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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
-6.28%
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
$2.24B
AUM Growth
-$360M
Cap. Flow
-$218M
Cap. Flow %
-9.77%
Top 10 Hldgs %
54.31%
Holding
74
New
3
Increased
10
Reduced
37
Closed
9

Top Buys

Rank Stock Value
1
ENDP
Endo International plc
ENDP
+$36.2M
2
BHC icon
Bausch Health
BHC
+$12M
3
OMF icon
OneMain Financial
OMF
+$5.6M
4
MGP
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
+$1.78M
5
AAIC
Arlington Asset Investment Corp.
AAIC
+$1.68M

Top Sells

Rank Stock Value
1
KBH icon
KB Home
KBH
+$54.5M
2
AAPL icon
Apple
AAPL
+$39.5M
3
GRPN icon
Groupon
GRPN
+$26.4M
4
BABA icon
Alibaba
BABA
+$22.9M
5
GM icon
General Motors
GM
+$16.7M

Sector Composition

Rank Sector Weight
1 Financials 14.61%
2 Consumer Discretionary 14.6%
3 Healthcare 10.46%
4 Communication Services 8.61%
5 Industrials 8.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APO icon
51
Apollo Global Management
APO
$78.4B
$2.04M 0.09%
135,000
– –
MGP
52
DELISTED
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
$2M 0.09%
+75,000
New +$1.78M
BGC icon
53
BGC Group
BGC
$5.63B
$1.97M 0.09%
352,052
– –
CYS
54
DELISTED
CYS Investments Inc.
CYS
$1.93M 0.09%
230,000
-20,000
-8% -$164K
OCIP
55
DELISTED
OCI Partners LP
OCIP
$1.83M 0.08%
242,000
– –
AAIC
56
DELISTED
Arlington Asset Investment Corp.
AAIC
$1.69M 0.08%
+130,000
New +$1.68M
JMP
57
DELISTED
JMP Group LLC
JMP
$1.63M 0.07%
300,000
– –
FTR
58
DELISTED
Frontier Communications Corp.
FTR
$1.61M 0.07%
21,667
– –
CODI icon
59
Compass Diversified
CODI
$879M
$1.49M 0.07%
90,000
– –
TPVG icon
60
TriplePoint Venture Growth BDC
TPVG
$217M
$1.3M 0.06%
122,711
+8,445
+7% +$88.8K
MVC
61
DELISTED
MVC Capital, Inc.
MVC
$1.15M 0.05%
142,600
– –
CG icon
62
Carlyle Group
CG
$17.6B
$1.14M 0.05%
70,000
– –
UNIT
63
Uniti Group
UNIT
$2.42B
$981K 0.04%
33,940
– –
AAPL icon
64
Apple
AAPL
$4.51T
$820K 0.04%
34,320
-1,589,800
-98% -$39.5M
CLMT icon
65
Calumet Specialty Products
CLMT
$4.31B
– –
-125,000
Closed -$1.47M
GM icon
66
General Motors
GM
$77.2B
– –
-532,625
Closed -$16.7M
GRPN icon
67
Groupon
GRPN
$797M
– –
-331,250
Closed -$26.4M
KBH icon
68
KB Home
KBH
$3.39B
– –
-3,817,400
Closed -$54.5M
OCSL icon
69
Oaktree Specialty Lending
OCSL
$1.14B
– –
-10,000
Closed -$151K
IRDMB
70
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
– –
-2,600
Closed -$763K
HTS
71
DELISTED
HATTERAS FINANCIAL CORP
HTS
– –
-200,000
Closed -$2.86M
CMO
72
DELISTED
Capstead Mortgage Corp.
CMO
– –
-105,000
Closed -$1.04M
MTGE
73
DELISTED
MTGE Investment Corp. Common Stock
MTGE
– –
-52,000
Closed -$764K
1 2
3

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Bill Miller's Q2 2016 Portfolio in Review

As of Q2 2016, Bill Miller held 74 positions worth $2.24B, down 14% from $2.6B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Bill Miller withdrew a net $218M in Q2 2016, closing 9 positions and reducing 37 holdings. Its most notable exit was KB Home, an estimated $54.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 15% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Bill Miller opened a new position in Endo International plc worth $27.2M.

  • Bill Miller's largest Q2 2016 buy was Endo International plc: 1,745,475 shares worth $27.2M.
  • Bill Miller added most to Bausch Health in Q2 2016, an estimated $12M increase.
  • Bill Miller's biggest Q2 2016 reduction was Apple, cutting an estimated $39.5M.
  • Bill Miller fully exited KB Home in Q2 2016, selling an estimated $54.5M.
  • Bill Miller's ten largest holdings make up 54% of its $2.24B portfolio in Q2 2016.
  • Bill Miller opened 3 new positions and closed 9 in Q2 2016.
  • Bill Miller's portfolio value fell 14% quarter-over-quarter to $2.24B.

Based on Miller Value Partners's 13F filing for Q2 2016, filed 15 Aug 2016.