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 |
Mattel
MAT
|
+$84.3M |
| 2 |
Ovintiv
OVV
|
+$78.3M |
| 3 |
Coinbase
COIN
|
+$71.2M |
| 4 |
FISV
Fiserv Inc
FISV
|
+$52.5M |
| 5 |
Norwegian Cruise Line
NCLH
|
+$25.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MTTR
Matterport, Inc. Class A Common Stock
MTTR
|
+$66M |
| 2 |
Acuity Brands
AYI
|
+$52.1M |
| 3 |
Vroom Inc
VRM
|
+$45.1M |
| 4 |
Chemours
CC
|
+$33.1M |
| 5 |
Rocket Companies
RKT
|
+$31.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.65% |
| 2 | Financials | 11.16% |
| 3 | Technology | 10.21% |
| 4 | Healthcare | 9.13% |
| 5 | Industrials | 7.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$45.5B
| $378M | 10.34% |
+2,549,500
| New | +$376M |
|
2
CALL
Amazon
AMZN
$2.79T
| $194M | 5.3% |
1,162,000
-12,000
| -1% | -$2.05M |
|
3
CALL
JD.com
JD
$39.7B
| $175M | 4.78% |
2,492,900
-2,560,100
| -51% | -$203M |
|
|
4
Amazon
AMZN
$2.79T
| $127M | 3.48% |
763,180
+38,100
| +5% | +$6.52M |
|
5
DXC Technology
DXC
$1.73B
| $113M | 3.1% |
3,518,738
+9,319
| +0.3% | +$304K |
|
6
Diamondback Energy
FANG
$59B
| $107M | 2.94% |
994,110
-1,206
| -0.1% | -$131K |
|
7
Meta Platforms (Facebook)
META
$1.4T
| $104M | 2.86% |
310,444
+10,884
| +4% | +$3.61M |
|
8
ADT
ADT
$5.39B
| $97.9M | 2.68% |
11,639,690
-330,649
| -3% | -$2.82M |
|
9
Alphabet (Google) Class A
GOOGL
$4.22T
| $97.6M | 2.67% |
673,980
-122,680
| -15% | -$17.7M |
|
|
TMHC
10
DELISTED
Taylor Morrison
TMHC
| $97.5M | 2.67% |
2,790,201
+39,649
| +1% | +$1.24M |
|
|
TVTY
11
DELISTED
Tivity Health, Inc. Common Stock
TVTY
| $96.7M | 2.65% |
3,658,303
+41,608
| +1% | +$1.06M |
|
|
12
Norwegian Cruise Line
NCLH
$7.92B
| $96.4M | 2.64% |
4,645,710
+1,049,243
| +29% | +$25.1M |
|
|
13
Mattel
MAT
$4.15B
| $86.6M | 2.37% |
+4,017,205
| New | +$84.3M |
|
14
Herbalife
HLF
$1.33B
| $84.9M | 2.32% |
2,073,976
+400,555
| +24% | +$16.7M |
|
15
Bausch Health
BHC
$2.41B
| $84M | 2.3% |
3,043,128
+47,239
| +2% | +$1.26M |
|
|
SPLK
16
DELISTED
Splunk Inc
SPLK
| $82.1M | 2.25% |
709,766
-45,081
| -6% | -$6.3M |
|
17
General Motors
GM
$77.2B
| $82M | 2.25% |
1,398,715
+77,028
| +6% | +$4.5M |
|
18
Alibaba
BABA
$286B
| $79.9M | 2.19% |
672,788
+40,027
| +6% | +$5.83M |
|
19
Delta Air Lines
DAL
$54.2B
| $78.8M | 2.16% |
2,015,530
+397,202
| +25% | +$15.9M |
|
20
OneMain Financial
OMF
$7.27B
| $78.8M | 2.16% |
1,573,995
-29,677
| -2% | -$1.57M |
|
21
Teva Pharmaceuticals
TEVA
$43.5B
| $77.4M | 2.12% |
9,659,519
-88,610
| -0.9% | -$800K |
|
|
FTCH
22
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
| $77.3M | 2.12% |
2,312,725
+458,824
| +25% | +$16.9M |
|
|
23
Ovintiv
OVV
$18.5B
| $73.9M | 2.02% |
+2,192,797
| New | +$78.3M |
|
|
WW
24
DELISTED
WW International
WW
| $66.5M | 1.82% |
4,121,012
+417,693
| +11% | +$7.5M |
|
25
JPMorgan Chase
JPM
$935B
| $64.2M | 1.76% |
405,209
-46,754
| -10% | -$7.68M |
|
Similar funds
Bill Miller's Q4 2021 Portfolio in Review
As of Q4 2021, Bill Miller held 143 positions worth $3.65B, down 15% from $4.31B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Bill Miller withdrew a net $524M in Q4 2021, closing 14 positions and reducing 35 holdings. Its most notable exit was Matterport, Inc. Class A Common Stock, an estimated $66M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 17% a quarter earlier, followed by Financials and Technology.
Against the trend, Bill Miller opened a new position in Mattel worth $86.6M.
- Bill Miller's largest Q4 2021 buy was Mattel: 4,017,205 shares worth $86.6M.
- Bill Miller added most to Norwegian Cruise Line in Q4 2021, an estimated $25.1M increase.
- Bill Miller's biggest Q4 2021 reduction was Chemours, cutting an estimated $33.1M.
- Bill Miller fully exited Matterport, Inc. Class A Common Stock in Q4 2021, selling an estimated $66M.
- Bill Miller's ten largest holdings make up 41% of its $3.65B portfolio in Q4 2021.
- Bill Miller opened 18 new positions and closed 14 in Q4 2021.
- Bill Miller's portfolio value fell 15% quarter-over-quarter to $3.65B.
Based on Miller Value Partners's 13F filing for Q4 2021, filed 14 Feb 2022.