WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q4 2012

Long-only investorSEC filingsCompare with another fundHoldings as of 2012-12-31, filed 2013-02-14

Miller Value Partners (Bill Miller) disclosed 38 US equity positions worth $883.5m in its Q4 2012 13F filing. Its largest position is PHM at 5.7% of the reported book, followed by BAC and GNW. Versus Q3 2012 it opened 6 new positions, added to 16, reduced 15 and exited 7.

$884m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
38
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.7%
Largest position
The largest single position as a share of the reported equity book.
43.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
30
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
75
Quarters on file since Q4 2007
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2012: 6 new, 16 added, 15 reduced, 7 exited

38 rows
PHM PULTE GROUP INCConsumer Cyclical5.7%$50.3m2.77m−18%reduced
BAC BANK OF AMER CORPFinancial Services5.3%$47.1m4.06m+16%added
GNW GENWORTH FINL INCFinancial Services4.9%$43.3m5.76m+35%added
UAL UNITED AIRLINES HLDGS INCIndustrials4.5%$39.9m1.71m−5.1%reduced
U S AIRWAYS GROUP INC no ticker–4.1%$36.0m2.66m−3.1%reduced
DAL DELTA AIR LINES INCIndustrials4.0%$35.4m2.98m+8.5%added
AAPL APPLE INCTechnology3.9%$34.1m63,955−6.9%reduced
HIG HARTFORD INSURANCE GROUP INCFinancial Services3.8%$33.5m1.49m+0.8%added
GRPN GROUPON INCCommunication Services3.7%$32.8m6.72m+16%added
LEN LENNAR CORPConsumer Cyclical3.5%$30.9m799,100−28%reduced
AGO ASSURED GUARANTY LTDFinancial Services3.4%$30.3m2.13m+0.8%added
NFLX NETFLIX INC.Communication Services3.4%$29.7m319,800–new
ARCC ARES CAPITAL CORPFinancial Services3.3%$29.5m1.68m−11%reduced
STX SEAGATE TECHNOLOGY PLCTechnology3.3%$29.2m959,450+0.8%added
JPMORGAN CHASE & CO *W EXP 10/28/201 no ticker–3.0%$26.4m2.23m+0.9%added
KBH KB HOMEConsumer Cyclical2.9%$26.0m1.64m−44%reduced
CIGNA CORPORATION no ticker–2.6%$22.8m426,500+0.9%added
MTG MGIC INVT CORP WISFinancial Services2.5%$22.4m8.43m+0.9%added
PANDORA MEDIA INC no ticker–2.5%$22.0m2.40m–new
SPRINT NEXTEL CORP no ticker–2.5%$21.8m3.84m−27%reduced
CHKEUR CHESAPEAKE ENERGY CORP–2.4%$21.3m1.28m−6.9%reduced
BYD BOYD GAMING CORPConsumer Cyclical2.4%$21.2m3.20m+0.9%added
F FORD MTR COConsumer Cyclical2.3%$20.2m1.56m–new
NII HLDGS INC no ticker–2.1%$18.2m2.56m+706%added
TER TERADYNE INCTechnology2.0%$18.0m1.07m−7.5%reduced
LEVEL 3 COMMUNICATIONS INC no ticker–1.9%$17.1m741,700+1.0%added
GM General Motors CorpConsumer Cyclical1.9%$16.7m578,916–new
QUESTCOR PHARMACEUTICALS INC no ticker–1.8%$15.7m586,600+270%added
MS MORGAN STANLEYFinancial Services1.4%$12.2m640,250+0.9%added
BBY BEST BUY INCConsumer Cyclical1.4%$12.0m1.01m–new
APOLLO INVT CORP no ticker–1.3%$11.7m1.40m−12%reduced
IVREUR INVESCO MORTGAGE CAPITAL INC–1.3%$11.6m586,600−17%reduced
AMERICAN CAPITAL AGENCY CORP no ticker–1.3%$11.3m388,825−3.2%reduced
NXPI NXP SEMICONDUCTORS N VTechnology1.1%$9.6m364,400+18%added
AMERICAN CAP MTG INVT CORP no ticker–0.9%$7.6m320,500−19%reduced
HATTERAS FINL CORP no ticker–0.9%$7.5m303,000−4.5%reduced
HOUSEUR ANYWHERE REAL ESTATE INC–0.8%$6.8m161,950–new
BG MEDICINE INC no ticker–0.2%$1.6m684,2360.0%held

Exited since Q3 2012

7 rows
SYNOVUS FINL CORP no ticker4.1%$32.6m
GENERAL MTRS CO JR no ticker2.4%$19.4m
HEWLETT PACKARD CO no ticker0.9%$7.0m
INTC INTEL CORP0.6%$4.8m
HCA HCA HEALTHCARE INC0.6%$4.7m
AIG American International Group0.4%$3.5m
TEVA TEVA PHARMACEUTICAL INDS LTD0.4%$3.0m

Sector mix

  • Unclassified29.3%
  • Financial Services24.7%
  • Consumer Cyclical20.1%
  • Technology10.3%
  • Industrials8.5%
  • Communication Services7.1%

Book over time

Every quarter on file (75)
QuarterPositionsEquity book
Q2 202656$423m
Q1 202655$383m
Q4 202534$284m
Q3 202536$272m
Q2 202533$236m
Q1 202534$219m
Q4 202433$234m
Q3 202430$177m
Q2 202429$157m
Q1 202430$156m
Q4 202342$168m
Q3 202346$159m
Q2 202346$152m
Q1 202390$1.6bn
Q4 202279$1.5bn
Q3 202287$1.6bn
Q2 202283$1.8bn
Q1 202289$2.6bn
Q4 202194$2.8bn
Q3 202196$2.9bn
Q2 2021100$3.8bn
Q1 202194$3.5bn
Q4 202085$3.0bn
Q3 202084$2.5bn
Q2 202078$2.3bn
Q1 202073$1.6bn
Q4 201990$2.8bn
Q3 201996$2.5bn
Q2 201995$2.5bn
Q1 2019100$2.5bn
Q4 2018100$2.2bn
Q3 2018108$3.1bn
Q2 2018109$2.7bn
Q1 2018107$2.3bn
Q4 2017107$2.3bn
Q3 2017106$2.2bn
Q2 2017110$2.2bn
Q1 201766$1.9bn
Q4 201657$1.9bn
Q3 201661$1.8bn
Q2 201662$1.5bn
Q1 201667$2.0bn
Q4 201580$2.6bn
Q3 201580$2.3bn
Q2 201588$2.6bn
Q1 201591$2.6bn
Q4 201494$2.6bn
Q3 2014113$2.4bn
Q2 2014113$2.5bn
Q1 2014110$2.5bn
Q4 2013104$2.2bn
Q3 201397$1.6bn
Q2 201398$1.4bn
Q1 201341$1.1bn
Q4 201238$884m
Q3 201239$796m
Q2 201238$898m
Q1 201239$994m
Q4 201143$828m
Q3 201138$773m
Q3 201139$1.3bn
Q2 201140$1.6bn
Q1 201138$1.7bn
Q4 201039$1.7bn
Q3 201034$1.5bn
Q1 201035$1.9bn
Q1 201034$1.7bn
Q3 200933$1.6bn
Q2 200929$1.2bn
Q1 200929$726m
Q4 200829$947m
Q3 200832$2.1bn
Q2 200836$2.7bn
Q1 200842$3.8bn
Q4 200747$4.9bn

Where Miller Value Partners (Bill Miller) was early

67 rows
AGO ASSURED GUARANTY LTDQ3 20081 of 1004.7%7.0%23Exited by Q4 2014+36%
BYD BOYD GAMING CORPQ3 20082 of 1410.9%3.6%28Exited by Q1 2016+112%
GNW GENWORTH FINL INCQ3 20083 of 1301.8%5.4%48Exited by Q1 2021−56%
PRU PRUDENTIAL FINL INCQ4 20082 of 1203.1%3.1%6Exited by Q4 2010+79%
HIG HARTFORD FINL SVCS GROUP INCQ4 20083 of 1243.0%6.3%22Exited by Q4 2014+127%
SLM SLM CORPQ4 20083 of 1222.9%3.3%7Exited by Q1 2011+41%
MS MORGAN STANLEYQ4 20084 of 1782.0%3.8%11Exited by Q3 2014+102%
MGM MGM RESORTS INTERNATIONALQ4 20085 of 2122.6%2.6%10Exited by Q4 2011−32%
AFL AFLAC INCQ2 20091 of 1193.2%3.2%5Exited by Q1 2011+82%
BAC BK OF AMERICA CORPQ2 200914 of 2327.3%7.3%47Exited by Q4 2022+129%
ARCC ARES CAP CORPQ3 20092 of 980.6%4.7%20Exited by Q1 2015+42%
MTG MGIC INVT CORP WISQ1 20106 of 1292.2%4.6%33Exited by Q3 2018−2.3%
STX SEAGATE TECHNOLOGY PLCQ4 20102 of 2040.4%3.7%27Exited by Q3 2017+158%
TER TERADYNE INCQ4 20102 of 1920.3%2.3%15Exited by Q3 2014+40%
MU MICRON TECHNOLOGY INCQ4 20103 of 3202.1%3.1%11Exited by Q1 2020+571%
UAL UNITED AIRLS HLDGS INCQ1 20111 of 1895.6%6.9%42Exited by Q2 2023+92%
GM GENERAL MTRS COQ1 20112 of 1691.0%2.9%27Exited by Q2 2023+18%
BSX BOSTON SCIENTIFIC CORPQ1 20114 of 1931.5%1.9%5Exited by Q3 2012−21%
INTC INTEL CORPQ3 201110 of 2804.5%4.5%5Exited by Q4 2012+6.2%
NXPI NXP SEMICONDUCTORS N VQ4 20113 of 2281.3%4.7%29Exited by Q4 2020+712%
HCA HCA HOLDINGS INCQ4 20115 of 2040.8%1.3%4Exited by Q4 2012+51%
AAPL APPLE INCQ1 201225 of 2755.6%5.8%25Exited by Q2 2018+96%
GRPN GROUPON INCQ2 20123 of 1283.4%4.1%16Exited by Q2 2016−62%
F FORD MTR CO DELQ4 20125 of 1812.3%2.3%8Exited by Q4 2014+14%
BBY BEST BUY INCQ4 20128 of 1331.4%2.7%11Exited by Q3 2015+175%
QUAD QUAD / GRAPHICS INCQ2 20131 of 580.04%7.5%39Held at last filing, Q2 2026−65%
OLED UNIVERSAL DISPLAY CORPQ2 20132 of 1421.5%1.6%6Exited by Q4 2014+16%
TMHC* TAYLOR MORRISON HOME CORPQ2 20132 of 1370.5%4.2%29Exited by Q2 2023+135%
ETRA E TRADE FINANCIAL CORPQ2 20133 of 941.7%2.0%11Exited by Q1 2016+134%
C CITIGROUP INCQ2 20134 of 2152.8%3.2%40Exited by Q2 2023−2.3%
PBI PITNEY BOWES INCQ2 20138 of 1060.06%1.5%32Exited by Q1 2025−51%
MSFT MICROSOFT CORPQ2 201310 of 3741.1%1.5%6Exited by Q4 2014+34%
AMZN AMAZON COM INCQ2 201312 of 3782.1%7.0%40Exited by Q2 2023+644%
AAL AMERICAN AIRLS GROUP INCQ4 201312 of 2382.9%5.0%25Exited by Q1 2020+14%
GME GAMESTOP CORP NEWQ1 20145 of 1242.0%2.8%28Exited by Q1 2021−54%
QCOM QUALCOMM INCQ1 201422 of 2463.4%3.4%14Exited by Q1 2020+12%
GILD GILEAD SCIENCES INCQ2 201416 of 1812.2%3.1%14Exited by Q4 2017−2.3%
BABA ALIBABA GROUP HLDG LTDQ3 201436 of 3770.09%5.2%32Exited by Q2 2023+15%
TCRT ZIOPHARM ONCOLOGY INCQ1 20151 of 631.2%2.2%26Exited by Q3 2021−75%
T86 TRI POINTE GROUP INCQ2 20156 of 1220.7%1.5%7Exited by Q1 2017−25%
OMF ONEMAIN HLDGS INCQ4 20152 of 1361.3%5.2%43Held at last filing, Q2 2026+47%
GEO GEO GROUP INC NEWQ3 20168 of 1280.1%2.5%19Exited by Q2 2024−11%
RH RHQ1 20171 of 2046.3%6.9%15Exited by Q4 2020+727%
W WAYFAIR INCQ1 201711 of 2412.8%4.0%6Exited by Q3 2018+193%
UPBD UPBOUND GROUP INCQ2 201710 of 1110.04%1.3%8Held at last filing, Q2 2026+81%
WOO FOOT LOCKER INCQ2 201712 of 1600.1%2.9%10Exited by Q2 2023−28%
CLF CLEVELAND-CLIFFS INC NEWQ3 201713 of 1730.01%2.7%22Exited by Q2 2024+218%
SFIX STITCH FIX INCQ4 20173 of 1221.6%4.2%21Exited by Q2 2023−80%
BHF BRIGHTHOUSE FINL INCQ2 20185 of 1411.3%3.7%15Exited by Q1 2022+29%
BHC BAUSCH HEALTH COS INCQ3 20184 of 1544.1%4.7%17Exited by Q4 2022−73%

Concentration and tenure

5.9%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
44.2%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
5
Median completed holding, quarters