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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
-22.08%
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
$2.2B
AUM Growth
-$893M
Cap. Flow
-$115M
Cap. Flow %
-5.22%
Top 10 Hldgs %
38.66%
Holding
116
New
6
Increased
36
Reduced
33
Closed
14

Top Buys

Rank Stock Value
1
MU icon
Micron Technology
MU
+$19.2M
2
TCRT icon
Alaunos Therapeutics
TCRT
+$11.7M
3
WLH
WILLIAM LYON HOMES
WLH
+$8.98M
4
NXPI icon
NXP Semiconductors
NXPI
+$8.5M
5
BHF icon
Brighthouse Financial
BHF
+$7.19M

Top Sells

Rank Stock Value
1
P
Pandora Media Inc
P
+$55.2M
2
AMZN icon
Amazon
AMZN
+$28.6M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$28.2M
4
UPRO icon
ProShares UltraPro S&P 500
UPRO
+$18M
5
RH icon
RH
RH
+$15.2M

Sector Composition

Rank Sector Weight
1 Healthcare 21.89%
2 Financials 20.58%
3 Consumer Discretionary 17.67%
4 Industrials 11.83%
5 Communication Services 11.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OBE
101
Obsidian Energy
OBE
$797M
$66K ﹤0.01%
23,277
+5,882
+34% +$26K
CHK
102
DELISTED
Chesapeake Energy Corporation
CHK
$43K ﹤0.01%
102
-44
-30% -$30.3K
CVNA icon
103
Carvana
CVNA
$76.9B
– –
-20,000
Closed -$236K
DB icon
104
Deutsche Bank
DB
$71.1B
– –
-19,990
Closed -$227K
EB
105
DELISTED
Eventbrite
EB
– –
-96,750
Closed -$3.67M
HHH icon
106
Howard Hughes
HHH
$3.97B
– –
-5,245
Closed -$621K
MBI icon
107
MBIA
MBI
$250M
– –
-67,600
Closed -$723K
NAIL icon
108
Direxion Daily Homebuilders & Supplies Bull 3X ETF
NAIL
$545M
– –
-60,000
Closed -$2.56M
TQQQ icon
109
ProShares UltraPro QQQ
TQQQ
$35.7B
– –
-336,000
Closed -$2.99M
UPRO icon
110
ProShares UltraPro S&P 500
UPRO
$5.53B
– –
-628,296
Closed -$18M
SCU
111
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
– –
-35,000
Closed -$518K
RRD
112
DELISTED
RR Donnelley & Sons Co.
RRD
– –
-16,680
Closed -$90K
CBL
113
DELISTED
CBL& Associates Properties, Inc.
CBL
– –
-14,560
Closed -$58K
HCR
114
DELISTED
Hi-Crush Inc. Common Stock
HCR
– –
-680,000
Closed -$7.34M
SXCP
115
DELISTED
SunCoke Energy Partners, L.P.
SXCP
– –
-90,000
Closed -$1.37M
ETP
116
DELISTED
Energy Transfer Partners, L.P.
ETP
– –
-208,000
Closed -$4.63M
1 2 3 4
5

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Bill Miller's Q4 2018 Portfolio in Review

As of Q4 2018, Bill Miller held 116 positions worth $2.2B, down 29% from $3.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Bill Miller withdrew a net $115M in Q4 2018, closing 14 positions and reducing 33 holdings. Its most notable exit was ProShares UltraPro S&P 500, an estimated $18M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 26% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Bill Miller opened a new position in Arlington Asset Investment Corp. worth $5.9M.

  • Bill Miller's largest Q4 2018 buy was Arlington Asset Investment Corp.: 815,000 shares worth $5.9M.
  • Bill Miller added most to Micron Technology in Q4 2018, an estimated $19.2M increase.
  • Bill Miller's biggest Q4 2018 reduction was Pandora Media Inc, cutting an estimated $55.2M.
  • Bill Miller fully exited ProShares UltraPro S&P 500 in Q4 2018, selling an estimated $18M.
  • Bill Miller's ten largest holdings make up 39% of its $2.2B portfolio in Q4 2018.
  • Bill Miller opened 6 new positions and closed 14 in Q4 2018.
  • Bill Miller's portfolio value fell 29% quarter-over-quarter to $2.2B.

Based on Miller Value Partners's 13F filing for Q4 2018, filed 14 Feb 2019.