WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q2 2014

Long-only investorSEC filingsCompare with another fundHoldings as of 2014-06-30, filed 2014-08-14

Miller Value Partners (Bill Miller) disclosed 113 US equity positions worth $2.5bn in its Q2 2014 13F filing. Its largest position is AAL at 3.8% of the reported book, followed by DAL and GNW. Versus Q1 2014 it opened 13 new positions, added to 52, reduced 47 and exited 10.

$2.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
113
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
3.8%
Largest position
The largest single position as a share of the reported equity book.
31.3%
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 Q1 2014: 13 new, 52 added, 47 reduced, 10 exited

50 of 113
AAL AMERICAN AIRLINES GROUP INCIndustrials3.8%$95.4m2.22m−11%reduced
DAL DELTA AIR LINES INCIndustrials3.8%$95.0m2.45m−9.7%reduced
GNW GENWORTH FINL INCFinancial Services3.8%$93.5m5.37m−6.9%reduced
QCOM QUALCOMM INCTechnology3.2%$80.0m1.01m−4.9%reduced
MTG MGIC INVT CORP WISFinancial Services3.2%$78.7m8.52m−3.9%reduced
INTREXON CORP no ticker–2.8%$70.4m2.80m+70%added
NORTHSTAR RLTY FIN CORP no ticker–2.8%$69.7m4.01m−25%reduced
UAL UNITED AIRLINES HLDGS INCIndustrials2.8%$69.4m1.69m−1.2%reduced
NFLX NETFLIX INC.Communication Services2.6%$64.0m145,305−1.3%reduced
PHM PULTE GROUP INCConsumer Cyclical2.6%$63.6m3.15m−1.6%reduced
GME GAMESTOP CORPConsumer Cyclical2.5%$62.7m1.55m+28%added
BAC BANK OF AMER CORPFinancial Services2.4%$60.9m3.96m−1.0%reduced
PANDORA MEDIA INC no ticker–2.3%$58.4m1.98m−1.4%reduced
STX SEAGATE TECHNOLOGY PLCTechnology2.3%$57.3m1.01m−6.3%reduced
CHKEUR CHESAPEAKE ENERGY CORP–2.3%$57.0m1.83m−1.6%reduced
GILD GILEAD SCIENCES INCHealthcare2.2%$55.6m670,075–new
NEWCASTLE INVT CORP no ticker–2.1%$52.9m11.05m−3.7%reduced
EBAY EBAY INC.Consumer Cyclical2.1%$52.5m1.05m−1.4%reduced
AAPL APPLE INCTechnology2.1%$51.3m552,190+597%added
HIG HARTFORD INSURANCE GROUP INCFinancial Services2.0%$50.1m1.40m−5.1%reduced
AGO ASSURED GUARANTY LTDFinancial Services2.0%$49.8m2.03m−1.5%reduced
C CITIGROUP INCFinancial Services2.0%$49.4m1.05m−1.1%reduced
JPMORGAN CHASE & CO no ticker–1.9%$47.1m2.44m−1.1%reduced
BYD BOYD GAMING CORPConsumer Cyclical1.8%$45.2m3.72m−1.5%reduced
LEN LENNAR CORPConsumer Cyclical1.8%$45.0m1.07m−1.4%reduced
CIGNA CORPORATION no ticker–1.7%$42.8m465,500−1.2%reduced
NATIONSTAR MTG HLDGS INC no ticker–1.7%$41.2m1.14m+13%added
ELLINGTON FINANCIAL LLC no ticker–1.6%$40.7m1.69m+0.4%held
NXPI NXP SEMICONDUCTORS N VTechnology1.6%$39.5m596,650+14%added
TMHC* TAYLOR MORRISON HOME CORP–1.6%$39.0m1.74m−1.4%reduced
GM General Motors CorpConsumer Cyclical1.6%$39.0m1.07m−3.4%reduced
ETRA E TRADE FINANCIAL CORPHealthcare1.6%$38.9m1.83m−9.8%reduced
AMZN AMAZON COM INCConsumer Cyclical1.5%$37.8m116,340−1.5%reduced
KBH KB HOMEConsumer Cyclical1.5%$37.1m1.99m−1.6%reduced
BBY BEST BUY INCConsumer Cyclical1.4%$36.0m1.16m−1.4%reduced
GRPN GROUPON INCCommunication Services1.4%$34.5m5.21m−1.4%reduced
LEVEL 3 COMMUNICATIONS INC no ticker–1.4%$34.2m779,625−4.8%reduced
MSFT MICROSOFT CORPTechnology1.2%$30.3m726,875−1.3%reduced
OLED UNIVERSAL DISPLAY CORPTechnology1.1%$26.5m825,075−1.4%reduced
APOLLO ED GROUP INC no ticker–1.1%$26.4m843,375−1.4%reduced
F FORD MTR COConsumer Cyclical1.0%$26.1m1.52m−12%reduced
OCI PARTNERS LP no ticker–1.0%$24.8m1.17m+1.4%added
RDN RADIAN GROUP INCFinancial Services1.0%$24.3m1.64m−1.6%reduced
IACIEUR IAC INTERACTIVECORP–1.0%$24.1m348,075−1.8%reduced
SUPERVALU INC no ticker–1.0%$23.9m2.91m−1.5%reduced
PENNYMAC FINL SVCS INC no ticker–0.9%$23.0m1.51m−1.7%reduced
TER TERADYNE INCTechnology0.9%$22.7m1.16m−1.7%reduced
ZULILY INC no ticker–0.9%$22.3m543,600−1.5%reduced
MS MORGAN STANLEYFinancial Services0.8%$20.7m640,275−9.5%reduced
SPRINGLEAF HLDGS INC no ticker–0.6%$16.0m615,400−2.1%reduced

Exited since Q1 2014

10 rows
QUESTCOR PHARMACEUTICALS INC no ticker1.8%$43.9m
ESNT ESSENT GROUP LTD0.4%$10.2m
NII HLDGS INC no ticker0.4%$9.3m
DENDREON CORP no ticker0.3%$7.3m
DOLLAR FINL CORP no ticker0.03%$655k
ARMOUR RESIDENTIAL REIT INC no ticker0.01%$309k
WMCUSD WESTERN ASSET MTG CAP CORP0.01%$241k
STARWOOD WAYPOINT RESIDENTL no ticker0.0%$116k
TOWER GROUP INC no ticker0.0%$115k
ARI APOLLO COML REAL ESTATE FIN0.0%$110k

Sector mix

  • Unclassified32.8%
  • Consumer Cyclical18.0%
  • Financial Services17.3%
  • Technology13.3%
  • Industrials10.6%
  • Communication Services4.0%
  • Healthcare3.8%
  • Real Estate0.2%
  • Consumer Defensive0.09%

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