WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q2 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-06-30, filed 2020-08-14

Miller Value Partners (Bill Miller) disclosed 78 US equity positions worth $2.3bn in its Q2 2020 13F filing. Its largest position is FTCHQ at 6.3% of the reported book, followed by AMZN and ADT. Versus Q1 2020 it opened 11 new positions, added to 29, reduced 31 and exited 6.

$2.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
78
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
6.3%
Largest position
The largest single position as a share of the reported equity book.
41.3%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
33
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 Q1 2020: 11 new, 29 added, 31 reduced, 6 exited

50 of 78
FTCHQ FARFETCH LTDConsumer Cyclical6.3%$142m8.21m+3.9%added
AMZN AMAZON COM INCConsumer Cyclical6.3%$141m51,055+8.5%added
ADT ADT INCIndustrials5.3%$118m14.84m+1.1%added
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare4.3%$96.8m7.85m−0.9%reduced
META META PLATFORMS INCCommunication Services3.6%$80.6m355,060+0.9%added
MED MEDIFAST INCConsumer Cyclical3.4%$77.6m559,270−21%reduced
GOOGL ALPHABET INCCommunication Services3.2%$71.0m50,104+0.6%added
FLEXION THERAPEUTICS INC no ticker–3.0%$68.3m5.20m+23%added
DXC DXC TECHNOLOGY COTechnology3.0%$67.0m4.06m+69%added
TMHC* TAYLOR MORRISON HOME CORP–3.0%$66.9m3.47m+116%added
BABA ALIBABA GROUP HLDG LTDConsumer Cyclical2.9%$66.1m306,650+0.8%added
SFIX STITCH FIX INCConsumer Cyclical2.9%$65.7m2.63m−3.8%reduced
CC CHEMOURS COBasic Materials2.8%$62.7m4.09m+45%added
LEN LENNAR CORPConsumer Cyclical2.6%$58.6m951,490−25%reduced
BHC BAUSCH HEALTH COS INCHealthcare2.6%$57.8m3.16m+10%added
RH RHConsumer Cyclical2.5%$56.0m225,110−23%reduced
OMF ONEMAIN HLDGS INCFinancial Services2.5%$55.3m2.25m+15%added
QUOTUSD QUOTIENT TECHNOLOGY INC–2.4%$53.4m7.30m+0.3%held
PTON PELOTON INTERACTIVE INCConsumer Cyclical2.2%$49.4m854,635−44%reduced
NXPI NXP SEMICONDUCTORS N VTechnology2.1%$48.3m423,815−12%reduced
DAL DELTA AIR LINES INCIndustrials2.0%$44.8m1.60m+11%added
BAC BANK OF AMER CORPFinancial Services1.9%$43.9m1.85m+0.1%held
HWAYEUR TIVITY HEALTH INC–1.9%$43.2m3.81m+1.1%added
TCRT ALAUNOS THERAPEUTICS INCHealthcare1.8%$41.4m12.62m−1.8%reduced
UAL UNITED AIRLINES HLDGS INCIndustrials1.8%$40.6m1.17m−22%reduced
WDAY WORKDAY INCTechnology1.7%$39.2m209,265–new
PGEN PRECIGEN INCHealthcare1.7%$38.5m7.72m+3.7%added
JPM JPMORGAN CHASE & COFinancial Services1.7%$37.4m397,705−0.2%held
BA BOEING COIndustrials1.6%$36.2m197,582−7.8%reduced
ET ENERGY TRANSFER LPEnergy1.5%$33.6m4.71m−18%reduced
C CITIGROUP INCFinancial Services1.5%$33.0m646,225+0.6%added
VRMUSD VROOM INC–1.4%$32.6m625,565–new
GNW GENWORTH FINL INCFinancial Services1.4%$30.6m13.26m−7.2%reduced
DISCAUSD DISCOVERY INC–1.4%$30.5m1.45m+1.5%added
ENDO INTL PLC no ticker–1.3%$30.1m8.77m−33%reduced
BHF BRIGHTHOUSE FINL INCFinancial Services1.1%$25.7m922,669−50%reduced
COF CAPITAL ONE FINL CORPFinancial Services1.1%$25.3m403,852–new
GOOS CANADA GOOSE HLDGS INCConsumer Cyclical1.0%$23.2m1.00m+11%added
DBD DIEBOLD NIXDORF INCTechnology0.9%$19.2m3.16m+8.4%added
PBI PITNEY BOWES INCIndustrials0.6%$14.1m5.41m+6.4%added
APOEUR APOLLO GLOBAL MGMT INC–0.5%$10.5m209,800−43%reduced
GEO GEO GROUP INCIndustrials0.4%$9.3m785,000–new
GTY TECHNOLOGY HOLDINGS INC no ticker–0.4%$8.0m1.92m+1.6%added
CEDAR FAIR L P no ticker–0.3%$7.3m266,000−5.3%reduced
CG CARLYLE GROUP INCFinancial Services0.3%$6.1m220,000−43%reduced
ATLAS CORP no ticker–0.2%$5.1m673,060+93%added
AVID TECHNOLOGY INC no ticker–0.2%$5.0m686,284–new
UPRO PROSHARES TR–0.2%$4.1m91,800+148%added
QUAD QUAD / GRAPHICS INCIndustrials0.2%$3.7m1.14m−35%reduced
LAZ LAZARD LTDFinancial Services0.2%$3.4m120,000–new

Exited since Q1 2020

6 rows
SDCCQ SMILEDIRECTCLUB INC0.6%$9.4m
TDAY USA TODAY CO INC0.3%$4.2m
BGCPEUR BGC PARTNERS INC0.1%$2.2m
TPC TUTOR PERINI CORP0.02%$264k
CNX CNX RESOURCES CORPORATION0.01%$161k
XOGEUR EXTRACTION OIL AND GAS INC0.0%$34.0k

Sector mix

  • Consumer Cyclical30.4%
  • Unclassified16.9%
  • Industrials11.9%
  • Financial Services11.6%
  • Healthcare10.4%
  • Technology7.8%
  • Communication Services6.8%
  • Basic Materials2.8%
  • Energy1.6%

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