WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q1 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-03-31, filed 2018-05-15

Miller Value Partners (Bill Miller) disclosed 107 US equity positions worth $2.3bn in its Q1 2018 13F filing. Its largest position is AMZN at 7.0% of the reported book, followed by RH and OMF. Versus Q4 2017 it opened 7 new positions, added to 33, reduced 35 and exited 7.

$2.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
107
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.0%
Largest position
The largest single position as a share of the reported equity book.
41.1%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
34
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 2017: 7 new, 33 added, 35 reduced, 7 exited

50 of 107
AMZN AMAZON COM INCConsumer Cyclical7.0%$164m113,528−3.9%reduced
RH RHConsumer Cyclical5.4%$125m1.31m−2.2%reduced
OMF ONEMAIN HLDGS INCFinancial Services4.6%$108m3.61m−2.1%reduced
VALEANT PHARMACEUTICALS INTL no ticker–3.7%$86.2m5.41m−20%reduced
DAL DELTA AIR LINES INCIndustrials3.7%$85.6m1.56m−5.8%reduced
JPMORGAN CHASE & CO no ticker–3.6%$84.9m1.22m−1.9%reduced
LEN LENNAR CORPConsumer Cyclical3.5%$81.7m1.39m−1.7%reduced
AAL AMERICAN AIRLINES GROUP INCIndustrials3.4%$79.9m1.54m−5.9%reduced
INTREXON CORP no ticker–3.2%$73.7m4.81m+4.9%added
UAL UNITED AIRLINES HLDGS INCIndustrials3.0%$70.2m1.01m−3.1%reduced
QUOTUSD QUOTIENT TECHNOLOGY INC–3.0%$69.1m5.28m−4.4%reduced
BAC BANK OF AMER CORPFinancial Services2.9%$66.6m2.22m−5.6%reduced
PHM PULTE GROUP INCConsumer Cyclical2.7%$63.1m2.14m−3.1%reduced
WOO FOOT LOCKER INC–2.7%$62.9m1.38m−2.4%reduced
PLATFORM SPECIALTY PRODS COR no ticker–2.7%$62.0m6.43m−8.0%reduced
FLEXION THERAPEUTICS INC no ticker–2.6%$59.8m2.67m−0.5%reduced
CTLEUR CENTURYLINK INC–2.5%$58.6m3.57m+28%added
ENDO INTL PLC no ticker–2.5%$57.9m9.75m+23%added
GNW GENWORTH FINL INCFinancial Services2.4%$55.0m19.42m+3.1%added
EIGIEUR ENDURANCE INTL GROUP HLDGS I–2.0%$47.1m6.36m−2.4%reduced
ALXN ALEXION PHARMACEUTICALS INC–2.0%$46.9m421,065−3.6%reduced
ALLERGAN PLC no ticker–2.0%$45.7m271,810+71%added
DISCAUSD DISCOVERY INC–1.9%$44.6m2.08m+22%added
META META PLATFORMS INCCommunication Services1.9%$44.3m277,270+24%added
C CITIGROUP INCFinancial Services1.9%$44.1m653,531−8.0%reduced
W WAYFAIR INCConsumer Cyclical1.9%$43.9m650,700−17%reduced
MTG MGIC INVT CORP WISFinancial Services1.6%$37.8m2.91m−28%reduced
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare1.6%$37.5m2.19m+325%added
CELG CELGENE CORP–1.6%$36.9m414,055+18721%added
PANDORA MEDIA INC no ticker–1.4%$33.4m6.64m+25%added
MALLINCKRODT PUB LTD CO no ticker–1.3%$30.7m2.12m+31%added
SFIX STITCH FIX INCConsumer Cyclical1.2%$28.0m1.38m−1.1%reduced
SPY SPDR S&P 500 ETF Trust–1.0%$22.9m87,210+73%added
1885807D ATHENAHEALTH INC–1.0%$22.3m156,065−8.2%reduced
TCRT ALAUNOS THERAPEUTICS INCHealthcare0.8%$19.7m5.04m−0.9%reduced
GTY TECHNOLOGY HOLDINGS INC no ticker–0.8%$19.4m1.88m−1.1%reduced
TBT PROSHARES TR–0.8%$18.1m500,000+100%added
WD WALKER & DUNLOP INCFinancial Services0.5%$11.9m200,0000.0%held
CHGG CHEGG INCConsumer Defensive0.5%$11.4m550,0000.0%held
MU MICRON TECHNOLOGY INCTechnology0.4%$10.4m200,000–new
FIAT CHRYSLER AUTOMOBILES N no ticker–0.4%$10.3m500,0000.0%held
APOLLO GLOBAL MGMT LLC no ticker–0.4%$8.5m288,0000.0%held
BCBEUR COTT CORP QUE–0.3%$8.1m550,0000.0%held
UPRO PROSHARES TR–0.3%$8.0m61,105+108%added
CARLYLE GROUP L P no ticker–0.3%$7.2m335,0000.0%held
ANF ABERCROMBIE & FITCH COConsumer Cyclical0.3%$6.6m273,000−4.3%reduced
CREDIT SUISSE GROUP no ticker–0.3%$6.4m378,7150.0%held
RITM RITHM CAPITAL CORPReal Estate0.2%$5.8m353,750+13%added
TRIANGLE CAP CORP no ticker–0.2%$5.8m517,2780.0%held
CYS INVTS INC no ticker–0.2%$5.4m810,000–new

Exited since Q4 2017

7 rows
CALATLANTIC GROUP INC no ticker0.2%$5.6m
OAKTREE SPECIALTY LENDING CO no ticker0.09%$2.2m
MEDLEY CAP CORP no ticker0.06%$1.4m
FRONTIER COMMUNICATIONS CORP no ticker0.05%$1.2m
ILG INC no ticker0.03%$712k
CMG CHIPOTLE MEXICAN GRILL INC0.01%$306k
AMTRUST FINL SVCS INC no ticker0.01%$200k

Sector mix

  • Unclassified47.7%
  • Consumer Cyclical22.1%
  • Financial Services13.9%
  • Industrials10.2%
  • Healthcare2.6%
  • Communication Services2.0%
  • Consumer Defensive0.5%
  • Technology0.5%
  • Real Estate0.4%
  • Energy0.04%
  • Basic Materials0.01%

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