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 |
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
|
+$47.8M |
| 2 |
Peloton Interactive
PTON
|
+$38.2M |
| 3 |
Medifast
MED
|
+$23.7M |
| 4 |
SFIX
Stitch Fix
SFIX
|
+$22.1M |
| 5 |
American Airlines Group
AAL
|
+$14.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pultegroup
PHM
|
+$53.3M |
| 2 |
RH
RH
|
+$45.5M |
| 3 |
AVP
Avon Products, Inc.
AVP
|
+$18.5M |
| 4 |
Bausch Health
BHC
|
+$16.1M |
| 5 |
NXP Semiconductors
NXPI
|
+$14.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 24% |
| 2 | Consumer Discretionary | 21.91% |
| 3 | Financials | 18.41% |
| 4 | Industrials | 14.44% |
| 5 | Communication Services | 9.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
ADT
ADT
$5.39B
| $125M | 4.42% |
15,724,410
-482,015
| -3% | -$3.81M |
|
|
2
Bausch Health
BHC
$2.41B
| $117M | 4.14% |
3,896,929
-619,460
| -14% | -$16.1M |
|
3
Amazon
AMZN
$2.79T
| $112M | 3.97% |
1,210,620
-106,400
| -8% | -$9.42M |
|
4
OneMain Financial
OMF
$7.27B
| $102M | 3.63% |
2,424,740
-305,325
| -11% | -$12.3M |
|
|
FLXN
5
DELISTED
Flexion Therapeutics, Inc.
FLXN
| $102M | 3.62% |
4,932,875
-282,935
| -5% | -$4.77M |
|
|
6
Medifast
MED
$134M
| $101M | 3.59% |
924,124
+244,609
| +36% | +$23.7M |
|
7
Teva Pharmaceuticals
TEVA
$43.5B
| $96.4M | 3.42% |
9,834,067
+1,342,915
| +16% | +$12M |
|
|
8
RH
RH
$2.9B
| $95.3M | 3.38% |
446,585
-233,230
| -34% | -$45.5M |
|
9
Micron Technology
MU
$1.09T
| $87.7M | 3.11% |
1,631,500
+1,320
| +0.1% | +$63K |
|
10
Brighthouse Financial
BHF
$3.01B
| $87.6M | 3.11% |
2,233,950
-54,000
| -2% | -$2.13M |
|
11
Lennar Class A
LEN
$21B
| $83.1M | 2.95% |
1,538,111
| – | – |
|
12
Genworth Financial
GNW
$3.73B
| $82.1M | 2.91% |
18,663,420
-1,077,005
| -5% | -$4.53M |
|
|
TVTY
13
DELISTED
Tivity Health, Inc. Common Stock
TVTY
| $77.6M | 2.75% |
3,814,550
+131,700
| +4% | +$2.46M |
|
|
14
American Airlines Group
AAL
$9.15B
| $77.5M | 2.75% |
2,702,650
+514,600
| +24% | +$14.7M |
|
15
Meta Platforms (Facebook)
META
$1.4T
| $76.7M | 2.72% |
373,710
-13,465
| -3% | -$2.61M |
|
16
JPMorgan Chase
JPM
$935B
| $75.2M | 2.67% |
539,530
-110,331
| -17% | -$14.2M |
|
|
QUOT
17
DELISTED
Quotient Technology Inc
QUOT
| $73.4M | 2.6% |
7,445,345
+116,470
| +2% | +$1.12M |
|
|
ENDP
18
DELISTED
Endo International plc
ENDP
| $73M | 2.59% |
15,571,495
+704,405
| +5% | +$3.14M |
|
|
19
NXP Semiconductors
NXPI
$56.9B
| $69.1M | 2.45% |
543,110
-126,875
| -19% | -$14.7M |
|
20
Delta Air Lines
DAL
$54.2B
| $68M | 2.41% |
1,163,300
-66,630
| -5% | -$3.74M |
|
|
SFIX
21
Stitch Fix
SFIX
$446M
| $66.5M | 2.36% |
2,593,345
+950,620
| +58% | +$22.1M |
|
22
Bank of America
BAC
$431B
| $63.3M | 2.25% |
1,796,954
-374,955
| -17% | -$12.1M |
|
|
23
Peloton Interactive
PTON
$2.37B
| $62.1M | 2.2% |
2,186,500
+1,419,175
| +185% | +$38.2M |
|
24
Alibaba
BABA
$286B
| $61.7M | 2.19% |
290,720
+30,925
| +12% | +$5.8M |
|
25
Alaunos Therapeutics
TCRT
$4.47M
| $60.1M | 2.13% |
84,895
-1,659
| -2% | -$1.14M |
|
Similar funds
Bill Miller's Q4 2019 Portfolio in Review
As of Q4 2019, Bill Miller held 107 positions worth $2.82B, up 13% from $2.49B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Miller's Q4 2019 filing shows 6 new, 35 increased, 37 reduced and 12 closed positions. Its largest new stake was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M. The largest sale was Pultegroup, an estimated $53.3M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Financials.
- Bill Miller's largest Q4 2019 buy was Farfetch Limited Class A Ordinary Shares: 5,319,925 shares worth $55.1M.
- Bill Miller added most to Peloton Interactive in Q4 2019, an estimated $38.2M increase.
- Bill Miller's biggest Q4 2019 reduction was RH, cutting an estimated $45.5M.
- Bill Miller fully exited Pultegroup in Q4 2019, selling an estimated $53.3M.
- Bill Miller's ten largest holdings make up 36% of its $2.82B portfolio in Q4 2019.
- Bill Miller opened 6 new positions and closed 12 in Q4 2019.
- Bill Miller's portfolio value rose 13% quarter-over-quarter to $2.82B.
Based on Miller Value Partners's 13F filing for Q4 2019, filed 14 Feb 2020.