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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
-3.13%
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
$2.5B
AUM Growth
-$110M
Cap. Flow
-$76.3M
Cap. Flow %
-3.05%
Top 10 Hldgs %
33.03%
Holding
122
New
7
Increased
56
Reduced
5
Closed
8

Top Buys

Rank Stock Value
1
DBRG icon
DigitalBridge
DBRG
+$38.7M
2
QUOT
Quotient Technology Inc
QUOT
+$27.5M
3
NXPI icon
NXP Semiconductors
NXPI
+$5.32M
4
AMZN icon
Amazon
AMZN
+$3.38M
5
NSM
Nationstar Mortgage Holdings
NSM
+$3.16M

Top Sells

Rank Stock Value
1
NRF
NorthStar Realty Finance Corp.
NRF
+$33.1M
2
APOL
Apollo Education Group Inc Class A
APOL
+$26.4M
3
PPLI
People Inc
PPLI
+$24.1M
4
TER icon
Teradyne
TER
+$22.7M
5
MS icon
Morgan Stanley
MS
+$20.7M

Sector Composition

Rank Sector Weight
1 Financials 23.21%
2 Consumer Discretionary 20.81%
3 Technology 13.17%
4 Industrials 11.83%
5 Communication Services 7.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BANX
101
ArrowMark Financial
BANX
$201M
$674K 0.03%
26,775
– –
PBI icon
102
Pitney Bowes
PBI
$2.26B
$653K 0.03%
26,100
– –
ETP
103
DELISTED
Energy Transfer Partners L.p.
ETP
$653K 0.03%
10,200
– –
FTR
104
DELISTED
Frontier Communications Corp.
FTR
$645K 0.03%
6,600
– –
NLY icon
105
Annaly Capital Management
NLY
$17.5B
$621K 0.02%
14,525
– –
CLCT
106
DELISTED
Collectors Universe
CLCT
$583K 0.02%
26,500
– –
QUAD icon
107
Quad
QUAD
$532M
$561K 0.02%
29,100
– –
NCMI icon
108
National CineMedia
NCMI
$239M
$526K 0.02%
3,620
– –
RITM icon
109
Rithm Capital
RITM
$5.69B
$511K 0.02%
43,750
– –
MTGE
110
DELISTED
MTGE Investment Corp. Common Stock
MTGE
$471K 0.02%
25,000
– –
BCRH
111
DELISTED
BLUE CAPITAL REINSURANCE HOLDINGS LTD.
BCRH
$445K 0.02%
25,100
– –
HTS
112
DELISTED
HATTERAS FINANCIAL CORP
HTS
$419K 0.02%
23,300
– –
PFX icon
113
PhenixFIN
PFX
$98.9M
$388K 0.02%
1,640
– –
PPLI
114
People Inc
PPLI
$2.86B
– –
-1,947,621
Closed -$24.1M
MRVL icon
115
Marvell Technology
MRVL
$213B
– –
-1,100,900
Closed -$15.8M
MS icon
116
Morgan Stanley
MS
$336B
– –
-640,275
Closed -$20.7M
OCSL icon
117
Oaktree Specialty Lending
OCSL
$1.14B
– –
-16,700
Closed -$493K
TER icon
118
Teradyne
TER
$58.7B
– –
-1,159,925
Closed -$22.7M
TWTR
119
DELISTED
Twitter, Inc.
TWTR
– –
-233,400
Closed -$9.56M
APOL
120
DELISTED
Apollo Education Group Inc Class A
APOL
– –
-843,375
Closed -$26.4M
MM
121
DELISTED
MILLENNIAL MEDIA INC COM STK (DE)
MM
– –
-3,022,525
Closed -$15.1M
1 2 3 4
5

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Bill Miller's Q3 2014 Portfolio in Review

As of Q3 2014, Bill Miller held 122 positions worth $2.5B, down 4.2% from $2.61B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Bill Miller withdrew a net $76.3M in Q3 2014, closing 8 positions and reducing 5 holdings. Its most notable exit was Apollo Education Group Inc Class A, an estimated $26.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, Bill Miller opened a new position in DigitalBridge worth $37.9M.

  • Bill Miller's largest Q3 2014 buy was DigitalBridge: 514,994 shares worth $37.9M.
  • Bill Miller added most to Quotient Technology Inc in Q3 2014, an estimated $27.5M increase.
  • Bill Miller's biggest Q3 2014 reduction was NorthStar Realty Finance Corp., cutting an estimated $33.1M.
  • Bill Miller fully exited Apollo Education Group Inc Class A in Q3 2014, selling an estimated $26.4M.
  • Bill Miller's ten largest holdings make up 33% of its $2.5B portfolio in Q3 2014.
  • Bill Miller opened 7 new positions and closed 8 in Q3 2014.
  • Bill Miller's portfolio value fell 4.2% quarter-over-quarter to $2.5B.

Based on Miller Value Partners's 13F filing for Q3 2014, filed 14 Nov 2014.