WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q2 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-06-30, filed 2023-08-14

Miller Value Partners (Bill Miller) disclosed 46 US equity positions worth $152.0m in its Q2 2023 13F filing. Its largest position is UPRO at 5.8% of the reported book, followed by STLA and VTRS. Versus Q1 2023 it opened 4 new positions, added to 15, reduced 16 and exited 48.

$152m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
46
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.8%
Largest position
The largest single position as a share of the reported equity book.
49.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
27
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 2023: 4 new, 15 added, 16 reduced, 48 exited

46 rows
UPRO PROSHARES TR–5.8%$8.9m186,9500.0%held
STLA STELLANTIS N.VConsumer Cyclical5.7%$8.7m496,000–new
VTRS VIATRIS INCHealthcare5.4%$8.2m825,500−6.6%reduced
OMF ONEMAIN HLDGS INCFinancial Services5.2%$7.9m181,700−91%reduced
CTO CTO RLTY GROWTH INC NEW–4.9%$7.5m436,900+6.1%added
CHS1USD CHICOS FAS INC–4.8%$7.3m1.37m+0.9%added
WAL WESTERN ALLIANCE BANCORPFinancial Services4.4%$6.7m183,109+214%added
JXN JACKSON FINANCIAL INCFinancial Services4.3%$6.6m215,050+2.8%added
BKE BUCKLE INCConsumer Cyclical4.3%$6.6m189,700−2.7%reduced
RILY B. RILEY FINANCIAL INCFinancial Services4.0%$6.1m132,3000.0%held
MPT MEDICAL PPTYS TRUST INCReal Estate4.0%$6.1m656,000−4.5%reduced
QUAD QUAD / GRAPHICS INCIndustrials4.0%$6.0m1.60m+6.0%added
TDAY USA TODAY CO INCCommunication Services3.7%$5.7m2.53m+8.4%added
MDC1USD M D C HLDGS INC–3.2%$4.8m103,000−3.7%reduced
NBR NABORS INDUSTRIES LTDEnergy3.1%$4.7m50,006+15%added
OGN ORGANON & COHealthcare3.0%$4.6m222,000−3.5%reduced
MED MEDIFAST INCConsumer Cyclical2.7%$4.1m44,8000.0%held
ARLP ALLIANCE RES PARTNER L PEnergy2.6%$4.0m217,000−26%reduced
MICROSTRATEGY INC no ticker–2.2%$3.4m3.10m+63%added
DCH DAUCH CORPConsumer Cyclical2.1%$3.2m388,600+3.6%added
GEO GEO GROUP INCIndustrials1.8%$2.7m383,0000.0%held
TPC TUTOR PERINI CORPIndustrials1.8%$2.7m378,572+7.3%added
EXE EXPAND ENERGY CORPORATIONEnergy1.6%$2.4m29,200−94%reduced
T AT&T INCCommunication Services1.6%$2.4m150,000–new
BLDR BUILDERS FIRSTSOURCE INCIndustrials1.5%$2.3m17,000−21%reduced
CWH CAMPING WORLD HLDGS INCConsumer Cyclical1.3%$2.0m67,0000.0%held
CROX CROCS INCConsumer Cyclical1.2%$1.9m16,500+22%added
VALE VALE S ABasic Materials1.0%$1.5m115,001−71%reduced
CNDT CONDUENT INCTechnology0.9%$1.4m415,100+15%added
GTN GRAY TELEVISION INCCommunication Services0.9%$1.4m177,390–new
ABNB AIRBNB INCConsumer Cyclical0.8%$1.2m9,5000.0%held
BZH BEAZER HOMES USA INCConsumer Cyclical0.7%$990k35,000−30%reduced
MBC MASTERBRAND INCConsumer Cyclical0.7%$989k85,000+113%added
BFH BREAD FINANCIAL HOLDINGS INCFinancial Services0.5%$808k25,725–new
ATKR ATKORE INCIndustrials0.5%$780k5,0000.0%held
FTI TECHNIPFMC PLCEnergy0.5%$758k45,610−69%reduced
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare0.4%$618k82,137−98%reduced
LAD LITHIA MTRS INCConsumer Cyclical0.4%$608k2,000+100%added
MTCH MATCH GROUP INC NEWCommunication Services0.4%$586k14,0000.0%held
PBI PITNEY BOWES INCIndustrials0.4%$582k164,304−44%reduced
RICK RCI HOSPITALITY HLDGS INCConsumer Cyclical0.3%$464k6,100+22%added
PRDO PERDOCEO ED CORPConsumer Defensive0.3%$429k35,0000.0%held
LYONDELLBASELL INDUSTRIES NV no ticker–0.3%$413k4,5000.0%held
BBX1USD BLUEGREEN VACATIONS HLDG COR–0.2%$357k10,0000.0%held
DO1USD DIAMOND OFFSHORE DRILLING IN–0.2%$356k25,000−58%reduced
CLF CLEVELAND CLIFFS INCBasic Materials0.1%$203k12,098−99%reduced

Exited since Q1 2023

48 rows
EXPE EXPEDIA GROUP INC4.7%$75.5m
AMZN AMAZON COM INC4.5%$71.8m
TMHC* TAYLOR MORRISON HOME CORP4.0%$64.0m
GOOGL ALPHABET INC3.9%$62.1m
ET ENERGY TRANSFER LP3.9%$61.7m
META META PLATFORMS INC3.8%$61.2m
MAT MATTEL INC3.8%$60.2m
DAL DELTA AIR LINES INC3.6%$58.0m
BABA ALIBABA GROUP HLDG LTD3.4%$53.8m
C CITIGROUP INC3.2%$51.6m
OVV OVINTIV INC3.0%$47.9m
NCLH NORWEGIAN CRUISE LINE HLDGS3.0%$47.7m
GM General Motors Corp2.8%$44.7m
GOOS CANADA GOOSE HLDGS INC2.8%$44.6m
UAL UNITED AIRLINES HLDGS INC2.7%$43.9m
UBER UBER TECHNOLOGIES INC2.7%$43.8m
TNL TRAVEL PLUS LEISURE CO2.4%$38.8m
COIN COINBASE GLOBAL INC2.3%$37.4m
SPLKCHF SPLUNK INC2.3%$37.0m
JPM JPMORGAN CHASE & CO2.2%$35.2m
COF CAPITAL ONE FINL CORP2.1%$34.0m
FISV FISERV INC2.0%$32.5m
KRTX KARUNA THERAPEUTICS INC1.9%$30.0m
FTCHQ FARFETCH LTD1.9%$29.7m
SOFI SOFI TECHNOLOGIES INC1.8%$28.6m
UBS UBS GROUP AG1.6%$25.1m
PTON PELOTON INTERACTIVE INC1.3%$21.0m
SFIX STITCH FIX INC1.0%$16.5m
ADT ADT INC0.9%$14.8m
PGEN PRECIGEN INC0.6%$10.1m
LAZ LAZARD LTD0.2%$3.9m
CC CHEMOURS CO0.2%$2.8m
MHO M/I HOMES INC0.1%$2.1m
APAM ARTISAN PARTNERS ASSET MGMT0.1%$2.0m
TUP TUPPERWARE BRANDS CORP0.05%$866k
35OB SCULPTOR CAP MGMT0.03%$560k
WOO FOOT LOCKER INC0.03%$498k
IHRT IHEARTMEDIA INC0.01%$117k
WW6 WW INTL INC0.0%$41.2k
OPEN OPENDOOR TECHNOLOGIES INC0.0%$26.4k
DESKTOP METAL INC no ticker0.0%$23.0k
TMC TMC THE METALS COMPANY INC0.0%$16.6k
VRMUSD VROOM INC0.0%$9.0k
UP WHEELS UP EXPERIENCE INC0.0%$6.3k
SDIG STRONGHOLD DIGITAL MINING IN0.0%$6.2k
GREENIDGE GENERATION HLDGS I no ticker0.0%$4.5k
SDCCQ SMILEDIRECTCLUB INC0.0%$4.3k
SHAPEWAYS HOLDINGS INC no ticker0.0%$3.4k

Sector mix

  • Unclassified21.7%
  • Consumer Cyclical20.2%
  • Financial Services18.5%
  • Industrials10.0%
  • Healthcare8.9%
  • Energy7.8%
  • Communication Services6.6%
  • Real Estate4.0%
  • Basic Materials1.1%
  • Technology0.9%
  • Consumer Defensive0.3%

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