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 |
TVTY
Tivity Health, Inc. Common Stock
TVTY
|
+$52M |
| 2 |
CVS Health
CVS
|
+$40.9M |
| 3 |
Alibaba
BABA
|
+$39.1M |
| 4 |
ADT
ADT
|
+$30.9M |
| 5 |
EB
Eventbrite
EB
|
+$30.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lumen
LUMN
|
+$42.2M |
| 2 |
AGN
Allergan plc
AGN
|
+$40.8M |
| 3 |
CELG
Celgene Corp
CELG
|
+$39.9M |
| 4 |
AVP
Avon Products, Inc.
AVP
|
+$26.7M |
| 5 |
EIGI
Endurance International Group Holdings, Inc.
EIGI
|
+$25.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.76% |
| 2 | Financials | 19.36% |
| 3 | Consumer Discretionary | 18.02% |
| 4 | Industrials | 11.94% |
| 5 | Communication Services | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.79T
| $136M | 5.18% |
1,436,820
-97,900
| -6% | -$9.12M |
|
2
Bausch Health
BHC
$2.41B
| $117M | 4.46% |
4,648,989
-124,160
| -3% | -$2.95M |
|
3
RH
RH
$2.9B
| $107M | 4.07% |
924,910
+2,700
| +0.3% | +$279K |
|
4
OneMain Financial
OMF
$7.27B
| $103M | 3.94% |
3,060,130
-116,630
| -4% | -$3.81M |
|
|
ENDP
5
CALL
DELISTED
Endo International plc
ENDP
| $101M | 3.84% |
+200,412
| New | +$1.27M |
|
|
6
ADT
ADT
$5.39B
| $99.1M | 3.77% |
16,193,975
+4,855,385
| +43% | +$30.9M |
|
7
Meta Platforms (Facebook)
META
$1.4T
| $86.5M | 3.29% |
448,315
+310
| +0.1% | +$56.6K |
|
8
Brighthouse Financial
BHF
$3.01B
| $84.1M | 3.2% |
2,291,455
+4,900
| +0.2% | +$189K |
|
9
JPMorgan Chase
JPM
$935B
| $78.9M | 3% |
706,025
-61,370
| -8% | -$6.77M |
|
|
AVP
10
DELISTED
Avon Products, Inc.
AVP
| $77.8M | 2.96% |
20,053,838
-8,016,250
| -29% | -$26.7M |
|
|
QUOT
11
DELISTED
Quotient Technology Inc
QUOT
| $77.6M | 2.95% |
7,228,875
+82,125
| +1% | +$833K |
|
12
Genworth Financial
GNW
$3.73B
| $76.7M | 2.92% |
20,668,000
+134,500
| +0.7% | +$477K |
|
13
NXP Semiconductors
NXPI
$56.9B
| $74.7M | 2.84% |
765,595
-89,225
| -10% | -$8.65M |
|
14
Delta Air Lines
DAL
$54.2B
| $73.4M | 2.79% |
1,293,780
-130,325
| -9% | -$7.3M |
|
15
Micron Technology
MU
$1.09T
| $72.7M | 2.77% |
1,885,015
+4,700
| +0.2% | +$179K |
|
16
Lennar Class A
LEN
$21B
| $72.2M | 2.75% |
1,538,111
| – | – |
|
17
United Airlines
UAL
$36.7B
| $66.6M | 2.54% |
761,260
-63,390
| -8% | -$5.36M |
|
18
Bank of America
BAC
$431B
| $63M | 2.4% |
2,171,909
+4,115
| +0.2% | +$119K |
|
19
Precigen
PGEN
$2.58B
| $61.7M | 2.35% |
8,048,660
+964,175
| +14% | +$5.19M |
|
20
Pultegroup
PHM
$24.6B
| $60.4M | 2.3% |
1,909,470
-362,505
| -16% | -$11.3M |
|
21
Teva Pharmaceuticals
TEVA
$43.5B
| $60M | 2.28% |
6,500,252
+1,957,720
| +43% | +$23.6M |
|
|
FLXN
22
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $59.7M | 2.27% |
4,852,460
+742,740
| +18% | +$8.57M |
|
|
ALXN
23
DELISTED
Alexion Pharmaceuticals
ALXN
| $58.8M | 2.24% |
448,780
+1,100
| +0.2% | +$142K |
|
24
Alaunos Therapeutics
TCRT
$4.47M
| $53.9M | 2.05% |
61,594
| – | – |
|
25
Warner Bros
WBD
$71.6B
| $50.9M | 1.94% |
1,657,800
-249,025
| -13% | -$7.24M |
|
Similar funds
Bill Miller's Q2 2019 Portfolio in Review
As of Q2 2019, Bill Miller held 117 positions worth $2.63B, up 4.1% from $2.52B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Bill Miller's Q2 2019 filing shows 15 new, 33 increased, 29 reduced and 15 closed positions. Its largest new stake was Tivity Health, Inc. Common Stock: 2,693,150 shares worth $44.3M. The largest sale was Lumen, an estimated $42.2M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 24% a quarter earlier, followed by Financials and Consumer Discretionary.
- Bill Miller's largest Q2 2019 buy was Tivity Health, Inc. Common Stock: 2,693,150 shares worth $44.3M.
- Bill Miller added most to Alibaba in Q2 2019, an estimated $39.1M increase.
- Bill Miller's biggest Q2 2019 reduction was Lumen, cutting an estimated $42.2M.
- Bill Miller fully exited Allergan plc in Q2 2019, selling an estimated $40.8M.
- Bill Miller's ten largest holdings make up 38% of its $2.63B portfolio in Q2 2019.
- Bill Miller opened 15 new positions and closed 15 in Q2 2019.
- Bill Miller's portfolio value rose 4.1% quarter-over-quarter to $2.63B.
Based on Miller Value Partners's 13F filing for Q2 2019, filed 14 Aug 2019.