WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q1 2015

Long-only investorSEC filingsCompare with another fundHoldings as of 2015-03-31, filed 2015-05-15

Miller Value Partners (Bill Miller) disclosed 91 US equity positions worth $2.6bn in its Q1 2015 13F filing. Its largest position is INTREXON CORP at 5.0% of the reported book, followed by AAL and UAL. Versus Q4 2014 it opened 5 new positions, added to 12, reduced 15 and exited 8.

$2.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
91
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.0%
Largest position
The largest single position as a share of the reported equity book.
39.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
37
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 2014: 5 new, 12 added, 15 reduced, 8 exited

50 of 91
INTREXON CORP no ticker–5.0%$134m2.94m+0.1%held
AAL AMERICAN AIRLINES GROUP INCIndustrials4.8%$127m2.40m+0.1%held
UAL UNITED AIRLINES HLDGS INCIndustrials4.3%$113m1.68m−3.3%reduced
DAL DELTA AIR LINES INCIndustrials4.1%$108m2.40m+0.1%held
FIAT CHRYSLER AUTOMOBILES N no ticker–3.7%$98.0m6.01m+0.4%held
NXPI NXP SEMICONDUCTORS N VTechnology3.6%$96.2m959,025−12%reduced
LEN LENNAR CORPConsumer Cyclical3.6%$94.8m1.83m−0.3%held
PLATFORM SPECIALTY PRODS COR no ticker–3.5%$92.5m3.60m+0.1%held
PHM PULTE GROUP INCConsumer Cyclical3.4%$90.8m4.09m−0.4%held
MTG MGIC INVT CORP WISFinancial Services3.2%$84.4m8.76m+0.1%held
GNW GENWORTH FINL INCFinancial Services2.9%$75.7m10.35m−0.2%held
EIGIEUR ENDURANCE INTL GROUP HLDGS I–2.7%$72.1m3.78m+62%added
PANDORA MEDIA INC no ticker–2.7%$72.0m4.44m+84%added
BAC BANK OF AMER CORPFinancial Services2.4%$62.8m4.08m+0.1%held
NFLX NETFLIX INC.Communication Services2.4%$62.4m149,815+0.1%held
GME GAMESTOP CORPConsumer Cyclical2.3%$60.3m1.59m−0.4%held
AAPL APPLE INCTechnology2.2%$59.5m478,230−0.3%held
QCOM QUALCOMM INCTechnology2.2%$59.2m854,440−18%reduced
ZULILY INC no ticker–2.1%$56.2m4.32m+325%added
C CITIGROUP INCFinancial Services2.1%$55.7m1.08m+0.3%held
JPMORGAN CHASE & CO no ticker–2.1%$55.2m2.51m0.0%held
CIGNA CORPORATION no ticker–2.1%$54.3m419,775−12%reduced
STX SEAGATE TECHNOLOGY PLCTechnology2.0%$54.0m1.04m0.0%held
GILD GILEAD SCIENCES INCHealthcare2.0%$52.9m539,100−22%reduced
BYD BOYD GAMING CORPConsumer Cyclical2.0%$52.6m3.71m−3.3%reduced
AMZN AMAZON COM INCConsumer Cyclical1.8%$47.8m128,325−0.5%held
KBH KB HOMEConsumer Cyclical1.7%$44.2m2.83m+4.2%added
PRICELINE GRP INC no ticker–1.6%$41.9m35,980−21%reduced
EBAY EBAY INC.Consumer Cyclical1.6%$41.5m719,750−14%reduced
GM General Motors CorpConsumer Cyclical1.6%$41.4m1.10m+0.4%held
TMHC* TAYLOR MORRISON HOME CORP–1.5%$39.5m1.90m0.0%held
GRPN GROUPON INCCommunication Services1.5%$38.7m5.37m0.0%held
NATIONSTAR MTG HLDGS INC no ticker–1.5%$38.6m1.56m+8.2%added
COUPONS COM INC no ticker–1.4%$37.0m3.15m+30%added
TCRT ALAUNOS THERAPEUTICS INCHealthcare1.2%$32.3m3.00m–new
SPRINGLEAF HLDGS INC no ticker–1.2%$30.9m597,075−5.6%reduced
ETRA E TRADE FINANCIAL CORPHealthcare1.2%$30.7m1.07m−43%reduced
RDN RADIAN GROUP INCFinancial Services1.1%$28.4m1.69m0.0%held
PENNYMAC FINL SVCS INC no ticker–1.0%$26.4m1.56m0.0%held
BABA ALIBABA GROUP HLDG LTDConsumer Cyclical0.8%$22.4m269,400−47%reduced
JD JD.COM INCConsumer Cyclical0.8%$22.1m751,025–new
CHKEUR CHESAPEAKE ENERGY CORP–0.8%$22.0m1.56m−18%reduced
BBY BEST BUY INCConsumer Cyclical0.7%$18.1m479,425−60%reduced
LEVEL 3 COMMUNICATIONS INC no ticker–0.4%$9.7m180,700−75%reduced
TWTRUSD TWITTER INC–0.3%$9.0m180,250–new
NEWMEUR NEW MEDIA INVT GROUP INC–0.3%$6.8m283,2000.0%held
AMERICAN RLTY CAP PPTYS INC no ticker–0.2%$4.8m485,000+37%added
TRIANGLE CAP CORP no ticker–0.1%$3.9m171,2130.0%held
ALTISOURCE RESIDENTIAL CORP no ticker–0.1%$3.8m180,000+134%added
NORTHSTAR RLTY FIN CORP no ticker–0.1%$3.6m196,900+25%added

Exited since Q4 2014

8 rows
HOME LN SERVICING SOLUTIONS no ticker0.1%$3.3m
ARCC ARES CAPITAL CORP0.05%$1.3m
PM PHILIP MORRIS INTL INC0.04%$1.0m
MCD MCDONALDS CORP0.04%$1.0m
OXFORD LANE CAP CORP no ticker0.04%$972k
SAN BANCO SANTANDER SA0.03%$875k
HFCUSD HOLLYFRONTIER CORP0.02%$593k
NORTHSTAR ASSET MGMT GROUP I no ticker0.02%$395k

Sector mix

  • Unclassified36.2%
  • Consumer Cyclical20.2%
  • Industrials13.2%
  • Financial Services11.6%
  • Technology10.2%
  • Healthcare4.4%
  • Communication Services3.8%
  • Real Estate0.4%

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