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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
+15.12%
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
$168M
AUM Growth
+$9.26M
Cap. Flow
-$15.1M
Cap. Flow %
-8.96%
Top 10 Hldgs %
56.49%
Holding
48
New
2
Increased
10
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
BFH icon
Bread Financial
BFH
+$2.65M
2
MPT
Medical Properties Trust
MPT
+$1.79M
3
NBR icon
Nabors Industries
NBR
+$1.64M
4
CNC icon
Centene
CNC
+$1.59M
5
WIRE
Encore Wire Corp
WIRE
+$819K

Top Sells

Rank Stock Value
1
RILY icon
BRC Group Holdings
RILY
+$4.73M
2
OGN icon
Organon & Co
OGN
+$4.72M
3
CHS
Chicos FAS, Inc.
CHS
+$3.4M
4
HRB icon
H&R Block
HRB
+$3.21M
5
EXE
Expand Energy Corp
EXE
+$2.52M

Sector Composition

Rank Sector Weight
1 Financials 23.66%
2 Consumer Discretionary 21.07%
3 Industrials 13.72%
4 Communication Services 11.36%
5 Real Estate 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNC icon
26
Centene
CNC
$32.1B
$1.63M 0.97%
+22,000
New +$1.59M
MBC icon
27
MasterBrand
MBC
$1.85B
$1.56M 0.93%
105,000
+45,000
+75% +$577K
FOSL icon
28
Fossil Group
FOSL
$332M
$1.46M 0.87%
997,825
+443,035
+80% +$651K
FTI icon
29
TechnipFMC
FTI
$30.4B
$878K 0.52%
43,585
-840
-2% -$17.2K
ABNB icon
30
Airbnb
ABNB
$110B
$817K 0.49%
6,000
– –
BZH icon
31
Beazer Homes USA
BZH
$884M
$777K 0.46%
23,000
– –
EXPE icon
32
Expedia Group
EXPE
$38.6B
$759K 0.45%
5,000
-10,000
-67% -$1.22M
LAD icon
33
Lithia Motors
LAD
$8.15B
$659K 0.39%
2,000
– –
BCC icon
34
Boise Cascade
BCC
$2.88B
$647K 0.38%
+5,000
New +$536K
ATKR icon
35
Atkore
ATKR
$3.16B
$640K 0.38%
4,000
– –
PRDO icon
36
Perdoceo Education
PRDO
$2.07B
$615K 0.37%
35,000
– –
MTCH icon
37
Match Group
MTCH
$9.38B
$511K 0.3%
14,000
– –
LYB icon
38
LyondellBasell Industries
LYB
$21.8B
$428K 0.25%
4,500
– –
RICK icon
39
RCI Hospitality Holdings
RICK
$237M
$404K 0.24%
6,100
– –
PBI icon
40
Pitney Bowes
PBI
$2.26B
$188K 0.11%
42,834
– –
TEVA icon
41
Teva Pharmaceuticals
TEVA
$43.5B
$140K 0.08%
13,400
-825
-6% -$7.7K
OGN icon
42
Organon & Co
OGN
$3.61B
– –
-272,000
Closed -$4.72M
RILY icon
43
BRC Group Holdings
RILY
$286M
– –
-115,300
Closed -$4.73M
EXE
44
Expand Energy Corp
EXE
$22.2B
– –
-29,200
Closed -$2.52M
DO
45
DELISTED
Diamond Offshore Drilling, Inc.
DO
– –
-25,000
Closed -$367K
BVH
46
DELISTED
Bluegreen Vacations Holding Corporation
BVH
– –
-10,000
Closed -$367K
CHS
47
DELISTED
Chicos FAS, Inc.
CHS
– –
-454,335
Closed -$3.4M
1
2

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Bill Miller's Q4 2023 Portfolio in Review

As of Q4 2023, Bill Miller held 48 positions worth $168M, up 5.8% from $159M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Bill Miller withdrew a net $15.1M in Q4 2023, closing 6 positions and reducing 11 holdings. Its most notable exit was BRC Group Holdings, an estimated $4.73M position sold in full.

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

Against the trend, Bill Miller opened a new position in Centene worth $1.63M.

  • Bill Miller's largest Q4 2023 buy was Centene: 22,000 shares worth $1.63M.
  • Bill Miller added most to Bread Financial in Q4 2023, an estimated $2.65M increase.
  • Bill Miller's biggest Q4 2023 reduction was H&R Block, cutting an estimated $3.21M.
  • Bill Miller fully exited BRC Group Holdings in Q4 2023, selling an estimated $4.73M.
  • Bill Miller's ten largest holdings make up 56% of its $168M portfolio in Q4 2023.
  • Bill Miller opened 2 new positions and closed 6 in Q4 2023.
  • Bill Miller's portfolio value rose 5.8% quarter-over-quarter to $168M.

Based on Miller Value Partners's 13F filing for Q4 2023, filed 14 Feb 2024.