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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
-8.36%
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
$3.48B
AUM Growth
+$594M
Cap. Flow
+$333M
Cap. Flow %
9.56%
Top 10 Hldgs %
51.54%
Holding
92
New
2
Increased
30
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
ANGI icon
Angi Inc
ANGI
+$15.8M
2
GRPN icon
Groupon
GRPN
+$13.5M
3
BABA icon
Alibaba
BABA
+$11M
4
TPH
Tri Pointe Homes
TPH
+$10.5M
5
GNW icon
Genworth Financial
GNW
+$9.86M

Top Sells

Rank Stock Value
1
ZU
ZULILY INC CLASS A COMMON STOCK
ZU
+$32M
2
EBAY icon
eBay
EBAY
+$19.9M
3
CI icon
Cigna
CI
+$17.3M
4
STX icon
Seagate
STX
+$13M
5
CHK
Chesapeake Energy Corporation
CHK
+$10.7M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 20.3%
2 Financials 11.91%
3 Industrials 8.46%
4 Communication Services 8.03%
5 Technology 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPVG icon
76
TriplePoint Venture Growth BDC
TPVG
$217M
$1.16M 0.03%
114,266
– –
OCIP
77
DELISTED
OCI Partners LP
OCIP
$1.04M 0.03%
104,300
– –
CMO
78
DELISTED
Capstead Mortgage Corp.
CMO
$1.04M 0.03%
105,000
– –
EFC
79
Ellington Financial
EFC
$1.76B
$877K 0.03%
49,000
– –
MTGE
80
DELISTED
MTGE Investment Corp. Common Stock
MTGE
$767K 0.02%
52,000
– –
OAK
81
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
$753K 0.02%
15,200
– –
IRDMB
82
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$634K 0.02%
2,600
– –
UNIT
83
Uniti Group
UNIT
$2.42B
$608K 0.02%
33,940
– –
BBY icon
84
Best Buy
BBY
$18.1B
– –
-215,600
Closed -$7.03M
EBAY icon
85
eBay
EBAY
$46.3B
– –
-785,327
Closed -$19.9M
QUAD icon
86
Quad
QUAD
$532M
– –
-29,100
Closed -$539K
PSV
87
DELISTED
Hermitage Offshore Services Ltd.
PSV
– –
-8,000
Closed -$652K
CHK
88
DELISTED
Chesapeake Energy Corporation
CHK
– –
-4,783
Closed -$10.7M
WIN
89
DELISTED
Windstream Holdings Inc
WIN
– –
-5,657
Closed -$181K
QIWI
90
DELISTED
QIWI PLC
QIWI
– –
-50,800
Closed -$1.43M
LNCO
91
DELISTED
LINNCO LLC COM SHS REPSTG LTD LIABILITY
LNCO
– –
-78,400
Closed -$741K
DNY
92
DELISTED
DONNELLEY R R & SONS CO
DNY
– –
-44,300
Closed -$773K
1 2 3
4

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Bill Miller's Q3 2015 Portfolio in Review

As of Q3 2015, Bill Miller held 92 positions worth $3.48B, up 21% from $2.89B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Bill Miller deployed $333M of net new capital in Q3 2015, opening 2 new positions and adding to 30 existing holdings. Its largest new stake was Angi Inc: 309,678 shares worth $15.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was ZULILY INC CLASS A COMMON STOCK, an estimated $32M trimmed.

  • Bill Miller's largest Q3 2015 buy was Angi Inc: 309,678 shares worth $15.6M.
  • Bill Miller added most to Groupon in Q3 2015, an estimated $13.5M increase.
  • Bill Miller's biggest Q3 2015 reduction was ZULILY INC CLASS A COMMON STOCK, cutting an estimated $32M.
  • Bill Miller fully exited eBay in Q3 2015, selling an estimated $19.9M.
  • Bill Miller's ten largest holdings make up 52% of its $3.48B portfolio in Q3 2015.
  • Bill Miller opened 2 new positions and closed 9 in Q3 2015.
  • Bill Miller's portfolio value rose 21% quarter-over-quarter to $3.48B.

Based on Miller Value Partners's 13F filing for Q3 2015, filed 16 Nov 2015.