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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
+4.91%
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
$2.49B
AUM Growth
+$289M
Cap. Flow
+$206M
Cap. Flow %
8.25%
Top 10 Hldgs %
32.08%
Holding
125
New
18
Increased
40
Reduced
23
Closed
15

Top Buys

Rank Stock Value
1
QCOM icon
Qualcomm
QCOM
+$80M
2
GME icon
GameStop
GME
+$46.5M
3
NSM
Nationstar Mortgage Holdings
NSM
+$30.9M
4
MM
MILLENNIAL MEDIA INC COM STK (DE)
MM
+$19.2M
5
SVU
SUPERVALU Inc.
SVU
+$18.8M

Top Sells

Rank Stock Value
1
NFLX icon
Netflix
NFLX
+$11.8M
2
DS
Drive Shack Inc.
DS
+$10.5M
3
AGNC icon
AGNC Investment
AGNC
+$9.3M
4
S
Sprint Corporation
S
+$9.04M
5
IVR icon
Invesco Mortgage Capital
IVR
+$7.86M

Sector Composition

Rank Sector Weight
1 Financials 25.27%
2 Consumer Discretionary 21.24%
3 Technology 13.08%
4 Industrials 11.93%
5 Communication Services 9.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HTS
101
DELISTED
HATTERAS FINANCIAL CORP
HTS
$377K 0.02%
20,000
-337,650
-94% -$6.3M
BCRH
102
DELISTED
BLUE CAPITAL REINSURANCE HOLDINGS LTD.
BCRH
$374K 0.02%
21,500
– –
ARR
103
Armour Residential REIT
ARR
$2.31B
$309K 0.01%
1,875
– –
NLY icon
104
Annaly Capital Management
NLY
$17.5B
$272K 0.01%
6,186
– –
WMC
105
DELISTED
Western Asset Mortgage Capital Corporation
WMC
$241K 0.01%
1,536
+136
+10% +$21.3K
AGNC icon
106
AGNC Investment
AGNC
$12.9B
$203K 0.01%
9,400
-432,850
-98% -$9.3M
SFR
107
DELISTED
Starwood Waypoint Homes
SFR
$116K ﹤0.01%
+4,000
New +$113K
ARI
108
Apollo Commercial Real Estate
ARI
$889M
$110K ﹤0.01%
6,600
– –
AAPL icon
109
CALL
Apple
AAPL
$4.51T
– –
-16,318,400
Closed -$53.9M
BLK icon
110
Blackrock
BLK
$179B
– –
-1,500
Closed -$475K
EAT icon
111
Brinker International
EAT
$10.6B
– –
-19,000
Closed -$881K
GBDC icon
112
Golub Capital BDC
GBDC
$3.43B
– –
-24,402
Closed -$457K
IVR icon
113
Invesco Mortgage Capital
IVR
$809M
– –
-53,540
Closed -$7.86M
KDP icon
114
Keurig Dr Pepper
KDP
$43.6B
– –
-16,000
Closed -$780K
MCD icon
115
McDonald's
MCD
$192B
– –
-5,700
Closed -$554K
FCRD
116
DELISTED
First Eagle Alternative Capital BDC, Inc. Common Stock
FCRD
– –
-40,000
Closed -$660K
S
117
DELISTED
Sprint Corporation
S
– –
-841,118
Closed -$9.04M
CHKR
118
DELISTED
CHESAPEAKE GRANITE WASH TRUST
CHKR
– –
-15,000
Closed -$159K
KODK.WS
119
DELISTED
Eastman Kodak Company
KODK.WS
– –
-773
Closed -$16K
RBS.PRT
120
DELISTED
ROYAL BANK OF SCOTLAND GRP PLS (THE) SPONS ADR REPSTG PFD
RBS.PRT
– –
-15,200
Closed -$365K
MCGC
121
DELISTED
MCG CAP CORP
MCGC
– –
-37,500
Closed -$165K
PDLI
122
DELISTED
PDL BioPharma, Inc.
PDLI
– –
-76,400
Closed -$645K
KODK.WS.A
123
DELISTED
Eastman Kodak Company
KODK.WS.A
– –
-773
Closed -$15K
1 2 3 4
5

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Bill Miller's Q1 2014 Portfolio in Review

As of Q1 2014, Bill Miller held 125 positions worth $2.49B, up 13% from $2.2B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Bill Miller deployed $206M of net new capital in Q1 2014, opening 18 new positions and adding to 40 existing holdings. Its largest new stake was Qualcomm: 1,061,715 shares worth $83.7M.

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

On the sell side, the largest reduction was Netflix, an estimated $11.8M trimmed.

  • Bill Miller's largest Q1 2014 buy was Qualcomm: 1,061,715 shares worth $83.7M.
  • Bill Miller added most to Chesapeake Energy Corporation in Q1 2014, an estimated $14.6M increase.
  • Bill Miller's biggest Q1 2014 reduction was Netflix, cutting an estimated $11.8M.
  • Bill Miller fully exited Sprint Corporation in Q1 2014, selling an estimated $9.04M.
  • Bill Miller's ten largest holdings make up 32% of its $2.49B portfolio in Q1 2014.
  • Bill Miller opened 18 new positions and closed 15 in Q1 2014.
  • Bill Miller's portfolio value rose 13% quarter-over-quarter to $2.49B.

Based on Miller Value Partners's 13F filing for Q1 2014, filed 15 May 2014.