
28
DELISTED
Flexion Therapeutics, Inc.
FLXN
$53.9M 1.74%
2,881,200
+227,425
+9% +$5.23M
AGN
29
DELISTED
Allergan plc
AGN
$53.2M 1.72%
279,255
+7,765
+3% +$1.43M
EIGI
30
DELISTED
Endurance International Group Holdings, Inc.
EIGI
$51.2M 1.65%
5,817,650
-467,250
-7% -$4.44M
NWL icon
31
Newell Brands
NWL
$2.59B
$50.1M 1.62%
+2,465,560
New +$57.9M
C icon
32
Citigroup
C
$221B
$46.4M 1.5%
647,331
-4,615
-0.7% -$326K
QCOM icon
33
Qualcomm
QCOM
$169B
$38.5M 1.24%
+534,370
New +$35.2M
SFIX
34
Stitch Fix
SFIX
$446M
$38.4M 1.24%
877,225
-492,123
-36% -$17.9M
SPY icon
35
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$36.5M 1.18%
125,681
+21,704
+21% +$6.18M
GTYHU
36
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$20.1M 0.65%
1,862,125
-3,250
-0.2% -$34.5K
PGEN icon
37
CALL
Precigen
PGEN
$2.58B
$19.1M 0.62%
1,110,000
– –
UPRO icon
38
ProShares UltraPro S&P 500
UPRO
$5.53B
$18M 0.58%
628,296
-24
-0% -$646
CHGG icon
39
Chegg
CHGG
$90.8M
$15.6M 0.5%
550,000
– –
TCRT icon
40
Alaunos Therapeutics
TCRT
$4.47M
$15.4M 0.5%
32,117
-661
-2% -$283K
MIC
41
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
$12.3M 0.4%
+266,000
New +$12.2M
APO icon
42
Apollo Global Management
APO
$78.4B
$10.8M 0.35%
312,500
+9,500
+3% +$331K
WD icon
43
Walker & Dunlop
WD
$1.38B
$10.6M 0.34%
200,000
– –
TUP
44
DELISTED
Tupperware Brands Corporation
TUP
$9.7M 0.31%
290,000
+190,000
+190% +$6.79M
FTR
45
CALL
DELISTED
Frontier Communications Corp.
FTR
$9.61M 0.31%
1,480,000
+1,000,000
+208% +$5.46M
MU icon
46
Micron Technology
MU
$1.09T
$9.05M 0.29%
200,000
– –
CG icon
47
Carlyle Group
CG
$17.6B
$8.95M 0.29%
396,800
+40,800
+11% +$960K
PRMW
48
DELISTED
Primo Water Corporation
PRMW
$8.88M 0.29%
550,000
– –
STLA icon
49
Stellantis
STLA
$20.4B
$8.76M 0.28%
500,000
– –
NCMI icon
50
National CineMedia
NCMI
$239M
$7.73M 0.25%
73,000
+7,000
+11% +$622K
1
2
3 4 5

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Bill Miller's Q3 2018 Portfolio in Review

As of Q3 2018, Bill Miller held 123 positions worth $3.1B, up 16% from $2.68B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Bill Miller deployed $193M of net new capital in Q3 2018, opening 12 new positions and adding to 34 existing holdings. Its largest new stake was JPMorgan Chase: 770,257 shares worth $86.9M.

By sector, the portfolio is most concentrated in Healthcare at 26% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Element Solutions, an estimated $44.8M trimmed.

  • Bill Miller's largest Q3 2018 buy was JPMorgan Chase: 770,257 shares worth $86.9M.
  • Bill Miller added most to Avon Products, Inc. in Q3 2018, an estimated $50.2M increase.
  • Bill Miller's biggest Q3 2018 reduction was Element Solutions, cutting an estimated $44.8M.
  • Bill Miller fully exited JPMorgan Chase in Q3 2018, selling an estimated $76.1M.
  • Bill Miller's ten largest holdings make up 38% of its $3.1B portfolio in Q3 2018.
  • Bill Miller opened 12 new positions and closed 13 in Q3 2018.
  • Bill Miller's portfolio value rose 16% quarter-over-quarter to $3.1B.

Based on Miller Value Partners's 13F filing for Q3 2018, filed 14 Nov 2018.