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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
-35.18%
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
$1.55B
AUM Growth
-$1.26B
Cap. Flow
-$225M
Cap. Flow %
-14.49%
Top 10 Hldgs %
39.17%
Holding
103
New
8
Increased
25
Reduced
33
Closed
30

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$66.7M
2
UAL icon
United Airlines
UAL
+$66.6M
3
DXC icon
DXC Technology
DXC
+$63.1M
4
BA icon
Boeing
BA
+$58.7M
5
ET icon
Energy Transfer Partners
ET
+$49.4M

Top Sells

Rank Stock Value
1
MU icon
Micron Technology
MU
+$87.7M
2
AAL icon
American Airlines Group
AAL
+$77.5M
3
CVS icon
CVS Health
CVS
+$56.4M
4
QCOM icon
Qualcomm
QCOM
+$44.7M
5
EB
Eventbrite
EB
+$43.9M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 25.59%
2 Healthcare 18.47%
3 Industrials 16.99%
4 Financials 16.52%
5 Communication Services 12.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHK
101
DELISTED
Chesapeake Energy Corporation
CHK
– –
-200
Closed -$33K
AVP
102
DELISTED
Avon Products, Inc.
AVP
– –
-4,015,063
Closed -$22.6M
WLH
103
DELISTED
WILLIAM LYON HOMES
WLH
– –
-785,320
Closed -$15.7M
1 2 3 4
5

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Bill Miller's Q1 2020 Portfolio in Review

As of Q1 2020, Bill Miller held 103 positions worth $1.55B, down 45% from $2.82B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Bill Miller withdrew a net $225M in Q1 2020, closing 30 positions and reducing 33 holdings. Its most notable exit was Micron Technology, an estimated $87.7M position sold in full.

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

Against the trend, Bill Miller opened a new position in Boeing worth $32M.

  • Bill Miller's largest Q1 2020 buy was Boeing: 214,325 shares worth $32M.
  • Bill Miller added most to Alphabet (Google) Class A in Q1 2020, an estimated $66.7M increase.
  • Bill Miller's biggest Q1 2020 reduction was RH, cutting an estimated $28.8M.
  • Bill Miller fully exited Micron Technology in Q1 2020, selling an estimated $87.7M.
  • Bill Miller's ten largest holdings make up 39% of its $1.55B portfolio in Q1 2020.
  • Bill Miller opened 8 new positions and closed 30 in Q1 2020.
  • Bill Miller's portfolio value fell 45% quarter-over-quarter to $1.55B.

Based on Miller Value Partners's 13F filing for Q1 2020, filed 15 May 2020.