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 |
Wayfair
W
|
+$52.1M |
| 2 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$33.4M |
| 3 |
RH
RH
|
+$31.7M |
| 4 |
ATHN
Athenahealth, Inc.
ATHN
|
+$21.6M |
| 5 |
ENDP
Endo International plc
ENDP
|
+$16.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TMHC
Taylor Morrison
TMHC
|
+$42.2M |
| 2 |
NSM
Nationstar Mortgage Holdings
NSM
|
+$33.3M |
| 3 |
Radian Group
RDN
|
+$27.8M |
| 4 |
PennyMac Financial
PFSI
|
+$23.3M |
| 5 |
TPH
Tri Pointe Homes
TPH
|
+$22.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 20.68% |
| 2 | Financials | 17.08% |
| 3 | Healthcare | 14.33% |
| 4 | Industrials | 11.91% |
| 5 | Communication Services | 6.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $304M | 13.36% |
8,454,400
-4,167,600
| -33% | -$137M |
|
|
2
RH
RH
$2.9B
| $122M | 5.36% |
2,634,400
+1,026,350
| +64% | +$31.7M |
|
3
Amazon
AMZN
$2.79T
| $109M | 4.8% |
2,462,140
+267,900
| +12% | +$11.2M |
|
4
Element Solutions
ESI
$8.6B
| $98.5M | 4.33% |
7,564,400
+339,050
| +5% | +$4.17M |
|
5
OneMain Financial
OMF
$7.27B
| $91.9M | 4.04% |
3,696,900
+352,050
| +11% | +$8.84M |
|
6
Lennar Class A
LEN
$21B
| $80.6M | 3.54% |
1,653,189
-36,848
| -2% | -$1.67M |
|
7
Delta Air Lines
DAL
$54.2B
| $79.6M | 3.5% |
1,731,825
-124,700
| -7% | -$6.09M |
|
8
United Airlines
UAL
$36.7B
| $78.7M | 3.46% |
1,113,680
-143,020
| -11% | -$10.3M |
|
9
Genworth Financial
GNW
$3.73B
| $75.7M | 3.33% |
18,367,575
+2,671,975
| +17% | +$10.3M |
|
10
American Airlines Group
AAL
$9.15B
| $74.5M | 3.28% |
1,760,525
-157,000
| -8% | -$7.1M |
|
|
JPM.WS
11
DELISTED
JPMorgan Chase
JPM.WS
| $72.9M | 3.21% |
1,574,200
-160,525
| -9% | -$7.49M |
|
12
MGIC Investment
MTG
$6.34B
| $70.1M | 3.08% |
6,918,800
-806,425
| -10% | -$8.49M |
|
13
Precigen
PGEN
$2.58B
| $69.1M | 3.04% |
3,487,425
+380,386
| +12% | +$8.49M |
|
14
Pultegroup
PHM
$24.6B
| $67.6M | 2.97% |
2,869,775
-600,975
| -17% | -$12.9M |
|
|
P
15
DELISTED
Pandora Media Inc
P
| $63.3M | 2.79% |
5,363,975
-86,200
| -2% | -$1.08M |
|
16
Bausch Health
BHC
$2.41B
| $62.9M | 2.77% |
5,705,675
+850,175
| +18% | +$11.7M |
|
17
Bank of America
BAC
$431B
| $62.8M | 2.76% |
2,662,775
-860,600
| -24% | -$20.4M |
|
|
QUOT
18
DELISTED
Quotient Technology Inc
QUOT
| $58.7M | 2.58% |
6,148,800
-100,600
| -2% | -$1.11M |
|
|
EIGI
19
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $57.8M | 2.54% |
7,358,200
+105,100
| +1% | +$859K |
|
|
20
Wayfair
W
$13.9B
| $53.4M | 2.35% |
+1,318,200
| New | +$52.1M |
|
|
ENDP
21
DELISTED
Endo International plc
ENDP
| $52.5M | 2.31% |
4,701,400
+1,324,475
| +39% | +$16.5M |
|
22
Citigroup
C
$221B
| $46.1M | 2.03% |
770,200
-141,900
| -16% | -$8.39M |
|
|
ALXN
23
DELISTED
Alexion Pharmaceuticals
ALXN
| $43.5M | 1.91% |
358,700
+258,990
| +260% | +$33.4M |
|
|
AGN
24
DELISTED
Allergan plc
AGN
| $40.8M | 1.79% |
170,725
+37,710
| +28% | +$8.78M |
|
25
Alaunos Therapeutics
TCRT
$4.47M
| $31.2M | 1.37% |
32,835
+164
| +0.5% | +$153K |
|
Similar funds
Bill Miller's Q1 2017 Portfolio in Review
As of Q1 2017, Bill Miller held 76 positions worth $2.27B, down 0.28% from $2.28B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Bill Miller withdrew a net $125M in Q1 2017, closing 6 positions and reducing 21 holdings. Its most notable exit was Taylor Morrison, an estimated $42.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, up from 16% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Bill Miller opened a new position in Wayfair worth $53.4M.
- Bill Miller's largest Q1 2017 buy was Wayfair: 1,318,200 shares worth $53.4M.
- Bill Miller added most to Alexion Pharmaceuticals in Q1 2017, an estimated $33.4M increase.
- Bill Miller's biggest Q1 2017 reduction was Nationstar Mortgage Holdings, cutting an estimated $33.3M.
- Bill Miller fully exited Taylor Morrison in Q1 2017, selling an estimated $42.2M.
- Bill Miller's ten largest holdings make up 49% of its $2.27B portfolio in Q1 2017.
- Bill Miller opened 17 new positions and closed 6 in Q1 2017.
- Bill Miller's portfolio value fell 0.28% quarter-over-quarter to $2.27B.
Based on Miller Value Partners's 13F filing for Q1 2017, filed 12 May 2017.