WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q4 2015

Long-only investorSEC filingsCompare with another fundHoldings as of 2015-12-31, filed 2016-02-16

Miller Value Partners (Bill Miller) disclosed 80 US equity positions worth $2.6bn in its Q4 2015 13F filing. Its largest position is DAL at 5.0% of the reported book, followed by AAL and UAL. Versus Q3 2015 it opened 7 new positions, added to 46, reduced 1 and exited 7.

$2.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
80
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.
37.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
38
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 2015: 7 new, 46 added, 1 reduced, 7 exited

50 of 80
DAL DELTA AIR LINES INCIndustrials5.0%$130m2.57m+7.0%added
AAL AMERICAN AIRLINES GROUP INCIndustrials4.2%$110m2.59m+7.6%added
UAL UNITED AIRLINES HLDGS INCIndustrials4.0%$104m1.81m+7.6%added
LEN LENNAR CORPConsumer Cyclical3.9%$101m2.07m+7.6%added
INTREXON CORP no ticker–3.7%$95.5m3.17m+7.6%added
NFLX NETFLIX INC.Communication Services3.6%$93.2m814,425+7.6%added
AMZN AMAZON COM INCConsumer Cyclical3.6%$92.8m137,315+7.3%added
FIAT CHRYSLER AUTOMOBILES N no ticker–3.5%$90.3m6.46m+7.5%added
PHM PULTE GROUP INCConsumer Cyclical3.3%$87.3m4.90m+11%added
NXPI NXP SEMICONDUCTORS N VTechnology3.3%$86.8m1.03m+7.4%added
PLATFORM SPECIALTY PRODS COR no ticker–3.2%$84.5m6.59m+65%added
MTG MGIC INVT CORP WISFinancial Services3.2%$83.3m9.43m+7.6%added
PANDORA MEDIA INC no ticker–3.0%$77.8m5.80m+24%added
BYD BOYD GAMING CORPConsumer Cyclical2.9%$75.5m3.80m+2.5%added
BAC BANK OF AMER CORPFinancial Services2.8%$73.8m4.39m+7.5%added
JPMORGAN CHASE & CO no ticker–2.4%$63.9m2.70m+7.6%added
EIGIEUR ENDURANCE INTL GROUP HLDGS I–2.4%$63.4m5.80m+49%added
C CITIGROUP INCFinancial Services2.3%$60.3m1.16m+7.6%added
GILD GILEAD SCIENCES INCHealthcare2.2%$58.4m577,575+7.1%added
AAPL APPLE INCTechnology2.0%$51.7m491,430+6.7%added
JD JD.COM INCConsumer Cyclical1.9%$50.4m1.56m+45%added
GNW GENWORTH FINL INCFinancial Services1.8%$48.2m12.93m+7.6%added
KBH KB HOMEConsumer Cyclical1.8%$47.9m3.89m+27%added
CIGNA CORPORATION no ticker–1.8%$47.2m322,620+7.9%added
PRICELINE GRP INC no ticker–1.8%$46.9m36,780+2.6%added
GME GAMESTOP CORPConsumer Cyclical1.8%$46.9m1.67m+7.4%added
GM General Motors CorpConsumer Cyclical1.7%$44.0m1.29m+5.6%added
BABA ALIBABA GROUP HLDG LTDConsumer Cyclical1.6%$42.0m516,525+23%added
TMHC* TAYLOR MORRISON HOME CORP–1.6%$41.3m2.58m+21%added
TCRT ALAUNOS THERAPEUTICS INCHealthcare1.5%$39.8m4.79m+21%added
QCOM QUALCOMM INCTechnology1.4%$36.8m736,465+2.5%added
NATIONSTAR MTG HLDGS INC no ticker–1.3%$34.5m2.58m+39%added
OMF ONEMAIN HLDGS INCFinancial Services1.3%$33.6m809,975–new
ETRA E TRADE FINANCIAL CORPHealthcare1.2%$32.2m1.09m+7.6%added
QUOTUSD QUOTIENT TECHNOLOGY INC–1.2%$30.9m4.53m–new
ANGIES LIST INC no ticker–1.2%$30.1m3.22m+4.0%added
T86 TRI POINTE HOMES INC–1.1%$29.4m2.32m+21%added
GRPN GROUPON INCCommunication Services1.1%$28.6m9.31m+8.9%added
STX SEAGATE TECHNOLOGY PLCTechnology1.0%$27.1m739,325+13%added
PENNYMAC FINL SVCS INC no ticker–1.0%$25.9m1.68m+8.1%added
RDN RADIAN GROUP INCFinancial Services0.9%$24.4m1.82m+7.6%added
LIBERTY INTERACTIVE CORP no ticker–0.8%$20.3m744,293–new
TWTRUSD TWITTER INC–0.6%$15.5m671,075+8.1%added
GRBK GREEN BRICK PARTNERS INCConsumer Cyclical0.6%$15.5m2.15m+23%added
SPY SPDR S&P 500 ETF Trust–0.6%$14.8m72,750–new
MTCH MATCH GROUP INCCommunication Services0.3%$8.3m610,500–new
NEWMEUR NEW MEDIA INVT GROUP INC–0.2%$4.4m225,000−25%reduced
ARCPEUR VEREIT INC–0.1%$3.8m485,0000.0%held
TRIANGLE CAP CORP no ticker–0.1%$3.4m176,778+3.3%added
FIFTH STREET FINANCE CORP no ticker–0.1%$3.1m484,540+0.9%added

Exited since Q3 2015

7 rows
ZULILY INC no ticker1.7%$39.3m
COUPONS COM INC no ticker1.5%$35.0m
SPRINGLEAF HLDGS INC no ticker1.4%$32.7m
NORTHSTAR RLTY FIN CORP no ticker0.1%$2.8m
KKR & CO L P DEL no ticker0.09%$2.0m
HCI HCI GROUP INC0.05%$1.3m
ELLINGTON FINANCIAL LLC no ticker0.04%$877k

Sector mix

  • Unclassified33.3%
  • Consumer Cyclical23.1%
  • Industrials13.2%
  • Financial Services12.4%
  • Technology7.7%
  • Healthcare5.0%
  • Communication Services5.0%
  • Real Estate0.3%

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