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 |
Meta Platforms (Facebook)
META
|
+$25.6M |
| 2 |
ENDP
Endo International plc
ENDP
|
+$16.5M |
| 3 |
Bausch Health
BHC
|
+$15.6M |
| 4 |
Halozyme
HALO
|
+$12.7M |
| 5 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$12.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWTR
Twitter, Inc.
TWTR
|
+$29M |
| 2 |
RH
RH
|
+$14.9M |
| 3 |
Wayfair
W
|
+$9.94M |
| 4 |
The GEO Group
GEO
|
+$7.05M |
| 5 |
NSM
Nationstar Mortgage Holdings
NSM
|
+$3.32M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.46% |
| 2 | Healthcare | 18.43% |
| 3 | Financials | 16.05% |
| 4 | Industrials | 12.07% |
| 5 | Communication Services | 6.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CALL
Apple
AAPL
$4.51T
| $212M | 8.61% |
5,898,400
-2,556,000
| -30% | -$94.5M |
|
|
2
RH
RH
$2.9B
| $152M | 6.16% |
2,352,875
-281,525
| -11% | -$14.9M |
|
|
3
Bausch Health
BHC
$2.41B
| $121M | 4.92% |
7,011,048
+1,305,373
| +23% | +$15.6M |
|
4
Amazon
AMZN
$2.79T
| $118M | 4.77% |
2,429,000
-33,140
| -1% | -$1.58M |
|
5
Element Solutions
ESI
$8.6B
| $93M | 3.77% |
7,334,450
-229,950
| -3% | -$3.01M |
|
6
Delta Air Lines
DAL
$54.2B
| $91.7M | 3.72% |
1,706,125
-25,700
| -1% | -$1.26M |
|
7
OneMain Financial
OMF
$7.27B
| $91.4M | 3.71% |
3,716,160
+19,260
| +0.5% | +$453K |
|
8
Precigen
PGEN
$2.58B
| $89.5M | 3.63% |
3,717,000
+229,575
| +7% | +$5.03M |
|
|
9
Wayfair
W
$13.9B
| $88.5M | 3.59% |
1,150,500
-167,700
| -13% | -$9.94M |
|
10
American Airlines Group
AAL
$9.15B
| $86.3M | 3.5% |
1,714,625
-45,900
| -3% | -$2.13M |
|
11
Lennar Class A
LEN
$21B
| $82.3M | 3.34% |
1,622,066
-31,123
| -2% | -$1.53M |
|
12
United Airlines
UAL
$36.7B
| $80.8M | 3.28% |
1,073,480
-40,200
| -4% | -$3.04M |
|
|
JPM.WS
13
DELISTED
JPMorgan Chase
JPM.WS
| $77.8M | 3.15% |
1,546,550
-27,650
| -2% | -$1.25M |
|
14
MGIC Investment
MTG
$6.34B
| $75.4M | 3.06% |
6,729,650
-189,150
| -3% | -$2.03M |
|
|
QUOT
15
DELISTED
Quotient Technology Inc
QUOT
| $70.5M | 2.86% |
6,134,141
-14,659
| -0.2% | -$162K |
|
16
Pultegroup
PHM
$24.6B
| $69.2M | 2.81% |
2,819,775
-50,000
| -2% | -$1.17M |
|
17
Genworth Financial
GNW
$3.73B
| $69M | 2.8% |
18,309,835
-57,740
| -0.3% | -$219K |
|
|
ENDP
18
DELISTED
Endo International plc
ENDP
| $68.3M | 2.77% |
6,110,410
+1,409,010
| +30% | +$16.5M |
|
19
Bank of America
BAC
$431B
| $62.3M | 2.53% |
2,568,009
-94,766
| -4% | -$2.21M |
|
|
EIGI
20
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $62.2M | 2.52% |
7,455,000
+96,800
| +1% | +$751K |
|
|
ALXN
21
DELISTED
Alexion Pharmaceuticals
ALXN
| $54.8M | 2.22% |
450,725
+92,025
| +26% | +$10.7M |
|
22
Citigroup
C
$221B
| $50.4M | 2.04% |
753,700
-16,500
| -2% | -$1.01M |
|
|
P
23
DELISTED
Pandora Media Inc
P
| $47.4M | 1.92% |
5,313,975
-50,000
| -0.9% | -$481K |
|
|
AGN
24
DELISTED
Allergan plc
AGN
| $40.1M | 1.63% |
165,125
-5,600
| -3% | -$1.32M |
|
25
Alaunos Therapeutics
TCRT
$4.47M
| $30.6M | 1.24% |
32,843
+8
| +0% | +$7.84K |
|
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Bill Miller's Q2 2017 Portfolio in Review
As of Q2 2017, Bill Miller held 121 positions worth $2.47B, up 8.5% from $2.27B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Bill Miller's Q2 2017 filing shows 51 new, 21 increased, 24 reduced and 5 closed positions. Its largest new stake was Meta Platforms (Facebook): 172,075 shares worth $26M. The largest sale was Twitter, Inc., an estimated $29M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 21% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q2 2017 buy was Meta Platforms (Facebook): 172,075 shares worth $26M.
- Bill Miller added most to Endo International plc in Q2 2017, an estimated $16.5M increase.
- Bill Miller's biggest Q2 2017 reduction was Twitter, Inc., cutting an estimated $29M.
- Bill Miller fully exited The GEO Group in Q2 2017, selling an estimated $7.05M.
- Bill Miller's ten largest holdings make up 46% of its $2.47B portfolio in Q2 2017.
- Bill Miller opened 51 new positions and closed 5 in Q2 2017.
- Bill Miller's portfolio value rose 8.5% quarter-over-quarter to $2.47B.
Based on Miller Value Partners's 13F filing for Q2 2017, filed 14 Aug 2017.