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 |
DigitalBridge
DBRG
|
+$38.7M |
| 2 |
QUOT
Quotient Technology Inc
QUOT
|
+$27.5M |
| 3 |
NXP Semiconductors
NXPI
|
+$5.32M |
| 4 |
Amazon
AMZN
|
+$3.38M |
| 5 |
NSM
Nationstar Mortgage Holdings
NSM
|
+$3.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NRF
NorthStar Realty Finance Corp.
NRF
|
+$33.1M |
| 2 |
APOL
Apollo Education Group Inc Class A
APOL
|
+$26.4M |
| 3 |
PPLI
People Inc
PPLI
|
+$24.1M |
| 4 |
Teradyne
TER
|
+$22.7M |
| 5 |
Morgan Stanley
MS
|
+$20.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.21% |
| 2 | Consumer Discretionary | 20.81% |
| 3 | Technology | 13.17% |
| 4 | Industrials | 11.83% |
| 5 | Communication Services | 7.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $141M | 5.64% |
19,082,000
-2,410,800
| -11% | -$59.2M |
|
2
Delta Air Lines
DAL
$54.2B
| $91.3M | 3.66% |
2,526,950
+74,000
| +3% | +$2.83M |
|
3
United Airlines
UAL
$36.7B
| $81.8M | 3.27% |
1,747,350
+58,700
| +3% | +$2.72M |
|
4
American Airlines Group
AAL
$9.15B
| $81.1M | 3.25% |
2,286,275
+66,500
| +3% | +$2.62M |
|
5
Qualcomm
QCOM
$169B
| $77.7M | 3.11% |
1,039,265
+29,525
| +3% | +$2.26M |
|
6
Gilead Sciences
GILD
$181B
| $73.5M | 2.94% |
690,275
+20,200
| +3% | +$1.98M |
|
7
Genworth Financial
GNW
$3.73B
| $72.6M | 2.91% |
5,543,400
+171,100
| +3% | +$2.47M |
|
8
Bank of America
BAC
$431B
| $69.7M | 2.79% |
4,087,125
+124,600
| +3% | +$1.98M |
|
9
MGIC Investment
MTG
$6.34B
| $68.6M | 2.75% |
8,784,550
+266,100
| +3% | +$2.18M |
|
10
Netflix
NFLX
$331B
| $67.7M | 2.71% |
10,505,600
+334,250
| +3% | +$2.17M |
|
11
GameStop
GME
$8.17B
| $65.7M | 2.63% |
6,379,800
+178,000
| +3% | +$1.89M |
|
12
eBay
EBAY
$46.3B
| $61M | 2.44% |
2,558,002
+65,816
| +3% | +$1.46M |
|
13
Seagate
STX
$193B
| $59.6M | 2.39% |
1,041,075
+32,500
| +3% | +$1.92M |
|
14
Pultegroup
PHM
$24.6B
| $57.5M | 2.3% |
3,254,050
+99,600
| +3% | +$1.88M |
|
|
15
Apple
AAPL
$4.51T
| $57.4M | 2.3% |
2,278,760
+70,000
| +3% | +$1.72M |
|
16
Citigroup
C
$221B
| $56.1M | 2.24% |
1,081,825
+33,100
| +3% | +$1.66M |
|
17
Precigen
PGEN
$2.58B
| $53.7M | 2.15% |
3,021,548
+90,429
| +3% | +$1.85M |
|
18
Hartford Financial Services
HIG
$36.9B
| $53.4M | 2.14% |
1,434,250
+36,500
| +3% | +$1.32M |
|
|
JPM.WS
19
DELISTED
JPMorgan Chase
JPM.WS
| $50.5M | 2.02% |
2,513,450
+76,900
| +3% | +$1.49M |
|
|
P
20
DELISTED
Pandora Media Inc
P
| $49.1M | 1.97% |
2,032,725
+51,700
| +3% | +$1.37M |
|
|
DS
21
DELISTED
Drive Shack Inc.
DS
| $47.4M | 1.9% |
10,429,094
+164,543
| +2% | +$801K |
|
22
Assured Guaranty
AGO
$3.27B
| $46.5M | 1.86% |
2,098,950
+66,800
| +3% | +$1.55M |
|
|
23
NXP Semiconductors
NXPI
$56.9B
| $46.3M | 1.85% |
676,700
+80,050
| +13% | +$5.32M |
|
24
Cigna
CI
$73.3B
| $43.5M | 1.74% |
480,000
+14,500
| +3% | +$1.36M |
|
|
CHK
25
DELISTED
Chesapeake Energy Corporation
CHK
| $43.3M | 1.74% |
9,426
-263
| -3% | -$1.39M |
|
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Bill Miller's Q3 2014 Portfolio in Review
As of Q3 2014, Bill Miller held 122 positions worth $2.5B, down 4.2% from $2.61B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Miller withdrew a net $76.3M in Q3 2014, closing 8 positions and reducing 5 holdings. Its most notable exit was Apollo Education Group Inc Class A, an estimated $26.4M position sold in full.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Bill Miller opened a new position in DigitalBridge worth $37.9M.
- Bill Miller's largest Q3 2014 buy was DigitalBridge: 514,994 shares worth $37.9M.
- Bill Miller added most to Quotient Technology Inc in Q3 2014, an estimated $27.5M increase.
- Bill Miller's biggest Q3 2014 reduction was NorthStar Realty Finance Corp., cutting an estimated $33.1M.
- Bill Miller fully exited Apollo Education Group Inc Class A in Q3 2014, selling an estimated $26.4M.
- Bill Miller's ten largest holdings make up 33% of its $2.5B portfolio in Q3 2014.
- Bill Miller opened 7 new positions and closed 8 in Q3 2014.
- Bill Miller's portfolio value fell 4.2% quarter-over-quarter to $2.5B.
Based on Miller Value Partners's 13F filing for Q3 2014, filed 14 Nov 2014.