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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
+3.29%
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
$2.61B
AUM Growth
+$114M
Cap. Flow
+$396M
Cap. Flow %
15.18%
Top 10 Hldgs %
31.98%
Holding
122
New
14
Increased
52
Reduced
48
Closed
8

Top Buys

Rank Stock Value
1
GILD icon
Gilead Sciences
GILD
+$52.2M
2
PGEN icon
Precigen
PGEN
+$24.4M
3
GME icon
GameStop
GME
+$13.3M
4
TWTR
Twitter, Inc.
TWTR
+$8.84M
5
CSCO icon
Cisco
CSCO
+$7.7M

Top Sells

Rank Stock Value
1
QCOR
QUESTCOR PHARMA INC
QCOR
+$43.9M
2
ARCC icon
Ares Capital
ARCC
+$28M
3
NRF
NorthStar Realty Finance Corp.
NRF
+$21M
4
TDAY
USA Today Co
TDAY
+$10.5M
5
AAL icon
American Airlines Group
AAL
+$10.2M

Sector Composition

Rank Sector Weight
1 Financials 21.78%
2 Consumer Discretionary 20.68%
3 Technology 13.34%
4 Industrials 11.55%
5 Communication Services 8.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AGNC icon
76
AGNC Investment
AGNC
$12.9B
$1.35M 0.05%
57,700
+48,300
+514% +$1.11M
CIM
77
Chimera Investment
CIM
$964M
$1.28M 0.05%
26,693
+3,802
+17% +$179K
VR
78
DELISTED
Validus Hold Ltd
VR
$1.25M 0.05%
32,600
+12,600
+63% +$469K
HLF icon
79
Herbalife
HLF
$1.33B
$1.16M 0.04%
35,800
+5,200
+17% +$159K
RNO
80
DELISTED
RHINO RESOURCE PARTNERS LP COM UNIT REPSTG LTD (DE)
RNO
$1.15M 0.04%
81,750
+8,750
+12% +$118K
CYS
81
DELISTED
CYS Investments Inc.
CYS
$1.13M 0.04%
124,700
+17,700
+17% +$156K
DIN icon
82
Dine Brands
DIN
$454M
$1.11M 0.04%
14,000
+2,000
+17% +$158K
MCD icon
83
McDonald's
MCD
$192B
$1.1M 0.04%
+10,900
New +$1.1M
SAN icon
84
Banco Santander
SAN
$212B
$1.07M 0.04%
113,181
+67,931
+150% +$623K
PM icon
85
Philip Morris
PM
$293B
$1.07M 0.04%
+12,700
New +$1.09M
TAL
86
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
$1.04M 0.04%
23,400
+2,900
+14% +$126K
CMO
87
DELISTED
Capstead Mortgage Corp.
CMO
$1.03M 0.04%
78,000
+43,000
+123% +$558K
LUMN icon
88
Lumen
LUMN
$6.13B
$1.01M 0.04%
+28,000
New +$1.01M
GE icon
89
GE Aerospace
GE
$361B
$920K 0.04%
+7,303
New +$929K
MVC
90
DELISTED
MVC Capital, Inc.
MVC
$876K 0.03%
67,600
+9,600
+17% +$124K
IRDMB
91
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$859K 0.03%
+2,600
New +$831K
RSO
92
DELISTED
Resource Capital Corp.
RSO
$848K 0.03%
37,650
+5,375
+17% +$121K
HTGC icon
93
Hercules Capital
HTGC
$3.21B
$834K 0.03%
+51,600
New +$755K
RWT
94
Redwood Trust
RWT
$603M
$795K 0.03%
40,800
+5,800
+17% +$116K
LNCO
95
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
$764K 0.03%
24,400
+3,400
+16% +$96.2K
OAK
96
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
$760K 0.03%
15,200
+2,200
+17% +$114K
DNY
97
DELISTED
DONNELLEY R R & SONS CO
DNY
$752K 0.03%
44,300
+6,300
+17% +$107K
BWP
98
DELISTED
Boardwalk Pipeline Partners
BWP
$733K 0.03%
39,600
+5,600
+16% +$91.5K
PBI icon
99
Pitney Bowes
PBI
$2.26B
$721K 0.03%
26,100
+3,600
+16% +$95.9K
DINO icon
100
HF Sinclair
DINO
$17.3B
$691K 0.03%
15,800
+2,300
+17% +$113K
1 2 3
4
5

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Bill Miller's Q2 2014 Portfolio in Review

As of Q2 2014, Bill Miller held 122 positions worth $2.61B, up 4.6% from $2.49B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Bill Miller deployed $396M of net new capital in Q2 2014, opening 14 new positions and adding to 52 existing holdings. Its largest new stake was Gilead Sciences: 670,075 shares worth $55.6M.

By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 25% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Ares Capital, an estimated $28M trimmed.

  • Bill Miller's largest Q2 2014 buy was Gilead Sciences: 670,075 shares worth $55.6M.
  • Bill Miller added most to Precigen in Q2 2014, an estimated $24.4M increase.
  • Bill Miller's biggest Q2 2014 reduction was Ares Capital, cutting an estimated $28M.
  • Bill Miller fully exited QUESTCOR PHARMA INC in Q2 2014, selling an estimated $43.9M.
  • Bill Miller's ten largest holdings make up 32% of its $2.61B portfolio in Q2 2014.
  • Bill Miller opened 14 new positions and closed 8 in Q2 2014.
  • Bill Miller's portfolio value rose 4.6% quarter-over-quarter to $2.61B.

Based on Miller Value Partners's 13F filing for Q2 2014, filed 14 Aug 2014.