Miller Value Partners

Q2 2015 13F · by Bill Miller, CIO

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $2.6B · prev $2.6B
Positions: 87 · prev 89
Options notional: $248M
Documents: 1· no amendments

Picture91.3% US stock

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

US stock listed on a US exchange 91.3%
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 8.6%

Moves42 since the prior filing

+2.1 pp in · −1.2 pp out

New 8 +1.82 pp
Added 11 +0.31 pp
Trimmed 10 −0.55 pp
Exited 10 −0.68 pp

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

XON Precigen, Inc. held held5.5%
MTG MGIC Investment Corp. held held3.8%
DAL Delta Air Lines, Inc. held held3.8%
AAL American Airlines Group Inc. held held3.6%
NXPI NXP Semiconductors N.V. held held3.6%

Positions87 in this filing · 10 exited


XONPrecigen, Inc.	5.45%	2,944,150	$144M	held	—	7 q
MTGMGIC Investment Corp.	3.78%	8,763,825	$100M	held	—	9 q
DALDelta Air Lines, Inc.	3.75%	2,404,225	$99M	held	—	9 q
AALAmerican Airlines Group Inc.	3.64%	2,404,425	$96M	held	—	7 q
NXPINXP Semiconductors N.V.	3.57%	959,025	$94M	held	—	9 q
LENLennar Corporation Class A	3.54%	1,829,700	$93M	held	—	9 q
unresolvedPlatform Specialty Prods Cor	3.50%	3,604,500	$92M	held	—	3 q
UALUnited Airlines Holdings, Inc.	3.38%	1,683,375	$89M	held	—	9 q
unresolvedFiat Chrysler Automobiles NV s	3.31%	6,007,825	$87M	held	—	3 q
PHMPultegroup, Inc.	3.20%	4,191,900	$84M	added+3%	−0.23 pp	9 q
NFLXNetFlix Inc	3.00%	120,340	$79M	trimmed−20%	+0.64 pp	9 q
GNWGenworth Financial, Inc.	2.97%	10,348,925	$78M	held	—	9 q
EIGIEndurance International Group Holdings, Inc.	2.96%	3,781,350	$78M	held	—	3 q
BACBank of America Corporation	2.63%	4,080,225	$69M	held	—	9 q
unresolvedPandora Media Inc	2.62%	4,441,450	$69M	held	—	9 q
GMEGameStop Corp. Class A	2.59%	1,589,350	$68M	held	—	6 q
unresolvedCigna Corporation	2.57%	418,425	$68M	trimmed−0%	+0.52 pp	9 q
GILDGilead Sciences Inc	2.39%	539,100	$63M	held	—	5 q
unresolvedJpmorgan Chase & Co	2.35%	2,506,875	$62M	held	—	9 q
CCitigroup Inc.	2.27%	1,081,800	$60M	held	—	9 q
AAPLApple Inc.	2.26%	474,230	$59M	trimmed−1%	+0.01 pp	9 q
unresolvedZulily Inc	2.14%	4,323,500	$56M	held	—	7 q
AMZNAmazon.Com Inc	2.11%	127,915	$56M	trimmed−0%	+0.31 pp	9 q
BYDBoyd Gaming Corporation	2.10%	3,706,675	$55M	held	—	9 q
QCOMQualcomm Inc	2.03%	854,440	$54M	held	—	6 q
KBHKB Home	1.78%	2,829,350	$47M	held	—	9 q
STXNSeagate Technology Holdings PLC (Ireland)	1.67%	924,400	$44M	trimmed−11%	−0.37 pp	9 q
unresolvedZiopharm Oncology Inc	1.58%	3,477,547	$42M	added+16%	+0.36 pp	2 q
unresolvedPriceline Grp Inc	1.57%	35,855	$41M	trimmed−0%	−0.01 pp	3 q
TMHCTaylor Morrison Home Corporation	1.49%	1,927,500	$39M	added+2%	0.00 pp	9 q
GMGeneral Motors Company	1.40%	1,103,900	$37M	held	—	9 q
unresolvedSpringleaf Holdings Inc	1.30%	747,075	$34M	added+25%	+0.13 pp	7 q
unresolvedCoupons.com, Inc.	1.29%	3,150,675	$34M	held	—	6 q
RDNRadian Group Inc.	1.20%	1,691,875	$32M	held	—	9 q
ETRAE*trade Financial Corp	1.15%	1,009,975	$30M	trimmed−6%	−0.01 pp	9 q
unresolvedPennymac Finl Svcs Inc	1.07%	1,556,575	$28M	held	—	9 q
GRPNGroupon, Inc.	1.05%	5,521,100	$28M	added+3%	−0.41 pp	9 q
unresolvedNationstar Mortgage Holdings Inc	0.99%	1,558,950	$26M	held	—	6 q
JDJD.com, Inc.	0.97%	751,025	$26M	held	—	2 q
BABAAlibaba Group Holding Limited	0.84%	269,400	$22M	held	—	4 q
EBAYeBay Inc	0.76%	330,525	$20M	trimmed−54%	−0.81 pp	7 q
GRBKGreen Brick Partners, Inc	0.72%	1,725,225	$19M	new	+0.72 pp	new
TPHTri Pointe Homes, Inc.	0.69%	1,195,750	$18M	new	+0.69 pp	new
TWTRTwitter, Inc.	0.66%	478,775	$17M	added×2.7	+0.32 pp	2 q
CHKChesapeake Energy Corp	0.41%	956,650	$11M	trimmed−39%	−0.42 pp	9 q
BBYBest Buy Company, Inc.	0.27%	215,600	$7M	trimmed−55%	−0.41 pp	9 q
NEWMUSA TODAY Co., Inc.	0.19%	283,200	$5M	held	—	6 q
unresolvedAmerican Rlty Cap Pptys Inc	0.15%	485,000	$4M	held	—	3 q
unresolvedTriangle Cap Corp	0.15%	171,213	$4M	held	—	5 q
FTAIFTAI Aviation Ltd.	0.14%	200,000	$4M	new	+0.14 pp	new
unresolvedFortress Investment Group LLC	0.13%	451,400	$3M	added×2.2	+0.07 pp	5 q
unresolvedAltisource Residential Corp	0.12%	180,000	$3M	held	—	4 q
unresolvedFifth Street Finance Corp	0.12%	480,000	$3M	held	—	2 q
unresolvedNorthstar Rlty Fin Corp	0.12%	196,900	$3M	held	—	4 q
STWDStarwood Property Trust, Inc.	0.12%	145,200	$3M	held	—	9 q
unresolvedAbengoa Yield PLC	0.12%	105,000	$3M	held	—	5 q
Frontier Communicationsconvertible	0.11%	28,000	$3M	new	+0.11 pp	new
unresolvedApollo Global Management LLC	0.10%	120,000	$3M	added+26%	+0.02 pp	9 q
unresolvedKkr & Co L P DEL	0.09%	98,500	$2M	added+55%	+0.04 pp	9 q
PMTPennyMac Mortgage Investment Trust	0.09%	140,000	$2M	held	—	6 q
unresolvedHatteras Finl Corp	0.08%	132,300	$2M	held	—	9 q
RITMRithm Capital Corp.	0.08%	143,750	$2M	held	—	3 q
BGCPBGC Partners, Inc.	0.07%	196,400	$2M	held	—	9 q
unresolvedOci Partners LP	0.07%	104,300	$2M	held	—	7 q
unresolvedOch Ziff Cap Mgmt Group	0.07%	143,100	$2M	added+21%	+0.01 pp	9 q
unresolvedStonemor Partners LP	0.07%	60,000	$2M	held	—	4 q
unresolvedAmerican Capital Agency Corp	0.06%	81,700	$2M	held	—	9 q
unresolvedChimera Investment Corp	0.06%	110,200	$2M	new	+0.06 pp	new
CODICompass Diversified	0.06%	90,000	$1M	held	—	9 q
unresolvedFrontier Communications Corp	0.06%	325,000	$2M	new	+0.06 pp	new
HCIHCI Group, Inc.	0.06%	33,000	$1M	held	—	4 q
MVCMvc Capital Inc	0.06%	142,600	$1M	held	—	7 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	114,266	$2M	added+3%	0.00 pp	6 q
QIWQiwi Plc-sponsored ADR	0.05%	50,800	$1M	held	—	6 q
unresolvedValidus Holdings Ltd	0.05%	32,600	$1M	held	—	7 q
unresolvedCys Invts Inc	0.04%	124,700	$964,000	held	—	8 q
CMOCapstead Mortgage Corp.	0.04%	105,000	$1M	held	—	9 q
unresolvedAmerican Cap Mtg Invt Corp	0.03%	52,000	$832,000	held	—	9 q
unresolvedCommunications SALES&LEAS In	0.03%	33,940	$839,000	new	+0.03 pp	new
unresolvedDonnelley R R & Sons Co	0.03%	44,300	$773,000	held	—	9 q
unresolvedEllington Financial LLC	0.03%	49,000	$907,000	held	—	9 q
Iridium Communications Iconvertible	0.03%	2,600	$871,000	held	—	5 q
LNCOLinnco LLC Com Shs Repstg Ltd Liability	0.03%	78,400	$741,000	held	—	7 q
OAKOaktree Capital Group, LLC	0.03%	15,200	$809,000	held	—	9 q
QUADQUAD/GRAPHICS, Inc.	0.02%	29,100	$539,000	held	—	9 q
unresolvedNordic Amern Offshore Ltd	0.02%	80,000	$652,000	held	—	4 q
unresolvedWindstream Hldgs Inc	0.01%	28,283	$181,000	new	+0.01 pp	new
unresolvedLevel 3 Communications Inc	—	−180,700	—	exited	−0.37 pp	—
unresolvedChimera Investment Corp	—	−551,000	—	exited	−0.07 pp	—
unresolvedWindstream Holdings Inc.	—	−169,700	—	exited	−0.05 pp	—
unresolvedTal Intl Group Inc	—	−23,400	—	exited	−0.04 pp	—
HCRSQHi-crush Inc	—	−24,000	—	exited	−0.03 pp	—
RWTRedwood Trust, Inc.	—	−40,800	—	exited	−0.03 pp	—
unresolvedResource Capital Corp	—	−150,600	—	exited	−0.03 pp	—
SNRNew Senior Investment Group Inc.	—	−35,966	—	exited	−0.02 pp	—
PBIPitney Bowes Inc.	—	−26,100	—	exited	−0.02 pp	—
BCRHBlue Capital Reinsurance Hol	—	−25,100	—	exited	−0.02 pp	—