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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
+11.38%
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
$3.1B
AUM Growth
+$419M
Cap. Flow
+$193M
Cap. Flow %
6.23%
Top 10 Hldgs %
38.05%
Holding
123
New
12
Increased
34
Reduced
34
Closed
13

Top Buys

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$87.4M
2
NXPI icon
NXP Semiconductors
NXPI
+$69.5M
3
NWL icon
Newell Brands
NWL
+$57.9M
4
AVP
Avon Products, Inc.
AVP
+$50.2M
5
BHF icon
Brighthouse Financial
BHF
+$43.5M

Top Sells

Rank Stock Value
1
JPM.WS
JPMorgan Chase
JPM.WS
+$76.1M
2
FL
Foot Locker
FL
+$64.1M
3
W icon
Wayfair
W
+$51.1M
4
ESI icon
Element Solutions
ESI
+$44.8M
5
SFIX
Stitch Fix
SFIX
+$17.9M

Sector Composition

Rank Sector Weight
1 Healthcare 25.77%
2 Financials 17.46%
3 Consumer Discretionary 16.52%
4 Communication Services 13.32%
5 Industrials 10.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FTR
76
DELISTED
Frontier Communications Corp.
FTR
$1.59M 0.05%
244,240
+105,955
+77% +$579K
AB icon
77
AllianceBernstein
AB
$3.37B
$1.52M 0.05%
50,000
– –
WMC
78
DELISTED
Western Asset Mortgage Capital Corporation
WMC
$1.43M 0.05%
14,290
– –
SXCP
79
DELISTED
SunCoke Energy Partners, L.P.
SXCP
$1.37M 0.04%
90,000
– –
TWTR
80
DELISTED
Twitter, Inc.
TWTR
$1.17M 0.04%
41,000
– –
NBR icon
81
Nabors Industries
NBR
$1.37B
$1.12M 0.04%
3,625
+1,867
+106% +$577K
KKR icon
82
KKR & Co
KKR
$97.4B
$1.09M 0.04%
+40,000
New +$1.07M
BBBY
83
DELISTED
Bed Bath & Beyond Inc
BBBY
$1.08M 0.04%
72,185
+51,825
+255% +$970K
GME icon
84
GameStop
GME
$8.17B
$957K 0.03%
250,700
+65,220
+35% +$250K
UIS icon
85
Unisys
UIS
$200M
$794K 0.03%
38,940
+22,450
+136% +$369K
BABA icon
86
Alibaba
BABA
$286B
$741K 0.02%
4,500
– –
GOOGL icon
87
Alphabet (Google) Class A
GOOGL
$4.22T
$724K 0.02%
12,000
– –
MBI icon
88
MBIA
MBI
$250M
$723K 0.02%
67,600
– –
BAC.WS.A
89
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$712K 0.02%
40,000
– –
NE
90
DELISTED
Noble Corporation
NE
$645K 0.02%
91,800
-17,695
-16% -$107K
HHH icon
91
Howard Hughes
HHH
$3.97B
$621K 0.02%
5,245
– –
SCU
92
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$518K 0.02%
35,000
+5,000
+17% +$94.7K
CYH icon
93
Community Health Systems
CYH
$424M
$505K 0.02%
146,065
+10,625
+8% +$34.6K
CCS icon
94
Century Communities
CCS
$1.98B
$446K 0.01%
17,000
– –
GNC
95
DELISTED
GNC Holdings, Inc.
GNC
$398K 0.01%
96,075
+3,790
+4% +$12.5K
LVS icon
96
Las Vegas Sands
LVS
$30.5B
$356K 0.01%
6,000
– –
WLH
97
DELISTED
WILLIAM LYON HOMES
WLH
$318K 0.01%
20,000
– –
WFC icon
98
Wells Fargo
WFC
$254B
$312K 0.01%
+5,933
New +$339K
EXPR
99
DELISTED
Express, Inc.
EXPR
$272K 0.01%
1,229
-504
-29% -$103K
ALSK
100
DELISTED
Alaska Communications Systems
ALSK
$246K 0.01%
150,000
– –
1 2 3
4
5

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Bill Miller's Q3 2018 Portfolio in Review

As of Q3 2018, Bill Miller held 123 positions worth $3.1B, up 16% from $2.68B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Bill Miller deployed $193M of net new capital in Q3 2018, opening 12 new positions and adding to 34 existing holdings. Its largest new stake was JPMorgan Chase: 770,257 shares worth $86.9M.

By sector, the portfolio is most concentrated in Healthcare at 26% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Element Solutions, an estimated $44.8M trimmed.

  • Bill Miller's largest Q3 2018 buy was JPMorgan Chase: 770,257 shares worth $86.9M.
  • Bill Miller added most to Avon Products, Inc. in Q3 2018, an estimated $50.2M increase.
  • Bill Miller's biggest Q3 2018 reduction was Element Solutions, cutting an estimated $44.8M.
  • Bill Miller fully exited JPMorgan Chase in Q3 2018, selling an estimated $76.1M.
  • Bill Miller's ten largest holdings make up 38% of its $3.1B portfolio in Q3 2018.
  • Bill Miller opened 12 new positions and closed 13 in Q3 2018.
  • Bill Miller's portfolio value rose 16% quarter-over-quarter to $3.1B.

Based on Miller Value Partners's 13F filing for Q3 2018, filed 14 Nov 2018.