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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
+18.14%
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
$2.82B
AUM Growth
+$332M
Cap. Flow
-$66.8M
Cap. Flow %
-2.37%
Top 10 Hldgs %
36.39%
Holding
107
New
6
Increased
35
Reduced
37
Closed
12

Top Buys

Rank Stock Value
1
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$47.8M
2
PTON icon
Peloton Interactive
PTON
+$38.2M
3
MED icon
Medifast
MED
+$23.7M
4
SFIX
Stitch Fix
SFIX
+$22.1M
5
AAL icon
American Airlines Group
AAL
+$14.7M

Top Sells

Rank Stock Value
1
PHM icon
Pultegroup
PHM
+$53.3M
2
RH icon
RH
RH
+$45.5M
3
AVP
Avon Products, Inc.
AVP
+$18.5M
4
BHC icon
Bausch Health
BHC
+$16.1M
5
NXPI icon
NXP Semiconductors
NXPI
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 24%
2 Consumer Discretionary 21.91%
3 Financials 18.41%
4 Industrials 14.44%
5 Communication Services 9.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CC icon
51
Chemours
CC
$2.4B
$6.3M 0.22%
348,185
+109,800
+46% +$1.82M
BGC icon
52
BGC Group
BGC
$5.63B
$6.29M 0.22%
1,059,200
-11,800
-1% -$66.6K
PGEN icon
53
CALL
Precigen
PGEN
$2.58B
$6.08M 0.22%
1,110,000
– –
TEVA icon
54
CALL
Teva Pharmaceuticals
TEVA
$43.5B
$5.88M 0.21%
600,000
– –
PR
55
Permian Resources
PR
$19.9B
$5.73M 0.2%
+1,239,550
New +$4.53M
MNK
56
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
$5.58M 0.2%
1,600,000
-45,000
-3% -$140K
CHS
57
DELISTED
Chicos FAS, Inc.
CHS
$4.71M 0.17%
1,236,300
+86,300
+8% +$332K
SCU
58
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$4.58M 0.16%
207,200
+17,700
+9% +$329K
PBI icon
59
CALL
Pitney Bowes
PBI
$2.26B
$4.03M 0.14%
1,000,000
+600,000
+150% +$2.75M
FUN icon
60
Cedar Fair
FUN
$1.71B
$3.12M 0.11%
56,200
-46,300
-45% -$2.61M
NBR icon
61
Nabors Industries
NBR
$1.37B
$2.66M 0.09%
18,468
+3,616
+24% +$381K
MAXR
62
DELISTED
Maxar Technologies Inc. Common Stock
MAXR
$2.53M 0.09%
161,725
-20,400
-11% -$212K
AAIC
63
DELISTED
Arlington Asset Investment Corp.
AAIC
$2.48M 0.09%
445,500
-146,200
-25% -$833K
DBD
64
DELISTED
Diebold Nixdorf Incorporated
DBD
$2.45M 0.09%
232,000
+139,000
+149% +$1.23M
NCMI icon
65
National CineMedia
NCMI
$239M
$2.4M 0.09%
32,960
-50,040
-60% -$3.77M
BBBY
66
DELISTED
Bed Bath & Beyond Inc
BBBY
$1.46M 0.05%
84,135
+1,350
+2% +$18.9K
ENDP
67
CALL
DELISTED
Endo International plc
ENDP
$1.41M 0.05%
300,000
– –
TWTR
68
DELISTED
Twitter, Inc.
TWTR
$1.31M 0.05%
41,000
– –
GME icon
69
GameStop
GME
$8.17B
$1.03M 0.04%
679,920
-126,000
-16% -$185K
UA icon
70
Under Armour Class C
UA
$2.25B
$997K 0.04%
+52,000
New +$915K
MSGN
71
DELISTED
MSG Networks Inc.
MSGN
$992K 0.04%
+57,000
New +$949K
UIS icon
72
Unisys
UIS
$200M
$937K 0.03%
79,040
+8,625
+12% +$86.5K
TDAY
73
USA Today Co
TDAY
$950M
$896K 0.03%
140,400
-51,600
-27% -$378K
GOOGL icon
74
Alphabet (Google) Class A
GOOGL
$4.22T
$804K 0.03%
12,000
– –
GRUB
75
DELISTED
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
$803K 0.03%
8,250
+3,750
+83% +$343K
1 2
3
4 5

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Bill Miller's Q4 2019 Portfolio in Review

As of Q4 2019, Bill Miller held 107 positions worth $2.82B, up 13% from $2.49B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

Bill Miller's Q4 2019 filing shows 6 new, 35 increased, 37 reduced and 12 closed positions. Its largest new stake was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M. The largest sale was Pultegroup, an estimated $53.3M.

By sector, the portfolio is most concentrated in Healthcare at 24% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Bill Miller's largest Q4 2019 buy was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M.
  • Bill Miller added most to Peloton Interactive in Q4 2019, an estimated $38.2M increase.
  • Bill Miller's biggest Q4 2019 reduction was RH, cutting an estimated $45.5M.
  • Bill Miller fully exited Pultegroup in Q4 2019, selling an estimated $53.3M.
  • Bill Miller's ten largest holdings make up 36% of its $2.82B portfolio in Q4 2019.
  • Bill Miller opened 6 new positions and closed 12 in Q4 2019.
  • Bill Miller's portfolio value rose 13% quarter-over-quarter to $2.82B.

Based on Miller Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.