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 |
Bread Financial
BFH
|
+$2.65M |
| 2 |
MPT
Medical Properties Trust
MPT
|
+$1.79M |
| 3 |
Nabors Industries
NBR
|
+$1.64M |
| 4 |
Centene
CNC
|
+$1.59M |
| 5 |
WIRE
Encore Wire Corp
WIRE
|
+$819K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BRC Group Holdings
RILY
|
+$4.73M |
| 2 |
Organon & Co
OGN
|
+$4.72M |
| 3 |
CHS
Chicos FAS, Inc.
CHS
|
+$3.4M |
| 4 |
H&R Block
HRB
|
+$3.21M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$2.52M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 23.66% |
| 2 | Consumer Discretionary | 21.07% |
| 3 | Industrials | 13.72% |
| 4 | Communication Services | 11.36% |
| 5 | Real Estate | 7.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Stellantis
STLA
$20.4B
| $11.6M | 6.87% |
496,000
| – | – |
|
2
Western Alliance Bancorporation
WAL
$8.69B
| $11.5M | 6.82% |
174,640
-8,469
| -5% | -$427K |
|
3
ProShares UltraPro S&P 500
UPRO
$5.53B
| $10.2M | 6.08% |
186,950
| – | – |
|
4
Jackson Financial
JXN
$8.8B
| $10.2M | 6.07% |
199,755
-20,820
| -9% | -$916K |
|
|
5
Bread Financial
BFH
$4.07B
| $10.1M | 6.02% |
307,865
+88,590
| +40% | +$2.65M |
|
6
AT&T
T
$173B
| $9.26M | 5.5% |
552,000
+37,000
| +7% | +$584K |
|
7
Quad
QUAD
$532M
| $8.68M | 5.15% |
1,600,750
-3,225
| -0.2% | -$15.7K |
|
8
OneMain Financial
OMF
$7.27B
| $7.97M | 4.73% |
162,000
| – | – |
|
9
Buckle
BKE
$2.26B
| $7.84M | 4.66% |
165,000
-24,700
| -13% | -$935K |
|
10
Viatris
VTRS
$18.7B
| $7.71M | 4.58% |
711,500
| – | – |
|
|
CTO
11
CTO Realty Growth
CTO
$817M
| $7.43M | 4.41% |
428,900
| – | – |
|
|
TDAY
12
USA Today Co
TDAY
$950M
| $5.74M | 3.41% |
2,494,025
-33,350
| -1% | -$74.3K |
|
|
13
Nabors Industries
NBR
$1.37B
| $5.36M | 3.18% |
65,611
+16,960
| +35% | +$1.64M |
|
|
WIRE
14
DELISTED
Encore Wire Corp
WIRE
| $5.19M | 3.08% |
24,300
+4,300
| +22% | +$819K |
|
|
MPT
15
Medical Properties Trust
MPT
$2.46B
| $4.87M | 2.89% |
991,000
+365,000
| +58% | +$1.79M |
|
16
The GEO Group
GEO
$4.31B
| $4.15M | 2.46% |
383,000
| – | – |
|
17
Gray Television
GTN
$509M
| $3.62M | 2.15% |
404,048
+70,260
| +21% | +$523K |
|
18
Alliance Resource Partners
ARLP
$3.38B
| $3.16M | 1.87% |
149,000
| – | – |
|
|
19
H&R Block
HRB
$6.62B
| $3.05M | 1.81% |
63,000
-72,000
| -53% | -$3.21M |
|
20
Medifast
MED
$134M
| $2.83M | 1.68% |
42,100
| – | – |
|
21
Conduent
CNDT
$250M
| $2.64M | 1.57% |
724,600
+89,125
| +14% | +$282K |
|
22
Builders FirstSource
BLDR
$7.55B
| $2.17M | 1.29% |
13,000
| – | – |
|
|
TPC
23
Tutor Perini Cor
TPC
$4.8B
| $2.08M | 1.24% |
228,715
-1,370
| -0.6% | -$10.9K |
|
24
Crocs
CROX
$5.85B
| $1.91M | 1.14% |
20,500
+4,000
| +24% | +$369K |
|
|
DCH
25
Dauch Corp
DCH
$1.63B
| $1.84M | 1.09% |
208,565
-110,615
| -35% | -$818K |
|
Similar funds
Bill Miller's Q4 2023 Portfolio in Review
As of Q4 2023, Bill Miller held 48 positions worth $168M, up 5.8% from $159M the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Bill Miller withdrew a net $15.1M in Q4 2023, closing 6 positions and reducing 11 holdings. Its most notable exit was BRC Group Holdings, an estimated $4.73M position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Bill Miller opened a new position in Centene worth $1.63M.
- Bill Miller's largest Q4 2023 buy was Centene: 22,000 shares worth $1.63M.
- Bill Miller added most to Bread Financial in Q4 2023, an estimated $2.65M increase.
- Bill Miller's biggest Q4 2023 reduction was H&R Block, cutting an estimated $3.21M.
- Bill Miller fully exited BRC Group Holdings in Q4 2023, selling an estimated $4.73M.
- Bill Miller's ten largest holdings make up 56% of its $168M portfolio in Q4 2023.
- Bill Miller opened 2 new positions and closed 6 in Q4 2023.
- Bill Miller's portfolio value rose 5.8% quarter-over-quarter to $168M.
Based on Miller Value Partners's 13F filing for Q4 2023, filed 14 Feb 2024.