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 |
Gilead Sciences
GILD
|
+$52.2M |
| 2 |
Precigen
PGEN
|
+$24.4M |
| 3 |
GameStop
GME
|
+$13.3M |
| 4 |
TWTR
Twitter, Inc.
TWTR
|
+$8.84M |
| 5 |
Cisco
CSCO
|
+$7.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
QCOR
QUESTCOR PHARMA INC
QCOR
|
+$43.9M |
| 2 |
Ares Capital
ARCC
|
+$28M |
| 3 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$21M |
| 4 |
TDAY
USA Today Co
TDAY
|
+$10.5M |
| 5 |
American Airlines Group
AAL
|
+$10.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.78% |
| 2 | Consumer Discretionary | 20.68% |
| 3 | Technology | 13.34% |
| 4 | Industrials | 11.55% |
| 5 | Communication Services | 8.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $118M | 4.52% |
+21,492,800
| New | +$457M |
|
|
2
American Airlines Group
AAL
$9.15B
| $95.4M | 3.66% |
2,219,775
-261,475
| -11% | -$10.2M |
|
3
Delta Air Lines
DAL
$54.2B
| $95M | 3.64% |
2,452,950
-264,675
| -10% | -$9.99M |
|
4
Genworth Financial
GNW
$3.73B
| $93.5M | 3.58% |
5,372,300
-397,850
| -7% | -$6.96M |
|
5
Qualcomm
QCOM
$169B
| $80M | 3.07% |
1,009,740
-51,975
| -5% | -$4.13M |
|
6
MGIC Investment
MTG
$6.34B
| $78.7M | 3.02% |
8,518,450
-342,300
| -4% | -$2.97M |
|
|
7
Precigen
PGEN
$2.58B
| $70.4M | 2.7% |
2,931,119
+1,203,492
| +70% | +$24.4M |
|
|
NRF
8
DELISTED
NorthStar Realty Finance Corp.
NRF
| $69.7M | 2.67% |
2,043,340
-665,654
| -25% | -$21M |
|
9
United Airlines
UAL
$36.7B
| $69.4M | 2.66% |
1,688,650
-20,125
| -1% | -$867K |
|
10
Netflix
NFLX
$331B
| $64M | 2.46% |
10,171,350
-129,500
| -1% | -$701K |
|
11
Pultegroup
PHM
$24.6B
| $63.6M | 2.44% |
3,154,450
-52,650
| -2% | -$1.01M |
|
|
12
GameStop
GME
$8.17B
| $62.7M | 2.41% |
6,201,800
+1,358,600
| +28% | +$13.3M |
|
13
Bank of America
BAC
$431B
| $60.9M | 2.34% |
3,962,525
-42,000
| -1% | -$652K |
|
|
P
14
DELISTED
Pandora Media Inc
P
| $58.4M | 2.24% |
1,981,025
-27,700
| -1% | -$723K |
|
15
Seagate
STX
$193B
| $57.3M | 2.2% |
1,008,575
-67,575
| -6% | -$3.64M |
|
|
CHK
16
DELISTED
Chesapeake Energy Corporation
CHK
| $57M | 2.19% |
9,689
-155
| -2% | -$845K |
|
|
17
Gilead Sciences
GILD
$181B
| $55.6M | 2.13% |
+670,075
| New | +$52.2M |
|
|
DS
18
DELISTED
Drive Shack Inc.
DS
| $52.9M | 2.03% |
10,264,551
-389,065
| -4% | -$1.97M |
|
19
eBay
EBAY
$46.3B
| $52.5M | 2.01% |
2,492,186
-34,690
| -1% | -$756K |
|
|
20
Apple
AAPL
$4.51T
| $51.3M | 1.97% |
2,208,760
-10,520
| -0.5% | -$224K |
|
21
Hartford Financial Services
HIG
$36.9B
| $50.1M | 1.92% |
1,397,750
-74,525
| -5% | -$2.62M |
|
22
Assured Guaranty
AGO
$3.27B
| $49.8M | 1.91% |
2,032,150
-31,100
| -2% | -$771K |
|
23
Citigroup
C
$221B
| $49.4M | 1.89% |
1,048,725
-11,850
| -1% | -$564K |
|
|
JPM.WS
24
DELISTED
JPMorgan Chase
JPM.WS
| $47.1M | 1.81% |
2,436,550
-26,400
| -1% | -$499K |
|
25
Boyd Gaming
BYD
$5.87B
| $45.2M | 1.73% |
3,723,375
-57,800
| -2% | -$669K |
|
Similar funds
Bill Miller's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Miller held 122 positions worth $2.61B, up 4.6% from $2.49B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Miller deployed $396M of net new capital in Q2 2014, opening 14 new positions and adding to 52 existing holdings. Its largest new stake was Gilead Sciences: 670,075 shares worth $55.6M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 25% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was Ares Capital, an estimated $28M trimmed.
- Bill Miller's largest Q2 2014 buy was Gilead Sciences: 670,075 shares worth $55.6M.
- Bill Miller added most to Precigen in Q2 2014, an estimated $24.4M increase.
- Bill Miller's biggest Q2 2014 reduction was Ares Capital, cutting an estimated $28M.
- Bill Miller fully exited QUESTCOR PHARMA INC in Q2 2014, selling an estimated $43.9M.
- Bill Miller's ten largest holdings make up 32% of its $2.61B portfolio in Q2 2014.
- Bill Miller opened 14 new positions and closed 8 in Q2 2014.
- Bill Miller's portfolio value rose 4.6% quarter-over-quarter to $2.61B.
Based on Miller Value Partners's 13F filing for Q2 2014, filed 14 Aug 2014.