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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
+2.38%
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
$3.74B
AUM Growth
+$258M
Cap. Flow
+$198M
Cap. Flow %
5.29%
Top 10 Hldgs %
49.54%
Holding
87
New
4
Increased
50
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
ESI icon
Element Solutions
ESI
+$31.5M
2
EIGI
Endurance International Group Holdings, Inc.
EIGI
+$25.8M
3
QVCGA
QVC Group Inc Series A
QVCGA
+$20.1M
4
P
Pandora Media Inc
P
+$16.7M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.9M

Top Sells

Rank Stock Value
1
ZU
ZULILY INC CLASS A COMMON STOCK
ZU
+$39.3M
2
KKR icon
KKR & Co
KKR
+$2.01M
3
TDAY
USA Today Co
TDAY
+$1.34M
4
HCI icon
HCI Group
HCI
+$1.28M
5
EFC
Ellington Financial
EFC
+$877K

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 22.29%
2 Financials 11.7%
3 Industrials 9.29%
4 Communication Services 7.76%
5 Technology 7.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VER
51
DELISTED
VEREIT, Inc.
VER
$3.84M 0.1%
97,000
– –
BBDC icon
52
Barings BDC
BBDC
$978M
$3.38M 0.09%
176,778
+5,565
+3% +$105K
OCSL icon
53
Oaktree Specialty Lending
OCSL
$1.14B
$3.09M 0.08%
161,513
+1,513
+0.9% +$27.9K
AY
54
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
$2.99M 0.08%
155,000
+50,000
+48% +$912K
STWD icon
55
Starwood Property Trust
STWD
$6.06B
$2.99M 0.08%
145,200
– –
HTS
56
DELISTED
HATTERAS FINANCIAL CORP
HTS
$2.63M 0.07%
200,000
– –
FTRPR
57
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$2.56M 0.07%
28,000
– –
FIG
58
DELISTED
Fortress Investment Group Llc
FIG
$2.54M 0.07%
500,000
– –
CIM
59
Chimera Investment
CIM
$964M
$2.46M 0.07%
60,000
– –
FTAI icon
60
FTAI Aviation
FTAI
$21.5B
$2.25M 0.06%
234,200
– –
RESI
61
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$2.23M 0.06%
180,000
– –
BGC icon
62
BGC Group
BGC
$5.63B
$2.22M 0.06%
352,052
– –
AGNC icon
63
AGNC Investment
AGNC
$12.9B
$2.17M 0.06%
125,000
– –
PMT
64
PennyMac Mortgage Investment
PMT
$815M
$2.14M 0.06%
140,000
– –
RITM icon
65
Rithm Capital
RITM
$5.69B
$2.11M 0.06%
173,750
– –
APO icon
66
Apollo Global Management
APO
$78.4B
$2.05M 0.05%
135,000
– –
NRF
67
DELISTED
NorthStar Realty Finance Corp.
NRF
$1.93M 0.05%
113,450
– –
CYS
68
DELISTED
CYS Investments Inc.
CYS
$1.78M 0.05%
250,000
– –
JMP
69
DELISTED
JMP Group LLC
JMP
$1.64M 0.04%
300,000
– –
STON
70
DELISTED
StoneMor Inc.
STON
$1.6M 0.04%
60,000
– –
SCU
71
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$1.53M 0.04%
24,500
+10,190
+71% +$697K
FTR
72
DELISTED
Frontier Communications Corp.
FTR
$1.52M 0.04%
21,667
– –
VR
73
DELISTED
Validus Hold Ltd
VR
$1.51M 0.04%
32,600
– –
CODI icon
74
Compass Diversified
CODI
$879M
$1.43M 0.04%
90,000
– –
TPVG icon
75
TriplePoint Venture Growth BDC
TPVG
$217M
$1.37M 0.04%
114,266
– –
1 2
3
4

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Bill Miller's Q4 2015 Portfolio in Review

As of Q4 2015, Bill Miller held 87 positions worth $3.74B, up 7.4% from $3.48B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Bill Miller deployed $198M of net new capital in Q4 2015, opening 4 new positions and adding to 50 existing holdings. Its largest new stake was QVC Group Inc Series A: 15,332 shares worth $20.3M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 20% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was USA Today Co, an estimated $1.34M trimmed.

  • Bill Miller's largest Q4 2015 buy was QVC Group Inc Series A: 15,332 shares worth $20.3M.
  • Bill Miller added most to Element Solutions in Q4 2015, an estimated $31.5M increase.
  • Bill Miller's biggest Q4 2015 reduction was USA Today Co, cutting an estimated $1.34M.
  • Bill Miller fully exited ZULILY INC CLASS A COMMON STOCK in Q4 2015, selling an estimated $39.3M.
  • Bill Miller's ten largest holdings make up 50% of its $3.74B portfolio in Q4 2015.
  • Bill Miller opened 4 new positions and closed 4 in Q4 2015.
  • Bill Miller's portfolio value rose 7.4% quarter-over-quarter to $3.74B.

Based on Miller Value Partners's 13F filing for Q4 2015, filed 16 Feb 2016.