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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
+18.14%
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
$2.82B
AUM Growth
+$332M
Cap. Flow
-$66.8M
Cap. Flow %
-2.37%
Top 10 Hldgs %
36.39%
Holding
107
New
6
Increased
35
Reduced
37
Closed
12

Top Buys

Rank Stock Value
1
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$47.8M
2
PTON icon
Peloton Interactive
PTON
+$38.2M
3
MED icon
Medifast
MED
+$23.7M
4
SFIX
Stitch Fix
SFIX
+$22.1M
5
AAL icon
American Airlines Group
AAL
+$14.7M

Top Sells

Rank Stock Value
1
PHM icon
Pultegroup
PHM
+$53.3M
2
RH icon
RH
RH
+$45.5M
3
AVP
Avon Products, Inc.
AVP
+$18.5M
4
BHC icon
Bausch Health
BHC
+$16.1M
5
NXPI icon
NXP Semiconductors
NXPI
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 24%
2 Consumer Discretionary 21.91%
3 Financials 18.41%
4 Industrials 14.44%
5 Communication Services 9.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVS icon
26
CVS Health
CVS
$119B
$56.4M 2%
759,225
-350
-0% -$24.6K
FTCH
27
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
$55.1M 1.95%
+5,319,925
New +$47.8M
WBD icon
28
Warner Bros
WBD
$71.6B
$52.1M 1.85%
1,590,600
-67,200
-4% -$2.02M
C icon
29
Citigroup
C
$221B
$52M 1.84%
650,331
-900
-0.1% -$66.5K
PGEN icon
30
Precigen
PGEN
$2.58B
$46.1M 1.64%
8,416,710
+2,700
+0% +$15.2K
QCOM icon
31
Qualcomm
QCOM
$169B
$44.7M 1.59%
506,470
+3,800
+0.8% +$318K
UAL icon
32
United Airlines
UAL
$36.7B
$44.4M 1.58%
504,325
-129,085
-20% -$11.6M
EB
33
DELISTED
Eventbrite
EB
$43.9M 1.56%
2,175,700
+122,500
+6% +$2.34M
ALXN
34
DELISTED
Alexion Pharmaceuticals
ALXN
$42M 1.49%
388,380
-60,400
-13% -$6.46M
AVP
35
DELISTED
Avon Products, Inc.
AVP
$22.6M 0.8%
4,015,063
-3,988,750
-50% -$18.5M
PBI icon
36
Pitney Bowes
PBI
$2.26B
$20.8M 0.74%
5,170,025
+1,022,250
+25% +$4.69M
CG icon
37
Carlyle Group
CG
$17.6B
$18.5M 0.66%
577,900
-5,900
-1% -$167K
APO icon
38
Apollo Global Management
APO
$78.4B
$17.5M 0.62%
366,900
-82,600
-18% -$3.52M
CHGG icon
39
Chegg
CHGG
$90.8M
$16.1M 0.57%
425,000
– –
WLH
40
DELISTED
WILLIAM LYON HOMES
WLH
$15.7M 0.56%
785,320
-23,625
-3% -$483K
ET icon
41
Energy Transfer Partners
ET
$73B
$14.2M 0.5%
1,102,965
+806,725
+272% +$9.94M
GTYH
42
DELISTED
GTY Technology Holdings, Inc. Common Stock
GTYH
$11.2M 0.4%
1,893,325
+41,600
+2% +$225K
UPRO icon
43
ProShares UltraPro S&P 500
UPRO
$5.53B
$10.2M 0.36%
291,200
– –
WD icon
44
Walker & Dunlop
WD
$1.38B
$9.57M 0.34%
148,000
– –
LUMN icon
45
Lumen
LUMN
$6.13B
$9.38M 0.33%
710,406
-48,960
-6% -$657K
ATCO
46
DELISTED
Atlas Corp.
ATCO
$8.48M 0.3%
596,775
-44,900
-7% -$536K
PRMW
47
DELISTED
Primo Water Corporation
PRMW
$8.21M 0.29%
600,000
– –
ANF icon
48
Abercrombie & Fitch
ANF
$4.84B
$7.94M 0.28%
459,000
-4,800
-1% -$79.4K
NGL icon
49
NGL Energy Partners
NGL
$2.1B
$7.01M 0.25%
618,100
+143,100
+30% +$1.59M
QUAD icon
50
Quad
QUAD
$532M
$6.34M 0.23%
1,358,375
+728,375
+116% +$4.55M
1
2
3 4 5

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Bill Miller's Q4 2019 Portfolio in Review

As of Q4 2019, Bill Miller held 107 positions worth $2.82B, up 13% from $2.49B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

Bill Miller's Q4 2019 filing shows 6 new, 35 increased, 37 reduced and 12 closed positions. Its largest new stake was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M. The largest sale was Pultegroup, an estimated $53.3M.

By sector, the portfolio is most concentrated in Healthcare at 24% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Bill Miller's largest Q4 2019 buy was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M.
  • Bill Miller added most to Peloton Interactive in Q4 2019, an estimated $38.2M increase.
  • Bill Miller's biggest Q4 2019 reduction was RH, cutting an estimated $45.5M.
  • Bill Miller fully exited Pultegroup in Q4 2019, selling an estimated $53.3M.
  • Bill Miller's ten largest holdings make up 36% of its $2.82B portfolio in Q4 2019.
  • Bill Miller opened 6 new positions and closed 12 in Q4 2019.
  • Bill Miller's portfolio value rose 13% quarter-over-quarter to $2.82B.

Based on Miller Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.