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 |
ADT
ADT
|
+$52.8M |
| 2 |
Brighthouse Financial
BHF
|
+$40M |
| 3 |
CELG
Celgene Corp
CELG
|
+$23.7M |
| 4 |
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
|
+$19.4M |
| 5 |
Meta Platforms (Facebook)
META
|
+$10.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Element Solutions
ESI
|
+$25.3M |
| 2 |
ATHN
Athenahealth, Inc.
ATHN
|
+$22.3M |
| 3 |
MGIC Investment
MTG
|
+$20.7M |
| 4 |
Wayfair
W
|
+$19.1M |
| 5 |
RH
RH
|
+$16.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 23.99% |
| 2 | Healthcare | 23.97% |
| 3 | Financials | 15.78% |
| 4 | Communication Services | 12.08% |
| 5 | Industrials | 10.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.79T
| $177M | 6.6% |
2,081,180
-189,380
| -8% | -$15M |
|
|
2
RH
RH
$2.9B
| $162M | 6.05% |
1,160,760
-152,420
| -12% | -$16.5M |
|
3
Bausch Health
BHC
$2.41B
| $116M | 4.34% |
4,999,064
-415,000
| -8% | -$8.58M |
|
4
OneMain Financial
OMF
$7.27B
| $111M | 4.15% |
3,339,395
-272,265
| -8% | -$8.81M |
|
5
Genworth Financial
GNW
$3.73B
| $95.8M | 3.58% |
21,283,130
+1,859,875
| +10% | +$6.41M |
|
|
ENDP
6
DELISTED
Endo International plc
ENDP
| $91.4M | 3.41% |
9,694,740
-51,590
| -0.5% | -$347K |
|
7
Delta Air Lines
DAL
$54.2B
| $76.9M | 2.87% |
1,552,975
-8,725
| -0.6% | -$465K |
|
|
JPM.WS
8
DELISTED
JPMorgan Chase
JPM.WS
| $76.1M | 2.84% |
1,200,075
-21,025
| -2% | -$1.46M |
|
9
Lennar Class A
LEN
$21B
| $73.2M | 2.73% |
1,439,537
+7,567
| +0.5% | +$396K |
|
10
United Airlines
UAL
$36.7B
| $70.2M | 2.62% |
1,006,600
-4,225
| -0.4% | -$294K |
|
|
QUOT
11
DELISTED
Quotient Technology Inc
QUOT
| $68.6M | 2.56% |
5,239,575
-36,250
| -0.7% | -$483K |
|
|
FLXN
12
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $68.6M | 2.56% |
2,653,775
-16,125
| -0.6% | -$418K |
|
13
Lumen
LUMN
$6.13B
| $67.2M | 2.51% |
3,606,710
+39,275
| +1% | +$713K |
|
14
Precigen
PGEN
$2.58B
| $66.5M | 2.48% |
4,767,125
-42,875
| -0.9% | -$724K |
|
|
15
Meta Platforms (Facebook)
META
$1.4T
| $65.1M | 2.43% |
334,980
+57,710
| +21% | +$10.4M |
|
|
FL
16
DELISTED
Foot Locker
FL
| $64.1M | 2.39% |
1,217,035
-163,365
| -12% | -$7.91M |
|
17
Teva Pharmaceuticals
TEVA
$43.5B
| $63M | 2.35% |
2,588,612
+393,640
| +18% | +$8.03M |
|
|
EIGI
18
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $62.5M | 2.33% |
6,284,900
-79,875
| -1% | -$684K |
|
19
Bank of America
BAC
$431B
| $62.5M | 2.33% |
2,215,639
-5,625
| -0.3% | -$168K |
|
|
MNK
20
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| $62.3M | 2.33% |
3,338,025
+1,218,750
| +58% | +$19.4M |
|
21
Pultegroup
PHM
$24.6B
| $60.9M | 2.27% |
2,116,725
-23,250
| -1% | -$700K |
|
22
American Airlines Group
AAL
$9.15B
| $58.1M | 2.17% |
1,529,500
-8,250
| -0.5% | -$364K |
|
23
Warner Bros
WBD
$71.6B
| $57.1M | 2.13% |
2,076,650
-2,575
| -0.1% | -$61.4K |
|
|
CELG
24
DELISTED
Celgene Corp
CELG
| $55.5M | 2.07% |
698,905
+284,850
| +69% | +$23.7M |
|
|
25
ADT
ADT
$5.39B
| $55M | 2.05% |
+6,359,450
| New | +$52.8M |
|
Similar funds
Bill Miller's Q2 2018 Portfolio in Review
As of Q2 2018, Bill Miller held 119 positions worth $2.68B, up 12% from $2.4B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Bill Miller's Q2 2018 filing shows 9 new, 33 increased, 32 reduced and 8 closed positions. Its largest new stake was ADT: 6,359,450 shares worth $55M. The largest sale was Element Solutions, an estimated $25.3M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q2 2018 buy was ADT: 6,359,450 shares worth $55M.
- Bill Miller added most to Celgene Corp in Q2 2018, an estimated $23.7M increase.
- Bill Miller's biggest Q2 2018 reduction was Element Solutions, cutting an estimated $25.3M.
- Bill Miller fully exited Athenahealth, Inc. in Q2 2018, selling an estimated $22.3M.
- Bill Miller's ten largest holdings make up 39% of its $2.68B portfolio in Q2 2018.
- Bill Miller opened 9 new positions and closed 8 in Q2 2018.
- Bill Miller's portfolio value rose 12% quarter-over-quarter to $2.68B.
Based on Miller Value Partners's 13F filing for Q2 2018, filed 14 Aug 2018.