Miller Value Partners

Q1 2015 13F · by Bill Miller, CIO

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $2.6B · prev $2.6B
Positions: 89 · prev 93
Options notional: $211M
Documents: 1· no amendments

Picture92.5% US stock

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

US stock listed on a US exchange 92.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 7.4%

Moves58 since the prior filing

+6.8 pp in · −6.6 pp out

New 4 +2.52 pp
Added 23 +4.33 pp
Trimmed 21 −6.24 pp
Exited 8 −0.37 pp

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

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions22% of US stock

XON Precigen, Inc. added+1.88 pp added+1.885.0%
AAL American Airlines Group Inc. added−0.25 pp added−0.254.8%
UAL United Airlines Holdings, Inc. trimmed−0.28 pp trimmed−0.284.3%
DAL Delta Air Lines, Inc. added−0.55 pp added−0.554.1%
unresolved Fiat Chrysler Automobiles NV s added+0.98 pp added+0.983.7%

Positions89 in this filing · 8 exited


XONPrecigen, Inc.	5.05%	2,944,150	$134M	added0%	+1.88 pp	6 q
AALAmerican Airlines Group Inc.	4.80%	2,404,425	$127M	added0%	−0.25 pp	6 q
UALUnited Airlines Holdings, Inc.	4.28%	1,683,375	$113M	trimmed−3%	−0.28 pp	8 q
DALDelta Air Lines, Inc.	4.08%	2,404,225	$108M	added0%	−0.55 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	3.70%	6,007,825	$98M	added0%	+0.98 pp	2 q
NXPINXP Semiconductors N.V.	3.64%	959,025	$96M	trimmed−12%	+0.36 pp	8 q
LENLennar Corporation Class A	3.58%	1,829,700	$95M	trimmed−0%	+0.36 pp	8 q
unresolvedPlatform Specialty Prods Cor	3.50%	3,604,500	$92M	added0%	+0.22 pp	2 q
PHMPultegroup, Inc.	3.43%	4,086,050	$91M	trimmed−0%	−0.02 pp	8 q
MTGMGIC Investment Corp.	3.19%	8,763,825	$84M	added0%	−0.01 pp	8 q
GNWGenworth Financial, Inc.	2.86%	10,348,925	$76M	trimmed−0%	−0.59 pp	8 q
EIGIEndurance International Group Holdings, Inc.	2.72%	3,781,350	$72M	added+62%	+1.03 pp	2 q
unresolvedPandora Media Inc	2.72%	4,441,450	$72M	added+84%	+1.03 pp	8 q
BACBank of America Corporation	2.37%	4,080,225	$63M	added0%	−0.49 pp	8 q
NFLXNetFlix Inc	2.36%	149,815	$62M	added0%	+0.35 pp	8 q
GMEGameStop Corp. Class A	2.28%	1,589,350	$60M	trimmed−0%	+0.17 pp	5 q
AAPLApple Inc.	2.25%	478,230	$60M	trimmed−0%	+0.17 pp	8 q
QCOMQualcomm Inc	2.24%	854,440	$59M	trimmed−18%	−0.78 pp	5 q
unresolvedZulily Inc	2.12%	4,323,500	$56M	added×4.3	+1.19 pp	6 q
CCitigroup Inc.	2.11%	1,081,800	$56M	added0%	−0.18 pp	8 q
unresolvedJpmorgan Chase & Co	2.09%	2,506,875	$55M	held	—	8 q
unresolvedCigna Corporation	2.05%	419,775	$54M	trimmed−12%	+0.12 pp	8 q
STXNSeagate Technology Holdings PLC (Ireland)	2.04%	1,037,275	$54M	added0%	−0.66 pp	8 q
GILDGilead Sciences Inc	2.00%	539,100	$53M	trimmed−22%	−0.54 pp	4 q
BYDBoyd Gaming Corporation	1.99%	3,706,675	$53M	trimmed−3%	+0.07 pp	8 q
AMZNAmazon.Com Inc	1.80%	128,325	$48M	trimmed−0%	+0.23 pp	8 q
KBHKB Home	1.67%	2,829,350	$44M	added+4%	−0.09 pp	8 q
unresolvedPriceline Grp Inc	1.58%	35,980	$42M	trimmed−21%	−0.47 pp	2 q
EBAYeBay Inc	1.57%	719,750	$42M	trimmed−14%	−0.28 pp	6 q
GMGeneral Motors Company	1.56%	1,103,900	$41M	added0%	+0.05 pp	8 q
TMHCTaylor Morrison Home Corporation	1.49%	1,896,260	$40M	held	—	8 q
GRPNGroupon, Inc.	1.46%	5,371,100	$39M	held	—	8 q
unresolvedNationstar Mortgage Holdings Inc	1.46%	1,558,950	$39M	added+8%	−0.13 pp	5 q
unresolvedCoupons.com, Inc.	1.40%	3,150,675	$37M	added+30%	−0.29 pp	5 q
unresolvedZiopharm Oncology Inc	1.22%	3,000,000	$32M	new	+1.22 pp	new
unresolvedSpringleaf Holdings Inc	1.17%	597,075	$31M	trimmed−6%	+0.27 pp	6 q
ETRAE*trade Financial Corp	1.16%	1,074,525	$31M	trimmed−43%	−0.63 pp	8 q
RDNRadian Group Inc.	1.07%	1,691,875	$28M	held	—	8 q
unresolvedPennymac Finl Svcs Inc	1.00%	1,556,575	$26M	held	—	8 q
BABAAlibaba Group Holding Limited	0.85%	269,400	$22M	trimmed−47%	−1.22 pp	3 q
CHKChesapeake Energy Corp	0.83%	1,555,475	$22M	trimmed−18%	−0.62 pp	8 q
JDJD.com, Inc.	0.83%	751,025	$22M	new	+0.83 pp	new
BBYBest Buy Company, Inc.	0.68%	479,425	$18M	trimmed−60%	−1.15 pp	8 q
unresolvedLevel 3 Communications Inc	0.37%	180,700	$10M	trimmed−75%	−1.02 pp	8 q
TWTRTwitter, Inc.	0.34%	180,250	$9M	new	+0.34 pp	new
NEWMUSA TODAY Co., Inc.	0.26%	283,200	$7M	held	—	5 q
unresolvedAmerican Rlty Cap Pptys Inc	0.18%	485,000	$5M	added+37%	+0.05 pp	2 q
unresolvedTriangle Cap Corp	0.15%	171,213	$4M	held	—	4 q
unresolvedAltisource Residential Corp	0.14%	180,000	$4M	added×2.3	+0.08 pp	3 q
unresolvedFifth Street Finance Corp	0.13%	480,000	$4M	new	+0.13 pp	new
unresolvedNorthstar Rlty Fin Corp	0.13%	196,900	$4M	added+25%	+0.02 pp	3 q
STWDStarwood Property Trust, Inc.	0.13%	145,200	$4M	held	—	8 q
unresolvedAbengoa Yield PLC	0.13%	105,000	$4M	held	—	4 q
PMTPennyMac Mortgage Investment Trust	0.11%	140,000	$3M	added+55%	+0.04 pp	5 q
unresolvedHatteras Finl Corp	0.09%	132,300	$2M	held	—	8 q
unresolvedApollo Global Management LLC	0.08%	95,000	$2M	held	—	8 q
RITMRithm Capital Corp.	0.08%	143,750	$2M	added×3.3	+0.06 pp	2 q
unresolvedAmerican Capital Agency Corp	0.07%	81,700	$2M	held	—	8 q
BGCPBGC Partners, Inc.	0.07%	196,400	$2M	held	—	8 q
unresolvedChimera Investment Corp	0.07%	551,000	$2M	held	—	8 q
unresolvedStonemor Partners LP	0.07%	60,000	$2M	held	—	3 q
CODICompass Diversified	0.06%	90,000	$2M	held	—	8 q
unresolvedFortress Investment Group LLC	0.06%	201,400	$2M	held	—	4 q
HCIHCI Group, Inc.	0.06%	33,000	$2M	held	—	3 q
unresolvedOci Partners LP	0.06%	104,300	$2M	trimmed−85%	−0.39 pp	6 q
unresolvedOch Ziff Cap Mgmt Group	0.06%	118,100	$1M	held	—	8 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	111,169	$2M	added+1%	0.00 pp	5 q
CMOCapstead Mortgage Corp.	0.05%	105,000	$1M	held	—	8 q
unresolvedKkr & Co L P DEL	0.05%	63,500	$1M	held	—	8 q
MVCMvc Capital Inc	0.05%	142,600	$1M	held	—	6 q
QIWQiwi Plc-sponsored ADR	0.05%	50,800	$1M	held	—	5 q
unresolvedWindstream Holdings Inc.	0.05%	169,700	$1M	held	—	7 q
unresolvedValidus Holdings Ltd	0.05%	32,600	$1M	held	—	6 q
unresolvedAmerican Cap Mtg Invt Corp	0.04%	52,000	$934,000	held	—	8 q
unresolvedCys Invts Inc	0.04%	124,700	$1M	held	—	7 q
unresolvedEllington Financial LLC	0.04%	49,000	$976,000	held	—	8 q
unresolvedTal Intl Group Inc	0.04%	23,400	$954,000	held	—	5 q
unresolvedDonnelley R R & Sons Co	0.03%	44,300	$851,000	held	—	8 q
HCRSQHi-crush Inc	0.03%	24,000	$842,000	held	—	4 q
Iridium Communications Iconvertible	0.03%	2,600	$915,000	held	—	4 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.03%	78,400	$751,000	held	—	6 q
OAKOaktree Capital Group, LLC	0.03%	15,200	$786,000	held	—	8 q
QUADQUAD/GRAPHICS, Inc.	0.03%	29,100	$669,000	held	—	8 q
RWTRedwood Trust, Inc.	0.03%	40,800	$730,000	held	—	8 q
unresolvedResource Capital Corp	0.03%	150,600	$684,000	held	—	8 q
unresolvedNordic Amern Offshore Ltd	0.03%	80,000	$733,000	held	—	3 q
SNRNew Senior Investment Group Inc.	0.02%	35,966	$599,000	held	—	2 q
PBIPitney Bowes Inc.	0.02%	26,100	$609,000	held	—	8 q
BCRHBlue Capital Reinsurance Hol	0.02%	25,100	$435,000	held	—	6 q
unresolvedHome Ln Servicing Solutions	—	−168,000	—	exited	−0.13 pp	—
ARCCAres Capital Corporation	—	−82,800	—	exited	−0.05 pp	—
MCDMcDonald's Corporation	—	−10,900	—	exited	−0.04 pp	—
unresolvedOxford Lane Cap Corp	—	−65,000	—	exited	−0.04 pp	—
PMPhilip Morris International Inc.	—	−12,700	—	exited	−0.04 pp	—
SANBanco Santander S.A.	—	−107,421	—	exited	−0.03 pp	—
HFCHollyfrontier Corp	—	−15,800	—	exited	−0.02 pp	—
unresolvedNorthstar Asset Mgmt Group I	—	−17,500	—	exited	−0.02 pp	—