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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
-0.87%
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
$1.65B
AUM Growth
-$322M
Cap. Flow
-$238M
Cap. Flow %
-14.48%
Top 10 Hldgs %
41.74%
Holding
136
New
18
Increased
30
Reduced
35
Closed
44

Top Buys

Rank Stock Value
1
SFIX
Stitch Fix
SFIX
+$25.5M
2
SI
Silvergate Capital Corporation
SI
+$22.1M
3
EXPE icon
Expedia Group
EXPE
+$18.8M
4
SOFI icon
SoFi Technologies
SOFI
+$18.3M
5
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$16.6M

Top Sells

Rank Stock Value
1
DXC icon
DXC Technology
DXC
+$28.2M
2
ADT icon
ADT
ADT
+$28.1M
3
BABA icon
Alibaba
BABA
+$17.7M
4
FANG icon
Diamondback Energy
FANG
+$16.9M
5
SPLK
Splunk Inc
SPLK
+$16.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 28.92%
2 Financials 16.78%
3 Energy 12.78%
4 Technology 11.21%
5 Industrials 10.84%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ET icon
101
CALL
Energy Transfer Partners
ET
$73B
– –
-10,000
Closed -$100K
F icon
102
CALL
Ford
F
$57.5B
– –
-150,000
Closed -$1.67M
VIP
103
Vulcan Infrastructure and Power
VIP
$33.7M
– –
-1,000
Closed -$25K
HP icon
104
CALL
Helmerich & Payne
HP
$4.35B
– –
-8,000
Closed -$344K
HRB icon
105
H&R Block
HRB
$6.62B
– –
-154,500
Closed -$5.46M
JD icon
106
CALL
JD.com
JD
$39.7B
– –
-5,000
Closed -$321K
JXN icon
107
CALL
Jackson Financial
JXN
$8.8B
– –
-5,000
Closed -$134K
KHC icon
108
CALL
Kraft Heinz
KHC
$30.3B
– –
-20,000
Closed -$763K
META icon
109
CALL
Meta Platforms (Facebook)
META
$1.4T
– –
-5,000
Closed -$806K
NFLX icon
110
CALL
Netflix
NFLX
$331B
– –
-15,000
Closed -$262K
NOV icon
111
CALL
NOV
NOV
$7.28B
– –
-10,000
Closed -$169K
PFE icon
112
CALL
Pfizer
PFE
$160B
– –
-10,000
Closed -$524K
PGEN icon
113
Precigen
PGEN
$2.58B
– –
-5,598,807
Closed -$7.5M
PTON icon
114
CALL
Peloton Interactive
PTON
$2.37B
– –
-40,000
Closed -$367K
RIG icon
115
CALL
Transocean
RIG
$6.61B
– –
-30,000
Closed -$100K
SFIX
116
CALL
Stitch Fix
SFIX
$446M
– –
-20,000
Closed -$99K
SLB icon
117
CALL
SLB Ltd
SLB
$79.9B
– –
-8,000
Closed -$286K
SOFI icon
118
CALL
SoFi Technologies
SOFI
$24.4B
– –
-60,000
Closed -$316K
T icon
119
CALL
AT&T
T
$173B
– –
-55,000
Closed -$1.15M
TAL icon
120
TAL Education Group
TAL
$6.28B
– –
-10,000
Closed -$49K
TLT icon
121
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$45.5B
– –
-1,446,900
Closed -$166M
TMCWW
122
TMC The Metals Company Warrants
TMCWW
$278K
– –
-10,000
Closed -$2K
TTT icon
123
ProShares UltraPro Short 20+ Year Treasury
TTT
$17.1M
– –
-20,876
Closed -$1.21M
VALE icon
124
CALL
Vale
VALE
$62.1B
– –
-10,000
Closed -$146K
VIPS icon
125
Vipshop
VIPS
$6.98B
– –
-108,000
Closed -$1.07M
2 3 4
5
6

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Bill Miller's Q3 2022 Portfolio in Review

As of Q3 2022, Bill Miller held 136 positions worth $1.65B, down 16% from $1.97B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Bill Miller withdrew a net $238M in Q3 2022, closing 44 positions and reducing 35 holdings. Its most notable exit was Precigen, an estimated $7.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 25% a quarter earlier, followed by Financials and Energy.

Against the trend, Bill Miller opened a new position in Stitch Fix worth $17.7M.

  • Bill Miller's largest Q3 2022 buy was Stitch Fix: 4,484,363 shares worth $17.7M.
  • Bill Miller added most to Expedia Group in Q3 2022, an estimated $18.8M increase.
  • Bill Miller's biggest Q3 2022 reduction was DXC Technology, cutting an estimated $28.2M.
  • Bill Miller fully exited Precigen in Q3 2022, selling an estimated $7.5M.
  • Bill Miller's ten largest holdings make up 42% of its $1.65B portfolio in Q3 2022.
  • Bill Miller opened 18 new positions and closed 44 in Q3 2022.
  • Bill Miller's portfolio value fell 16% quarter-over-quarter to $1.65B.

Based on Miller Value Partners's 13F filing for Q3 2022, filed 14 Nov 2022.