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 |
DM
Desktop Metal, Inc.
DM
|
+$79.9M |
| 2 |
WW
WW International
WW
|
+$68M |
| 3 |
Norwegian Cruise Line
NCLH
|
+$54.5M |
| 4 |
Vroom Inc
VRM
|
+$37.9M |
| 5 |
Netflix
NFLX
|
+$33.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
|
+$213M |
| 2 |
Lennar Class A
LEN
|
+$44.6M |
| 3 |
NXP Semiconductors
NXPI
|
+$42.1M |
| 4 |
Pitney Bowes
PBI
|
+$35.6M |
| 5 |
RH
RH
|
+$34.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.4% |
| 2 | Industrials | 18.03% |
| 3 | Financials | 17.42% |
| 4 | Healthcare | 10.8% |
| 5 | Communication Services | 9.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TVTY
26
DELISTED
Tivity Health, Inc. Common Stock
TVTY
| $59.5M | 1.81% |
3,037,206
-219,502
| -7% | -$3.64M |
|
27
Delta Air Lines
DAL
$54.2B
| $58.3M | 1.77% |
1,449,011
-351,145
| -20% | -$12.8M |
|
28
JPMorgan Chase
JPM
$935B
| $57M | 1.73% |
448,510
+53,578
| +14% | +$5.99M |
|
|
GOOS
29
Canada Goose Holdings
GOOS
$854M
| $56.6M | 1.72% |
1,902,673
-59,596
| -3% | -$1.99M |
|
30
Chemours
CC
$2.4B
| $56M | 1.7% |
2,259,881
-1,276,808
| -36% | -$30.4M |
|
31
Bank of America
BAC
$431B
| $55.8M | 1.7% |
1,842,366
+5,342
| +0.3% | +$143K |
|
32
Warner Bros
WBD
$71.6B
| $51.7M | 1.57% |
1,718,882
+19,306
| +1% | +$473K |
|
|
FLXN
33
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $48.4M | 1.47% |
4,196,100
-1,078,339
| -20% | -$12.5M |
|
34
Energy Transfer Partners
ET
$73B
| $47.8M | 1.45% |
7,736,762
+3,062,228
| +66% | +$18.5M |
|
35
Workday
WDAY
$49.4B
| $47.8M | 1.45% |
199,500
-9,238
| -4% | -$2.08M |
|
36
Citigroup
C
$221B
| $47M | 1.43% |
761,944
+112,687
| +17% | +$5.73M |
|
37
Boeing
BA
$169B
| $46.9M | 1.43% |
218,987
+819
| +0.4% | +$157K |
|
|
38
Netflix
NFLX
$331B
| $35.3M | 1.07% |
+652,660
| New | +$33.1M |
|
39
Alaunos Therapeutics
TCRT
$4.47M
| $31.4M | 0.96% |
83,108
+537
| +0.7% | +$214K |
|
40
Diamondback Energy
FANG
$59B
| $28.1M | 0.86% |
+581,016
| New | +$21.5M |
|
41
Genworth Financial
GNW
$3.73B
| $27.6M | 0.84% |
7,289,100
-3,049,600
| -29% | -$12.5M |
|
42
Apollo Global Management
APO
$78.4B
| $12.1M | 0.37% |
246,800
+74,500
| +43% | +$3.33M |
|
|
ATCO
43
DELISTED
Atlas Corp.
ATCO
| $12M | 0.37% |
1,108,960
+80,000
| +8% | +$822K |
|
|
MILE
44
DELISTED
Metromile, Inc. Common Stock
MILE
| $11.7M | 0.35% |
+749,762
| New | +$10.1M |
|
|
GTYH
45
DELISTED
GTY Technology Holdings, Inc. Common Stock
GTYH
| $10.1M | 0.31% |
1,954,276
+25,965
| +1% | +$91.6K |
|
|
46
Pitney Bowes
PBI
$2.26B
| $8.57M | 0.26% |
1,390,860
-5,933,265
| -81% | -$35.6M |
|
47
The GEO Group
GEO
$4.31B
| $7.32M | 0.22% |
825,600
+40,600
| +5% | +$389K |
|
48
ProShares UltraPro S&P 500
UPRO
$5.53B
| $7.06M | 0.21% |
183,600
| – | – |
|
|
CHS
49
DELISTED
Chicos FAS, Inc.
CHS
| $6.66M | 0.2% |
4,189,932
+733,250
| +21% | +$1.02M |
|
50
Carlyle Group
CG
$17.6B
| $6M | 0.18% |
190,700
-2,300
| -1% | -$64.8K |
|
Similar funds
Bill Miller's Q4 2020 Portfolio in Review
As of Q4 2020, Bill Miller held 117 positions worth $3.29B, up 18% from $2.79B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Bill Miller withdrew a net $268M in Q4 2020, closing 15 positions and reducing 39 holdings. Its most notable exit was Lennar Class A, an estimated $44.6M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, down from 24% a quarter earlier, followed by Industrials and Financials.
Against the trend, Bill Miller opened a new position in WW International worth $63.8M.
- Bill Miller's largest Q4 2020 buy was WW International: 2,615,564 shares worth $63.8M.
- Bill Miller added most to Desktop Metal, Inc. in Q4 2020, an estimated $79.9M increase.
- Bill Miller's biggest Q4 2020 reduction was Farfetch Limited Class A Ordinary Shares, cutting an estimated $213M.
- Bill Miller fully exited Lennar Class A in Q4 2020, selling an estimated $44.6M.
- Bill Miller's ten largest holdings make up 41% of its $3.29B portfolio in Q4 2020.
- Bill Miller opened 27 new positions and closed 15 in Q4 2020.
- Bill Miller's portfolio value rose 18% quarter-over-quarter to $3.29B.
Based on Miller Value Partners's 13F filing for Q4 2020, filed 16 Feb 2021.