Miller Value Partners

Q3 2014 13F · by Bill Miller, CIO

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $2.4B · prev $2.5B
Positions: 112 · prev 113
Options notional: $141M
Documents: 1· no amendments

Picture94.3% US stock

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

US stock listed on a US exchange 94.3%
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 5.6%

Moves78 since the prior filing

+10.3 pp in · −10.4 pp out

New 9 +5.67 pp
Added 56 +4.68 pp
Trimmed 2 −0.04 pp
Exited 10 −10.34 pp

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

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

DAL Delta Air Lines, Inc. added+0.07 pp added+0.073.9%
UAL United Airlines Holdings, Inc. added+0.68 pp added+0.683.5%
AAL American Airlines Group Inc. added−0.39 pp added−0.393.4%
QCOM Qualcomm Inc added+0.09 pp added+0.093.3%
GILD Gilead Sciences Inc added+0.89 pp added+0.893.1%

Positions112 in this filing · 10 exited


DALDelta Air Lines, Inc.	3.88%	2,526,950	$91M	added+3%	+0.07 pp	6 q
UALUnited Airlines Holdings, Inc.	3.47%	1,747,350	$82M	added+3%	+0.68 pp	6 q
AALAmerican Airlines Group Inc.	3.44%	2,286,275	$81M	added+3%	−0.39 pp	4 q
QCOMQualcomm Inc	3.30%	1,039,265	$78M	added+3%	+0.09 pp	3 q
GILDGilead Sciences Inc	3.12%	690,275	$73M	added+3%	+0.89 pp	2 q
GNWGenworth Financial, Inc.	3.08%	5,543,400	$73M	added+3%	−0.67 pp	6 q
BACBank of America Corporation	2.96%	4,087,125	$70M	added+3%	+0.51 pp	6 q
MTGMGIC Investment Corp.	2.91%	8,784,550	$69M	added+3%	−0.25 pp	6 q
NFLXNetFlix Inc	2.87%	150,080	$68M	added+3%	+0.30 pp	6 q
GMEGameStop Corp. Class A	2.79%	1,594,950	$66M	added+3%	+0.27 pp	3 q
EBAYeBay Inc	2.59%	1,076,600	$61M	added+3%	+0.48 pp	4 q
STXNSeagate Technology Holdings PLC (Ireland)	2.53%	1,041,075	$60M	added+3%	+0.23 pp	6 q
AAPLApple Inc.	2.44%	569,690	$57M	added+3%	+0.38 pp	6 q
PHMPultegroup, Inc.	2.44%	3,254,050	$57M	added+3%	−0.11 pp	6 q
CCitigroup Inc.	2.38%	1,081,825	$56M	added+3%	+0.40 pp	6 q
XONPrecigen, Inc.	2.28%	2,887,750	$54M	added+3%	−0.55 pp	4 q
HIGThe Hartford Insurance Group, Inc.	2.27%	1,434,250	$53M	added+3%	+0.26 pp	6 q
unresolvedJpmorgan Chase & Co	2.15%	2,513,450	$51M	added+3%	+0.26 pp	6 q
unresolvedPandora Media Inc	2.08%	2,032,725	$49M	added+3%	−0.27 pp	6 q
unresolvedNewcastle Invt Corp New	2.01%	3,741,379	$47M	new	+2.01 pp	new
AGOAssured Guaranty, LTD	1.97%	2,098,950	$47M	added+3%	−0.03 pp	6 q
NXPINXP Semiconductors N.V.	1.97%	676,700	$46M	added+13%	+0.38 pp	6 q
unresolvedCigna Corporation	1.85%	480,000	$44M	added+3%	+0.13 pp	6 q
CHKChesapeake Energy Corp	1.84%	1,885,275	$43M	added+3%	−0.45 pp	6 q
LENLennar Corporation Class A	1.83%	1,108,650	$43M	added+3%	+0.02 pp	6 q
ETRAE*trade Financial Corp	1.81%	1,883,600	$43M	added+3%	+0.25 pp	6 q
unresolvedNationstar Mortgage Holdings Inc	1.79%	1,231,375	$42M	added+8%	+0.13 pp	3 q
AMZNAmazon.Com Inc	1.73%	126,510	$41M	added+9%	+0.21 pp	6 q
BBYBest Buy Company, Inc.	1.71%	1,198,475	$40M	added+3%	+0.26 pp	6 q
BYDBoyd Gaming Corporation	1.66%	3,846,575	$39M	added+3%	−0.15 pp	6 q
unresolvedNorthstar Rlty Fin Corp	1.64%	2,193,074	$39M	new	+1.64 pp	new
unresolvedNorthstar Asset Mgmt Group I	1.61%	2,059,974	$38M	new	+1.61 pp	new
unresolvedEllington Financial LLC	1.57%	1,668,972	$37M	trimmed−1%	−0.06 pp	6 q
GRPNGroupon, Inc.	1.52%	5,371,100	$36M	added+3%	+0.13 pp	6 q
GMGeneral Motors Company	1.49%	1,099,900	$35M	added+2%	−0.08 pp	6 q
MSFTMicrosoft Corp	1.47%	745,975	$35M	added+3%	+0.25 pp	6 q
unresolvedLevel 3 Communications Inc	1.40%	720,675	$33M	trimmed−8%	+0.02 pp	6 q
KBHKB Home	1.30%	2,050,625	$31M	added+3%	−0.19 pp	6 q
TMHCTaylor Morrison Home Corporation	1.28%	1,861,060	$30M	added+7%	−0.29 pp	6 q
OLEDUniversal Display Corp	1.17%	847,375	$28M	added+3%	+0.11 pp	6 q
unresolvedSupervalu Inc	1.13%	2,983,975	$27M	added+3%	+0.17 pp	3 q
unresolvedOci Partners LP	1.10%	1,201,325	$26M	added+3%	+0.10 pp	4 q
unresolvedCoupons.com, Inc.	1.09%	2,137,100	$26M	added×3.7	+0.47 pp	3 q
RDNRadian Group Inc.	1.02%	1,691,875	$24M	added+3%	+0.04 pp	6 q
FFord Motor Company	0.97%	1,549,550	$23M	added+2%	−0.08 pp	6 q
unresolvedPennymac Finl Svcs Inc	0.97%	1,557,475	$23M	added+3%	+0.05 pp	6 q
unresolvedZulily Inc	0.95%	592,725	$22M	added+9%	+0.06 pp	4 q
unresolvedSpringleaf Holdings Inc	0.86%	632,700	$20M	added+3%	+0.22 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.65%	612,800	$15M	added+2%	+0.05 pp	3 q
IBMInternational Business Machines Corporation	0.43%	53,910	$10M	added+3%	+0.05 pp	3 q
NEWMUSA TODAY Co., Inc.	0.20%	283,200	$5M	added+34%	+0.08 pp	3 q
STWDStarwood Property Trust, Inc.	0.14%	145,200	$3M	added+77%	+0.06 pp	6 q
unresolvedApollo Global Management LLC	0.10%	95,000	$2M	added+49%	+0.03 pp	6 q
unresolvedHome Ln Servicing Solutions	0.10%	115,000	$2M	added+50%	+0.03 pp	2 q
BABAAlibaba Group Holding Limited	0.09%	25,000	$2M	new	+0.09 pp	new
unresolvedAltisource Residential Corp	0.08%	77,000	$2M	new	+0.08 pp	new
PMTPennyMac Mortgage Investment Trust	0.08%	90,500	$2M	added+18%	+0.01 pp	3 q
unresolvedWindstream Holdings Inc.	0.08%	169,700	$2M	held	—	5 q
unresolvedAbengoa Yield PLC	0.08%	50,000	$2M	held	—	2 q
CODICompass Diversified	0.07%	90,000	$2M	held	—	6 q
QIWQiwi Plc-sponsored ADR	0.07%	50,800	$2M	added+22%	0.00 pp	3 q
unresolvedStonemor Partners LP	0.07%	60,000	$2M	new	+0.07 pp	new
unresolvedApollo Invt Corp	0.06%	181,400	$1M	held	—	6 q
ARCCAres Capital Corporation	0.06%	82,800	$1M	held	—	6 q
BGCPBGC Partners, Inc.	0.06%	196,400	$1M	held	—	6 q
CVACovanta Holding Corporation	0.06%	70,000	$1M	new	+0.06 pp	new
EARNEllington Credit Company	0.06%	89,875	$1M	held	—	5 q
unresolvedFortress Investment Group LLC	0.06%	201,400	$1M	held	—	2 q
unresolvedKkr & Co L P DEL	0.06%	63,500	$1M	held	—	6 q
unresolvedTriangle Cap Corp	0.06%	57,600	$1M	added×2.6	+0.03 pp	2 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	89,900	$1M	held	—	3 q
unresolvedNordic Amern Offshore Ltd	0.06%	80,000	$1M	new	+0.06 pp	new
unresolvedAmerican Capital Agency Corp	0.05%	57,700	$1M	held	—	6 q
CMOCapstead Mortgage Corp.	0.05%	105,000	$1M	added+35%	+0.01 pp	6 q
CTLLumen Technologies, Inc.	0.05%	28,000	$1M	held	—	2 q
unresolvedChimera Investment Corp	0.05%	400,400	$1M	held	—	6 q
DINDine Brands Global, Inc.	0.05%	14,000	$1M	held	—	3 q
HCIHCI Group, Inc.	0.05%	33,000	$1M	new	+0.05 pp	new
HCRSQHi-crush Inc	0.05%	24,000	$1M	held	—	2 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.05%	40,400	$1M	added+66%	+0.02 pp	4 q
MVCMvc Capital Inc	0.05%	117,600	$1M	added+74%	+0.01 pp	4 q
unresolvedOch Ziff Cap Mgmt Group	0.05%	118,100	$1M	held	—	6 q
unresolvedValidus Holdings Ltd	0.05%	32,600	$1M	held	—	4 q
SANBanco Santander S.A.	0.04%	102,800	$977,000	held	—	6 q
unresolvedCys Invts Inc	0.04%	124,700	$1M	held	—	5 q
unresolvedGeneral Electric Co	0.04%	35,000	$897,000	held	—	2 q
HTGCHercules Capital, Inc.	0.04%	68,600	$992,000	added+33%	+0.01 pp	2 q
Iridium Communications Iconvertible	0.04%	2,600	$883,000	held	—	2 q
MCDMcDonald's Corporation	0.04%	10,900	$1M	held	—	2 q
PMPhilip Morris International Inc.	0.04%	12,700	$1M	held	—	2 q
unresolvedRhino Resource Partners LP	0.04%	81,750	$978,000	held	—	3 q
unresolvedTal Intl Group Inc	0.04%	23,400	$966,000	held	—	3 q
NLYAnnaly Capital Management. Inc.	0.03%	58,100	$621,000	held	—	6 q
unresolvedBoardwalk Pipeline Partners	0.03%	39,600	$741,000	held	—	3 q
unresolvedDonnelley R R & Sons Co	0.03%	44,300	$730,000	held	—	6 q
unresolvedEnergy Transfer Prtnrs L P	0.03%	10,200	$653,000	held	—	6 q
unresolvedFrontier Communications Corp	0.03%	99,000	$645,000	held	—	6 q
HFCHollyfrontier Corp	0.03%	15,800	$691,000	held	—	6 q
OAKOaktree Capital Group, LLC	0.03%	15,200	$777,000	held	—	6 q
PBIPitney Bowes Inc.	0.03%	26,100	$653,000	held	—	6 q
RWTRedwood Trust, Inc.	0.03%	40,800	$677,000	held	—	6 q
unresolvedResource Capital Corp	0.03%	150,600	$734,000	held	—	6 q
BANXArrowMark Financial Corp.	0.03%	26,775	$674,000	held	—	4 q
HLFHerbalife Ltd.	0.03%	17,900	$784,000	held	—	6 q
unresolvedAmerican Cap Mtg Invt Corp	0.02%	25,000	$471,000	held	—	6 q
CLCTCollectors Universe	0.02%	26,500	$583,000	held	—	6 q
unresolvedHatteras Finl Corp	0.02%	23,300	$419,000	held	—	6 q
MCCMedley Capital Corp	0.02%	32,800	$388,000	held	—	6 q
NCMINational CineMedia, Inc.	0.02%	36,200	$526,000	held	—	6 q
unresolvedNew Residential Invt Corp	0.02%	87,500	$511,000	held	—	6 q
QUADQUAD/GRAPHICS, Inc.	0.02%	29,100	$561,000	held	—	6 q
BCRHBlue Capital Reinsurance Hol	0.02%	25,100	$445,000	held	—	4 q
unresolvedNorthstar Rlty Fin Corp	—	−4,012,450	—	exited	−2.80 pp	—
unresolvedNewcastle Invt Corp	—	−11,047,050	—	exited	−2.13 pp	—
unresolvedApollo Group Inc Class A	—	−843,375	—	exited	−1.06 pp	—
IACIIac / Interactivecorp (De) Com Stk	—	−348,075	—	exited	−0.97 pp	—
TERTeradyne, Inc.	—	−1,159,925	—	exited	−0.91 pp	—
MSMorgan Stanley	—	−640,275	—	exited	−0.83 pp	—
MRVLMarvell Technology, Inc.	—	−1,100,900	—	exited	−0.63 pp	—
MMMillennial Media Inc Com Stk (De)	—	−3,022,525	—	exited	−0.61 pp	—
TWTRTwitter, Inc.	—	−233,400	—	exited	−0.38 pp	—
unresolvedFifth Street Finance Corp	—	−50,100	—	exited	−0.02 pp	—