Miller Value Partners

Q4 2014 13F · by Bill Miller, CIO

As of: Dec 31, 2014
Filed: Feb 17, 2015
US stock: $2.6B · prev $2.4B
Positions: 93 · prev 112
Options notional: $156M
Documents: 1· no amendments

Picture94.2% US stock

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

US stock listed on a US exchange 94.2%
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 5.8%

Moves85 since the prior filing

+18.8 pp in · −18.3 pp out

New 8 +9.95 pp
Added 25 +8.84 pp
Trimmed 23 −5.61 pp
Exited 27 −12.73 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 77% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions21% of US stock

AAL American Airlines Group Inc. added+1.61 pp added+1.615.0%
DAL Delta Air Lines, Inc. trimmed+0.75 pp trimmed+0.754.6%
UAL United Airlines Holdings, Inc. trimmed+1.09 pp trimmed+1.094.6%
GNW Genworth Financial, Inc. added+0.37 pp added+0.373.5%
PHM Pultegroup, Inc. added+1.01 pp added+1.013.5%

Positions93 in this filing · 27 exited


AALAmerican Airlines Group Inc.	5.05%	2,401,225	$129M	added+5%	+1.61 pp	5 q
DALDelta Air Lines, Inc.	4.63%	2,401,225	$118M	trimmed−5%	+0.75 pp	7 q
UALUnited Airlines Holdings, Inc.	4.56%	1,740,625	$116M	trimmed−0%	+1.09 pp	7 q
GNWGenworth Financial, Inc.	3.45%	10,369,125	$88M	added+87%	+0.37 pp	7 q
PHMPultegroup, Inc.	3.45%	4,102,850	$88M	added+26%	+1.01 pp	7 q
unresolvedPlatform Specialty Prods Cor	3.28%	3,601,700	$84M	new	+3.28 pp	new
NXPINXP Semiconductors N.V.	3.28%	1,094,525	$84M	added+62%	+1.31 pp	7 q
LENLennar Corporation Class A	3.22%	1,834,300	$82M	added+65%	+1.39 pp	7 q
MTGMGIC Investment Corp.	3.20%	8,757,825	$82M	trimmed−0%	+0.29 pp	7 q
XONPrecigen, Inc.	3.17%	2,941,550	$81M	added+2%	+0.89 pp	5 q
QCOMQualcomm Inc	3.02%	1,036,890	$77M	trimmed−0%	−0.28 pp	4 q
BACBank of America Corporation	2.86%	4,076,425	$73M	trimmed−0%	−0.10 pp	7 q
unresolvedFiat Chrysler Automobiles NV s	2.72%	5,983,725	$69M	new	+2.72 pp	new
STXNSeagate Technology Holdings PLC (Ireland)	2.70%	1,037,175	$69M	trimmed−0%	+0.17 pp	7 q
GILDGilead Sciences Inc	2.54%	688,675	$65M	trimmed−0%	−0.58 pp	3 q
CCitigroup Inc.	2.29%	1,078,975	$58M	trimmed−0%	−0.09 pp	7 q
GMEGameStop Corp. Class A	2.11%	1,594,950	$54M	held	—	4 q
AAPLApple Inc.	2.08%	479,790	$53M	trimmed−16%	−0.36 pp	7 q
BABAAlibaba Group Holding Limited	2.07%	508,600	$53M	added×20.3	+1.98 pp	2 q
unresolvedPriceline Grp Inc	2.05%	45,830	$52M	new	+2.05 pp	new
unresolvedJpmorgan Chase & Co	2.04%	2,506,875	$52M	trimmed−0%	−0.11 pp	7 q
NFLXNetFlix Inc	2.01%	149,740	$51M	trimmed−0%	−0.86 pp	7 q
unresolvedCigna Corporation	1.93%	478,900	$49M	trimmed−0%	+0.08 pp	7 q
BYDBoyd Gaming Corporation	1.92%	3,831,975	$49M	trimmed−0%	+0.26 pp	7 q
EBAYeBay Inc	1.85%	840,275	$47M	trimmed−22%	−0.74 pp	5 q
BBYBest Buy Company, Inc.	1.83%	1,195,775	$47M	trimmed−0%	+0.12 pp	7 q
ETRAE*trade Financial Corp	1.79%	1,882,400	$46M	trimmed−0%	−0.02 pp	7 q
KBHKB Home	1.76%	2,715,050	$45M	added+32%	+0.46 pp	7 q
GRPNGroupon, Inc.	1.74%	5,371,100	$44M	held	—	7 q
unresolvedCoupons.com, Inc.	1.69%	2,431,450	$43M	added+14%	+0.60 pp	4 q
EIGIEndurance International Group Holdings, Inc.	1.69%	2,334,450	$43M	new	+1.69 pp	new
unresolvedPandora Media Inc	1.69%	2,414,950	$43M	added+19%	−0.39 pp	7 q
unresolvedNationstar Mortgage Holdings Inc	1.59%	1,440,750	$41M	added+17%	−0.20 pp	4 q
AMZNAmazon.Com Inc	1.57%	128,925	$40M	added+2%	−0.16 pp	7 q
GMGeneral Motors Company	1.51%	1,099,900	$38M	held	—	7 q
CHKChesapeake Energy Corp	1.45%	1,887,200	$37M	added0%	−0.39 pp	7 q
TMHCTaylor Morrison Home Corporation	1.40%	1,896,260	$36M	added+2%	+0.12 pp	7 q
unresolvedLevel 3 Communications Inc	1.39%	719,975	$36M	trimmed−0%	−0.01 pp	7 q
RDNRadian Group Inc.	1.11%	1,691,875	$28M	held	—	7 q
unresolvedPennymac Finl Svcs Inc	1.06%	1,556,575	$27M	trimmed−0%	+0.09 pp	7 q
unresolvedZulily Inc	0.93%	1,016,400	$24M	added+71%	−0.02 pp	5 q
unresolvedSpringleaf Holdings Inc	0.90%	632,700	$23M	held	—	5 q
unresolvedOci Partners LP	0.45%	715,200	$11M	trimmed−40%	−0.65 pp	5 q
NEWMUSA TODAY Co., Inc.	0.26%	283,200	$7M	held	—	4 q
unresolvedTriangle Cap Corp	0.14%	171,213	$3M	added×3.0	+0.08 pp	3 q
unresolvedAmerican Rlty Cap Pptys Inc	0.13%	355,000	$3M	new	+0.13 pp	new
STWDStarwood Property Trust, Inc.	0.13%	145,200	$3M	held	—	7 q
unresolvedHome Ln Servicing Solutions	0.13%	168,000	$3M	added+46%	+0.03 pp	3 q
unresolvedNorthstar Rlty Fin Corp	0.11%	157,900	$3M	trimmed−93%	−1.53 pp	2 q
unresolvedAbengoa Yield PLC	0.11%	105,000	$3M	added×2.1	+0.03 pp	3 q
unresolvedHatteras Finl Corp	0.10%	132,300	$2M	added×5.7	+0.08 pp	7 q
unresolvedApollo Global Management LLC	0.09%	95,000	$2M	held	—	7 q
unresolvedAmerican Capital Agency Corp	0.07%	81,700	$2M	added+42%	+0.02 pp	7 q
BGCPBGC Partners, Inc.	0.07%	196,400	$2M	held	—	7 q
unresolvedChimera Investment Corp	0.07%	551,000	$2M	added+38%	+0.02 pp	7 q
PMTPennyMac Mortgage Investment Trust	0.07%	90,500	$2M	held	—	4 q
unresolvedAltisource Residential Corp	0.06%	77,000	$1M	held	—	2 q
CODICompass Diversified	0.06%	90,000	$1M	held	—	7 q
unresolvedFortress Investment Group LLC	0.06%	201,400	$2M	held	—	3 q
HCIHCI Group, Inc.	0.06%	33,000	$1M	held	—	2 q
unresolvedKkr & Co L P DEL	0.06%	63,500	$1M	held	—	7 q
unresolvedStonemor Partners LP	0.06%	60,000	$2M	held	—	2 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	110,000	$2M	added+22%	0.00 pp	4 q
ARCCAres Capital Corporation	0.05%	82,800	$1M	held	—	7 q
CMOCapstead Mortgage Corp.	0.05%	105,000	$1M	held	—	7 q
MVCMvc Capital Inc	0.05%	142,600	$1M	added+21%	0.00 pp	5 q
unresolvedOch Ziff Cap Mgmt Group	0.05%	118,100	$1M	held	—	7 q
unresolvedWindstream Holdings Inc.	0.05%	169,700	$1M	held	—	6 q
unresolvedValidus Holdings Ltd	0.05%	32,600	$1M	held	—	5 q
unresolvedAmerican Cap Mtg Invt Corp	0.04%	52,000	$980,000	added×2.1	+0.02 pp	7 q
unresolvedCys Invts Inc	0.04%	124,700	$1M	held	—	6 q
unresolvedEllington Financial LLC	0.04%	49,000	$979,000	trimmed−97%	−1.53 pp	7 q
Iridium Communications Iconvertible	0.04%	2,600	$952,000	held	—	3 q
MCDMcDonald's Corporation	0.04%	10,900	$1M	held	—	3 q
unresolvedOxford Lane Cap Corp	0.04%	65,000	$972,000	new	+0.04 pp	new
PMPhilip Morris International Inc.	0.04%	12,700	$1M	held	—	3 q
QIWQiwi Plc-sponsored ADR	0.04%	50,800	$1M	held	—	4 q
unresolvedTal Intl Group Inc	0.04%	23,400	$1M	held	—	4 q
unresolvedNordic Amern Offshore Ltd	0.04%	80,000	$983,000	held	—	2 q
SANBanco Santander S.A.	0.03%	105,034	$875,000	trimmed0%	−0.01 pp	7 q
unresolvedDonnelley R R & Sons Co	0.03%	44,300	$745,000	held	—	7 q
HCRSQHi-crush Inc	0.03%	24,000	$745,000	held	—	3 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.03%	78,400	$814,000	added+94%	−0.02 pp	5 q
OAKOaktree Capital Group, LLC	0.03%	15,200	$788,000	held	—	7 q
QUADQUAD/GRAPHICS, Inc.	0.03%	29,100	$669,000	held	—	7 q
RWTRedwood Trust, Inc.	0.03%	40,800	$804,000	held	—	7 q
unresolvedResource Capital Corp	0.03%	150,600	$760,000	held	—	7 q
HFCHollyfrontier Corp	0.02%	15,800	$593,000	held	—	7 q
RITMRithm Capital Corp.	0.02%	43,750	$559,000	new	+0.02 pp	new
SNRNew Senior Investment Group Inc.	0.02%	35,966	$592,000	new	+0.02 pp	new
unresolvedNorthstar Asset Mgmt Group I	0.02%	17,500	$395,000	trimmed−99%	−1.59 pp	2 q
PBIPitney Bowes Inc.	0.02%	26,100	$637,000	held	—	7 q
BCRHBlue Capital Reinsurance Hol	0.02%	25,100	$446,000	held	—	5 q
HIGThe Hartford Insurance Group, Inc.	—	−1,434,250	—	exited	−2.27 pp	—
unresolvedNewcastle Invt Corp New	—	−3,741,379	—	exited	−2.01 pp	—
AGOAssured Guaranty, LTD	—	−2,098,950	—	exited	−1.97 pp	—
MSFTMicrosoft Corp	—	−745,975	—	exited	−1.47 pp	—
OLEDUniversal Display Corp	—	−847,375	—	exited	−1.17 pp	—
unresolvedSupervalu Inc	—	−2,983,975	—	exited	−1.13 pp	—
FFord Motor Company	—	−1,549,550	—	exited	−0.97 pp	—
CSCOCisco Systems, Inc. (DE)	—	−612,800	—	exited	−0.65 pp	—
IBMInternational Business Machines Corporation	—	−53,910	—	exited	−0.43 pp	—
unresolvedApollo Invt Corp	—	−181,400	—	exited	−0.06 pp	—
CVACovanta Holding Corporation	—	−70,000	—	exited	−0.06 pp	—
EARNEllington Credit Company	—	−89,875	—	exited	−0.06 pp	—
CTLLumen Technologies, Inc.	—	−28,000	—	exited	−0.05 pp	—
DINDine Brands Global, Inc.	—	−14,000	—	exited	−0.05 pp	—
unresolvedGeneral Electric Co	—	−35,000	—	exited	−0.04 pp	—
HTGCHercules Capital, Inc.	—	−68,600	—	exited	−0.04 pp	—
unresolvedRhino Resource Partners LP	—	−81,750	—	exited	−0.04 pp	—
NLYAnnaly Capital Management. Inc.	—	−58,100	—	exited	−0.03 pp	—
unresolvedBoardwalk Pipeline Partners	—	−39,600	—	exited	−0.03 pp	—
unresolvedEnergy Transfer Prtnrs L P	—	−10,200	—	exited	−0.03 pp	—
unresolvedFrontier Communications Corp	—	−99,000	—	exited	−0.03 pp	—
BANXArrowMark Financial Corp.	—	−26,775	—	exited	−0.03 pp	—
HLFHerbalife Ltd.	—	−17,900	—	exited	−0.03 pp	—
CLCTCollectors Universe	—	−26,500	—	exited	−0.02 pp	—
MCCMedley Capital Corp	—	−32,800	—	exited	−0.02 pp	—
NCMINational CineMedia, Inc.	—	−36,200	—	exited	−0.02 pp	—
unresolvedNew Residential Invt Corp	—	−87,500	—	exited	−0.02 pp	—