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 |
Micron Technology
MU
|
+$19.2M |
| 2 |
Alaunos Therapeutics
TCRT
|
+$11.7M |
| 3 |
WLH
WILLIAM LYON HOMES
WLH
|
+$8.98M |
| 4 |
NXP Semiconductors
NXPI
|
+$8.5M |
| 5 |
Brighthouse Financial
BHF
|
+$7.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
P
Pandora Media Inc
P
|
+$55.2M |
| 2 |
Amazon
AMZN
|
+$28.6M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$28.2M |
| 4 |
ProShares UltraPro S&P 500
UPRO
|
+$18M |
| 5 |
RH
RH
|
+$15.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.89% |
| 2 | Financials | 20.58% |
| 3 | Consumer Discretionary | 17.67% |
| 4 | Industrials | 11.83% |
| 5 | Communication Services | 11.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AVP
26
DELISTED
Avon Products, Inc.
AVP
| $42.2M | 1.91% |
27,758,588
+337,875
| +1% | +$647K |
|
|
AGN
27
DELISTED
Allergan plc
AGN
| $37.3M | 1.69% |
278,975
-280
| -0.1% | -$45.9K |
|
|
EIGI
28
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $37.2M | 1.69% |
5,595,850
-221,800
| -4% | -$1.84M |
|
|
FLXN
29
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $35.2M | 1.6% |
3,113,390
+232,190
| +8% | +$3.64M |
|
30
Citigroup
C
$221B
| $33.2M | 1.51% |
637,356
-9,975
| -2% | -$632K |
|
31
Qualcomm
QCOM
$169B
| $32.4M | 1.47% |
568,815
+34,445
| +6% | +$2.09M |
|
32
Precigen
PGEN
$2.58B
| $31.9M | 1.45% |
4,877,675
+171,125
| +4% | +$1.92M |
|
|
33
Micron Technology
MU
$1.09T
| $22.4M | 1.02% |
706,300
+506,300
| +253% | +$19.2M |
|
|
GTYHU
34
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
| $18.7M | 0.85% |
1,853,625
-8,500
| -0.5% | -$88.5K |
|
|
35
Alaunos Therapeutics
TCRT
$4.47M
| $16.6M | 0.75% |
61,765
+29,648
| +92% | +$11.7M |
|
|
SFIX
36
Stitch Fix
SFIX
$446M
| $15M | 0.68% |
876,950
-275
| -0% | -$6.8K |
|
37
Chegg
CHGG
$90.8M
| $14.2M | 0.64% |
500,000
-50,000
| -9% | -$1.35M |
|
38
Apollo Global Management
APO
$78.4B
| $11.2M | 0.51% |
456,500
+144,000
| +46% | +$4.13M |
|
|
TUP
39
DELISTED
Tupperware Brands Corporation
TUP
| $9.61M | 0.44% |
304,425
+14,425
| +5% | +$502K |
|
|
MIC
40
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
| $9.43M | 0.43% |
258,000
-8,000
| -3% | -$320K |
|
41
Carlyle Group
CG
$17.6B
| $9.2M | 0.42% |
583,800
+187,000
| +47% | +$3.55M |
|
|
JE
42
DELISTED
Just Energy Group Inc
JE
| $8.67M | 0.39% |
79,528
+24,461
| +44% | +$2.84M |
|
43
Walker & Dunlop
WD
$1.38B
| $8.65M | 0.39% |
200,000
| – | – |
|
|
WLH
44
DELISTED
WILLIAM LYON HOMES
WLH
| $7.73M | 0.35% |
723,025
+703,025
| +3,515% | +$8.98M |
|
|
PRMW
45
DELISTED
Primo Water Corporation
PRMW
| $7.67M | 0.35% |
550,000
| – | – |
|
|
46
CALL
Precigen
PGEN
$2.58B
| $7.26M | 0.33% |
1,110,000
| – | – |
|
47
Stellantis
STLA
$20.4B
| $7.23M | 0.33% |
500,000
| – | – |
|
48
Blackstone
BX
$108B
| $6.29M | 0.29% |
211,000
+56,000
| +36% | +$1.85M |
|
49
National CineMedia
NCMI
$239M
| $6.16M | 0.28% |
95,000
+22,000
| +30% | +$1.73M |
|
|
AAIC
50
DELISTED
Arlington Asset Investment Corp.
AAIC
| $5.9M | 0.27% |
+815,000
| New | +$6.85M |
|
Similar funds
Bill Miller's Q4 2018 Portfolio in Review
As of Q4 2018, Bill Miller held 116 positions worth $2.2B, down 29% from $3.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Bill Miller withdrew a net $115M in Q4 2018, closing 14 positions and reducing 33 holdings. Its most notable exit was ProShares UltraPro S&P 500, an estimated $18M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 26% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Bill Miller opened a new position in Arlington Asset Investment Corp. worth $5.9M.
- Bill Miller's largest Q4 2018 buy was Arlington Asset Investment Corp.: 815,000 shares worth $5.9M.
- Bill Miller added most to Micron Technology in Q4 2018, an estimated $19.2M increase.
- Bill Miller's biggest Q4 2018 reduction was Pandora Media Inc, cutting an estimated $55.2M.
- Bill Miller fully exited ProShares UltraPro S&P 500 in Q4 2018, selling an estimated $18M.
- Bill Miller's ten largest holdings make up 39% of its $2.2B portfolio in Q4 2018.
- Bill Miller opened 6 new positions and closed 14 in Q4 2018.
- Bill Miller's portfolio value fell 29% quarter-over-quarter to $2.2B.
Based on Miller Value Partners's 13F filing for Q4 2018, filed 14 Feb 2019.