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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
+11.38%
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
$3.1B
AUM Growth
+$419M
Cap. Flow
+$193M
Cap. Flow %
6.23%
Top 10 Hldgs %
38.05%
Holding
123
New
12
Increased
34
Reduced
34
Closed
13

Top Buys

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$87.4M
2
NXPI icon
NXP Semiconductors
NXPI
+$69.5M
3
NWL icon
Newell Brands
NWL
+$57.9M
4
AVP
Avon Products, Inc.
AVP
+$50.2M
5
BHF icon
Brighthouse Financial
BHF
+$43.5M

Top Sells

Rank Stock Value
1
JPM.WS
JPMorgan Chase
JPM.WS
+$76.1M
2
FL
Foot Locker
FL
+$64.1M
3
W icon
Wayfair
W
+$51.1M
4
ESI icon
Element Solutions
ESI
+$44.8M
5
SFIX
Stitch Fix
SFIX
+$17.9M

Sector Composition

Rank Sector Weight
1 Healthcare 25.77%
2 Financials 17.46%
3 Consumer Discretionary 16.52%
4 Communication Services 13.32%
5 Industrials 10.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PPLT
51
abrdn Physical Platinum Shares ETF
PPLT
$2.2B
$7.7M 0.25%
+100,000
New +$773K
HCR
52
DELISTED
Hi-Crush Inc. Common Stock
HCR
$7.34M 0.24%
680,000
+110,000
+19% +$1.38M
ESI icon
53
Element Solutions
ESI
$8.6B
$6.55M 0.21%
525,000
-3,584,900
-87% -$44.8M
RITM icon
54
Rithm Capital
RITM
$5.69B
$6.3M 0.2%
353,750
– –
ATCO
55
DELISTED
Atlas Corp.
ATCO
$6.09M 0.2%
731,525
+66,900
+10% +$602K
BX icon
56
Blackstone
BX
$108B
$5.9M 0.19%
155,000
+45,000
+41% +$1.63M
BBDC icon
57
Barings BDC
BBDC
$978M
$5.68M 0.18%
567,278
+50,000
+10% +$549K
TWO
58
Two Harbors Investment
TWO
$1.27B
$5.66M 0.18%
+94,770
New +$5.91M
CS
59
DELISTED
Credit Suisse Group
CS
$5.66M 0.18%
378,645
-70
-0% -$1.07K
JE
60
DELISTED
Just Energy Group Inc
JE
$5.64M 0.18%
+55,067
New +$6.09M
GHL
61
DELISTED
Greenhill & Co., Inc.
GHL
$5.63M 0.18%
213,835
-15
-0% -$445
CIM
62
Chimera Investment
CIM
$964M
$5.08M 0.16%
93,333
– –
TDAY
63
USA Today Co
TDAY
$950M
$4.86M 0.16%
310,000
+47,165
+18% +$790K
KG
64
Kestrel Group
KG
$60.3M
$4.78M 0.15%
83,881
+45,215
+117% +$4.9M
ETP
65
DELISTED
Energy Transfer Partners, L.P.
ETP
$4.63M 0.15%
208,000
– –
NGL icon
66
NGL Energy Partners
NGL
$2.1B
$4.52M 0.15%
390,000
+140,000
+56% +$1.7M
WPG
67
DELISTED
Washington Prime Group Inc.
WPG
$4.2M 0.14%
63,889
– –
EB
68
DELISTED
Eventbrite
EB
$3.67M 0.12%
+96,750
New +$3.5M
STWD icon
69
Starwood Property Trust
STWD
$6.06B
$3.13M 0.1%
145,200
– –
HALO icon
70
Halozyme
HALO
$12.3B
$3.09M 0.1%
170,000
– –
TQQQ icon
71
ProShares UltraPro QQQ
TQQQ
$35.7B
$2.99M 0.1%
336,000
– –
NAIL icon
72
Direxion Daily Homebuilders & Supplies Bull 3X ETF
NAIL
$545M
$2.56M 0.08%
60,000
– –
CODI icon
73
Compass Diversified
CODI
$879M
$2.54M 0.08%
140,000
– –
TPVG icon
74
TriplePoint Venture Growth BDC
TPVG
$217M
$1.67M 0.05%
122,711
– –
JMP
75
DELISTED
JMP Group LLC
JMP
$1.59M 0.05%
300,000
– –
1 2
3
4 5

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Bill Miller's Q3 2018 Portfolio in Review

As of Q3 2018, Bill Miller held 123 positions worth $3.1B, up 16% from $2.68B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Bill Miller deployed $193M of net new capital in Q3 2018, opening 12 new positions and adding to 34 existing holdings. Its largest new stake was JPMorgan Chase: 770,257 shares worth $86.9M.

By sector, the portfolio is most concentrated in Healthcare at 26% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Element Solutions, an estimated $44.8M trimmed.

  • Bill Miller's largest Q3 2018 buy was JPMorgan Chase: 770,257 shares worth $86.9M.
  • Bill Miller added most to Avon Products, Inc. in Q3 2018, an estimated $50.2M increase.
  • Bill Miller's biggest Q3 2018 reduction was Element Solutions, cutting an estimated $44.8M.
  • Bill Miller fully exited JPMorgan Chase in Q3 2018, selling an estimated $76.1M.
  • Bill Miller's ten largest holdings make up 38% of its $3.1B portfolio in Q3 2018.
  • Bill Miller opened 12 new positions and closed 13 in Q3 2018.
  • Bill Miller's portfolio value rose 16% quarter-over-quarter to $3.1B.

Based on Miller Value Partners's 13F filing for Q3 2018, filed 14 Nov 2018.