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 |
FL
Foot Locker
FL
|
+$51.5M |
| 2 |
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
|
+$43.3M |
| 3 |
FLXN
Flexion Therapeutics, Inc.
FLXN
|
+$15.4M |
| 4 |
ENDP
Endo International plc
ENDP
|
+$13.2M |
| 5 |
American Eagle Outfitters
AEO
|
+$12.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RH
RH
|
+$45.1M |
| 2 |
Wayfair
W
|
+$22.9M |
| 3 |
Seagate
STX
|
+$20.6M |
| 4 |
Halozyme
HALO
|
+$10.6M |
| 5 |
Pultegroup
PHM
|
+$7.86M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.94% |
| 2 | Healthcare | 19.64% |
| 3 | Financials | 18.25% |
| 4 | Industrials | 10.94% |
| 5 | Communication Services | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.79T
| $115M | 4.95% |
2,395,000
-34,000
| -1% | -$1.67M |
|
|
2
RH
RH
$2.9B
| $115M | 4.94% |
1,633,375
-719,500
| -31% | -$45.1M |
|
3
OneMain Financial
OMF
$7.27B
| $103M | 4.43% |
3,654,735
-61,425
| -2% | -$1.65M |
|
4
Bausch Health
BHC
$2.41B
| $98.6M | 4.24% |
6,882,913
-128,135
| -2% | -$1.94M |
|
5
CALL
Apple
AAPL
$4.51T
| $96.5M | 4.15% |
2,505,200
-3,393,200
| -58% | -$132M |
|
|
QUOT
6
DELISTED
Quotient Technology Inc
QUOT
| $92.6M | 3.98% |
5,918,300
-215,841
| -4% | -$2.98M |
|
7
Delta Air Lines
DAL
$54.2B
| $81.1M | 3.49% |
1,682,150
-23,975
| -1% | -$1.19M |
|
8
MGIC Investment
MTG
$6.34B
| $80.7M | 3.47% |
6,443,550
-286,100
| -4% | -$3.33M |
|
9
American Airlines Group
AAL
$9.15B
| $78.7M | 3.39% |
1,658,125
-56,500
| -3% | -$2.73M |
|
10
Element Solutions
ESI
$8.6B
| $78.3M | 3.37% |
7,021,350
-313,100
| -4% | -$3.88M |
|
|
JPM.WS
11
DELISTED
JPMorgan Chase
JPM.WS
| $77M | 3.31% |
1,425,200
-121,350
| -8% | -$6.18M |
|
12
Lennar Class A
LEN
$21B
| $75.4M | 3.24% |
1,499,781
-122,285
| -8% | -$6.1M |
|
13
Genworth Financial
GNW
$3.73B
| $72.5M | 3.12% |
18,839,885
+530,050
| +3% | +$1.89M |
|
14
Precigen
PGEN
$2.58B
| $69.8M | 3% |
3,672,000
-45,000
| -1% | -$926K |
|
|
15
Pultegroup
PHM
$24.6B
| $68.6M | 2.95% |
2,508,975
-310,800
| -11% | -$7.86M |
|
16
United Airlines
UAL
$36.7B
| $64.1M | 2.76% |
1,052,780
-20,700
| -2% | -$1.38M |
|
|
ENDP
17
DELISTED
Endo International plc
ENDP
| $64M | 2.75% |
7,476,460
+1,366,050
| +22% | +$13.2M |
|
18
Bank of America
BAC
$431B
| $63.9M | 2.75% |
2,523,644
-44,365
| -2% | -$1.08M |
|
|
ALXN
19
DELISTED
Alexion Pharmaceuticals
ALXN
| $62.3M | 2.68% |
444,425
-6,300
| -1% | -$856K |
|
|
EIGI
20
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $60.4M | 2.59% |
7,360,600
-94,400
| -1% | -$761K |
|
|
21
Wayfair
W
$13.9B
| $56.8M | 2.44% |
842,125
-308,375
| -27% | -$22.9M |
|
22
Citigroup
C
$221B
| $53.9M | 2.32% |
740,855
-12,845
| -2% | -$877K |
|
|
FL
23
DELISTED
Foot Locker
FL
| $44.9M | 1.93% |
1,273,750
+1,223,750
| +2,448% | +$51.5M |
|
|
P
24
DELISTED
Pandora Media Inc
P
| $40.8M | 1.75% |
5,293,775
-20,200
| -0.4% | -$173K |
|
|
MNK
25
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| $40.7M | 1.75% |
+1,089,875
| New | +$43.3M |
|
Similar funds
Bill Miller's Q3 2017 Portfolio in Review
As of Q3 2017, Bill Miller held 126 positions worth $2.33B, down 5.7% from $2.47B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Bill Miller's Q3 2017 filing shows 11 new, 25 increased, 37 reduced and 12 closed positions. Its largest new stake was MALLINCKRODT PUBLIC LIMITED COMPANY: 1,089,875 shares worth $40.7M. The largest sale was RH, an estimated $45.1M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, up from 22% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q3 2017 buy was MALLINCKRODT PUBLIC LIMITED COMPANY: 1,089,875 shares worth $40.7M.
- Bill Miller added most to Foot Locker in Q3 2017, an estimated $51.5M increase.
- Bill Miller's biggest Q3 2017 reduction was RH, cutting an estimated $45.1M.
- Bill Miller fully exited Seagate in Q3 2017, selling an estimated $20.6M.
- Bill Miller's ten largest holdings make up 40% of its $2.33B portfolio in Q3 2017.
- Bill Miller opened 11 new positions and closed 12 in Q3 2017.
- Bill Miller's portfolio value fell 5.7% quarter-over-quarter to $2.33B.
Based on Miller Value Partners's 13F filing for Q3 2017, filed 14 Nov 2017.