Miller Value Partners

Q1 2014 13F · by Bill Miller, CIO

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $2.5B · prev $2.2B
Positions: 108 · prev 104
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves95 since the prior filing

+4.4 pp in · −4.2 pp out

New 18 +10.03 pp
Added 40 −5.61 pp
Trimmed 22 −3.20 pp
Exited 14 −1.04 pp

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

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions18% of US stock

GNW Genworth Financial, Inc. added−0.06 pp added−0.064.1%
DAL Delta Air Lines, Inc. added+0.33 pp added+0.333.8%
AAL American Airlines Group Inc. added+0.74 pp added+0.743.6%
unresolved Northstar Rlty Fin Corp trimmed+0.08 pp trimmed+0.083.4%
QCOM Qualcomm Inc new+3.36 pp new+3.363.4%

Positions108 in this filing · 14 exited


GNWGenworth Financial, Inc.	4.10%	5,770,150	$102M	added0%	−0.06 pp	4 q
DALDelta Air Lines, Inc.	3.78%	2,717,625	$94M	added0%	+0.33 pp	4 q
AALAmerican Airlines Group Inc.	3.64%	2,481,250	$91M	added0%	+0.74 pp	2 q
unresolvedNorthstar Rlty Fin Corp	3.44%	5,319,575	$86M	trimmed−1%	+0.08 pp	4 q
QCOMQualcomm Inc	3.36%	1,061,715	$84M	new	+3.36 pp	new
UALUnited Airlines Holdings, Inc.	3.06%	1,708,775	$76M	added0%	+0.06 pp	4 q
MTGMGIC Investment Corp.	3.03%	8,860,750	$75M	added0%	−0.43 pp	4 q
BACBank of America Corporation	2.76%	4,004,525	$69M	added0%	−0.14 pp	4 q
PHMPultegroup, Inc.	2.47%	3,207,100	$62M	added+3%	−0.48 pp	4 q
unresolvedPandora Media Inc	2.44%	2,008,725	$61M	added0%	−0.03 pp	4 q
STXNSeagate Technology Holdings PLC (Ireland)	2.42%	1,076,150	$60M	added0%	−0.39 pp	4 q
EBAYeBay Inc	2.36%	1,063,500	$59M	added0%	−0.34 pp	2 q
unresolvedNewcastle Invt Corp	2.16%	11,465,775	$54M	trimmed−0%	−0.91 pp	4 q
AGOAssured Guaranty, LTD	2.10%	2,063,250	$52M	added0%	−0.16 pp	4 q
HIGThe Hartford Insurance Group, Inc.	2.08%	1,472,275	$52M	added0%	−0.40 pp	4 q
NFLXNetFlix Inc	2.08%	147,155	$52M	trimmed−17%	−0.94 pp	4 q
CCitigroup Inc.	2.03%	1,060,575	$50M	added+16%	−0.18 pp	4 q
BYDBoyd Gaming Corporation	2.00%	3,781,175	$50M	added0%	+0.03 pp	4 q
GMEGameStop Corp. Class A	2.00%	1,210,800	$50M	new	+2.00 pp	new
unresolvedJpmorgan Chase & Co	2.00%	2,462,950	$50M	added0%	−0.22 pp	4 q
CHKChesapeake Energy Corp	1.91%	1,862,575	$48M	added+44%	+0.27 pp	4 q
ETRAE*trade Financial Corp	1.87%	2,028,600	$47M	added0%	+0.02 pp	4 q
unresolvedQuestcor Pharmaceuticals	1.76%	676,625	$44M	trimmed−0%	+0.04 pp	4 q
XONPrecigen, Inc.	1.74%	1,651,125	$43M	added+41%	+0.44 pp	2 q
LENLennar Corporation Class A	1.73%	1,087,050	$43M	added0%	−0.26 pp	4 q
AAPLApple Inc.	1.71%	79,260	$43M	added+1%	−0.33 pp	4 q
GRPNGroupon, Inc.	1.66%	5,284,100	$41M	added+1%	−1.21 pp	4 q
TMHCTaylor Morrison Home Corporation	1.66%	1,765,835	$41M	added+51%	+0.44 pp	4 q
unresolvedEllington Financial LLC	1.61%	1,686,972	$40M	added+7%	−0.05 pp	4 q
AMZNAmazon.Com Inc	1.59%	118,165	$40M	added0%	−0.59 pp	4 q
unresolvedCigna Corporation	1.58%	471,200	$39M	added0%	−0.34 pp	4 q
GMGeneral Motors Company	1.54%	1,112,641	$38M	added+47%	+0.10 pp	4 q
KBHKB Home	1.38%	2,019,250	$34M	added+4%	−0.27 pp	4 q
unresolvedNationstar Mortgage Holdings Inc	1.31%	1,004,350	$33M	new	+1.31 pp	new
unresolvedLevel 3 Communications Inc	1.29%	819,050	$32M	trimmed−0%	+0.03 pp	4 q
BBYBest Buy Company, Inc.	1.25%	1,177,850	$31M	added0%	−0.93 pp	4 q
NXPINXP Semiconductors N.V.	1.23%	521,750	$31M	trimmed−0%	+0.11 pp	4 q
ARCCAres Capital Corporation	1.21%	1,712,700	$30M	added+7%	−0.11 pp	4 q
MSFTMicrosoft Corp	1.21%	736,475	$30M	trimmed−0%	−0.07 pp	4 q
unresolvedApollo Group Inc Class A	1.17%	855,075	$29M	trimmed−0%	+0.08 pp	4 q
unresolvedZulily Inc	1.11%	551,600	$28M	trimmed−0%	+0.05 pp	2 q
FFord Motor Company	1.07%	1,717,435	$27M	trimmed−0%	−0.16 pp	4 q
OLEDUniversal Display Corp	1.07%	836,675	$27M	trimmed−0%	−0.27 pp	4 q
unresolvedPennymac Finl Svcs Inc	1.03%	1,537,475	$26M	added+63%	+0.26 pp	4 q
IACIIac / Interactivecorp (De) Com Stk	1.02%	354,475	$25M	added0%	−0.11 pp	3 q
RDNRadian Group Inc.	1.01%	1,670,175	$25M	added0%	−0.08 pp	4 q
unresolvedOci Partners LP	0.99%	1,150,775	$25M	added+1%	−0.47 pp	2 q
TERTeradyne, Inc.	0.94%	1,179,550	$23M	trimmed−0%	−0.03 pp	4 q
MSMorgan Stanley	0.88%	707,225	$22M	trimmed−0%	−0.15 pp	4 q
unresolvedSupervalu Inc	0.81%	2,952,075	$20M	new	+0.81 pp	new
MMMillennial Media Inc Com Stk (De)	0.75%	2,718,000	$19M	new	+0.75 pp	new
MRVLMarvell Technology, Inc.	0.71%	1,120,275	$18M	trimmed−0%	−0.04 pp	4 q
unresolvedSpringleaf Holdings Inc	0.63%	628,300	$16M	added+10%	−0.04 pp	2 q
NEWMUSA TODAY Co., Inc.	0.57%	950,875	$14M	new	+0.57 pp	new
unresolvedCoupons.com, Inc.	0.53%	532,400	$13M	new	+0.53 pp	new
unresolvedApollo Invt Corp	0.41%	1,239,200	$10M	added+5%	−0.05 pp	4 q
ESNTEssent Group LTD	0.41%	453,425	$10M	trimmed−0%	−0.10 pp	2 q
unresolvedNii Hldgs Inc	0.37%	7,837,875	$9M	added0%	−0.63 pp	4 q
unresolvedDendreon Corp.	0.29%	2,434,000	$7M	held	—	4 q
CSCOCisco Systems, Inc. (DE)	0.25%	275,100	$6M	new	+0.25 pp	new
IBMInternational Business Machines Corporation	0.18%	23,700	$5M	new	+0.18 pp	new
unresolvedAmerican Cap Mtg Invt Corp	0.05%	60,000	$1M	trimmed−83%	−0.24 pp	4 q
EARNEllington Credit Company	0.05%	80,000	$1M	added+7%	0.00 pp	3 q
unresolvedApollo Global Management LLC	0.04%	31,000	$986,000	held	—	4 q
unresolvedCys Invts Inc	0.04%	107,000	$884,000	held	—	3 q
unresolvedChimera Investment Corp	0.04%	343,360	$1M	held	—	4 q
DINDine Brands Global, Inc.	0.04%	12,000	$937,000	new	+0.04 pp	new
unresolvedKkr & Co L P DEL	0.04%	40,900	$935,000	held	—	4 q
unresolvedOch Ziff Cap Mgmt Group	0.04%	75,000	$1M	trimmed−0%	−0.01 pp	4 q
QIWQiwi Plc-sponsored ADR	0.04%	26,000	$901,000	new	+0.04 pp	new
unresolvedRhino Resource Partners LP	0.04%	73,000	$998,000	new	+0.04 pp	new
unresolvedTal Intl Group Inc	0.04%	20,500	$879,000	new	+0.04 pp	new
TPVGTriplepoint Venture Growth Bdc Corp.	0.04%	60,000	$975,000	new	+0.04 pp	new
unresolvedWindstream Holdings Inc.	0.04%	122,000	$1M	held	—	3 q
HLFHerbalife Ltd.	0.04%	15,300	$877,000	added+70%	+0.01 pp	4 q
BGCPBGC Partners, Inc.	0.03%	100,000	$654,000	held	—	4 q
CODICompass Diversified	0.03%	40,543	$767,000	trimmed−17%	−0.01 pp	4 q
unresolvedDonnelley R R & Sons Co	0.03%	38,000	$681,000	added+1%	−0.01 pp	4 q
HFCHollyfrontier Corp	0.03%	13,500	$643,000	held	—	4 q
MVCMvc Capital Inc	0.03%	58,000	$786,000	held	—	2 q
OAKOaktree Capital Group, LLC	0.03%	13,000	$757,000	held	—	4 q
PMTPennyMac Mortgage Investment Trust	0.03%	35,000	$837,000	new	+0.03 pp	new
RWTRedwood Trust, Inc.	0.03%	35,000	$710,000	held	—	4 q
unresolvedResource Capital Corp	0.03%	129,100	$720,000	held	—	4 q
unresolvedValidus Holdings Ltd	0.03%	20,000	$755,000	held	—	2 q
SANBanco Santander S.A.	0.02%	41,100	$394,000	held	—	4 q
unresolvedBoardwalk Pipeline Partners	0.02%	34,000	$456,000	new	+0.02 pp	new
CMOCapstead Mortgage Corp.	0.02%	35,000	$444,000	held	—	4 q
CLCTCollectors Universe	0.02%	22,753	$429,000	trimmed−42%	−0.01 pp	4 q
unresolvedEnergy Transfer Prtnrs L P	0.02%	8,800	$474,000	held	—	4 q
unresolvedFifth Street Finance Corp	0.02%	43,000	$407,000	new	+0.02 pp	new
unresolvedFrontier Communications Corp	0.02%	85,000	$485,000	held	—	4 q
unresolvedHatteras Finl Corp	0.02%	20,000	$377,000	trimmed−94%	−0.25 pp	4 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.02%	21,000	$569,000	held	—	2 q
MCCMedley Capital Corp	0.02%	28,200	$384,000	trimmed−41%	−0.01 pp	4 q
NCMINational CineMedia, Inc.	0.02%	31,000	$465,000	held	—	4 q
unresolvedNew Residential Invt Corp	0.02%	75,000	$486,000	held	—	4 q
PBIPitney Bowes Inc.	0.02%	22,500	$585,000	held	—	4 q
QUADQUAD/GRAPHICS, Inc.	0.02%	25,000	$587,000	held	—	4 q
STWDStarwood Property Trust, Inc.	0.02%	20,000	$472,000	held	—	4 q
BANXArrowMark Financial Corp.	0.02%	24,000	$590,000	held	—	2 q
BCRHBlue Capital Reinsurance Hol	0.02%	21,500	$374,000	held	—	2 q
unresolvedAmerican Capital Agency Corp	0.01%	9,400	$203,000	trimmed−98%	−0.39 pp	4 q
NLYAnnaly Capital Management. Inc.	0.01%	24,743	$272,000	held	—	4 q
unresolvedArmour Residential REIT Inc	0.01%	75,000	$309,000	held	—	4 q
WMCWestern Asset Mortgage Capital Corporation	0.01%	15,358	$241,000	added+10%	0.00 pp	4 q
ARIApollo Commercial Real Estate Finance, Inc.	0.00%	6,600	$110,000	held	—	4 q
unresolvedStarwood Waypoint Residential REIT	0.00%	4,000	$116,000	new	0.00 pp	new
unresolvedSprint Corporation	—	−841,118	—	exited	−0.42 pp	—
IVRInvesco Mortgage Capital Inc.	—	−535,400	—	exited	−0.37 pp	—
EATBrinker International, Inc.	—	−19,000	—	exited	−0.04 pp	—
unresolvedDr Pepper Snapple Group Inc	—	−16,000	—	exited	−0.04 pp	—
MCDMcDonald's Corporation	—	−5,700	—	exited	−0.03 pp	—
PDLIPDL BioPharma, Inc.	—	−76,400	—	exited	−0.03 pp	—
TCRDTHL Credit, Inc.	—	−40,000	—	exited	−0.03 pp	—
BLQADBlackrock Inc	—	−1,500	—	exited	−0.02 pp	—
GBDCGolub Capital BDC, Inc.	—	−23,900	—	exited	−0.02 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−15,200	—	exited	−0.02 pp	—
CHKRChesapeake Granite Watr	—	−15,000	—	exited	−0.01 pp	—
unresolvedMcg Capital Corp	—	−37,500	—	exited	−0.01 pp	—
unresolvedEastman Kodak Co	—	−773	—	exited	0.00 pp	—
unresolvedEastman Kodak Co	—	−773	—	exited	0.00 pp	—