WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q1 2014

Long-only investorSEC filingsCompare with another fundHoldings as of 2014-03-31, filed 2014-05-15

Miller Value Partners (Bill Miller) disclosed 110 US equity positions worth $2.5bn in its Q1 2014 13F filing. Its largest position is GNW at 4.1% of the reported book, followed by DAL and AAL. Versus Q4 2013 it opened 20 new positions, added to 19, reduced 8 and exited 14.

$2.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
110
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
4.1%
Largest position
The largest single position as a share of the reported equity book.
32.1%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
47
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 Q4 2013: 20 new, 19 added, 8 reduced, 14 exited

50 of 110
GNW GENWORTH FINL INCFinancial Services4.1%$102m5.77m+0.2%held
DAL DELTA AIR LINES INCIndustrials3.8%$94.2m2.72m+0.5%held
AAL AMERICAN AIRLINES GROUP INCIndustrials3.6%$90.8m2.48m+0.5%held
NORTHSTAR RLTY FIN CORP no ticker–3.4%$85.9m5.32m−1.0%reduced
QCOM QUALCOMM INCTechnology3.4%$83.7m1.06m–new
UAL UNITED AIRLINES HLDGS INCIndustrials3.1%$76.3m1.71m+0.2%held
MTG MGIC INVT CORP WISFinancial Services3.0%$75.5m8.86m+0.5%held
BAC BANK OF AMER CORPFinancial Services2.8%$68.9m4.00m+0.1%held
PHM PULTE GROUP INCConsumer Cyclical2.5%$61.5m3.21m+2.9%added
PANDORA MEDIA INC no ticker–2.4%$60.9m2.01m+0.4%held
STX SEAGATE TECHNOLOGY PLCTechnology2.4%$60.4m1.08m+0.1%held
EBAY EBAY INC.Consumer Cyclical2.4%$58.7m1.06m+0.3%held
NEWCASTLE INVT CORP no ticker–2.2%$53.9m11.47m−0.2%held
AGO ASSURED GUARANTY LTDFinancial Services2.1%$52.2m2.06m+0.2%held
HIG HARTFORD INSURANCE GROUP INCFinancial Services2.1%$51.9m1.47m+0.1%held
NFLX NETFLIX INC.Communication Services2.1%$51.8m147,155−17%reduced
C CITIGROUP INCFinancial Services2.0%$50.5m1.06m+16%added
BYD BOYD GAMING CORPConsumer Cyclical2.0%$49.9m3.78m+0.4%held
GME GAMESTOP CORPConsumer Cyclical2.0%$49.8m1.21m–new
JPMORGAN CHASE & CO no ticker–2.0%$49.8m2.46m+0.1%held
CHKEUR CHESAPEAKE ENERGY CORP–1.9%$47.7m1.86m+44%added
ETRA E TRADE FINANCIAL CORPHealthcare1.9%$46.7m2.03m0.0%held
QUESTCOR PHARMACEUTICALS INC no ticker–1.8%$43.9m676,625−0.1%held
INTREXON CORP no ticker–1.7%$43.4m1.65m+41%added
LEN LENNAR CORPConsumer Cyclical1.7%$43.1m1.09m+0.4%held
AAPL APPLE INCTechnology1.7%$42.5m79,260+1.2%added
TMHC* TAYLOR MORRISON HOME CORP–1.7%$41.5m1.77m+51%added
GRPN GROUPON INCCommunication Services1.7%$41.4m5.28m+0.7%added
ELLINGTON FINANCIAL LLC no ticker–1.6%$40.2m1.69m+6.9%added
AMZN AMAZON COM INCConsumer Cyclical1.6%$39.7m118,165+0.4%held
CIGNA CORPORATION no ticker–1.6%$39.5m471,200+0.1%held
GM General Motors CorpConsumer Cyclical1.5%$38.3m1.11m+47%added
KBH KB HOMEConsumer Cyclical1.4%$34.3m2.02m+3.9%added
NATIONSTAR MTG HLDGS INC no ticker–1.3%$32.6m1.00m–new
LEVEL 3 COMMUNICATIONS INC no ticker–1.3%$32.1m819,050−0.1%held
BBY BEST BUY INCConsumer Cyclical1.2%$31.1m1.18m+0.1%held
NXPI NXP SEMICONDUCTORS N VTechnology1.2%$30.7m521,750−0.5%held
MSFT MICROSOFT CORPTechnology1.2%$30.2m736,4750.0%held
ARCC ARES CAPITAL CORPFinancial Services1.2%$30.2m1.71m+7.4%added
APOLLO ED GROUP INC no ticker–1.2%$29.3m855,0750.0%held
ZULILY INC no ticker–1.1%$27.7m551,600−0.2%held
F FORD MTR COConsumer Cyclical1.1%$26.8m1.72m−0.2%held
OLED UNIVERSAL DISPLAY CORPTechnology1.1%$26.7m836,6750.0%held
PENNYMAC FINL SVCS INC no ticker–1.0%$25.6m1.54m+63%added
IACIEUR IAC INTERACTIVECORP–1.0%$25.3m354,475+0.1%held
RDN RADIAN GROUP INCFinancial Services1.0%$25.1m1.67m+0.2%held
OCI PARTNERS LP no ticker–1.0%$24.7m1.15m+1.0%added
TER TERADYNE INCTechnology0.9%$23.5m1.18m−0.3%held
MS MORGAN STANLEYFinancial Services0.9%$22.0m707,225−0.1%held
SUPERVALU INC no ticker–0.8%$20.2m2.95m–new

Exited since Q4 2013

14 rows
SPRINT CORPORATION no ticker0.4%$9.0m
IVREUR INVESCO MORTGAGE CAPITAL INC0.4%$7.9m
EAT BRINKER INTL INC0.04%$881k
DR PEPPER SNAPPLE GROUP INC no ticker0.04%$780k
THL CR INC no ticker0.03%$660k
PDLIEUR PDL BIOPHARMA INC0.03%$645k
MCD MCDONALDS CORP0.03%$554k
BLK BLACKROCK INC0.02%$475k
GBDC GOLUB CAP BDC INC0.02%$457k
ROYAL BK SCOTLAND GROUP PLC no ticker0.02%$365k
MCG CAPITAL CORP no ticker0.01%$165k
CHESAPEAKE GRANITE WASH TR no ticker0.01%$159k
EASTMAN KODAK CO no ticker0.0%$16.0k
EASTMAN KODAK CO no ticker0.0%$15.0k

Sector mix

  • Unclassified34.3%
  • Financial Services19.6%
  • Consumer Cyclical17.4%
  • Technology12.4%
  • Industrials10.6%
  • Communication Services3.8%
  • Healthcare1.9%
  • Real Estate0.09%
  • Consumer Defensive0.04%

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