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 |
ADT
ADT
|
+$52.8M |
| 2 |
Brighthouse Financial
BHF
|
+$40M |
| 3 |
CELG
Celgene Corp
CELG
|
+$23.7M |
| 4 |
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
|
+$19.4M |
| 5 |
Meta Platforms (Facebook)
META
|
+$10.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Element Solutions
ESI
|
+$25.3M |
| 2 |
ATHN
Athenahealth, Inc.
ATHN
|
+$22.3M |
| 3 |
MGIC Investment
MTG
|
+$20.7M |
| 4 |
Wayfair
W
|
+$19.1M |
| 5 |
RH
RH
|
+$16.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 23.99% |
| 2 | Healthcare | 23.97% |
| 3 | Financials | 15.78% |
| 4 | Communication Services | 12.08% |
| 5 | Industrials | 10.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
ANI Pharmaceuticals
ANIP
$1.73B
| $334K | 0.01% |
5,000
| – | – |
|
|
GNC
102
DELISTED
GNC Holdings, Inc.
GNC
| $325K | 0.01% |
92,285
+22,125
| +32% | +$79.6K |
|
|
EXPR
103
DELISTED
Express, Inc.
EXPR
| $317K | 0.01% |
1,733
-121
| -7% | -$21K |
|
|
AVP
104
DELISTED
Avon Products, Inc.
AVP
| $276K | 0.01% |
170,238
+150,125
| +746% | +$318K |
|
|
ALSK
105
DELISTED
Alaska Communications Systems
ALSK
| $265K | 0.01% |
150,000
| – | – |
|
|
CHK
106
DELISTED
Chesapeake Energy Corporation
CHK
| $238K | 0.01% |
228
+10
| +5% | +$7.75K |
|
107
Unisys
UIS
$200M
| $213K | 0.01% |
16,490
+2,785
| +20% | +$33.3K |
|
108
Cleveland-Cliffs
CLF
$6.43B
| $181K | 0.01% |
21,468
-2,750
| -11% | -$21.9K |
|
|
OBE
109
Obsidian Energy
OBE
$797M
| $144K | 0.01% |
18,163
| – | – |
|
110
Barclays
BCS
$90.2B
| $133K | 0.01% |
13,865
+2,929
| +27% | +$31.7K |
|
111
LG Display
LPL
$3.28B
| $129K | ﹤0.01% |
+15,600
| New | +$164K |
|
112
CALL
Apple
AAPL
$4.51T
| – | – |
-1,138,400
| Closed | -$47.8M |
|
|
113
Apple
AAPL
$4.51T
| – | – |
-4,400
| Closed | -$185K |
|
114
BGC Group
BGC
$5.63B
| – | – |
-352,052
| Closed | -$3.04M |
|
115
Fossil Group
FOSL
$332M
| – | – |
-24,325
| Closed | -$309K |
|
116
KKR & Co
KKR
$97.4B
| – | – |
-40,000
| Closed | -$812K |
|
117
Upbound Group
UPBD
$1.1B
| – | – |
-55,044
| Closed | -$475K |
|
|
AAIC
118
DELISTED
Arlington Asset Investment Corp.
AAIC
| – | – |
-400,000
| Closed | -$4.42M |
|
|
ATHN
119
DELISTED
Athenahealth, Inc.
ATHN
| – | – |
-156,065
| Closed | -$22.3M |
|
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Bill Miller's Q2 2018 Portfolio in Review
As of Q2 2018, Bill Miller held 119 positions worth $2.68B, up 12% from $2.4B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Bill Miller's Q2 2018 filing shows 9 new, 33 increased, 32 reduced and 8 closed positions. Its largest new stake was ADT: 6,359,450 shares worth $55M. The largest sale was Element Solutions, an estimated $25.3M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q2 2018 buy was ADT: 6,359,450 shares worth $55M.
- Bill Miller added most to Celgene Corp in Q2 2018, an estimated $23.7M increase.
- Bill Miller's biggest Q2 2018 reduction was Element Solutions, cutting an estimated $25.3M.
- Bill Miller fully exited Athenahealth, Inc. in Q2 2018, selling an estimated $22.3M.
- Bill Miller's ten largest holdings make up 39% of its $2.68B portfolio in Q2 2018.
- Bill Miller opened 9 new positions and closed 8 in Q2 2018.
- Bill Miller's portfolio value rose 12% quarter-over-quarter to $2.68B.
Based on Miller Value Partners's 13F filing for Q2 2018, filed 14 Aug 2018.