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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
+4.66%
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
$1.55B
AUM Growth
-$95.5M
Cap. Flow
-$111M
Cap. Flow %
-7.17%
Top 10 Hldgs %
39.49%
Holding
101
New
9
Increased
15
Reduced
43
Closed
17

Top Buys

Rank Stock Value
1
SI
Silvergate Capital Corporation
SI
+$46.2M
2
TNL icon
Travel + Leisure Co
TNL
+$37.5M
3
EXE
Expand Energy Corp
EXE
+$33M
4
COIN icon
Coinbase
COIN
+$24M
5
GOOS
Canada Goose Holdings
GOOS
+$21.6M

Top Sells

Rank Stock Value
1
TEVA icon
Teva Pharmaceuticals
TEVA
+$35.8M
2
FANG icon
Diamondback Energy
FANG
+$35.6M
3
DXC icon
DXC Technology
DXC
+$28.9M
4
VNT icon
Vontier
VNT
+$26.5M
5
OVV icon
Ovintiv
OVV
+$25.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 32.91%
2 Financials 18.8%
3 Energy 12.01%
4 Industrials 11.06%
5 Technology 8.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ADT icon
26
ADT
ADT
$5.39B
$30.4M 1.96%
3,351,027
-2,016,609
-38% -$17.9M
KRTX
27
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
$28.5M 1.84%
144,966
-25,369
-15% -$5.44M
COF icon
28
Capital One
COF
$134B
$27.8M 1.79%
299,263
-8,013
-3% -$788K
COIN icon
29
Coinbase
COIN
$49.2B
$25.4M 1.64%
716,532
+454,918
+174% +$24M
SI
30
DELISTED
Silvergate Capital Corporation
SI
$24.8M 1.6%
1,423,984
+1,164,224
+448% +$46.2M
SOFI icon
31
SoFi Technologies
SOFI
$24.4B
$22.6M 1.46%
4,908,580
-177,353
-3% -$880K
DXC icon
32
DXC Technology
DXC
$1.73B
$14.8M 0.95%
558,816
-1,037,789
-65% -$28.9M
SFIX
33
Stitch Fix
SFIX
$446M
$13.2M 0.85%
4,234,914
-249,449
-6% -$933K
VTRS icon
34
Viatris
VTRS
$18.7B
$10.5M 0.68%
943,500
– –
BKE icon
35
Buckle
BKE
$2.26B
$10.4M 0.67%
229,200
-37,000
-14% -$1.49M
JXN icon
36
Jackson Financial
JXN
$8.8B
$8.71M 0.56%
250,440
-9,085
-4% -$316K
VALE icon
37
Vale
VALE
$62.1B
$8.38M 0.54%
494,001
-65,499
-12% -$985K
SPY icon
38
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$7.67M 0.49%
20,062
+582
+3% +$224K
CC icon
39
Chemours
CC
$2.4B
$7.66M 0.49%
250,000
-39,000
-13% -$1.17M
CTO
40
CTO Realty Growth
CTO
$817M
$6.98M 0.45%
381,900
+21,900
+6% +$421K
ARLP icon
41
Alliance Resource Partners
ARLP
$3.38B
$6.58M 0.42%
324,000
– –
MPT
42
Medical Properties Trust
MPT
$2.46B
$6.48M 0.42%
582,000
+250,000
+75% +$2.91M
OGN icon
43
Organon & Co
OGN
$3.61B
$6.42M 0.41%
230,000
+25,000
+12% +$639K
CHS
44
DELISTED
Chicos FAS, Inc.
CHS
$6.26M 0.4%
1,273,032
-291,330
-19% -$1.64M
NBR icon
45
Nabors Industries
NBR
$1.37B
$6M 0.39%
38,726
– –
QUAD icon
46
Quad
QUAD
$532M
$5.92M 0.38%
1,450,000
+111,550
+8% +$355K
LAZ icon
47
Lazard
LAZ
$4.3B
$4.41M 0.28%
127,200
-10,000
-7% -$356K
APO icon
48
Apollo Global Management
APO
$78.4B
$4.21M 0.27%
66,000
-7,000
-10% -$416K
GEO icon
49
The GEO Group
GEO
$4.31B
$4.19M 0.27%
383,000
-5,000
-1% -$48.6K
TDAY
50
USA Today Co
TDAY
$950M
$3.65M 0.24%
1,795,725
-177,500
-9% -$341K
1
2
3 4

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Bill Miller's Q4 2022 Portfolio in Review

As of Q4 2022, Bill Miller held 101 positions worth $1.55B, down 5.8% from $1.65B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Bill Miller withdrew a net $111M in Q4 2022, closing 17 positions and reducing 43 holdings. Its most notable exit was Diamondback Energy, an estimated $35.6M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, up from 29% a quarter earlier, followed by Financials and Energy.

Against the trend, Bill Miller opened a new position in Travel + Leisure Co worth $36.4M.

  • Bill Miller's largest Q4 2022 buy was Travel + Leisure Co: 1,001,052 shares worth $36.4M.
  • Bill Miller added most to Silvergate Capital Corporation in Q4 2022, an estimated $46.2M increase.
  • Bill Miller's biggest Q4 2022 reduction was Teva Pharmaceuticals, cutting an estimated $35.8M.
  • Bill Miller fully exited Diamondback Energy in Q4 2022, selling an estimated $35.6M.
  • Bill Miller's ten largest holdings make up 39% of its $1.55B portfolio in Q4 2022.
  • Bill Miller opened 9 new positions and closed 17 in Q4 2022.
  • Bill Miller's portfolio value fell 5.8% quarter-over-quarter to $1.55B.

Based on Miller Value Partners's 13F filing for Q4 2022, filed 14 Feb 2023.