Miller Value Partners
Picture
Moves
Options: 3 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
Revealed late, restated
Positions
| DALDelta Air Lines, Inc. | 4.60% | 2,404,225 | $108M | held | — | 10 q |
| unresolvedPandora Media Inc | 4.25% | 4,678,000 | $100M | added+5% | +1.63 pp | 10 q |
| XONPrecigen, Inc. | 3.99% | 2,944,150 | $94M | held | — | 8 q |
| AALAmerican Airlines Group Inc. | 3.98% | 2,404,425 | $93M | held | — | 8 q |
| LENLennar Corporation Class A | 3.94% | 1,918,725 | $92M | added+5% | +0.40 pp | 10 q |
| UALUnited Airlines Holdings, Inc. | 3.81% | 1,683,375 | $89M | held | — | 10 q |
| PHMPultegroup, Inc. | 3.56% | 4,429,225 | $84M | added+6% | +0.36 pp | 10 q |
| NXPINXP Semiconductors N.V. | 3.56% | 958,750 | $83M | trimmed−0% | −0.01 pp | 10 q |
| MTGMGIC Investment Corp. | 3.46% | 8,763,825 | $81M | held | — | 10 q |
| unresolvedFiat Chrysler Automobiles NV s | 3.38% | 6,005,400 | $79M | trimmed−0% | +0.07 pp | 4 q |
| NFLXNetFlix Inc | 3.33% | 757,050 | $78M | trimmed−10% | +0.33 pp | 10 q |
| AMZNAmazon.Com Inc | 2.79% | 127,915 | $65M | held | — | 10 q |
| GMEGameStop Corp. Class A | 2.73% | 1,556,450 | $64M | trimmed−2% | +0.14 pp | 7 q |
| BACBank of America Corporation | 2.71% | 4,080,225 | $64M | held | — | 10 q |
| BYDBoyd Gaming Corporation | 2.57% | 3,706,675 | $60M | held | — | 10 q |
| GNWGenworth Financial, Inc. | 2.37% | 12,024,525 | $56M | added+16% | −0.60 pp | 10 q |
| CCitigroup Inc. | 2.29% | 1,081,800 | $54M | held | — | 10 q |
| GILDGilead Sciences Inc | 2.26% | 539,100 | $53M | held | — | 6 q |
| EIGIEndurance International Group Holdings, Inc. | 2.21% | 3,879,825 | $52M | added+3% | −0.75 pp | 4 q |
| AAPLApple Inc. | 2.16% | 460,530 | $51M | trimmed−3% | −0.10 pp | 10 q |
| unresolvedPlatform Specialty Prods Cor | 2.15% | 3,993,350 | $51M | added+11% | −1.35 pp | 4 q |
| unresolvedJpmorgan Chase & Co | 2.13% | 2,506,875 | $50M | held | — | 10 q |
| unresolvedPriceline Grp Inc | 1.89% | 35,855 | $44M | held | — | 4 q |
| KBHKB Home | 1.77% | 3,070,975 | $42M | added+9% | −0.01 pp | 10 q |
| unresolvedCigna Corporation | 1.72% | 299,120 | $40M | trimmed−29% | −0.85 pp | 10 q |
| TMHCTaylor Morrison Home Corporation | 1.70% | 2,138,150 | $40M | added+11% | +0.21 pp | 10 q |
| unresolvedZulily Inc | 1.67% | 2,258,000 | $39M | trimmed−48% | −0.47 pp | 8 q |
| QCOMQualcomm Inc | 1.65% | 718,490 | $39M | trimmed−16% | −0.38 pp | 7 q |
| GMGeneral Motors Company | 1.57% | 1,224,975 | $37M | added+11% | +0.17 pp | 10 q |
| unresolvedZiopharm Oncology Inc | 1.52% | 3,953,597 | $36M | added+14% | −0.06 pp | 3 q |
| unresolvedCoupons.com, Inc. | 1.49% | 3,891,750 | $35M | added+24% | +0.20 pp | 7 q |
| unresolvedSpringleaf Holdings Inc | 1.39% | 747,075 | $33M | held | — | 8 q |
| STXNSeagate Technology Holdings PLC (Ireland) | 1.25% | 656,325 | $29M | trimmed−29% | −0.42 pp | 10 q |
| JDJD.com, Inc. | 1.20% | 1,078,175 | $28M | added+44% | +0.23 pp | 3 q |
| GRPNGroupon, Inc. | 1.19% | 8,548,700 | $28M | added+55% | +0.14 pp | 10 q |
| RDNRadian Group Inc. | 1.15% | 1,691,875 | $27M | held | — | 10 q |
| ETRAE*trade Financial Corp | 1.13% | 1,009,975 | $27M | held | — | 10 q |
| unresolvedNationstar Mortgage Holdings Inc | 1.09% | 1,850,300 | $26M | added+19% | +0.10 pp | 7 q |
| TPHTri Pointe Homes, Inc. | 1.07% | 1,920,475 | $25M | added+61% | +0.38 pp | 2 q |
| BABAAlibaba Group Holding Limited | 1.06% | 420,650 | $25M | added+56% | +0.22 pp | 5 q |
| unresolvedPennymac Finl Svcs Inc | 1.06% | 1,556,575 | $25M | held | — | 10 q |
| GRBKGreen Brick Partners, Inc | 0.81% | 1,754,148 | $19M | added+2% | +0.09 pp | 2 q |
| TWTRTwitter, Inc. | 0.71% | 620,775 | $17M | added+30% | +0.05 pp | 3 q |
| unresolvedAngie's List | 0.67% | 3,096,775 | $16M | new | +0.67 pp | new |
| NEWMUSA TODAY Co., Inc. | 0.20% | 300,000 | $5M | added+6% | +0.01 pp | 7 q |
| ARCPVereit Inc | 0.16% | 485,000 | $4M | new | +0.16 pp | new |
| unresolvedFifth Street Finance Corp | 0.13% | 480,000 | $3M | held | — | 3 q |
| unresolvedHatteras Finl Corp | 0.13% | 200,000 | $3M | added+51% | +0.05 pp | 10 q |
| STWDStarwood Property Trust, Inc. | 0.13% | 145,200 | $3M | held | — | 10 q |
| unresolvedFortress Investment Group LLC | 0.12% | 500,000 | $3M | added+11% | −0.01 pp | 6 q |
| unresolvedNorthstar Rlty Fin Corp | 0.12% | 226,900 | $3M | added+15% | 0.00 pp | 5 q |
| unresolvedTriangle Cap Corp | 0.12% | 171,213 | $3M | held | — | 6 q |
| unresolvedAltisource Residential Corp | 0.11% | 180,000 | $3M | held | — | 5 q |
| FTAIFTAI Aviation Ltd. | 0.11% | 200,000 | $3M | held | — | 2 q |
| Frontier Communicationsconvertible | 0.11% | 28,000 | $3M | held | — | 2 q |
| unresolvedAmerican Capital Agency Corp | 0.10% | 125,000 | $2M | added+53% | +0.04 pp | 10 q |
| unresolvedApollo Global Management LLC | 0.10% | 135,000 | $2M | added+13% | 0.00 pp | 10 q |
| unresolvedChimera Investment Corp | 0.10% | 180,000 | $2M | added+63% | +0.04 pp | 2 q |
| RITMRithm Capital Corp. | 0.10% | 173,750 | $2M | added+21% | +0.02 pp | 4 q |
| unresolvedKkr & Co L P DEL | 0.09% | 120,000 | $2M | added+22% | 0.00 pp | 10 q |
| PMTPennyMac Mortgage Investment Trust | 0.09% | 140,000 | $2M | held | — | 7 q |
| BGCPBGC Partners, Inc. | 0.08% | 226,400 | $2M | added+15% | +0.01 pp | 10 q |
| unresolvedCys Invts Inc | 0.08% | 250,000 | $2M | added×2.0 | +0.04 pp | 9 q |
| unresolvedJmp Group LLC | 0.08% | 300,000 | $2M | new | +0.08 pp | new |
| unresolvedFrontier Communications Corp | 0.07% | 325,000 | $2M | held | — | 2 q |
| unresolvedStonemor Partners LP | 0.07% | 60,000 | $2M | held | — | 5 q |
| unresolvedAbengoa Yield PLC | 0.07% | 105,000 | $2M | held | — | 6 q |
| CODICompass Diversified | 0.06% | 90,000 | $1M | held | — | 10 q |
| unresolvedValidus Holdings Ltd | 0.06% | 32,600 | $1M | held | — | 8 q |
| HCIHCI Group, Inc. | 0.05% | 33,000 | $1M | held | — | 5 q |
| MVCMvc Capital Inc | 0.05% | 142,600 | $1M | held | — | 8 q |
| unresolvedOch Ziff Cap Mgmt Group | 0.05% | 143,100 | $1M | held | — | 10 q |
| TPVGTriplepoint Venture Growth Bdc Corp. | 0.05% | 114,266 | $1M | held | — | 7 q |
| CMOCapstead Mortgage Corp. | 0.04% | 105,000 | $1M | held | — | 10 q |
| unresolvedEllington Financial LLC | 0.04% | 49,000 | $877,000 | held | — | 10 q |
| unresolvedOci Partners LP | 0.04% | 104,300 | $1M | held | — | 8 q |
| unresolvedAmerican Cap Mtg Invt Corp | 0.03% | 52,000 | $767,000 | held | — | 10 q |
| unresolvedCommunications SALES&LEAS In | 0.03% | 33,940 | $608,000 | held | — | 2 q |
| Iridium Communications Iconvertible | 0.03% | 2,600 | $634,000 | held | — | 6 q |
| OAKOaktree Capital Group, LLC | 0.03% | 15,200 | $753,000 | held | — | 10 q |
| EBAYeBay Inc | — | −330,525 | — | exited | −0.76 pp | — |
| CHKChesapeake Energy Corp | — | −956,650 | — | exited | −0.41 pp | — |
| BBYBest Buy Company, Inc. | — | −215,600 | — | exited | −0.27 pp | — |
| unresolvedAmerican Rlty Cap Pptys Inc | — | −485,000 | — | exited | −0.15 pp | — |
| QIWQiwi Plc-sponsored ADR | — | −50,800 | — | exited | −0.05 pp | — |
| unresolvedDonnelley R R & Sons Co | — | −44,300 | — | exited | −0.03 pp | — |
| LNCOLinnco LLC Com Shs Repstg Ltd Liability | — | −78,400 | — | exited | −0.03 pp | — |
| QUADQUAD/GRAPHICS, Inc. | — | −29,100 | — | exited | −0.02 pp | — |
| unresolvedNordic Amern Offshore Ltd | — | −80,000 | — | exited | −0.02 pp | — |
| unresolvedWindstream Hldgs Inc | — | −28,283 | — | exited | −0.01 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| AMZN CALL | 41.99% | 930,200 | $476M |
| AAPL CALL | 29.60% | 3,042,900 | $336M |
| TWTR CALL | 28.41% | 11,959,500 | $322M |
Notes