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 |
Medifast
MED
|
+$73M |
| 2 |
Alaunos Therapeutics
TCRT
|
+$19.8M |
| 3 |
Peloton Interactive
PTON
|
+$19.5M |
| 4 |
American Airlines Group
AAL
|
+$18.8M |
| 5 |
SFIX
Stitch Fix
SFIX
|
+$17.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AVP
Avon Products, Inc.
AVP
|
+$50.9M |
| 2 |
RH
RH
|
+$34.9M |
| 3 |
Pultegroup
PHM
|
+$15M |
| 4 |
OneMain Financial
OMF
|
+$12.2M |
| 5 |
Meta Platforms (Facebook)
META
|
+$11.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.85% |
| 2 | Healthcare | 21.65% |
| 3 | Financials | 20.68% |
| 4 | Industrials | 12.91% |
| 5 | Communication Services | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CHK
101
DELISTED
Chesapeake Energy Corporation
CHK
| $21K | ﹤0.01% |
76
-45
| -37% | -$14.6K |
|
102
Baidu
BIDU
$31.6B
| – | – |
-3,500
| Closed | -$411K |
|
103
Blackstone
BX
$108B
| – | – |
-196,000
| Closed | -$8.71M |
|
104
CALL
Genworth Financial
GNW
$3.73B
| – | – |
-1,000,000
| Closed | -$3.71M |
|
105
Newell Brands
NWL
$2.59B
| – | – |
-17,670
| Closed | -$272K |
|
|
OBE
106
Obsidian Energy
OBE
$797M
| – | – |
-22,503
| Closed | -$27K |
|
107
Stellantis
STLA
$20.4B
| – | – |
-200,000
| Closed | -$2.76M |
|
|
GHL
108
DELISTED
Greenhill & Co., Inc.
GHL
| – | – |
-77,000
| Closed | -$1.05M |
|
|
ASNA
109
DELISTED
Ascena Retail Group, Inc.
ASNA
| – | – |
-2,425
| Closed | -$30K |
|
|
WPG
110
DELISTED
Washington Prime Group Inc.
WPG
| – | – |
-63,889
| Closed | -$2.2M |
|
|
FTR
111
CALL
DELISTED
Frontier Communications Corp.
FTR
| – | – |
-1,421,000
| Closed | -$2.49M |
|
|
FTR
112
DELISTED
Frontier Communications Corp.
FTR
| – | – |
-79,459
| Closed | -$139K |
|
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Bill Miller's Q3 2019 Portfolio in Review
As of Q3 2019, Bill Miller held 112 positions worth $2.49B, down 5.4% from $2.63B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Bill Miller's Q3 2019 filing shows 10 new, 32 increased, 30 reduced and 11 closed positions. Its largest new stake was Medifast: 679,515 shares worth $70.4M. The largest sale was Avon Products, Inc., an estimated $50.9M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, up from 18% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q3 2019 buy was Medifast: 679,515 shares worth $70.4M.
- Bill Miller added most to Alaunos Therapeutics in Q3 2019, an estimated $19.8M increase.
- Bill Miller's biggest Q3 2019 reduction was Avon Products, Inc., cutting an estimated $50.9M.
- Bill Miller fully exited Blackstone in Q3 2019, selling an estimated $8.71M.
- Bill Miller's ten largest holdings make up 38% of its $2.49B portfolio in Q3 2019.
- Bill Miller opened 10 new positions and closed 11 in Q3 2019.
- Bill Miller's portfolio value fell 5.4% quarter-over-quarter to $2.49B.
Based on Miller Value Partners's 13F filing for Q3 2019, filed 14 Nov 2019.