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 |
Stellantis
STLA
|
+$8.32M |
| 2 |
Western Alliance Bancorporation
WAL
|
+$4.33M |
| 3 |
AT&T
T
|
+$2.55M |
| 4 |
Gray Television
GTN
|
+$1.36M |
| 5 |
Bread Financial
BFH
|
+$739K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expedia Group
EXPE
|
+$75.5M |
| 2 |
OneMain Financial
OMF
|
+$74.1M |
| 3 |
Amazon
AMZN
|
+$71.8M |
| 4 |
TMHC
Taylor Morrison
TMHC
|
+$64M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$62.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 28.21% |
| 2 | Financials | 18.48% |
| 3 | Industrials | 9.97% |
| 4 | Real Estate | 9.16% |
| 5 | Healthcare | 8.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Crocs
CROX
$5.85B
| $1.86M | 1.22% |
16,500
+3,000
| +22% | +$358K |
|
27
Vale
VALE
$62.1B
| $1.54M | 1.02% |
115,001
-275,000
| -71% | -$3.89M |
|
28
Conduent
CNDT
$250M
| $1.41M | 0.93% |
415,100
+53,550
| +15% | +$175K |
|
|
29
Gray Television
GTN
$509M
| $1.4M | 0.92% |
+177,390
| New | +$1.36M |
|
30
Airbnb
ABNB
$110B
| $1.22M | 0.8% |
9,500
| – | – |
|
31
Beazer Homes USA
BZH
$884M
| $990K | 0.65% |
35,000
-15,000
| -30% | -$306K |
|
32
MasterBrand
MBC
$1.85B
| $989K | 0.65% |
85,000
+45,000
| +113% | +$432K |
|
|
33
Bread Financial
BFH
$4.07B
| $808K | 0.53% |
+25,725
| New | +$739K |
|
34
Atkore
ATKR
$3.16B
| $780K | 0.51% |
5,000
| – | – |
|
35
TechnipFMC
FTI
$30.4B
| $758K | 0.5% |
45,610
-101,935
| -69% | -$1.44M |
|
36
Teva Pharmaceuticals
TEVA
$43.5B
| $618K | 0.41% |
82,137
-3,847,647
| -98% | -$31.2M |
|
37
Lithia Motors
LAD
$8.15B
| $608K | 0.4% |
2,000
+1,000
| +100% | +$239K |
|
38
Match Group
MTCH
$9.38B
| $586K | 0.39% |
14,000
| – | – |
|
39
Pitney Bowes
PBI
$2.26B
| $582K | 0.38% |
164,304
-127,880
| -44% | -$443K |
|
40
RCI Hospitality Holdings
RICK
$237M
| $464K | 0.3% |
6,100
+1,100
| +22% | +$82.7K |
|
41
Perdoceo Education
PRDO
$2.07B
| $429K | 0.28% |
35,000
| – | – |
|
42
LyondellBasell Industries
LYB
$21.8B
| $413K | 0.27% |
4,500
| – | – |
|
|
BVH
43
DELISTED
Bluegreen Vacations Holding Corporation
BVH
| $357K | 0.23% |
10,000
| – | – |
|
|
DO
44
DELISTED
Diamond Offshore Drilling, Inc.
DO
| $356K | 0.23% |
25,000
-35,000
| -58% | -$414K |
|
45
Cleveland-Cliffs
CLF
$6.43B
| $203K | 0.13% |
12,098
-1,756,094
| -99% | -$27.9M |
|
46
ADT
ADT
$5.39B
| – | – |
-2,051,454
| Closed | -$14.8M |
|
|
47
Amazon
AMZN
$2.79T
| – | – |
-694,966
| Closed | -$71.8M |
|
48
Artisan Partners
APAM
$3B
| – | – |
-63,000
| Closed | -$2.01M |
|
49
Alibaba
BABA
$286B
| – | – |
-526,847
| Closed | -$53.8M |
|
50
Citigroup
C
$221B
| – | – |
-1,099,482
| Closed | -$51.6M |
|
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Bill Miller's Q2 2023 Portfolio in Review
As of Q2 2023, Bill Miller held 94 positions worth $152M, down 91% from $1.6B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Bill Miller withdrew a net $1.46B in Q2 2023, closing 48 positions and reducing 16 holdings. Its most notable exit was Expedia Group, an estimated $75.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, down from 36% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bill Miller opened a new position in Stellantis worth $8.7M.
- Bill Miller's largest Q2 2023 buy was Stellantis: 496,000 shares worth $8.7M.
- Bill Miller added most to Western Alliance Bancorporation in Q2 2023, an estimated $4.33M increase.
- Bill Miller's biggest Q2 2023 reduction was OneMain Financial, cutting an estimated $74.1M.
- Bill Miller fully exited Expedia Group in Q2 2023, selling an estimated $75.5M.
- Bill Miller's ten largest holdings make up 49% of its $152M portfolio in Q2 2023.
- Bill Miller opened 4 new positions and closed 48 in Q2 2023.
- Bill Miller's portfolio value fell 91% quarter-over-quarter to $152M.
Based on Miller Value Partners's 13F filing for Q2 2023, filed 14 Aug 2023.