WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q1 2016

Long-only investorSEC filingsCompare with another fundHoldings as of 2016-03-31, filed 2016-05-16

Miller Value Partners (Bill Miller) disclosed 67 US equity positions worth $2.0bn in its Q1 2016 13F filing. Its largest position is DAL at 5.7% of the reported book, followed by INTREXON CORP and UAL. Versus Q4 2015 it opened 4 new positions, added to 13, reduced 27 and exited 17.

$2.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
67
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.
44.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
31
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 2015: 4 new, 13 added, 27 reduced, 17 exited

50 of 67
DAL DELTA AIR LINES INCIndustrials5.7%$115m2.36m−8.1%reduced
INTREXON CORP no ticker–5.6%$113m3.35m+5.6%added
UAL UNITED AIRLINES HLDGS INCIndustrials4.9%$98.4m1.64m−9.2%reduced
AAL AMERICAN AIRLINES GROUP INCIndustrials4.8%$97.0m2.37m−8.6%reduced
LEN LENNAR CORPConsumer Cyclical4.6%$92.6m1.92m−7.2%reduced
PHM PULTE GROUP INCConsumer Cyclical4.3%$86.1m4.60m−6.0%reduced
NXPI NXP SEMICONDUCTORS N VTechnology3.7%$75.3m929,350−9.8%reduced
OMF ONEMAIN HLDGS INCFinancial Services3.6%$72.3m2.64m+226%added
QUOTUSD QUOTIENT TECHNOLOGY INC–3.5%$71.1m6.71m+48%added
PLATFORM SPECIALTY PRODS COR no ticker–3.4%$68.8m8.00m+21%added
MTG MGIC INVT CORP WISFinancial Services3.4%$68.0m8.86m−6.0%reduced
EIGIEUR ENDURANCE INTL GROUP HLDGS I–3.0%$60.3m5.72m−1.3%reduced
BAC BANK OF AMER CORPFinancial Services2.9%$57.5m4.25m−3.1%reduced
KBH KB HOMEConsumer Cyclical2.7%$54.5m3.82m−1.8%reduced
PANDORA MEDIA INC no ticker–2.7%$54.4m6.08m+4.8%added
FIAT CHRYSLER AUTOMOBILES N no ticker–2.4%$49.2m6.10m−5.5%reduced
GILD GILEAD SCIENCES INCHealthcare2.4%$48.1m523,675−9.3%reduced
GME GAMESTOP CORPConsumer Cyclical2.3%$46.0m1.45m−13%reduced
C CITIGROUP INCFinancial Services2.3%$45.8m1.10m−5.7%reduced
JPMORGAN CHASE & CO no ticker–2.2%$45.2m2.55m−5.4%reduced
AAPL APPLE INCTechnology2.2%$44.3m406,030−17%reduced
GNW GENWORTH FINL INCFinancial Services2.2%$43.5m15.93m+23%added
VALEANT PHARMACEUTICALS INTL no ticker–2.1%$41.6m1.58m–new
CIGNA CORPORATION no ticker–2.1%$41.5m302,520−6.2%reduced
TCRT ALAUNOS THERAPEUTICS INCHealthcare2.0%$40.6m5.47m+14%added
BABA ALIBABA GROUP HLDG LTDConsumer Cyclical1.9%$38.8m490,925−5.0%reduced
JD JD.COM INCConsumer Cyclical1.9%$38.7m1.46m−6.4%reduced
TMHC* TAYLOR MORRISON HOME CORP–1.7%$34.4m2.43m−5.8%reduced
TWTRUSD TWITTER INC–1.7%$33.6m2.03m+203%added
STX SEAGATE TECHNOLOGY PLCTechnology1.5%$29.6m857,975+16%added
GRPN GROUPON INCCommunication Services1.3%$26.4m6.63m−29%reduced
NATIONSTAR MTG HLDGS INC no ticker–1.3%$26.3m2.66m+3.1%added
T86 TRI POINTE HOMES INC–1.3%$26.2m2.22m−4.1%reduced
RDN RADIAN GROUP INCFinancial Services1.1%$21.6m1.74m−4.3%reduced
PENNYMAC FINL SVCS INC no ticker–0.9%$18.8m1.60m−5.2%reduced
GM General Motors CorpConsumer Cyclical0.8%$16.7m532,625−59%reduced
AMZN AMAZON COM INCConsumer Cyclical0.6%$13.0m21,865−84%reduced
ARCPEUR VEREIT INC–0.2%$4.3m485,0000.0%held
NEWMEUR NEW MEDIA INVT GROUP INC–0.2%$3.7m225,0000.0%held
TRIANGLE CAP CORP no ticker–0.2%$3.6m176,7780.0%held
FRONTIER COMMUNICATIONS CORP no ticker–0.1%$2.9m28,0000.0%held
HATTERAS FINL CORP no ticker–0.1%$2.9m200,0000.0%held
NORTHSTAR RLTY FIN CORP no ticker–0.1%$2.8m213,450+88%added
FORTRESS TRANS INFRST INVS L no ticker–0.1%$2.8m280,000+40%added
STWD STARWOOD PPTY TR INCReal Estate0.1%$2.7m145,2000.0%held
CHIMERA INVT CORP no ticker–0.1%$2.4m180,0000.0%held
FORTRESS INVESTMENT GROUP LL no ticker–0.1%$2.4m500,0000.0%held
AMERICAN CAPITAL AGENCY CORP no ticker–0.1%$2.3m125,0000.0%held
APOLLO GLOBAL MGMT LLC no ticker–0.1%$2.3m135,0000.0%held
BGCPEUR BGC PARTNERS INC–0.1%$2.0m226,4000.0%held

Exited since Q4 2015

17 rows
NFLX NETFLIX INC.3.6%$93.2m
BYD BOYD GAMING CORP2.9%$75.5m
PRICELINE GRP INC no ticker1.8%$46.9m
QCOM QUALCOMM INC1.4%$36.8m
ETRA E TRADE FINANCIAL CORP1.2%$32.2m
ANGIES LIST INC no ticker1.2%$30.1m
LIBERTY INTERACTIVE CORP no ticker0.8%$20.3m
GRBK GREEN BRICK PARTNERS INC0.6%$15.5m
SPY SPDR S&P 500 ETF Trust0.6%$14.8m
MTCH MATCH GROUP INC0.3%$8.3m
ABENGOA YIELD PLC no ticker0.1%$3.0m
ALTISOURCE RESIDENTIAL CORP no ticker0.09%$2.2m
STONEMOR PARTNERS L P no ticker0.06%$1.6m
OCH ZIFF CAP MGMT GROUP no ticker0.06%$1.5m
VALIDUS HOLDINGS LTD no ticker0.06%$1.5m
OAK OAKTREE CAP GROUP LLC0.03%$726k
NRE NORTHSTAR REALTY EUROPE CORP0.02%$447k

Sector mix

  • Unclassified36.6%
  • Consumer Cyclical19.2%
  • Industrials15.5%
  • Financial Services15.3%
  • Technology7.4%
  • Healthcare4.4%
  • Communication Services1.3%
  • 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