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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
+18.14%
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
$2.82B
AUM Growth
+$332M
Cap. Flow
-$66.8M
Cap. Flow %
-2.37%
Top 10 Hldgs %
36.39%
Holding
107
New
6
Increased
35
Reduced
37
Closed
12

Top Buys

Rank Stock Value
1
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$47.8M
2
PTON icon
Peloton Interactive
PTON
+$38.2M
3
MED icon
Medifast
MED
+$23.7M
4
SFIX
Stitch Fix
SFIX
+$22.1M
5
AAL icon
American Airlines Group
AAL
+$14.7M

Top Sells

Rank Stock Value
1
PHM icon
Pultegroup
PHM
+$53.3M
2
RH icon
RH
RH
+$45.5M
3
AVP
Avon Products, Inc.
AVP
+$18.5M
4
BHC icon
Bausch Health
BHC
+$16.1M
5
NXPI icon
NXP Semiconductors
NXPI
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 24%
2 Consumer Discretionary 21.91%
3 Financials 18.41%
4 Industrials 14.44%
5 Communication Services 9.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TWO
101
Two Harbors Investment
TWO
$1.27B
– –
-89,770
Closed -$4.71M
WDC icon
102
Western Digital
WDC
$166B
– –
-5,689
Closed -$256K
EXPR
103
DELISTED
Express, Inc.
EXPR
– –
-573
Closed -$39K
HEXO
104
DELISTED
HEXO Corp. Common Shares
HEXO
– –
-3,214
Closed -$713K
MIC
105
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
– –
-248,000
Closed -$9.79M
JE
106
DELISTED
Just Energy Group Inc
JE
– –
-30,009
Closed -$2.35M
MDR
107
DELISTED
McDermott International
MDR
– –
-60,430
Closed -$122K
1 2 3 4
5

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Bill Miller's Q4 2019 Portfolio in Review

As of Q4 2019, Bill Miller held 107 positions worth $2.82B, up 13% from $2.49B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

Bill Miller's Q4 2019 filing shows 6 new, 35 increased, 37 reduced and 12 closed positions. Its largest new stake was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M. The largest sale was Pultegroup, an estimated $53.3M.

By sector, the portfolio is most concentrated in Healthcare at 24% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Bill Miller's largest Q4 2019 buy was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M.
  • Bill Miller added most to Peloton Interactive in Q4 2019, an estimated $38.2M increase.
  • Bill Miller's biggest Q4 2019 reduction was RH, cutting an estimated $45.5M.
  • Bill Miller fully exited Pultegroup in Q4 2019, selling an estimated $53.3M.
  • Bill Miller's ten largest holdings make up 36% of its $2.82B portfolio in Q4 2019.
  • Bill Miller opened 6 new positions and closed 12 in Q4 2019.
  • Bill Miller's portfolio value rose 13% quarter-over-quarter to $2.82B.

Based on Miller Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.