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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
CVNA icon
101
Carvana
CVNA
$76.9B
$236K 0.01%
20,000
-130,000
-87% -$1.39M
CLF icon
102
Cleveland-Cliffs
CLF
$6.43B
$229K 0.01%
18,093
-3,375
-16% -$34.7K
DB icon
103
Deutsche Bank
DB
$71.1B
$227K 0.01%
19,990
-35,870
-64% -$421K
BCS icon
104
Barclays
BCS
$90.2B
$148K ﹤0.01%
17,306
+3,441
+25% +$31.9K
LPL icon
105
LG Display
LPL
$3.28B
$134K ﹤0.01%
15,500
-100
-0.6% -$922
CHK
106
DELISTED
Chesapeake Energy Corporation
CHK
$131K ﹤0.01%
146
-82
-36% -$74.8K
OBE
107
Obsidian Energy
OBE
$797M
$116K ﹤0.01%
17,395
-768
-4% -$5.48K
ASNA
108
DELISTED
Ascena Retail Group, Inc.
ASNA
$108K ﹤0.01%
+1,176
New +$97.4K
RRD
109
DELISTED
RR Donnelley & Sons Co.
RRD
$90K ﹤0.01%
16,680
-191,845
-92% -$1.03M
CBL
110
DELISTED
CBL& Associates Properties, Inc.
CBL
$58K ﹤0.01%
14,560
-501,985
-97% -$2.41M
ANF icon
111
Abercrombie & Fitch
ANF
$4.84B
– –
-125,705
Closed -$3.08M
ANIP icon
112
ANI Pharmaceuticals
ANIP
$1.73B
– –
-5,000
Closed -$334K
EWJ icon
113
iShares MSCI Japan ETF
EWJ
$22.4B
– –
-17,500
Closed -$1.01M
FL
114
DELISTED
Foot Locker
FL
– –
-1,217,035
Closed -$64.1M
MTG icon
115
MGIC Investment
MTG
$6.34B
– –
-1,008,200
Closed -$10.8M
TBT icon
116
ProShares Trust UltraShort Lehman 20+ Year Treasury
TBT
$311M
– –
-250,000
Closed -$8.99M
W icon
117
Wayfair
W
$13.9B
– –
-430,095
Closed -$51.1M
JCAP
118
DELISTED
Jernigan Capital, Inc.
JCAP
– –
-125,000
Closed -$2.38M
ONDK
119
DELISTED
On Deck Capital, Inc.
ONDK
– –
-500,000
Closed -$3.5M
WFC.WS
120
DELISTED
Wells Fargo & Company Ws
WFC.WS
– –
-125,000
Closed -$2.75M
JPM.WS
121
DELISTED
JPMorgan Chase
JPM.WS
– –
-1,200,075
Closed -$76.1M
SVU
122
DELISTED
SUPERVALU Inc.
SVU
– –
-37,141
Closed -$762K
CYS
123
DELISTED
CYS Investments Inc.
CYS
– –
-810,000
Closed -$6.08M
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.