Miller Value Partners

Q2 2014 13F · by Bill Miller, CIO

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $2.5B · prev $2.5B
Positions: 113 · prev 108
Options notional: $118M
Documents: 1· no amendments

Picture95.5% US stock

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

US stock listed on a US exchange 95.5%
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 4.5%

Moves122 since the prior filing

+6.5 pp in · −6.5 pp out

New 13 +3.13 pp
Added 52 +3.42 pp
Trimmed 48 −3.69 pp
Exited 8 −2.85 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

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions18% of US stock

AAL American Airlines Group Inc. trimmed+0.19 pp trimmed+0.193.8%
DAL Delta Air Lines, Inc. trimmed+0.03 pp trimmed+0.033.8%
GNW Genworth Financial, Inc. trimmed−0.35 pp trimmed−0.353.8%
QCOM Qualcomm Inc trimmed−0.15 pp trimmed−0.153.2%
MTG MGIC Investment Corp. trimmed+0.13 pp trimmed+0.133.2%

Positions113 in this filing · 8 exited


AALAmerican Airlines Group Inc.	3.83%	2,219,775	$95M	trimmed−11%	+0.19 pp	3 q
DALDelta Air Lines, Inc.	3.81%	2,452,950	$95M	trimmed−10%	+0.03 pp	5 q
GNWGenworth Financial, Inc.	3.75%	5,372,300	$93M	trimmed−7%	−0.35 pp	5 q
QCOMQualcomm Inc	3.21%	1,009,740	$80M	trimmed−5%	−0.15 pp	2 q
MTGMGIC Investment Corp.	3.16%	8,518,450	$79M	trimmed−4%	+0.13 pp	5 q
XONPrecigen, Inc.	2.83%	2,801,325	$70M	added+70%	+1.09 pp	3 q
unresolvedNorthstar Rlty Fin Corp	2.80%	4,012,450	$70M	trimmed−25%	−0.64 pp	5 q
UALUnited Airlines Holdings, Inc.	2.79%	1,688,650	$69M	trimmed−1%	−0.27 pp	5 q
NFLXNetFlix Inc	2.57%	145,305	$64M	trimmed−1%	+0.49 pp	5 q
PHMPultegroup, Inc.	2.55%	3,154,450	$64M	trimmed−2%	+0.08 pp	5 q
GMEGameStop Corp. Class A	2.52%	1,550,450	$63M	added+28%	+0.52 pp	2 q
BACBank of America Corporation	2.45%	3,962,525	$61M	trimmed−1%	−0.31 pp	5 q
unresolvedPandora Media Inc	2.35%	1,981,025	$58M	trimmed−1%	−0.09 pp	5 q
STXNSeagate Technology Holdings PLC (Ireland)	2.30%	1,008,575	$57M	trimmed−6%	−0.12 pp	5 q
CHKChesapeake Energy Corp	2.29%	1,833,375	$57M	trimmed−2%	+0.38 pp	5 q
GILDGilead Sciences Inc	2.23%	670,075	$56M	new	+2.23 pp	new
unresolvedNewcastle Invt Corp	2.13%	11,047,050	$53M	trimmed−4%	−0.03 pp	5 q
EBAYeBay Inc	2.11%	1,048,900	$53M	trimmed−1%	−0.25 pp	3 q
AAPLApple Inc.	2.06%	552,190	$51M	trimmed−0%	+0.35 pp	5 q
HIGThe Hartford Insurance Group, Inc.	2.01%	1,397,750	$50M	trimmed−5%	−0.07 pp	5 q
AGOAssured Guaranty, LTD	2.00%	2,032,150	$50M	trimmed−2%	−0.10 pp	5 q
CCitigroup Inc.	1.98%	1,048,725	$49M	trimmed−1%	−0.05 pp	5 q
unresolvedJpmorgan Chase & Co	1.89%	2,436,550	$47M	trimmed−1%	−0.11 pp	5 q
BYDBoyd Gaming Corporation	1.81%	3,723,375	$45M	trimmed−2%	−0.19 pp	5 q
LENLennar Corporation Class A	1.81%	1,071,950	$45M	trimmed−1%	+0.08 pp	5 q
unresolvedCigna Corporation	1.72%	465,500	$43M	trimmed−1%	+0.14 pp	5 q
unresolvedNationstar Mortgage Holdings Inc	1.66%	1,136,175	$41M	added+13%	+0.35 pp	2 q
unresolvedEllington Financial LLC	1.63%	1,693,972	$41M	added0%	+0.02 pp	5 q
NXPINXP Semiconductors N.V.	1.59%	596,650	$39M	added+14%	+0.36 pp	5 q
GMGeneral Motors Company	1.57%	1,074,700	$39M	trimmed−3%	+0.03 pp	5 q
TMHCTaylor Morrison Home Corporation	1.57%	1,741,035	$39M	trimmed−1%	−0.09 pp	5 q
ETRAE*trade Financial Corp	1.56%	1,828,900	$39M	trimmed−10%	−0.31 pp	5 q
AMZNAmazon.Com Inc	1.52%	116,340	$38M	trimmed−2%	−0.07 pp	5 q
KBHKB Home	1.49%	1,987,625	$37M	trimmed−2%	+0.11 pp	5 q
BBYBest Buy Company, Inc.	1.45%	1,161,275	$36M	trimmed−1%	+0.20 pp	5 q
GRPNGroupon, Inc.	1.39%	5,212,200	$35M	trimmed−1%	−0.27 pp	5 q
unresolvedLevel 3 Communications Inc	1.38%	779,625	$34M	trimmed−5%	+0.09 pp	5 q
MSFTMicrosoft Corp	1.22%	726,875	$30M	trimmed−1%	+0.01 pp	5 q
unresolvedApollo Group Inc Class A	1.06%	843,375	$26M	trimmed−1%	−0.11 pp	5 q
OLEDUniversal Display Corp	1.06%	825,075	$26M	trimmed−1%	−0.01 pp	5 q
FFord Motor Company	1.05%	1,515,750	$26M	trimmed−12%	−0.02 pp	5 q
unresolvedOci Partners LP	1.00%	1,166,625	$25M	added+1%	+0.01 pp	3 q
RDNRadian Group Inc.	0.98%	1,643,875	$24M	trimmed−2%	−0.03 pp	5 q
IACIIac / Interactivecorp (De) Com Stk	0.97%	348,075	$24M	trimmed−2%	−0.05 pp	4 q
unresolvedSupervalu Inc	0.96%	2,907,475	$24M	trimmed−2%	+0.15 pp	2 q
unresolvedPennymac Finl Svcs Inc	0.92%	1,511,075	$23M	trimmed−2%	−0.11 pp	5 q
TERTeradyne, Inc.	0.91%	1,159,925	$23M	trimmed−2%	−0.03 pp	5 q
unresolvedZulily Inc	0.89%	543,600	$22M	trimmed−1%	−0.22 pp	3 q
MSMorgan Stanley	0.83%	640,275	$21M	trimmed−9%	−0.05 pp	5 q
unresolvedSpringleaf Holdings Inc	0.64%	615,400	$16M	trimmed−2%	+0.01 pp	3 q
MRVLMarvell Technology, Inc.	0.63%	1,100,900	$16M	trimmed−2%	−0.08 pp	5 q
unresolvedCoupons.com, Inc.	0.62%	583,000	$15M	added+10%	+0.09 pp	2 q
MMMillennial Media Inc Com Stk (De)	0.61%	3,022,525	$15M	added+11%	−0.14 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.60%	598,100	$15M	added×2.2	+0.35 pp	2 q
IBMInternational Business Machines Corporation	0.38%	52,485	$10M	added×2.2	+0.20 pp	2 q
TWTRTwitter, Inc.	0.38%	233,400	$10M	new	+0.38 pp	new
NEWMUSA TODAY Co., Inc.	0.12%	211,807	$3M	trimmed−78%	−0.45 pp	2 q
STWDStarwood Property Trust, Inc.	0.08%	82,200	$2M	added×4.1	+0.06 pp	5 q
unresolvedAbengoa Yield PLC	0.08%	50,000	$2M	new	+0.08 pp	new
unresolvedApollo Global Management LLC	0.07%	63,900	$2M	added×2.1	+0.03 pp	5 q
CODICompass Diversified	0.07%	90,000	$2M	added×2.2	+0.04 pp	5 q
unresolvedOch Ziff Cap Mgmt Group	0.07%	118,100	$2M	added+57%	+0.03 pp	5 q
PMTPennyMac Mortgage Investment Trust	0.07%	76,700	$2M	added×2.2	+0.04 pp	2 q
QIWQiwi Plc-sponsored ADR	0.07%	41,800	$2M	added+61%	+0.03 pp	2 q
unresolvedWindstream Holdings Inc.	0.07%	169,700	$2M	added+39%	+0.03 pp	4 q
unresolvedHome Ln Servicing Solutions	0.07%	76,600	$2M	new	+0.07 pp	new
unresolvedApollo Invt Corp	0.06%	181,400	$2M	trimmed−85%	−0.35 pp	5 q
ARCCAres Capital Corporation	0.06%	82,800	$1M	trimmed−95%	−1.15 pp	5 q
BGCPBGC Partners, Inc.	0.06%	196,400	$1M	added+96%	+0.03 pp	5 q
EARNEllington Credit Company	0.06%	89,875	$2M	added+12%	+0.01 pp	4 q
unresolvedFortress Investment Group LLC	0.06%	201,400	$1M	new	+0.06 pp	new
HCRSQHi-crush Inc	0.06%	24,000	$2M	new	+0.06 pp	new
unresolvedKkr & Co L P DEL	0.06%	63,500	$2M	added+55%	+0.02 pp	5 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	89,900	$1M	added+50%	+0.02 pp	2 q
unresolvedAmerican Capital Agency Corp	0.05%	57,700	$1M	added×6.1	+0.04 pp	5 q
unresolvedCys Invts Inc	0.05%	124,700	$1M	added+17%	+0.01 pp	4 q
unresolvedChimera Investment Corp	0.05%	400,400	$1M	added+17%	+0.01 pp	5 q
unresolvedRhino Resource Partners LP	0.05%	81,750	$1M	added+12%	+0.01 pp	2 q
HLFHerbalife Ltd.	0.05%	17,900	$1M	added+17%	+0.01 pp	5 q
unresolvedValidus Holdings Ltd	0.05%	32,600	$1M	added+63%	+0.02 pp	3 q
SANBanco Santander S.A.	0.04%	102,800	$1M	added×2.5	+0.02 pp	5 q
CMOCapstead Mortgage Corp.	0.04%	78,000	$1M	added×2.2	+0.02 pp	5 q
CTLLumen Technologies, Inc.	0.04%	28,000	$1M	new	+0.04 pp	new
DINDine Brands Global, Inc.	0.04%	14,000	$1M	added+17%	0.00 pp	2 q
unresolvedGeneral Electric Co	0.04%	35,000	$920,000	new	+0.04 pp	new
MVCMvc Capital Inc	0.04%	67,600	$876,000	added+17%	+0.01 pp	3 q
MCDMcDonald's Corporation	0.04%	10,900	$1M	new	+0.04 pp	new
PMPhilip Morris International Inc.	0.04%	12,700	$1M	new	+0.04 pp	new
unresolvedTal Intl Group Inc	0.04%	23,400	$1M	added+14%	0.00 pp	2 q
NLYAnnaly Capital Management. Inc.	0.03%	58,100	$665,000	added×2.3	+0.02 pp	5 q
unresolvedBoardwalk Pipeline Partners	0.03%	39,600	$733,000	added+16%	+0.01 pp	2 q
unresolvedDonnelley R R & Sons Co	0.03%	44,300	$752,000	added+17%	0.00 pp	5 q
HTGCHercules Capital, Inc.	0.03%	51,600	$834,000	new	+0.03 pp	new
HFCHollyfrontier Corp	0.03%	15,800	$691,000	added+17%	0.00 pp	5 q
Iridium Communications Iconvertible	0.03%	2,600	$859,000	new	+0.03 pp	new
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.03%	24,400	$764,000	added+16%	+0.01 pp	3 q
NCMINational CineMedia, Inc.	0.03%	36,200	$634,000	added+17%	+0.01 pp	5 q
OAKOaktree Capital Group, LLC	0.03%	15,200	$760,000	added+17%	0.00 pp	5 q
PBIPitney Bowes Inc.	0.03%	26,100	$721,000	added+16%	+0.01 pp	5 q
QUADQUAD/GRAPHICS, Inc.	0.03%	29,100	$651,000	added+16%	+0.01 pp	5 q
RWTRedwood Trust, Inc.	0.03%	40,800	$795,000	added+17%	0.00 pp	5 q
unresolvedResource Capital Corp	0.03%	150,600	$848,000	added+17%	0.00 pp	5 q
BANXArrowMark Financial Corp.	0.03%	26,775	$680,000	added+12%	+0.01 pp	3 q
unresolvedTriangle Cap Corp	0.03%	22,100	$627,000	new	+0.03 pp	new
unresolvedAmerican Cap Mtg Invt Corp	0.02%	25,000	$501,000	trimmed−58%	−0.03 pp	5 q
CLCTCollectors Universe	0.02%	26,500	$520,000	added+16%	0.00 pp	5 q
unresolvedEnergy Transfer Prtnrs L P	0.02%	10,200	$592,000	added+16%	0.00 pp	5 q
unresolvedFifth Street Finance Corp	0.02%	50,100	$493,000	added+17%	0.00 pp	2 q
unresolvedFrontier Communications Corp	0.02%	99,000	$579,000	added+16%	0.00 pp	5 q
unresolvedHatteras Finl Corp	0.02%	23,300	$462,000	added+17%	0.00 pp	5 q
MCCMedley Capital Corp	0.02%	32,800	$429,000	added+16%	0.00 pp	5 q
unresolvedNew Residential Invt Corp	0.02%	87,500	$552,000	added+17%	0.00 pp	5 q
BCRHBlue Capital Reinsurance Hol	0.02%	25,100	$495,000	added+17%	0.00 pp	3 q
unresolvedQuestcor Pharmaceuticals	—	−676,625	—	exited	−1.76 pp	—
ESNTEssent Group LTD	—	−453,425	—	exited	−0.41 pp	—
unresolvedNii Hldgs Inc	—	−7,837,875	—	exited	−0.37 pp	—
unresolvedDendreon Corp.	—	−2,434,000	—	exited	−0.29 pp	—
unresolvedArmour Residential REIT Inc	—	−75,000	—	exited	−0.01 pp	—
WMCWestern Asset Mortgage Capital Corporation	—	−15,358	—	exited	−0.01 pp	—
ARIApollo Commercial Real Estate Finance, Inc.	—	−6,600	—	exited	0.00 pp	—
unresolvedStarwood Waypoint Residential REIT	—	−4,000	—	exited	0.00 pp	—