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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
+12.87%
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
+$545M
Cap. Flow
+$242M
Cap. Flow %
10.96%
Top 10 Hldgs %
31.48%
Holding
112
New
14
Increased
42
Reduced
15
Closed
7

Top Buys

Rank Stock Value
1
AAL icon
American Airlines Group
AAL
+$63.6M
2
EBAY icon
eBay
EBAY
+$55.8M
3
DS
Drive Shack Inc.
DS
+$51.4M
4
NRF
NorthStar Realty Finance Corp.
NRF
+$46.5M
5
OCIP
OCI Partners LP
OCIP
+$27M

Top Sells

Rank Stock Value
1
LCC
US AIRWAYS GROUP INC.
LCC
+$47.2M
2
NFLX icon
Netflix
NFLX
+$9.36M
3
MFIC icon
MidCap Financial Investment
MFIC
+$3.13M
4
GRPN icon
Groupon
GRPN
+$2.94M
5
RITM icon
Rithm Capital
RITM
+$2.11M

Sector Composition

Rank Sector Weight
1 Financials 25.05%
2 Consumer Discretionary 22.11%
3 Industrials 10.49%
4 Technology 10.06%
5 Communication Services 9.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RWT
76
Redwood Trust
RWT
$603M
$678K 0.03%
35,000
– –
DINO icon
77
HF Sinclair
DINO
$17.3B
$671K 0.03%
13,500
– –
CLCT
78
DELISTED
Collectors Universe
CLCT
$669K 0.03%
39,000
– –
PFX icon
79
PhenixFIN
PFX
$98.9M
$668K 0.03%
2,410
– –
FCRD
80
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
$660K 0.03%
40,000
– –
LNCO
81
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
$648K 0.03%
+21,000
New +$642K
PDLI
82
DELISTED
PDL BioPharma, Inc.
PDLI
$645K 0.03%
76,400
– –
NCMI icon
83
National CineMedia
NCMI
$239M
$619K 0.03%
3,100
-500
-14% -$93.1K
BGC icon
84
BGC Group
BGC
$5.63B
$605K 0.03%
155,500
– –
BANX
85
ArrowMark Financial
BANX
$201M
$590K 0.03%
+24,000
New +$602K
MCD icon
86
McDonald's
MCD
$192B
$554K 0.03%
5,700
– –
STWD icon
87
Starwood Property Trust
STWD
$6.06B
$554K 0.03%
24,804
– –
PBI icon
88
Pitney Bowes
PBI
$2.26B
$525K 0.02%
22,500
-22,100
-50% -$475K
ETP
89
DELISTED
Energy Transfer Partners L.p.
ETP
$504K 0.02%
8,800
– –
RITM icon
90
Rithm Capital
RITM
$5.69B
$501K 0.02%
37,500
-163,450
-81% -$2.11M
BLK icon
91
Blackrock
BLK
$179B
$475K 0.02%
1,500
– –
GBDC icon
92
Golub Capital BDC
GBDC
$3.43B
$457K 0.02%
24,402
– –
CMO
93
DELISTED
Capstead Mortgage Corp.
CMO
$423K 0.02%
35,000
– –
FTR
94
DELISTED
Frontier Communications Corp.
FTR
$396K 0.02%
5,667
– –
BCRH
95
DELISTED
BLUE CAPITAL REINSURANCE HOLDINGS LTD.
BCRH
$395K 0.02%
+21,500
New +$397K
SAN icon
96
Banco Santander
SAN
$212B
$373K 0.02%
45,250
– –
RBS.PRT
97
DELISTED
ROYAL BANK OF SCOTLAND GRP PLS (THE) SPONS ADR REPSTG PFD
RBS.PRT
$365K 0.02%
15,200
– –
ARR
98
Armour Residential REIT
ARR
$2.31B
$301K 0.01%
1,875
– –
NLY icon
99
Annaly Capital Management
NLY
$17.5B
$247K 0.01%
6,186
– –
WMC
100
DELISTED
Western Asset Mortgage Capital Corporation
WMC
$209K 0.01%
1,400
– –
1 2 3
4
5

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Bill Miller's Q4 2013 Portfolio in Review

As of Q4 2013, Bill Miller held 112 positions worth $2.2B, up 33% from $1.66B the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Bill Miller deployed $242M of net new capital in Q4 2013, opening 14 new positions and adding to 42 existing holdings. Its largest new stake was American Airlines Group: 2,469,925 shares worth $62.4M.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Netflix, an estimated $9.36M trimmed.

  • Bill Miller's largest Q4 2013 buy was American Airlines Group: 2,469,925 shares worth $62.4M.
  • Bill Miller added most to Drive Shack Inc. in Q4 2013, an estimated $51.4M increase.
  • Bill Miller's biggest Q4 2013 reduction was Netflix, cutting an estimated $9.36M.
  • Bill Miller fully exited US AIRWAYS GROUP INC. in Q4 2013, selling an estimated $47.2M.
  • Bill Miller's ten largest holdings make up 31% of its $2.2B portfolio in Q4 2013.
  • Bill Miller opened 14 new positions and closed 7 in Q4 2013.
  • Bill Miller's portfolio value rose 33% quarter-over-quarter to $2.2B.

Based on Miller Value Partners's 13F filing for Q4 2013, filed 14 Feb 2014.