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 |
Expedia Group
EXPE
|
+$87.3M |
| 2 |
United Airlines
UAL
|
+$52.1M |
| 3 |
OneMain Financial
OMF
|
+$12.9M |
| 4 |
Cleveland-Cliffs
CLF
|
+$9.51M |
| 5 |
Energy Transfer Partners
ET
|
+$9.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TVTY
Tivity Health, Inc. Common Stock
TVTY
|
+$92.7M |
| 2 |
Herbalife
HLF
|
+$61.2M |
| 3 |
WW
WW International
WW
|
+$42.3M |
| 4 |
TUP
Tupperware Brands Corporation
TUP
|
+$29.1M |
| 5 |
ADT
ADT
|
+$17.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 25.36% |
| 2 | Financials | 13.54% |
| 3 | Technology | 13.03% |
| 4 | Energy | 11.19% |
| 5 | Industrials | 9.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Capital One
COF
$134B
| $33.1M | 1.68% |
317,329
-41,178
| -11% | -$5.03M |
|
27
Uber
UBER
$161B
| $32.3M | 1.64% |
1,577,991
+230,095
| +17% | +$6.11M |
|
|
KRTX
28
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
| $28.2M | 1.43% |
222,955
-18,893
| -8% | -$2.17M |
|
|
FTCH
29
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
| $27.4M | 1.39% |
3,826,441
+588,490
| +18% | +$6.02M |
|
30
Bausch Health
BHC
$2.41B
| $21.4M | 1.09% |
2,559,386
-495,841
| -16% | -$6.93M |
|
|
GOOS
31
Canada Goose Holdings
GOOS
$854M
| $16M | 0.81% |
887,101
-388,105
| -30% | -$8.19M |
|
32
Coinbase
COIN
$49.2B
| $13.6M | 0.69% |
289,404
-29,594
| -9% | -$2.82M |
|
33
Bank of America
BAC
$431B
| $13.1M | 0.67% |
421,435
-3,867
| -0.9% | -$139K |
|
34
SoFi Technologies
SOFI
$24.4B
| $11.6M | 0.59% |
2,196,100
-123,578
| -5% | -$835K |
|
35
Viatris
VTRS
$18.7B
| $10.2M | 0.52% |
977,500
| – | – |
|
36
Chemours
CC
$2.4B
| $9.61M | 0.49% |
300,000
-115,600
| -28% | -$4.25M |
|
|
CHS
37
DELISTED
Chicos FAS, Inc.
CHS
| $9.29M | 0.47% |
1,869,432
-75,550
| -4% | -$382K |
|
38
Vale
VALE
$62.1B
| $8.49M | 0.43% |
580,500
| – | – |
|
39
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $8.28M | 0.42% |
+21,934
| New | +$8.99M |
|
40
Alliance Resource Partners
ARLP
$3.38B
| $8.11M | 0.41% |
445,000
-63,000
| -12% | -$1.14M |
|
41
Precigen
PGEN
$2.58B
| $7.5M | 0.38% |
5,598,807
-792,548
| -12% | -$1.18M |
|
42
Organon & Co
OGN
$3.61B
| $7.26M | 0.37% |
215,000
+35,000
| +19% | +$1.23M |
|
43
Pitney Bowes
PBI
$2.26B
| $6.43M | 0.33% |
1,775,134
+65,975
| +4% | +$301K |
|
44
Jackson Financial
JXN
$8.8B
| $6.35M | 0.32% |
237,470
+48,520
| +26% | +$1.77M |
|
|
CTO
45
CTO Realty Growth
CTO
$817M
| $5.81M | 0.29% |
285,000
+90,000
| +46% | +$1.89M |
|
46
H&R Block
HRB
$6.62B
| $5.46M | 0.28% |
154,500
-255,500
| -62% | -$7.89M |
|
|
TDAY
47
USA Today Co
TDAY
$950M
| $4.66M | 0.24% |
1,606,050
+123,400
| +8% | +$469K |
|
48
Nabors Industries
NBR
$1.37B
| $4.63M | 0.24% |
34,606
-15,245
| -31% | -$2.39M |
|
49
Lazard
LAZ
$4.3B
| $4.45M | 0.23% |
137,200
| – | – |
|
50
Apollo Global Management
APO
$78.4B
| $4.12M | 0.21% |
85,000
| – | – |
|
Similar funds
Bill Miller's Q2 2022 Portfolio in Review
As of Q2 2022, Bill Miller held 142 positions worth $1.97B, down 37% from $3.11B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Bill Miller withdrew a net $463M in Q2 2022, closing 23 positions and reducing 43 holdings. Its most notable exit was Tivity Health, Inc. Common Stock, an estimated $92.7M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 21% a quarter earlier, followed by Financials and Technology.
Against the trend, Bill Miller opened a new position in Expedia Group worth $58.5M.
- Bill Miller's largest Q2 2022 buy was Expedia Group: 616,668 shares worth $58.5M.
- Bill Miller added most to OneMain Financial in Q2 2022, an estimated $12.9M increase.
- Bill Miller's biggest Q2 2022 reduction was Tupperware Brands Corporation, cutting an estimated $29.1M.
- Bill Miller fully exited Tivity Health, Inc. Common Stock in Q2 2022, selling an estimated $92.7M.
- Bill Miller's ten largest holdings make up 44% of its $1.97B portfolio in Q2 2022.
- Bill Miller opened 16 new positions and closed 23 in Q2 2022.
- Bill Miller's portfolio value fell 37% quarter-over-quarter to $1.97B.
Based on Miller Value Partners's 13F filing for Q2 2022, filed 15 Aug 2022.