WhaleCreep

Miller Value Partners (Bill Miller) 13F holdings, Q3 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-09-30, filed 2023-11-14

Miller Value Partners (Bill Miller) disclosed 46 US equity positions worth $159.1m in its Q3 2023 13F filing. Its largest position is STLA at 6.0% of the reported book, followed by JXN and WAL. Versus Q2 2023 it opened 4 new positions, added to 6, reduced 19 and exited 4.

$159m
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.
6.0%
Largest position
The largest single position as a share of the reported equity book.
48.9%
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 Q2 2023: 4 new, 6 added, 19 reduced, 4 exited

46 rows
STLA STELLANTIS N.VConsumer Cyclical6.0%$9.5m496,0000.0%held
JXN JACKSON FINANCIAL INCFinancial Services5.3%$8.4m220,575+2.6%added
WAL WESTERN ALLIANCE BANCORPFinancial Services5.3%$8.4m183,1090.0%held
QUAD QUAD / GRAPHICS INCIndustrials5.1%$8.1m1.60m0.0%held
T AT&T INCCommunication Services4.9%$7.7m515,000+243%added
UPRO PROSHARES TR–4.8%$7.7m186,9500.0%held
BFH BREAD FINANCIAL HOLDINGS INCFinancial Services4.7%$7.5m219,275+752%added
VTRS VIATRIS INCHealthcare4.4%$7.0m711,500−14%reduced
CTO CTO RLTY GROWTH INC NEW–4.4%$7.0m428,900−1.8%reduced
OMF ONEMAIN HLDGS INCFinancial Services4.1%$6.5m162,000−11%reduced
BKE BUCKLE INCConsumer Cyclical4.0%$6.3m189,7000.0%held
TDAY USA TODAY CO INCCommunication Services3.9%$6.2m2.53m0.0%held
NBR NABORS INDUSTRIES LTDEnergy3.8%$6.0m48,651−2.7%reduced
HRB BLOCK H & R INCConsumer Cyclical3.7%$5.8m135,000–new
RILY B. RILEY FINANCIAL INCFinancial Services3.0%$4.7m115,300−13%reduced
OGN ORGANON & COHealthcare3.0%$4.7m272,000+23%added
WIREEUR ENCORE WIRE CORP–2.3%$3.6m20,000–new
MPT MEDICAL PPTYS TRUST INCReal Estate2.1%$3.4m626,000−4.6%reduced
CHS1USD CHICOS FAS INC–2.1%$3.4m454,335−67%reduced
ARLP ALLIANCE RES PARTNER L PEnergy2.1%$3.4m149,000−31%reduced
MICROSTRATEGY INC no ticker–2.1%$3.3m3.10m0.0%held
MED MEDIFAST INCConsumer Cyclical2.0%$3.2m42,100−6.0%reduced
GEO GEO GROUP INCIndustrials2.0%$3.1m383,0000.0%held
EXE EXPAND ENERGY CORPORATIONEnergy1.6%$2.5m29,2000.0%held
DCH DAUCH CORPConsumer Cyclical1.5%$2.3m319,180−18%reduced
GTN GRAY TELEVISION INCCommunication Services1.5%$2.3m333,788+88%added
CNDT CONDUENT INCTechnology1.4%$2.2m635,475+53%added
TPC TUTOR PERINI CORPIndustrials1.1%$1.8m230,085−39%reduced
BLDR BUILDERS FIRSTSOURCE INCIndustrials1.0%$1.6m13,000−24%reduced
EXPE EXPEDIA GROUP INCConsumer Cyclical1.0%$1.5m15,000–new
CROX CROCS INCConsumer Cyclical0.9%$1.5m16,5000.0%held
FOSL FOSSIL GROUP INCConsumer Cyclical0.7%$1.1m554,790–new
FTI TECHNIPFMC PLCEnergy0.6%$904k44,425−2.6%reduced
ABNB AIRBNB INCConsumer Cyclical0.5%$823k6,000−37%reduced
MBC MASTERBRAND INCConsumer Cyclical0.5%$729k60,000−29%reduced
PRDO PERDOCEO ED CORPConsumer Defensive0.4%$599k35,0000.0%held
ATKR ATKORE INCIndustrials0.4%$597k4,000−20%reduced
LAD LITHIA MTRS INCConsumer Cyclical0.4%$591k2,0000.0%held
BZH BEAZER HOMES USA INCConsumer Cyclical0.4%$573k23,000−34%reduced
MTCH MATCH GROUP INC NEWCommunication Services0.3%$548k14,0000.0%held
LYONDELLBASELL INDUSTRIES NV no ticker–0.3%$426k4,5000.0%held
RICK RCI HOSPITALITY HLDGS INCConsumer Cyclical0.2%$370k6,1000.0%held
DO1USD DIAMOND OFFSHORE DRILLING IN–0.2%$367k25,0000.0%held
BBX1USD BLUEGREEN VACATIONS HLDG COR–0.2%$367k10,0000.0%held
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare0.09%$145k14,225−83%reduced
PBI PITNEY BOWES INCIndustrials0.08%$129k42,834−74%reduced

Exited since Q2 2023

4 rows
MDC1USD M D C HLDGS INC3.2%$4.8m
CWH CAMPING WORLD HLDGS INC1.3%$2.0m
VALE VALE S A1.0%$1.5m
CLF CLEVELAND CLIFFS INC0.1%$203k

Sector mix

  • Financial Services22.4%
  • Consumer Cyclical21.6%
  • Unclassified16.5%
  • Communication Services10.6%
  • Industrials9.6%
  • Energy8.0%
  • Healthcare7.5%
  • Real Estate2.1%
  • Technology1.4%
  • Consumer Defensive0.4%

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