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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
+11.74%
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
$2.71B
AUM Growth
+$211M
Cap. Flow
+$243M
Cap. Flow %
8.96%
Top 10 Hldgs %
35.14%
Holding
122
New
8
Increased
25
Reduced
24
Closed
26

Top Buys

Rank Stock Value
1
ESI icon
Element Solutions
ESI
+$89.1M
2
STLA icon
Stellantis
STLA
+$68M
3
BKNG icon
Booking.com
BKNG
+$51.7M
4
GNW icon
Genworth Financial
GNW
+$50.7M
5
BABA icon
Alibaba
BABA
+$49.6M

Top Sells

Rank Stock Value
1
HIG icon
Hartford Financial Services
HIG
+$53.4M
2
DS
Drive Shack Inc.
DS
+$47.4M
3
AGO icon
Assured Guaranty
AGO
+$46.5M
4
DBRG icon
DigitalBridge
DBRG
+$40.4M
5
NRF
NorthStar Realty Finance Corp.
NRF
+$36.3M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 25.96%
2 Financials 18.02%
3 Industrials 14.94%
4 Technology 12.03%
5 Healthcare 7.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AY
51
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
$2.87M 0.11%
105,000
+55,000
+110% +$1.63M
NRF
52
DELISTED
NorthStar Realty Finance Corp.
NRF
$2.78M 0.1%
78,950
-1,017,587
-93% -$36.3M
HTS
53
DELISTED
HATTERAS FINANCIAL CORP
HTS
$2.44M 0.09%
132,300
+109,000
+468% +$2.06M
APO icon
54
Apollo Global Management
APO
$78.4B
$2.24M 0.08%
95,000
– –
PMT
55
PennyMac Mortgage Investment
PMT
$815M
$1.91M 0.07%
90,500
– –
BGC icon
56
BGC Group
BGC
$5.63B
$1.8M 0.07%
305,402
– –
AGNC icon
57
AGNC Investment
AGNC
$12.9B
$1.78M 0.07%
81,700
+24,000
+42% +$541K
CIM
58
Chimera Investment
CIM
$964M
$1.75M 0.06%
36,733
+10,040
+38% +$485K
TPVG icon
59
TriplePoint Venture Growth BDC
TPVG
$217M
$1.63M 0.06%
110,000
+20,100
+22% +$291K
FIG
60
DELISTED
Fortress Investment Group Llc
FIG
$1.62M 0.06%
201,400
– –
STON
61
DELISTED
StoneMor Inc.
STON
$1.55M 0.06%
60,000
– –
RESI
62
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$1.49M 0.06%
77,000
– –
KKR icon
63
KKR & Co
KKR
$97.4B
$1.47M 0.05%
63,500
– –
CODI icon
64
Compass Diversified
CODI
$879M
$1.46M 0.05%
90,000
– –
HCI icon
65
HCI Group
HCI
$2.27B
$1.43M 0.05%
33,000
– –
MVC
66
DELISTED
MVC Capital, Inc.
MVC
$1.4M 0.05%
142,600
+25,000
+21% +$270K
WIN
67
DELISTED
Windstream Holdings Inc
WIN
$1.4M 0.05%
21,665
– –
SCU
68
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$1.38M 0.05%
11,810
– –
VR
69
DELISTED
Validus Hold Ltd
VR
$1.35M 0.05%
32,600
– –
ARCC icon
70
Ares Capital
ARCC
$14.3B
$1.29M 0.05%
82,800
– –
CMO
71
DELISTED
Capstead Mortgage Corp.
CMO
$1.29M 0.05%
105,000
– –
CYS
72
DELISTED
CYS Investments Inc.
CYS
$1.09M 0.04%
124,700
– –
PM icon
73
Philip Morris
PM
$293B
$1.03M 0.04%
12,700
– –
QIWI
74
DELISTED
QIWI PLC
QIWI
$1.03M 0.04%
50,800
– –
MCD icon
75
McDonald's
MCD
$192B
$1.02M 0.04%
10,900
– –
1 2
3
4 5

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Bill Miller's Q4 2014 Portfolio in Review

As of Q4 2014, Bill Miller held 122 positions worth $2.71B, up 8.4% from $2.5B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Bill Miller deployed $243M of net new capital in Q4 2014, opening 8 new positions and adding to 25 existing holdings. Its largest new stake was Element Solutions: 3,601,700 shares worth $83.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 26% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was DigitalBridge, an estimated $40.4M trimmed.

  • Bill Miller's largest Q4 2014 buy was Element Solutions: 3,601,700 shares worth $83.6M.
  • Bill Miller added most to Genworth Financial in Q4 2014, an estimated $50.7M increase.
  • Bill Miller's biggest Q4 2014 reduction was DigitalBridge, cutting an estimated $40.4M.
  • Bill Miller fully exited Hartford Financial Services in Q4 2014, selling an estimated $53.4M.
  • Bill Miller's ten largest holdings make up 35% of its $2.71B portfolio in Q4 2014.
  • Bill Miller opened 8 new positions and closed 26 in Q4 2014.
  • Bill Miller's portfolio value rose 8.4% quarter-over-quarter to $2.71B.

Based on Miller Value Partners's 13F filing for Q4 2014, filed 17 Feb 2015.