WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q4 2018

Long-only investorSEC filingsCompare with another fundHoldings as of 2018-12-31, filed 2019-02-14

Miller Value Partners (Bill Miller) disclosed 100 US equity positions worth $2.2bn in its Q4 2018 13F filing. Its largest position is AMZN at 5.4% of the reported book, followed by RH and GNW. Versus Q3 2018 it opened 7 new positions, added to 31, reduced 27 and exited 15.

$2.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
100
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.4%
Largest position
The largest single position as a share of the reported equity book.
38.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
36
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 2018: 7 new, 31 added, 27 reduced, 15 exited

50 of 100
AMZN AMAZON COM INCConsumer Cyclical5.4%$119m79,448−18%reduced
RH RHConsumer Cyclical5.4%$118m985,635−11%reduced
GNW GENWORTH FINL INCFinancial Services4.5%$98.7m21.18m+0.1%held
BHC BAUSCH HEALTH COS INCHealthcare4.0%$88.7m4.80m−2.5%reduced
OMF ONEMAIN HLDGS INCFinancial Services3.5%$77.4m3.19m+0.5%added
JPM JPMORGAN CHASE & COFinancial Services3.4%$75.2m770,686+0.1%held
UAL UNITED AIRLINES HLDGS INCIndustrials3.4%$74.7m892,225−10%reduced
DAL DELTA AIR LINES INCIndustrials3.2%$71.2m1.43m−7.0%reduced
ENDO INTL PLC no ticker–3.0%$65.3m8.95m−0.8%reduced
CTLEUR CENTURYLINK INC–2.9%$63.4m4.19m−6.3%reduced
BHF BRIGHTHOUSE FINL INCFinancial Services2.8%$62.4m2.05m+9.9%added
NXPI NXP SEMICONDUCTORS N VTechnology2.8%$61.0m831,735+15%added
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare2.8%$60.3m3.91m+0.2%held
QUOTUSD QUOTIENT TECHNOLOGY INC–2.7%$59.8m5.60m+6.9%added
PHM PULTE GROUP INCConsumer Cyclical2.7%$59.1m2.27m+0.1%held
META META PLATFORMS INCCommunication Services2.7%$58.8m448,480−18%reduced
ADT ADT INCIndustrials2.6%$57.7m9.60m+1.3%added
LEN LENNAR CORPConsumer Cyclical2.6%$57.4m1.47m+5.4%added
CELG CELGENE CORP–2.4%$53.6m836,195+0.5%added
BAC BANK OF AMER CORPFinancial Services2.4%$53.0m2.15m−1.6%reduced
DISCAUSD DISCOVERY INC–2.3%$50.5m2.04m+0.2%held
AAL AMERICAN AIRLINES GROUP INCIndustrials2.3%$49.5m1.54m−0.3%held
MALLINCKRODT PUB LTD CO no ticker–2.2%$49.3m3.12m−0.2%held
NWL NEWELL BRANDS INCConsumer Defensive2.1%$47.0m2.53m+2.4%added
ALXN ALEXION PHARMACEUTICALS INC–2.0%$43.6m448,135−0.2%held
AVPUSD AVON PRODS INC–1.9%$42.2m27.76m+1.2%added
ALLERGAN PLC no ticker–1.7%$37.3m278,975−0.1%held
EIGIEUR ENDURANCE INTL GROUP HLDGS I–1.7%$37.2m5.60m−3.8%reduced
FLEXION THERAPEUTICS INC no ticker–1.6%$35.2m3.11m+8.1%added
C CITIGROUP INCFinancial Services1.5%$33.2m637,356−1.5%reduced
QCOM QUALCOMM INCTechnology1.5%$32.4m568,815+6.4%added
INTREXON CORP no ticker–1.5%$31.9m4.88m+3.6%added
MU MICRON TECHNOLOGY INCTechnology1.0%$22.4m706,300+253%added
GTY TECHNOLOGY HOLDINGS INC no ticker–0.9%$18.7m1.85m−0.5%held
TCRT ALAUNOS THERAPEUTICS INCHealthcare0.8%$16.6m9.26m+92%added
SFIX STITCH FIX INCConsumer Cyclical0.7%$15.0m876,9500.0%held
CHGG CHEGG INCConsumer Defensive0.6%$14.2m500,000−9.1%reduced
APOLLO GLOBAL MGMT LLC no ticker–0.5%$11.2m456,500+46%added
TUP TUPPERWARE BRANDS CORP–0.4%$9.6m304,425+5.0%added
MIC2EUR MACQUARIE INFRASTRUCTURE COR–0.4%$9.4m258,000−3.0%reduced
CARLYLE GROUP L P no ticker–0.4%$9.2m583,800+47%added
JEGBP JUST ENERGY GROUP INC–0.4%$8.7m2.62m+44%added
WD WALKER & DUNLOP INCFinancial Services0.4%$8.7m200,0000.0%held
WLHUSD LYON WILLIAM HOMES–0.4%$7.7m723,025+3515%added
BCBEUR COTT CORP QUE–0.3%$7.7m550,0000.0%held
FIAT CHRYSLER AUTOMOBILES N no ticker–0.3%$7.2m500,0000.0%held
BXUSD BLACKSTONE GROUP L P–0.3%$6.3m211,000+36%added
NCMI NATIONAL CINEMEDIA INCCommunication Services0.3%$6.2m950,000+30%added
AIEUR ARLINGTON ASSET INVST CORP–0.3%$5.9m815,000–new
SEASPAN CORP no ticker–0.3%$5.6m718,425−1.8%reduced

Exited since Q3 2018

15 rows
UPRO PROSHARES TR0.6%$18.0m
ETFS PLATINUM TR no ticker0.3%$7.7m
HCRSQ HI-CRUSH PARTNERS LP0.2%$7.3m
ENERGY TRANSFER PARTNERS LP no ticker0.2%$4.6m
EB4 EVENTBRITE INC0.1%$3.7m
TQQQ PROSHARES TR0.10%$3.0m
NAIL DBX ETF TR0.08%$2.6m
SXCPUSD SUNCOKE ENERGY PARTNERS L P0.04%$1.4m
MBI MBIA INC0.02%$723k
HHH HOWARD HUGHES CORP0.02%$621k
OCH ZIFF CAP MGMT GROUP no ticker0.02%$518k
CVNA CARVANA CO0.01%$236k
DEUTSCHE BK AG no ticker0.01%$227k
RRDEUR DONNELLEY R R & SONS CO0.0%$90.0k
CBL & ASSOC PPTYS INC no ticker0.0%$58.0k

Sector mix

  • Unclassified33.3%
  • Financial Services18.7%
  • Consumer Cyclical16.9%
  • Industrials11.6%
  • Healthcare7.6%
  • Technology5.3%
  • Communication Services3.0%
  • Consumer Defensive2.8%
  • Energy0.4%
  • Real Estate0.4%
  • Basic Materials0.0%

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