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 |
Amazon
AMZN
|
+$75.2M |
| 2 |
RH
RH
|
+$51.9M |
| 3 |
Bausch Health
BHC
|
+$47M |
| 4 |
ENDP
Endo International plc
ENDP
|
+$28.6M |
| 5 |
AGN
Allergan plc
AGN
|
+$27.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NXP Semiconductors
NXPI
|
+$82.1M |
| 2 |
Stellantis
STLA
|
+$31.7M |
| 3 |
JD.com
JD
|
+$27.1M |
| 4 |
JPM.WS
JPMorgan Chase
JPM.WS
|
+$20.7M |
| 5 |
Pultegroup
PHM
|
+$7.95M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 20.12% |
| 2 | Consumer Discretionary | 16.24% |
| 3 | Healthcare | 13.19% |
| 4 | Industrials | 12.49% |
| 5 | Communication Services | 7.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $365M | 16.04% |
12,622,000
-1,556,800
| -11% | -$44.1M |
|
2
United Airlines
UAL
$36.7B
| $91.6M | 4.02% |
1,256,700
-87,325
| -6% | -$5.56M |
|
3
Delta Air Lines
DAL
$54.2B
| $91.3M | 4.01% |
1,856,525
-156,425
| -8% | -$7.13M |
|
4
American Airlines Group
AAL
$9.15B
| $89.5M | 3.93% |
1,917,525
-94,125
| -5% | -$4.1M |
|
|
5
Amazon
AMZN
$2.79T
| $82.3M | 3.61% |
2,194,240
+1,918,140
| +695% | +$75.2M |
|
6
MGIC Investment
MTG
$6.34B
| $78.7M | 3.45% |
7,725,225
-407,675
| -5% | -$3.68M |
|
7
Bank of America
BAC
$431B
| $77.9M | 3.42% |
3,523,375
-378,400
| -10% | -$7.29M |
|
|
JPM.WS
8
DELISTED
JPMorgan Chase
JPM.WS
| $76.8M | 3.37% |
1,734,725
-599,550
| -26% | -$20.7M |
|
9
Precigen
PGEN
$2.58B
| $74.8M | 3.28% |
3,107,039
+4,440
| +0.1% | +$124K |
|
10
OneMain Financial
OMF
$7.27B
| $74.1M | 3.25% |
3,344,850
+514,500
| +18% | +$12.6M |
|
|
P
11
DELISTED
Pandora Media Inc
P
| $71.1M | 3.12% |
5,450,175
-44,450
| -0.8% | -$551K |
|
12
Element Solutions
ESI
$8.6B
| $70.9M | 3.11% |
7,225,350
-15,825
| -0.2% | -$135K |
|
|
13
Bausch Health
BHC
$2.41B
| $70.5M | 3.09% |
4,855,500
+2,564,100
| +112% | +$47M |
|
14
Lennar Class A
LEN
$21B
| $69.1M | 3.03% |
1,690,037
-6,146
| -0.4% | -$249K |
|
|
EIGI
15
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $67.5M | 2.96% |
7,253,100
+1,087,725
| +18% | +$8.86M |
|
|
QUOT
16
DELISTED
Quotient Technology Inc
QUOT
| $67.2M | 2.95% |
6,249,400
-33,225
| -0.5% | -$387K |
|
|
17
Pultegroup
PHM
$24.6B
| $63.8M | 2.8% |
3,470,750
-418,400
| -11% | -$7.95M |
|
18
Genworth Financial
GNW
$3.73B
| $59.8M | 2.62% |
15,695,600
+3,350
| +0% | +$14.8K |
|
|
ENDP
19
DELISTED
Endo International plc
ENDP
| $55.6M | 2.44% |
3,376,925
+1,623,500
| +93% | +$28.6M |
|
20
Citigroup
C
$221B
| $54.2M | 2.38% |
912,100
-93,500
| -9% | -$5.04M |
|
|
21
RH
RH
$2.9B
| $49.4M | 2.17% |
+1,608,050
| New | +$51.9M |
|
|
TMHC
22
DELISTED
Taylor Morrison
TMHC
| $42.2M | 1.85% |
2,191,325
-35,200
| -2% | -$661K |
|
23
GameStop
GME
$8.17B
| $40.6M | 1.78% |
6,426,300
+1,785,800
| +38% | +$11M |
|
|
NSM
24
DELISTED
Nationstar Mortgage Holdings
NSM
| $37.9M | 1.66% |
2,096,975
-303,375
| -13% | -$5M |
|
|
TWTR
25
CALL
DELISTED
Twitter, Inc.
TWTR
| $33.7M | 1.48% |
2,066,000
-1,304,000
| -39% | -$23.9M |
|
Similar funds
Bill Miller's Q4 2016 Portfolio in Review
As of Q4 2016, Bill Miller held 68 positions worth $2.28B, down 6.7% from $2.44B the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Bill Miller withdrew a net $193M in Q4 2016, closing 9 positions and reducing 24 holdings. Its most notable exit was NXP Semiconductors, an estimated $82.1M position sold in full.
By sector, the portfolio is most concentrated in Financials at 20% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bill Miller opened a new position in RH worth $49.4M.
- Bill Miller's largest Q4 2016 buy was RH: 1,608,050 shares worth $49.4M.
- Bill Miller added most to Amazon in Q4 2016, an estimated $75.2M increase.
- Bill Miller's biggest Q4 2016 reduction was JPMorgan Chase, cutting an estimated $20.7M.
- Bill Miller fully exited NXP Semiconductors in Q4 2016, selling an estimated $82.1M.
- Bill Miller's ten largest holdings make up 48% of its $2.28B portfolio in Q4 2016.
- Bill Miller opened 4 new positions and closed 9 in Q4 2016.
- Bill Miller's portfolio value fell 6.7% quarter-over-quarter to $2.28B.
Based on Miller Value Partners's 13F filing for Q4 2016, filed 14 Feb 2017.