Bill Miller Miller Value Partners
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Stellantis
STLA
|
+$8.32M |
| 2 |
Western Alliance Bancorporation
WAL
|
+$4.33M |
| 3 |
AT&T
T
|
+$2.55M |
| 4 |
Gray Television
GTN
|
+$1.36M |
| 5 |
Bread Financial
BFH
|
+$739K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expedia Group
EXPE
|
+$75.5M |
| 2 |
OneMain Financial
OMF
|
+$74.1M |
| 3 |
Amazon
AMZN
|
+$71.8M |
| 4 |
TMHC
Taylor Morrison
TMHC
|
+$64M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$62.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 28.21% |
| 2 | Financials | 18.48% |
| 3 | Industrials | 9.97% |
| 4 | Real Estate | 9.16% |
| 5 | Healthcare | 8.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Chemours
CC
$2.4B
| – | – |
-95,000
| Closed | -$2.84M |
|
52
Capital One
COF
$134B
| – | – |
-353,310
| Closed | -$34M |
|
53
Coinbase
COIN
$49.2B
| – | – |
-552,926
| Closed | -$37.4M |
|
54
Delta Air Lines
DAL
$54.2B
| – | – |
-1,661,680
| Closed | -$58M |
|
55
Energy Transfer Partners
ET
$73B
| – | – |
-4,951,231
| Closed | -$61.7M |
|
|
56
Expedia Group
EXPE
$38.6B
| – | – |
-778,059
| Closed | -$75.5M |
|
|
FISV
57
Fiserv Inc
FISV
$28B
| – | – |
-287,648
| Closed | -$32.5M |
|
|
FL
58
DELISTED
Foot Locker
FL
| – | – |
-12,540
| Closed | -$498K |
|
59
General Motors
GM
$77.2B
| – | – |
-1,218,742
| Closed | -$44.7M |
|
|
60
Alphabet (Google) Class A
GOOGL
$4.22T
| – | – |
-598,779
| Closed | -$62.1M |
|
|
GOOS
61
Canada Goose Holdings
GOOS
$854M
| – | – |
-2,318,816
| Closed | -$44.6M |
|
|
VIP
62
Vulcan Infrastructure and Power
VIP
$33.7M
| – | – |
-1,000
| Closed | -$4.52K |
|
63
iHeartMedia
IHRT
$432M
| – | – |
-30,000
| Closed | -$117K |
|
64
JPMorgan Chase
JPM
$935B
| – | – |
-269,917
| Closed | -$35.2M |
|
65
Lazard
LAZ
$4.3B
| – | – |
-117,200
| Closed | -$3.88M |
|
66
Mattel
MAT
$4.15B
| – | – |
-3,271,319
| Closed | -$60.2M |
|
67
Meta Platforms (Facebook)
META
$1.4T
| – | – |
-288,714
| Closed | -$61.2M |
|
68
M/I Homes
MHO
$3.85B
| – | – |
-33,505
| Closed | -$2.11M |
|
69
Norwegian Cruise Line
NCLH
$7.92B
| – | – |
-3,547,135
| Closed | -$47.7M |
|
70
Opendoor
OPEN
$3.43B
| – | – |
-15,500
| Closed | -$26.4K |
|
71
Ovintiv
OVV
$18.5B
| – | – |
-1,326,541
| Closed | -$47.9M |
|
72
Precigen
PGEN
$2.58B
| – | – |
-9,503,782
| Closed | -$10.1M |
|
73
Peloton Interactive
PTON
$2.37B
| – | – |
-1,854,465
| Closed | -$21M |
|
|
SFIX
74
Stitch Fix
SFIX
$446M
| – | – |
-3,227,325
| Closed | -$16.5M |
|
75
SoFi Technologies
SOFI
$24.4B
| – | – |
-4,711,202
| Closed | -$28.6M |
|
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Bill Miller's Q2 2023 Portfolio in Review
As of Q2 2023, Bill Miller held 94 positions worth $152M, down 91% from $1.6B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Bill Miller withdrew a net $1.46B in Q2 2023, closing 48 positions and reducing 16 holdings. Its most notable exit was Expedia Group, an estimated $75.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, down from 36% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bill Miller opened a new position in Stellantis worth $8.7M.
- Bill Miller's largest Q2 2023 buy was Stellantis: 496,000 shares worth $8.7M.
- Bill Miller added most to Western Alliance Bancorporation in Q2 2023, an estimated $4.33M increase.
- Bill Miller's biggest Q2 2023 reduction was OneMain Financial, cutting an estimated $74.1M.
- Bill Miller fully exited Expedia Group in Q2 2023, selling an estimated $75.5M.
- Bill Miller's ten largest holdings make up 49% of its $152M portfolio in Q2 2023.
- Bill Miller opened 4 new positions and closed 48 in Q2 2023.
- Bill Miller's portfolio value fell 91% quarter-over-quarter to $152M.
Based on Miller Value Partners's 13F filing for Q2 2023, filed 14 Aug 2023.