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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
-22.08%
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
$2.2B
AUM Growth
-$893M
Cap. Flow
-$115M
Cap. Flow %
-5.22%
Top 10 Hldgs %
38.66%
Holding
116
New
6
Increased
36
Reduced
33
Closed
14

Top Buys

Rank Stock Value
1
MU icon
Micron Technology
MU
+$19.2M
2
TCRT icon
Alaunos Therapeutics
TCRT
+$11.7M
3
WLH
WILLIAM LYON HOMES
WLH
+$8.98M
4
NXPI icon
NXP Semiconductors
NXPI
+$8.5M
5
BHF icon
Brighthouse Financial
BHF
+$7.19M

Top Sells

Rank Stock Value
1
P
Pandora Media Inc
P
+$55.2M
2
AMZN icon
Amazon
AMZN
+$28.6M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$28.2M
4
UPRO icon
ProShares UltraPro S&P 500
UPRO
+$18M
5
RH icon
RH
RH
+$15.2M

Sector Composition

Rank Sector Weight
1 Healthcare 21.89%
2 Financials 20.58%
3 Consumer Discretionary 17.67%
4 Industrials 11.83%
5 Communication Services 11.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ATCO
51
DELISTED
Atlas Corp.
ATCO
$5.63M 0.26%
718,425
-13,100
-2% -$114K
ESI icon
52
Element Solutions
ESI
$8.6B
$5.42M 0.25%
525,000
– –
SPY icon
53
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$5.3M 0.24%
21,215
-104,466
-83% -$28.2M
GHL
54
DELISTED
Greenhill & Co., Inc.
GHL
$5.17M 0.23%
212,000
-1,835
-0.9% -$44.9K
BBDC icon
55
Barings BDC
BBDC
$978M
$5.11M 0.23%
567,278
– –
RITM icon
56
Rithm Capital
RITM
$5.69B
$5.03M 0.23%
353,750
– –
CIM
57
Chimera Investment
CIM
$964M
$4.99M 0.23%
93,333
– –
TWO
58
Two Harbors Investment
TWO
$1.27B
$4.87M 0.22%
94,770
– –
NGL icon
59
NGL Energy Partners
NGL
$2.1B
$4.55M 0.21%
475,000
+85,000
+22% +$871K
TDAY
60
USA Today Co
TDAY
$950M
$3.96M 0.18%
342,000
+32,000
+10% +$447K
FTR
61
CALL
DELISTED
Frontier Communications Corp.
FTR
$3.52M 0.16%
1,480,000
– –
ET icon
62
Energy Transfer Partners
ET
$73B
$3.52M 0.16%
+266,240
New +$4.04M
STWD icon
63
Starwood Property Trust
STWD
$6.06B
$2.86M 0.13%
145,200
– –
WPG
64
DELISTED
Washington Prime Group Inc.
WPG
$2.79M 0.13%
63,889
– –
FUN icon
65
Cedar Fair
FUN
$1.71B
$2.48M 0.11%
+52,500
New +$2.74M
BGC icon
66
BGC Group
BGC
$5.63B
$2.2M 0.1%
+425,000
New +$2.8M
CODI icon
67
Compass Diversified
CODI
$879M
$1.74M 0.08%
140,000
– –
AHT
68
Ashford Hospitality Trust
AHT
$21.5M
$1.4M 0.06%
+354
New +$1.77M
AB icon
69
AllianceBernstein
AB
$3.37B
$1.37M 0.06%
50,000
– –
TPVG icon
70
TriplePoint Venture Growth BDC
TPVG
$217M
$1.34M 0.06%
122,711
– –
WMC
71
DELISTED
Western Asset Mortgage Capital Corporation
WMC
$1.19M 0.05%
14,290
– –
TWTR
72
DELISTED
Twitter, Inc.
TWTR
$1.18M 0.05%
41,000
– –
JMP
73
DELISTED
JMP Group LLC
JMP
$1.17M 0.05%
300,000
– –
GME icon
74
GameStop
GME
$8.17B
$1.01M 0.05%
319,140
+68,440
+27% +$239K
BBBY
75
DELISTED
Bed Bath & Beyond Inc
BBBY
$964K 0.04%
85,165
+12,980
+18% +$170K
1 2
3
4 5

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Bill Miller's Q4 2018 Portfolio in Review

As of Q4 2018, Bill Miller held 116 positions worth $2.2B, down 29% from $3.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Bill Miller withdrew a net $115M in Q4 2018, closing 14 positions and reducing 33 holdings. Its most notable exit was ProShares UltraPro S&P 500, an estimated $18M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 26% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Bill Miller opened a new position in Arlington Asset Investment Corp. worth $5.9M.

  • Bill Miller's largest Q4 2018 buy was Arlington Asset Investment Corp.: 815,000 shares worth $5.9M.
  • Bill Miller added most to Micron Technology in Q4 2018, an estimated $19.2M increase.
  • Bill Miller's biggest Q4 2018 reduction was Pandora Media Inc, cutting an estimated $55.2M.
  • Bill Miller fully exited ProShares UltraPro S&P 500 in Q4 2018, selling an estimated $18M.
  • Bill Miller's ten largest holdings make up 39% of its $2.2B portfolio in Q4 2018.
  • Bill Miller opened 6 new positions and closed 14 in Q4 2018.
  • Bill Miller's portfolio value fell 29% quarter-over-quarter to $2.2B.

Based on Miller Value Partners's 13F filing for Q4 2018, filed 14 Feb 2019.