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 |
Medifast
MED
|
+$73M |
| 2 |
Alaunos Therapeutics
TCRT
|
+$19.8M |
| 3 |
Peloton Interactive
PTON
|
+$19.5M |
| 4 |
American Airlines Group
AAL
|
+$18.8M |
| 5 |
SFIX
Stitch Fix
SFIX
|
+$17.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AVP
Avon Products, Inc.
AVP
|
+$50.9M |
| 2 |
RH
RH
|
+$34.9M |
| 3 |
Pultegroup
PHM
|
+$15M |
| 4 |
OneMain Financial
OMF
|
+$12.2M |
| 5 |
Meta Platforms (Facebook)
META
|
+$11.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.85% |
| 2 | Healthcare | 21.65% |
| 3 | Financials | 20.68% |
| 4 | Industrials | 12.91% |
| 5 | Communication Services | 9.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
RH
RH
$2.9B
| $116M | 4.67% |
679,815
-245,095
| -26% | -$34.9M |
|
2
Amazon
AMZN
$2.79T
| $114M | 4.6% |
1,317,020
-119,800
| -8% | -$11.1M |
|
3
ADT
ADT
$5.39B
| $102M | 4.09% |
16,206,425
+12,450
| +0.1% | +$70.6K |
|
|
4
OneMain Financial
OMF
$7.27B
| $100M | 4.03% |
2,730,065
-330,065
| -11% | -$12.2M |
|
5
Bausch Health
BHC
$2.41B
| $98.7M | 3.97% |
4,516,389
-132,600
| -3% | -$3.03M |
|
6
Brighthouse Financial
BHF
$3.01B
| $92.6M | 3.72% |
2,287,950
-3,505
| -0.2% | -$131K |
|
7
Genworth Financial
GNW
$3.73B
| $86.9M | 3.49% |
19,740,425
-927,575
| -4% | -$3.87M |
|
8
Lennar Class A
LEN
$21B
| $83.2M | 3.34% |
1,538,111
| – | – |
|
9
JPMorgan Chase
JPM
$935B
| $76.5M | 3.08% |
649,861
-56,164
| -8% | -$6.35M |
|
10
NXP Semiconductors
NXPI
$56.9B
| $73.1M | 2.94% |
669,985
-95,610
| -12% | -$9.76M |
|
|
FLXN
11
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $71.5M | 2.87% |
5,215,810
+363,350
| +7% | +$4.31M |
|
12
Delta Air Lines
DAL
$54.2B
| $70.8M | 2.85% |
1,229,930
-63,850
| -5% | -$3.78M |
|
|
13
Medifast
MED
$134M
| $70.4M | 2.83% |
+679,515
| New | +$73M |
|
14
Micron Technology
MU
$1.09T
| $69.9M | 2.81% |
1,630,180
-254,835
| -14% | -$11.5M |
|
|
15
Meta Platforms (Facebook)
META
$1.4T
| $68.9M | 2.77% |
387,175
-61,140
| -14% | -$11.6M |
|
16
Bank of America
BAC
$431B
| $63.4M | 2.55% |
2,171,909
| – | – |
|
|
TVTY
17
DELISTED
Tivity Health, Inc. Common Stock
TVTY
| $61.2M | 2.46% |
3,682,850
+989,700
| +37% | +$17.1M |
|
|
18
American Airlines Group
AAL
$9.15B
| $59M | 2.37% |
2,188,050
+643,275
| +42% | +$18.8M |
|
19
Teva Pharmaceuticals
TEVA
$43.5B
| $58.4M | 2.35% |
8,491,152
+1,990,900
| +31% | +$15.3M |
|
|
QUOT
20
DELISTED
Quotient Technology Inc
QUOT
| $57.3M | 2.3% |
7,328,875
+100,000
| +1% | +$903K |
|
21
United Airlines
UAL
$36.7B
| $56M | 2.25% |
633,410
-127,850
| -17% | -$11.3M |
|
|
22
Alaunos Therapeutics
TCRT
$4.47M
| $55.6M | 2.23% |
86,554
+24,960
| +41% | +$19.8M |
|
|
23
Pultegroup
PHM
$24.6B
| $53.3M | 2.14% |
1,458,995
-450,475
| -24% | -$15M |
|
24
Precigen
PGEN
$2.58B
| $48.1M | 1.94% |
8,414,010
+365,350
| +5% | +$2.48M |
|
25
CVS Health
CVS
$119B
| $47.9M | 1.93% |
759,575
| – | – |
|
Similar funds
Bill Miller's Q3 2019 Portfolio in Review
As of Q3 2019, Bill Miller held 112 positions worth $2.49B, down 5.4% from $2.63B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Bill Miller's Q3 2019 filing shows 10 new, 32 increased, 30 reduced and 11 closed positions. Its largest new stake was Medifast: 679,515 shares worth $70.4M. The largest sale was Avon Products, Inc., an estimated $50.9M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, up from 18% a quarter earlier, followed by Healthcare and Financials.
- Bill Miller's largest Q3 2019 buy was Medifast: 679,515 shares worth $70.4M.
- Bill Miller added most to Alaunos Therapeutics in Q3 2019, an estimated $19.8M increase.
- Bill Miller's biggest Q3 2019 reduction was Avon Products, Inc., cutting an estimated $50.9M.
- Bill Miller fully exited Blackstone in Q3 2019, selling an estimated $8.71M.
- Bill Miller's ten largest holdings make up 38% of its $2.49B portfolio in Q3 2019.
- Bill Miller opened 10 new positions and closed 11 in Q3 2019.
- Bill Miller's portfolio value fell 5.4% quarter-over-quarter to $2.49B.
Based on Miller Value Partners's 13F filing for Q3 2019, filed 14 Nov 2019.