Miller Value Partners

Q3 2013 13F · by Bill Miller, CIO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $1.6B · prev $1.4B
Positions: 97 · prev 98
Options notional: $39M
Documents: 1· no amendments

Picture97.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 97.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 2.4%

Moves67 since the prior filing

+1.6 pp in · −1.5 pp out

New 5 +1.62 pp
Added 45 −0.03 pp
Trimmed 10 +1.00 pp
Exited 6 −2.49 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions20% of US stock

GNW Genworth Financial, Inc. added0.00 pp added0.004.6%
MTG MGIC Investment Corp. added+0.32 pp added+0.324.0%
DAL Delta Air Lines, Inc. trimmed+0.25 pp trimmed+0.254.0%
NFLX NetFlix Inc trimmed+0.66 pp trimmed+0.663.9%
GRPN Groupon, Inc. trimmed−0.26 pp trimmed−0.263.8%

Positions97 in this filing · 6 exited


GNWGenworth Financial, Inc.	4.56%	5,773,975	$74M	added0%	0.00 pp	2 q
MTGMGIC Investment Corp.	3.97%	8,831,425	$64M	added+2%	+0.32 pp	2 q
DALDelta Air Lines, Inc.	3.95%	2,717,275	$64M	trimmed−4%	+0.25 pp	2 q
NFLXNetFlix Inc	3.89%	203,750	$63M	trimmed−7%	+0.66 pp	2 q
GRPNGroupon, Inc.	3.83%	5,530,900	$62M	trimmed−20%	−0.26 pp	2 q
BACBank of America Corporation	3.37%	3,962,875	$55M	added+4%	−0.05 pp	2 q
BYDBoyd Gaming Corporation	3.16%	3,623,200	$51M	added+4%	+0.41 pp	2 q
UALUnited Airlines Holdings, Inc.	3.11%	1,641,575	$50M	added0%	−0.46 pp	2 q
PHMPultegroup, Inc.	3.05%	3,000,650	$50M	added+22%	−0.19 pp	2 q
unresolvedPandora Media Inc	2.98%	1,924,600	$48M	trimmed−16%	+0.04 pp	2 q
unresolvedUS Airways Group Inc.	2.91%	2,490,975	$47M	added+4%	+0.16 pp	2 q
STXNSeagate Technology Holdings PLC (Ireland)	2.79%	1,035,200	$45M	added+5%	−0.28 pp	2 q
HIGThe Hartford Insurance Group, Inc.	2.72%	1,415,250	$44M	added+4%	−0.22 pp	2 q
CCitigroup Inc.	2.63%	877,500	$43M	added+4%	−0.20 pp	2 q
BBYBest Buy Company, Inc.	2.62%	1,132,025	$42M	trimmed−4%	+0.39 pp	2 q
unresolvedJpmorgan Chase & Co	2.45%	2,367,475	$40M	added+4%	−0.03 pp	2 q
unresolvedQuestcor Pharmaceuticals	2.33%	651,000	$38M	added+4%	+0.34 pp	2 q
AGOAssured Guaranty, LTD	2.29%	1,981,425	$37M	added+4%	−0.64 pp	2 q
unresolvedEllington Financial LLC	2.27%	1,636,472	$37M	added+2%	−0.27 pp	2 q
AAPLApple Inc.	2.19%	74,620	$36M	added+5%	+0.23 pp	2 q
AMZNAmazon.Com Inc	2.18%	113,255	$35M	added+4%	+0.07 pp	2 q
unresolvedCigna Corporation	2.15%	452,850	$35M	added+4%	−0.05 pp	2 q
LENLennar Corporation Class A	2.03%	928,875	$33M	added+27%	+0.19 pp	2 q
KBHKB Home	2.01%	1,810,050	$33M	added+27%	+0.07 pp	2 q
CHKChesapeake Energy Corp	1.99%	1,245,500	$32M	added+4%	+0.29 pp	2 q
ETRAE*trade Financial Corp	1.98%	1,949,675	$32M	added+4%	+0.32 pp	2 q
unresolvedNii Hldgs Inc	1.89%	5,038,475	$31M	added+4%	−0.36 pp	2 q
ARCCAres Capital Corporation	1.78%	1,668,963	$29M	added+2%	−0.17 pp	2 q
FFord Motor Company	1.72%	1,653,860	$28M	added+4%	0.00 pp	2 q
OLEDUniversal Display Corp	1.59%	803,875	$26M	added+4%	+0.07 pp	2 q
GMGeneral Motors Company	1.37%	615,091	$22M	added+4%	−0.01 pp	2 q
RDNRadian Group Inc.	1.37%	1,599,500	$22M	added+4%	+0.12 pp	2 q
unresolvedLevel 3 Communications Inc	1.30%	786,900	$21M	added+4%	+0.19 pp	2 q
IACIIac / Interactivecorp (De) Com Stk	1.15%	339,500	$19M	new	+1.15 pp	new
TERTeradyne, Inc.	1.15%	1,132,250	$19M	added+4%	−0.19 pp	2 q
MSMorgan Stanley	1.13%	679,375	$18M	added+4%	+0.02 pp	2 q
unresolvedApollo Group Inc Class A	1.05%	820,275	$17M	added+88%	+0.51 pp	2 q
unresolvedPennymac Finl Svcs Inc	1.05%	905,625	$17M	added+4%	−0.24 pp	2 q
MSFTMicrosoft Corp	0.99%	481,075	$16M	added+4%	−0.13 pp	2 q
NXPINXP Semiconductors N.V.	0.89%	386,475	$14M	added+3%	+0.08 pp	2 q
TMHCTaylor Morrison Home Corporation	0.85%	606,410	$14M	added×2.1	+0.37 pp	2 q
unresolvedApollo Invt Corp	0.78%	1,543,475	$13M	added+2%	−0.03 pp	2 q
unresolvedNewcastle Invt Corp	0.78%	2,245,175	$13M	added×2.5	+0.46 pp	2 q
MRVLMarvell Technology, Inc.	0.76%	1,075,600	$12M	added+4%	−0.09 pp	2 q
unresolvedAmerican Capital Agency Corp	0.59%	421,850	$10M	added+3%	−0.06 pp	2 q
IVRInvesco Mortgage Capital Inc.	0.59%	622,750	$10M	added+4%	−0.10 pp	2 q
unresolvedNorthstar Rlty Fin Corp	0.49%	848,925	$8M	added+3%	−0.03 pp	2 q
unresolvedDendreon Corp.	0.44%	2,434,000	$7M	added+1%	−0.25 pp	2 q
unresolvedAmerican Cap Mtg Invt Corp	0.41%	339,600	$7M	added+4%	0.00 pp	2 q
unresolvedHatteras Finl Corp	0.39%	341,250	$6M	added+3%	−0.18 pp	2 q
unresolvedSprint Corporation	0.31%	800,218	$5M	new	+0.31 pp	new
unresolvedNew Residential Invt Corp	0.16%	401,900	$3M	added+3%	−0.02 pp	2 q
EARNEllington Credit Company	0.07%	75,000	$1M	new	+0.07 pp	new
unresolvedChimera Investment Corp	0.06%	343,360	$1M	held	—	2 q
unresolvedApollo Global Management LLC	0.05%	31,000	$877,000	held	—	2 q
EATBrinker International, Inc.	0.05%	19,000	$771,000	held	—	2 q
unresolvedCys Invts Inc	0.05%	107,000	$870,000	new	+0.05 pp	new
CODICompass Diversified	0.05%	49,000	$874,000	held	—	2 q
unresolvedDonnelley R R & Sons Co	0.05%	47,000	$742,000	trimmed−28%	−0.01 pp	2 q
unresolvedDr Pepper Snapple Group Inc	0.05%	18,000	$807,000	held	—	2 q
unresolvedKkr & Co L P DEL	0.05%	40,900	$842,000	held	—	2 q
unresolvedOch Ziff Cap Mgmt Group	0.05%	75,100	$826,000	held	—	2 q
PBIPitney Bowes Inc.	0.05%	44,600	$812,000	trimmed−17%	0.00 pp	2 q
QUADQUAD/GRAPHICS, Inc.	0.05%	25,000	$759,000	held	—	2 q
unresolvedBg Medicine Inc	0.04%	684,236	$630,000	held	—	2 q
CLCTCollectors Universe	0.04%	39,000	$573,000	held	—	2 q
HFCHollyfrontier Corp	0.04%	13,500	$569,000	held	—	2 q
MCCMedley Capital Corp	0.04%	48,200	$665,000	held	—	2 q
NCMINational CineMedia, Inc.	0.04%	36,000	$679,000	held	—	2 q
OAKOaktree Capital Group, LLC	0.04%	13,000	$681,000	held	—	2 q
PDLIPDL BioPharma, Inc.	0.04%	76,400	$609,000	held	—	2 q
PNNTPennant Investment Corp	0.04%	54,860	$619,000	trimmed−30%	−0.02 pp	2 q
RWTRedwood Trust, Inc.	0.04%	35,000	$690,000	held	—	2 q
TCRDTHL Credit, Inc.	0.04%	40,000	$625,000	held	—	2 q
unresolvedWindstream Holdings Inc.	0.04%	87,000	$696,000	new	+0.04 pp	new
HLFHerbalife Ltd.	0.04%	9,000	$628,000	held	—	2 q
BGCPBGC Partners, Inc.	0.03%	100,000	$565,000	held	—	2 q
BLQADBlackrock Inc	0.03%	1,500	$406,000	held	—	2 q
BKCCBlackRock Capital Investment Corporation	0.03%	42,800	$406,000	trimmed−40%	−0.02 pp	2 q
CMOCapstead Mortgage Corp.	0.03%	35,000	$412,000	held	—	2 q
unresolvedEnergy Transfer Prtnrs L P	0.03%	8,800	$459,000	held	—	2 q
GBDCGolub Capital BDC, Inc.	0.03%	23,900	$415,000	held	—	2 q
MCDMcDonald's Corporation	0.03%	5,700	$549,000	trimmed−33%	−0.03 pp	2 q
unresolvedResource Capital Corp	0.03%	84,100	$500,000	held	—	2 q
unresolvedRoundys Inc	0.03%	50,000	$430,000	held	—	2 q
SUNSSolar Senior Capital Ltd	0.03%	29,400	$532,000	held	—	2 q
STWDStarwood Property Trust, Inc.	0.03%	20,000	$480,000	held	—	2 q
NLYAnnaly Capital Management. Inc.	0.02%	24,743	$287,000	held	—	2 q
unresolvedArmour Residential REIT Inc	0.02%	75,000	$315,000	held	—	2 q
SANBanco Santander S.A.	0.02%	41,100	$336,000	held	—	2 q
unresolvedFrontier Communications Corp	0.02%	85,000	$356,000	held	—	2 q
Royal Bk Scotlnd Grp PLCconvertible	0.02%	15,200	$357,000	held	—	2 q
SLRCSLR Investment Corp.	0.02%	17,000	$378,000	held	—	2 q
ARIApollo Commercial Real Estate Finance, Inc.	0.01%	6,600	$101,000	held	—	2 q
CHKRChesapeake Granite Watr	0.01%	15,000	$201,000	held	—	2 q
unresolvedMcg Capital Corp	0.01%	37,500	$189,000	held	—	2 q
WMCWestern Asset Mortgage Capital Corporation	0.01%	14,000	$224,000	held	—	2 q
unresolvedSprint Nextel Corp	—	−2,952,100	—	exited	−1.44 pp	—
unresolvedMarket Leader, Inc.	—	−1,259,600	—	exited	−0.94 pp	—
HIXWestern Asset High Income Fund II, Inc.	—	−70,460	—	exited	−0.05 pp	—
unresolvedWindstream Corp	—	−87,000	—	exited	−0.05 pp	—
HOUSAnywhere Real Estate Inc.	—	−2,644	—	exited	−0.01 pp	—
ABAllianceBernstein Holding, L.P.	—	−3,390	—	exited	0.00 pp	—