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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
-0.05%
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
$2.4B
AUM Growth
+$48.9M
Cap. Flow
+$32M
Cap. Flow %
1.33%
Top 10 Hldgs %
40%
Holding
119
New
7
Increased
33
Reduced
36
Closed
9

Top Buys

Rank Stock Value
1
CELG
Celgene Corp
CELG
+$39.5M
2
TEVA icon
Teva Pharmaceuticals
TEVA
+$32.8M
3
AGN
Allergan plc
AGN
+$18.9M
4
LUMN icon
Lumen
LUMN
+$13.5M
5
ENDP
Endo International plc
ENDP
+$12.8M

Top Sells

Rank Stock Value
1
BHC icon
Bausch Health
BHC
+$24.8M
2
GME icon
GameStop
GME
+$17.4M
3
MTG icon
MGIC Investment
MTG
+$16.2M
4
W icon
Wayfair
W
+$11.6M
5
AMZN icon
Amazon
AMZN
+$6.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 24.56%
2 Healthcare 20.81%
3 Financials 15.68%
4 Industrials 11.05%
5 Communication Services 10.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BBDC icon
51
Barings BDC
BBDC
$978M
$5.76M 0.24%
517,278
– –
CYS
52
DELISTED
CYS Investments Inc.
CYS
$5.44M 0.23%
+810,000
New +$5.57M
HCR
53
DELISTED
Hi-Crush Inc. Common Stock
HCR
$5.04M 0.21%
475,000
+105,000
+28% +$1.28M
KG
54
Kestrel Group
KG
$60.3M
$5.03M 0.21%
38,666
+6,351
+20% +$882K
CIM
55
Chimera Investment
CIM
$964M
$4.88M 0.2%
93,333
– –
AAIC
56
DELISTED
Arlington Asset Investment Corp.
AAIC
$4.42M 0.18%
400,000
+125,000
+45% +$1.42M
ATCO
57
DELISTED
Atlas Corp.
ATCO
$4.42M 0.18%
661,125
+11,660
+2% +$79.2K
GHL
58
DELISTED
Greenhill & Co., Inc.
GHL
$3.92M 0.16%
212,000
– –
TDAY
59
USA Today Co
TDAY
$950M
$3.82M 0.16%
222,835
-35,000
-14% -$586K
FTR
60
CALL
DELISTED
Frontier Communications Corp.
FTR
$3.56M 0.15%
480,000
– –
BX icon
61
Blackstone
BX
$108B
$3.52M 0.15%
110,000
– –
HALO icon
62
Halozyme
HALO
$12.3B
$3.33M 0.14%
170,000
– –
WPG
63
DELISTED
Washington Prime Group Inc.
WPG
$3.3M 0.14%
55,000
+12,222
+29% +$715K
BGC icon
64
BGC Group
BGC
$5.63B
$3.04M 0.13%
352,052
– –
STWD icon
65
Starwood Property Trust
STWD
$6.06B
$3.04M 0.13%
145,200
– –
ONDK
66
DELISTED
On Deck Capital, Inc.
ONDK
$2.79M 0.12%
500,000
+75,000
+18% +$381K
NCMI icon
67
National CineMedia
NCMI
$239M
$2.75M 0.11%
53,000
– –
WFC.WS
68
DELISTED
Wells Fargo & Company Ws
WFC.WS
$2.4M 0.1%
125,000
– –
CODI icon
69
Compass Diversified
CODI
$879M
$2.3M 0.1%
140,000
– –
ETP
70
DELISTED
Energy Transfer Partners, L.P.
ETP
$2.27M 0.09%
140,000
– –
JCAP
71
DELISTED
Jernigan Capital, Inc.
JCAP
$2.26M 0.09%
+125,000
New +$2.23M
CBL
72
DELISTED
CBL& Associates Properties, Inc.
CBL
$2.14M 0.09%
513,830
+180,000
+54% +$900K
SXCP
73
DELISTED
SunCoke Energy Partners, L.P.
SXCP
$1.6M 0.07%
+90,000
New +$1.71M
JMP
74
DELISTED
JMP Group LLC
JMP
$1.55M 0.06%
306,676
– –
TPVG icon
75
TriplePoint Venture Growth BDC
TPVG
$217M
$1.47M 0.06%
122,711
– –
1 2
3
4 5

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Bill Miller's Q1 2018 Portfolio in Review

As of Q1 2018, Bill Miller held 119 positions worth $2.4B, up 2.1% from $2.35B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Bill Miller's Q1 2018 filing shows 7 new, 33 increased, 36 reduced and 9 closed positions. Its largest new stake was Micron Technology: 200,000 shares worth $10.4M. The largest sale was Bausch Health, an estimated $24.8M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, down from 27% a quarter earlier, followed by Healthcare and Financials.

  • Bill Miller's largest Q1 2018 buy was Micron Technology: 200,000 shares worth $10.4M.
  • Bill Miller added most to Celgene Corp in Q1 2018, an estimated $39.5M increase.
  • Bill Miller's biggest Q1 2018 reduction was Bausch Health, cutting an estimated $24.8M.
  • Bill Miller fully exited CalAtlantic Group, Inc. in Q1 2018, selling an estimated $5.64M.
  • Bill Miller's ten largest holdings make up 40% of its $2.4B portfolio in Q1 2018.
  • Bill Miller opened 7 new positions and closed 9 in Q1 2018.
  • Bill Miller's portfolio value rose 2.1% quarter-over-quarter to $2.4B.

Based on Miller Value Partners's 13F filing for Q1 2018, filed 15 May 2018.