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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
+0.49%
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
$2.49B
AUM Growth
-$141M
Cap. Flow
+$584K
Cap. Flow %
0.02%
Top 10 Hldgs %
37.92%
Holding
112
New
10
Increased
32
Reduced
30
Closed
11

Top Buys

Rank Stock Value
1
MED icon
Medifast
MED
+$73M
2
TCRT icon
Alaunos Therapeutics
TCRT
+$19.8M
3
PTON icon
Peloton Interactive
PTON
+$19.5M
4
AAL icon
American Airlines Group
AAL
+$18.8M
5
SFIX
Stitch Fix
SFIX
+$17.8M

Top Sells

Rank Stock Value
1
AVP
Avon Products, Inc.
AVP
+$50.9M
2
RH icon
RH
RH
+$34.9M
3
PHM icon
Pultegroup
PHM
+$15M
4
OMF icon
OneMain Financial
OMF
+$12.2M
5
META icon
Meta Platforms (Facebook)
META
+$11.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 22.85%
2 Healthcare 21.65%
3 Financials 20.68%
4 Industrials 12.91%
5 Communication Services 9.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENDP
26
DELISTED
Endo International plc
ENDP
$47.7M 1.92%
14,867,090
+5,069,790
+52% +$16.3M
C icon
27
Citigroup
C
$221B
$45M 1.81%
651,231
– –
WBD icon
28
Warner Bros
WBD
$71.6B
$44.1M 1.78%
1,657,800
– –
ALXN
29
DELISTED
Alexion Pharmaceuticals
ALXN
$44M 1.77%
448,780
– –
BABA icon
30
Alibaba
BABA
$286B
$43.4M 1.75%
259,795
+28,515
+12% +$4.9M
QCOM icon
31
Qualcomm
QCOM
$169B
$38.3M 1.54%
502,670
-127,445
-20% -$9.59M
EB
32
DELISTED
Eventbrite
EB
$36.4M 1.46%
2,053,200
+397,325
+24% +$6.97M
AVP
33
DELISTED
Avon Products, Inc.
AVP
$35.2M 1.42%
8,003,813
-12,050,025
-60% -$50.9M
SFIX
34
Stitch Fix
SFIX
$446M
$31.6M 1.27%
1,642,725
+766,500
+87% +$17.8M
PTON icon
35
Peloton Interactive
PTON
$2.37B
$19.3M 0.77%
+767,325
New +$19.5M
PBI icon
36
Pitney Bowes
PBI
$2.26B
$19M 0.76%
4,147,775
+1,229,900
+42% +$4.93M
APO icon
37
Apollo Global Management
APO
$78.4B
$17M 0.68%
449,500
– –
WLH
38
DELISTED
WILLIAM LYON HOMES
WLH
$16.5M 0.66%
808,945
-935
-0.1% -$17.5K
CG icon
39
Carlyle Group
CG
$17.6B
$14.9M 0.6%
583,800
– –
CHGG icon
40
Chegg
CHGG
$90.8M
$12.7M 0.51%
425,000
-75,000
-15% -$2.97M
GTYH
41
DELISTED
GTY Technology Holdings, Inc. Common Stock
GTYH
$11.6M 0.47%
1,851,725
– –
MIC
42
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
$9.79M 0.39%
248,000
-10,000
-4% -$395K
LUMN icon
43
Lumen
LUMN
$6.13B
$9.48M 0.38%
759,366
-53,525
-7% -$636K
WD icon
44
Walker & Dunlop
WD
$1.38B
$8.28M 0.33%
148,000
-52,000
-26% -$2.92M
UPRO icon
45
ProShares UltraPro S&P 500
UPRO
$5.53B
$8.05M 0.32%
291,200
– –
PRMW
46
DELISTED
Primo Water Corporation
PRMW
$7.48M 0.3%
600,000
– –
ANF icon
47
Abercrombie & Fitch
ANF
$4.84B
$7.24M 0.29%
463,800
+263,800
+132% +$4.4M
ATCO
48
DELISTED
Atlas Corp.
ATCO
$6.82M 0.27%
641,675
+1,500
+0.2% +$15.6K
NCMI icon
49
National CineMedia
NCMI
$239M
$6.81M 0.27%
83,000
-26,000
-24% -$1.94M
QUAD icon
50
Quad
QUAD
$532M
$6.62M 0.27%
630,000
+45,000
+8% +$421K
1
2
3 4 5

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Bill Miller's Q3 2019 Portfolio in Review

As of Q3 2019, Bill Miller held 112 positions worth $2.49B, down 5.4% from $2.63B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Bill Miller's Q3 2019 filing shows 10 new, 32 increased, 30 reduced and 11 closed positions. Its largest new stake was Medifast: 679,515 shares worth $70.4M. The largest sale was Avon Products, Inc., an estimated $50.9M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, up from 18% a quarter earlier, followed by Healthcare and Financials.

  • Bill Miller's largest Q3 2019 buy was Medifast: 679,515 shares worth $70.4M.
  • Bill Miller added most to Alaunos Therapeutics in Q3 2019, an estimated $19.8M increase.
  • Bill Miller's biggest Q3 2019 reduction was Avon Products, Inc., cutting an estimated $50.9M.
  • Bill Miller fully exited Blackstone in Q3 2019, selling an estimated $8.71M.
  • Bill Miller's ten largest holdings make up 38% of its $2.49B portfolio in Q3 2019.
  • Bill Miller opened 10 new positions and closed 11 in Q3 2019.
  • Bill Miller's portfolio value fell 5.4% quarter-over-quarter to $2.49B.

Based on Miller Value Partners's 13F filing for Q3 2019, filed 14 Nov 2019.