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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
+19.68%
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
$2.44B
AUM Growth
+$205M
Cap. Flow
-$165M
Cap. Flow %
-6.78%
Top 10 Hldgs %
51.64%
Holding
67
New
2
Increased
14
Reduced
21
Closed
3

Top Buys

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$7.38M
2
EIGI
Endurance International Group Holdings, Inc.
EIGI
+$5.05M
3
GEO icon
The GEO Group
GEO
+$2.6M
4
PFX icon
PhenixFIN
PFX
+$1.95M
5
FTAI icon
FTAI Aviation
FTAI
+$912K

Top Sells

Rank Stock Value
1
CI icon
Cigna
CI
+$22.9M
2
BABA icon
Alibaba
BABA
+$15.8M
3
STLA icon
Stellantis
STLA
+$3.04M
4
LEN icon
Lennar Class A
LEN
+$2.99M
5
LRFC
Logan Ridge Finance Corp
LRFC
+$2.43M

Sector Composition

Rank Sector Weight
1 Financials 18.04%
2 Consumer Discretionary 12.88%
3 Healthcare 9.99%
4 Industrials 9.5%
5 Communication Services 8.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BGC icon
51
BGC Group
BGC
$5.63B
$1.98M 0.08%
352,052
– –
MGP
52
DELISTED
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
$1.96M 0.08%
75,000
– –
JMP
53
DELISTED
JMP Group LLC
JMP
$1.66M 0.07%
300,000
– –
CODI icon
54
Compass Diversified
CODI
$879M
$1.56M 0.06%
90,000
– –
FTR
55
DELISTED
Frontier Communications Corp.
FTR
$1.35M 0.06%
21,667
– –
CG icon
56
Carlyle Group
CG
$17.6B
$1.34M 0.05%
86,000
+16,000
+23% +$258K
TPVG icon
57
TriplePoint Venture Growth BDC
TPVG
$217M
$1.3M 0.05%
122,711
– –
AGNC icon
58
AGNC Investment
AGNC
$12.9B
$1.29M 0.05%
66,000
-50,000
-43% -$980K
MVC
59
DELISTED
MVC Capital, Inc.
MVC
$1.18M 0.05%
142,600
– –
UNIT
60
Uniti Group
UNIT
$2.42B
$1.07M 0.04%
33,940
– –
AAPL icon
61
Apple
AAPL
$4.51T
$970K 0.04%
34,320
– –
OCIP
62
DELISTED
OCI Partners LP
OCIP
$824K 0.03%
139,400
-102,600
-42% -$672K
CI icon
63
Cigna
CI
$73.3B
$707K 0.03%
5,420
-175,700
-97% -$22.9M
BABA icon
64
Alibaba
BABA
$286B
– –
-198,825
Closed -$15.8M
LRFC
65
DELISTED
Logan Ridge Finance Corp
LRFC
– –
-28,917
Closed -$2.43M
PMT
66
PennyMac Mortgage Investment
PMT
$815M
– –
-140,000
Closed -$2.27M
1 2
3

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Bill Miller's Q3 2016 Portfolio in Review

As of Q3 2016, Bill Miller held 67 positions worth $2.44B, up 9.2% from $2.24B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Bill Miller withdrew a net $165M in Q3 2016, closing 3 positions and reducing 21 holdings. Its most notable exit was Alibaba, an estimated $15.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Bill Miller opened a new position in The GEO Group worth $2.19M.

  • Bill Miller's largest Q3 2016 buy was The GEO Group: 138,000 shares worth $2.19M.
  • Bill Miller added most to Bausch Health in Q3 2016, an estimated $7.38M increase.
  • Bill Miller's biggest Q3 2016 reduction was Cigna, cutting an estimated $22.9M.
  • Bill Miller fully exited Alibaba in Q3 2016, selling an estimated $15.8M.
  • Bill Miller's ten largest holdings make up 52% of its $2.44B portfolio in Q3 2016.
  • Bill Miller opened 2 new positions and closed 3 in Q3 2016.
  • Bill Miller's portfolio value rose 9.2% quarter-over-quarter to $2.44B.

Based on Miller Value Partners's 13F filing for Q3 2016, filed 14 Nov 2016.