Miller Value Partners

Q4 2013 13F · by Bill Miller, CIO

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $2.2B · prev $1.6B
Positions: 104 · prev 97
Options notional: $54M
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%

Moves78 since the prior filing

+8.5 pp in · −8.2 pp out

New 14 +10.76 pp
Added 42 −2.27 pp
Trimmed 14 −5.05 pp
Exited 7 −3.10 pp

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

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

GNW Genworth Financial, Inc. trimmed−0.40 pp trimmed−0.404.2%
MTG MGIC Investment Corp. trimmed−0.51 pp trimmed−0.513.5%
DAL Delta Air Lines, Inc. trimmed−0.50 pp trimmed−0.503.5%
unresolved Northstar Rlty Fin Corp added+2.87 pp added+2.873.4%
unresolved Newcastle Invt Corp added+2.29 pp added+2.293.1%

Positions104 in this filing · 7 exited


GNWGenworth Financial, Inc.	4.16%	5,760,775	$89M	trimmed−0%	−0.40 pp	3 q
MTGMGIC Investment Corp.	3.46%	8,819,550	$74M	trimmed−0%	−0.51 pp	3 q
DALDelta Air Lines, Inc.	3.45%	2,704,600	$74M	trimmed−0%	−0.50 pp	3 q
unresolvedNorthstar Rlty Fin Corp	3.36%	5,372,750	$72M	added×6.3	+2.87 pp	3 q
unresolvedNewcastle Invt Corp	3.07%	11,492,200	$66M	added×5.1	+2.29 pp	3 q
NFLXNetFlix Inc	3.02%	176,500	$65M	trimmed−13%	−0.87 pp	3 q
UALUnited Airlines Holdings, Inc.	3.00%	1,705,475	$65M	added+4%	−0.11 pp	3 q
PHMPultegroup, Inc.	2.95%	3,117,675	$64M	added+4%	−0.10 pp	3 q
AALAmerican Airlines Group Inc.	2.90%	2,469,925	$62M	new	+2.90 pp	new
BACBank of America Corporation	2.90%	3,999,325	$62M	added+1%	−0.47 pp	3 q
GRPNGroupon, Inc.	2.87%	5,245,900	$62M	trimmed−5%	−0.96 pp	3 q
STXNSeagate Technology Holdings PLC (Ireland)	2.81%	1,074,950	$60M	added+4%	+0.02 pp	3 q
EBAYeBay Inc	2.70%	1,060,100	$58M	new	+2.70 pp	new
HIGThe Hartford Insurance Group, Inc.	2.48%	1,470,700	$53M	added+4%	−0.24 pp	3 q
unresolvedPandora Media Inc	2.47%	2,000,350	$53M	added+4%	−0.51 pp	3 q
AGOAssured Guaranty, LTD	2.26%	2,059,575	$49M	added+4%	−0.03 pp	3 q
unresolvedJpmorgan Chase & Co	2.22%	2,460,850	$48M	added+4%	−0.23 pp	3 q
CCitigroup Inc.	2.21%	912,025	$48M	added+4%	−0.42 pp	3 q
AMZNAmazon.Com Inc	2.18%	117,695	$47M	added+4%	0.00 pp	3 q
BBYBest Buy Company, Inc.	2.18%	1,176,850	$47M	added+4%	−0.44 pp	3 q
AAPLApple Inc.	2.04%	78,340	$44M	added+5%	−0.15 pp	3 q
LENLennar Corporation Class A	1.99%	1,083,200	$43M	added+17%	−0.04 pp	3 q
BYDBoyd Gaming Corporation	1.97%	3,766,725	$42M	added+4%	−1.19 pp	3 q
unresolvedCigna Corporation	1.92%	470,875	$41M	added+4%	−0.23 pp	3 q
ETRAE*trade Financial Corp	1.85%	2,027,625	$40M	added+4%	−0.13 pp	3 q
unresolvedQuestcor Pharmaceuticals	1.72%	677,475	$37M	added+4%	−0.61 pp	3 q
unresolvedEllington Financial LLC	1.66%	1,578,522	$36M	trimmed−4%	−0.61 pp	3 q
KBHKB Home	1.65%	1,943,725	$36M	added+7%	−0.36 pp	3 q
CHKChesapeake Energy Corp	1.64%	1,295,875	$35M	added+4%	−0.35 pp	3 q
unresolvedOci Partners LP	1.46%	1,139,875	$31M	new	+1.46 pp	new
GMGeneral Motors Company	1.44%	757,891	$31M	added+23%	+0.07 pp	3 q
OLEDUniversal Display Corp	1.34%	837,000	$29M	added+4%	−0.25 pp	3 q
ARCCAres Capital Corporation	1.32%	1,594,963	$28M	trimmed−4%	−0.46 pp	3 q
XONPrecigen, Inc.	1.30%	1,173,000	$28M	new	+1.30 pp	new
MSFTMicrosoft Corp	1.28%	736,675	$28M	added+53%	+0.29 pp	3 q
unresolvedLevel 3 Communications Inc	1.26%	819,500	$27M	added+4%	−0.04 pp	3 q
FFord Motor Company	1.23%	1,721,485	$27M	added+4%	−0.49 pp	3 q
TMHCTaylor Morrison Home Corporation	1.22%	1,171,060	$26M	added+93%	+0.37 pp	3 q
IACIIac / Interactivecorp (De) Com Stk	1.13%	354,050	$24M	added+4%	−0.02 pp	2 q
NXPINXP Semiconductors N.V.	1.12%	524,300	$24M	added+36%	+0.23 pp	3 q
unresolvedApollo Group Inc Class A	1.09%	855,425	$23M	added+4%	+0.04 pp	3 q
RDNRadian Group Inc.	1.09%	1,666,300	$24M	added+4%	−0.28 pp	3 q
unresolvedZulily Inc	1.06%	552,625	$23M	new	+1.06 pp	new
MSMorgan Stanley	1.03%	707,925	$22M	added+4%	−0.10 pp	3 q
unresolvedNii Hldgs Inc	1.00%	7,799,575	$21M	added+55%	−0.89 pp	3 q
TERTeradyne, Inc.	0.97%	1,183,600	$21M	added+5%	−0.18 pp	3 q
unresolvedPennymac Finl Svcs Inc	0.77%	945,175	$17M	added+4%	−0.28 pp	3 q
MRVLMarvell Technology, Inc.	0.75%	1,123,025	$16M	added+4%	−0.01 pp	3 q
unresolvedSpringleaf Holdings Inc	0.67%	571,900	$14M	new	+0.67 pp	new
ESNTEssent Group LTD	0.51%	453,925	$11M	new	+0.51 pp	new
unresolvedApollo Invt Corp	0.46%	1,178,650	$10M	trimmed−24%	−0.32 pp	3 q
unresolvedSprint Corporation	0.42%	841,118	$9M	added+5%	+0.11 pp	2 q
unresolvedAmerican Capital Agency Corp	0.40%	442,250	$9M	added+5%	−0.19 pp	3 q
IVRInvesco Mortgage Capital Inc.	0.37%	535,400	$8M	trimmed−14%	−0.22 pp	3 q
unresolvedDendreon Corp.	0.34%	2,434,000	$7M	held	—	3 q
unresolvedAmerican Cap Mtg Invt Corp	0.29%	357,050	$6M	added+5%	−0.12 pp	3 q
unresolvedHatteras Finl Corp	0.27%	357,650	$6M	added+5%	−0.12 pp	3 q
unresolvedApollo Global Management LLC	0.05%	31,000	$980,000	held	—	3 q
unresolvedChimera Investment Corp	0.05%	343,360	$1M	held	—	3 q
EARNEllington Credit Company	0.05%	75,000	$1M	held	—	2 q
unresolvedKkr & Co L P DEL	0.05%	40,900	$996,000	held	—	3 q
unresolvedOch Ziff Cap Mgmt Group	0.05%	75,100	$1M	held	—	3 q
unresolvedWindstream Holdings Inc.	0.05%	122,000	$974,000	added+40%	+0.01 pp	2 q
EATBrinker International, Inc.	0.04%	19,000	$881,000	held	—	3 q
unresolvedCys Invts Inc	0.04%	107,000	$793,000	held	—	2 q
CODICompass Diversified	0.04%	49,000	$962,000	held	—	3 q
unresolvedDonnelley R R & Sons Co	0.04%	37,500	$761,000	trimmed−20%	−0.01 pp	3 q
unresolvedDr Pepper Snapple Group Inc	0.04%	16,000	$780,000	trimmed−11%	−0.01 pp	3 q
MVCMvc Capital Inc	0.04%	58,000	$783,000	new	+0.04 pp	new
OAKOaktree Capital Group, LLC	0.04%	13,000	$765,000	held	—	3 q
unresolvedResource Capital Corp	0.04%	129,100	$766,000	added+54%	+0.01 pp	3 q
unresolvedValidus Holdings Ltd	0.04%	20,000	$806,000	new	+0.04 pp	new
BGCPBGC Partners, Inc.	0.03%	100,000	$605,000	held	—	3 q
CLCTCollectors Universe	0.03%	39,000	$669,000	held	—	3 q
HFCHollyfrontier Corp	0.03%	13,500	$671,000	held	—	3 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.03%	21,000	$648,000	new	+0.03 pp	new
MCDMcDonald's Corporation	0.03%	5,700	$554,000	held	—	3 q
MCCMedley Capital Corp	0.03%	48,200	$668,000	held	—	3 q
NCMINational CineMedia, Inc.	0.03%	31,000	$619,000	trimmed−14%	−0.01 pp	3 q
PDLIPDL BioPharma, Inc.	0.03%	76,400	$645,000	held	—	3 q
QUADQUAD/GRAPHICS, Inc.	0.03%	25,000	$681,000	held	—	3 q
RWTRedwood Trust, Inc.	0.03%	35,000	$678,000	held	—	3 q
STWDStarwood Property Trust, Inc.	0.03%	20,000	$554,000	held	—	3 q
BANXArrowMark Financial Corp.	0.03%	24,000	$590,000	new	+0.03 pp	new
TCRDTHL Credit, Inc.	0.03%	40,000	$660,000	held	—	3 q
HLFHerbalife Ltd.	0.03%	9,000	$709,000	held	—	3 q
SANBanco Santander S.A.	0.02%	41,100	$373,000	held	—	3 q
BLQADBlackrock Inc	0.02%	1,500	$475,000	held	—	3 q
CMOCapstead Mortgage Corp.	0.02%	35,000	$423,000	held	—	3 q
unresolvedEnergy Transfer Prtnrs L P	0.02%	8,800	$504,000	held	—	3 q
unresolvedFrontier Communications Corp	0.02%	85,000	$396,000	held	—	3 q
GBDCGolub Capital BDC, Inc.	0.02%	23,900	$457,000	held	—	3 q
unresolvedNew Residential Invt Corp	0.02%	75,000	$501,000	trimmed−81%	−0.14 pp	3 q
PBIPitney Bowes Inc.	0.02%	22,500	$525,000	trimmed−50%	−0.03 pp	3 q
Royal Bk Scotlnd Grp PLCconvertible	0.02%	15,200	$365,000	held	—	3 q
BCRHBlue Capital Reinsurance Hol	0.02%	21,500	$395,000	new	+0.02 pp	new
NLYAnnaly Capital Management. Inc.	0.01%	24,743	$247,000	held	—	3 q
ARIApollo Commercial Real Estate Finance, Inc.	0.01%	6,600	$108,000	held	—	3 q
unresolvedArmour Residential REIT Inc	0.01%	75,000	$301,000	held	—	3 q
CHKRChesapeake Granite Watr	0.01%	15,000	$159,000	held	—	3 q
unresolvedMcg Capital Corp	0.01%	37,500	$165,000	held	—	3 q
WMCWestern Asset Mortgage Capital Corporation	0.01%	14,000	$209,000	held	—	3 q
unresolvedEastman Kodak Co	0.00%	773	$16,000	new	0.00 pp	new
unresolvedEastman Kodak Co	0.00%	773	$15,000	new	0.00 pp	new
unresolvedUS Airways Group Inc.	—	−2,490,975	—	exited	−2.91 pp	—
unresolvedBg Medicine Inc	—	−684,236	—	exited	−0.04 pp	—
PNNTPennant Investment Corp	—	−54,860	—	exited	−0.04 pp	—
BKCCBlackRock Capital Investment Corporation	—	−42,800	—	exited	−0.03 pp	—
unresolvedRoundys Inc	—	−50,000	—	exited	−0.03 pp	—
SUNSSolar Senior Capital Ltd	—	−29,400	—	exited	−0.03 pp	—
SLRCSLR Investment Corp.	—	−17,000	—	exited	−0.02 pp	—