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 |
Citigroup
C
|
+$56.6M |
| 2 |
Cleveland-Cliffs
CLF
|
+$50.2M |
| 3 |
Alibaba
BABA
|
+$18M |
| 4 |
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
|
+$17.9M |
| 5 |
Coinbase
COIN
|
+$14.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Diamondback Energy
FANG
|
+$57.3M |
| 2 |
Bank of America
BAC
|
+$43.6M |
| 3 |
The RealReal
REAL
|
+$35.8M |
| 4 |
TVTY
Tivity Health, Inc. Common Stock
TVTY
|
+$21M |
| 5 |
DXC Technology
DXC
|
+$15.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.39% |
| 2 | Technology | 11.79% |
| 3 | Financials | 11.71% |
| 4 | Healthcare | 10.32% |
| 5 | Energy | 8.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
CALL
Meta Platforms (Facebook)
META
$1.4T
| $1.11M | 0.04% |
+5,000
| New | +$1.25M |
|
|
DCH
77
Dauch Corp
DCH
$1.63B
| $1.08M | 0.03% |
+139,375
| New | +$1.19M |
|
78
CALL
Peloton Interactive
PTON
$2.37B
| $1.06M | 0.03% |
40,000
+30,000
| +300% | +$860K |
|
79
CALL
Baidu
BIDU
$31.6B
| $992K | 0.03% |
7,500
-5,000
| -40% | -$754K |
|
80
CALL
AT&T
T
$173B
| $981K | 0.03% |
72,820
| – | – |
|
81
CALL
Amazon
AMZN
$2.79T
| $978K | 0.03% |
6,000
-1,156,000
| -99% | -$179M |
|
82
Vipshop
VIPS
$6.98B
| $972K | 0.03% |
108,000
-9,000
| -8% | -$79.4K |
|
|
WBA
83
CALL
DELISTED
Walgreens Boots Alliance
WBA
| $895K | 0.03% |
20,000
| – | – |
|
84
CALL
Kraft Heinz
KHC
$30.3B
| $788K | 0.03% |
20,000
-10,000
| -33% | -$374K |
|
|
TEN
85
DELISTED
Tenneco Inc. Class A Voting Common Stock
TEN
| $711K | 0.02% |
38,785
-300,845
| -89% | -$4.32M |
|
86
BRC Group Holdings
RILY
$286M
| $700K | 0.02% |
+10,000
| New | +$677K |
|
87
CALL
Barclays
BCS
$90.2B
| $650K | 0.02% |
82,300
+32,300
| +65% | +$330K |
|
88
Perdoceo Education
PRDO
$2.07B
| $631K | 0.02% |
55,000
-5,000
| -8% | -$55.5K |
|
|
CS
89
CALL
DELISTED
Credit Suisse Group
CS
| $628K | 0.02% |
80,000
| – | – |
|
90
JD.com
JD
$39.7B
| $580K | 0.02% |
10,014
-10,462
| -51% | -$711K |
|
91
CALL
SoFi Technologies
SOFI
$24.4B
| $567K | 0.02% |
60,000
+30,000
| +100% | +$345K |
|
92
CALL
Pfizer
PFE
$160B
| $518K | 0.02% |
10,000
-10,000
| -50% | -$519K |
|
93
CALL
Zillow
ZG
$8.27B
| $493K | 0.02% |
+10,000
| New | +$529K |
|
94
CALL
Strategy Inc
MSTR
$47.4B
| $486K | 0.02% |
10,000
+5,000
| +100% | +$216K |
|
|
95
CALL
Coinbase
COIN
$49.2B
| $475K | 0.02% |
+2,500
| New | +$488K |
|
|
SAVE
96
CALL
DELISTED
Spirit Airlines, Inc.
SAVE
| $437K | 0.01% |
20,000
| – | – |
|
97
CALL
Helmerich & Payne
HP
$4.35B
| $428K | 0.01% |
+10,000
| New | +$345K |
|
98
CALL
SLB Ltd
SLB
$79.9B
| $413K | 0.01% |
+10,000
| New | +$392K |
|
99
CALL
Carnival Corporation Ltd
CCL
$35.2B
| $404K | 0.01% |
20,000
| – | – |
|
100
CALL
Vale
VALE
$62.1B
| $400K | 0.01% |
20,000
-40,000
| -67% | -$693K |
|
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Bill Miller's Q1 2022 Portfolio in Review
As of Q1 2022, Bill Miller held 153 positions worth $3.11B, down 15% from $3.65B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Bill Miller withdrew a net $303M in Q1 2022, closing 27 positions and reducing 44 holdings. Its most notable exit was The RealReal, an estimated $35.8M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, down from 22% a quarter earlier, followed by Technology and Financials.
Against the trend, Bill Miller opened a new position in Apollo Global Management worth $5.27M.
- Bill Miller's largest Q1 2022 buy was Apollo Global Management: 85,000 shares worth $5.27M.
- Bill Miller added most to Citigroup in Q1 2022, an estimated $56.6M increase.
- Bill Miller's biggest Q1 2022 reduction was Diamondback Energy, cutting an estimated $57.3M.
- Bill Miller fully exited The RealReal in Q1 2022, selling an estimated $35.8M.
- Bill Miller's ten largest holdings make up 41% of its $3.11B portfolio in Q1 2022.
- Bill Miller opened 23 new positions and closed 27 in Q1 2022.
- Bill Miller's portfolio value fell 15% quarter-over-quarter to $3.11B.
Based on Miller Value Partners's 13F filing for Q1 2022, filed 16 May 2022.