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
Positions
| DALDelta Air Lines, Inc. | 4.99% | 2,571,825 | $130M | added+7% | +0.39 pp | 11 q |
| AALAmerican Airlines Group Inc. | 4.19% | 2,586,625 | $110M | added+8% | +0.21 pp | 9 q |
| UALUnited Airlines Holdings, Inc. | 3.97% | 1,810,525 | $104M | added+8% | +0.16 pp | 11 q |
| LENLennar Corporation Class A | 3.87% | 2,065,125 | $101M | added+8% | −0.07 pp | 11 q |
| XONPrecigen, Inc. | 3.66% | 3,168,850 | $96M | added+8% | −0.33 pp | 9 q |
| NFLXNetFlix Inc | 3.57% | 814,425 | $93M | added+8% | +0.24 pp | 11 q |
| AMZNAmazon.Com Inc | 3.55% | 137,315 | $93M | added+7% | +0.76 pp | 11 q |
| unresolvedFiat Chrysler Automobiles NV s | 3.46% | 6,457,600 | $90M | added+8% | +0.08 pp | 5 q |
| PHMPultegroup, Inc. | 3.34% | 4,897,225 | $87M | added+11% | −0.22 pp | 11 q |
| NXPINXP Semiconductors N.V. | 3.32% | 1,030,150 | $87M | added+7% | −0.24 pp | 11 q |
| unresolvedPlatform Specialty Prods Cor | 3.24% | 6,588,275 | $85M | added+65% | +1.09 pp | 5 q |
| MTGMGIC Investment Corp. | 3.19% | 9,428,725 | $83M | added+8% | −0.27 pp | 11 q |
| unresolvedPandora Media Inc | 2.98% | 5,798,725 | $78M | added+24% | −1.27 pp | 11 q |
| BYDBoyd Gaming Corporation | 2.89% | 3,798,250 | $75M | added+2% | +0.32 pp | 11 q |
| BACBank of America Corporation | 2.83% | 4,387,425 | $74M | added+8% | +0.12 pp | 11 q |
| unresolvedJpmorgan Chase & Co | 2.45% | 2,696,725 | $64M | added+8% | +0.32 pp | 11 q |
| EIGIEndurance International Group Holdings, Inc. | 2.43% | 5,798,200 | $63M | added+49% | +0.22 pp | 5 q |
| CCitigroup Inc. | 2.31% | 1,164,500 | $60M | added+8% | +0.02 pp | 11 q |
| GILDGilead Sciences Inc | 2.24% | 577,575 | $58M | added+7% | −0.02 pp | 7 q |
| AAPLApple Inc. | 1.98% | 491,430 | $52M | added+7% | −0.18 pp | 11 q |
| JDJD.com, Inc. | 1.93% | 1,561,550 | $50M | added+45% | +0.73 pp | 4 q |
| GNWGenworth Financial, Inc. | 1.85% | 12,932,575 | $48M | added+8% | −0.52 pp | 11 q |
| KBHKB Home | 1.83% | 3,886,975 | $48M | added+27% | +0.06 pp | 11 q |
| unresolvedCigna Corporation | 1.81% | 322,620 | $47M | added+8% | +0.09 pp | 11 q |
| unresolvedPriceline Grp Inc | 1.80% | 36,780 | $47M | added+3% | −0.09 pp | 5 q |
| GMEGameStop Corp. Class A | 1.79% | 1,672,025 | $47M | added+7% | −0.94 pp | 8 q |
| GMGeneral Motors Company | 1.68% | 1,294,175 | $44M | added+6% | +0.11 pp | 11 q |
| BABAAlibaba Group Holding Limited | 1.61% | 516,525 | $42M | added+23% | +0.55 pp | 6 q |
| TMHCTaylor Morrison Home Corporation | 1.58% | 2,583,725 | $41M | added+21% | −0.12 pp | 11 q |
| unresolvedZiopharm Oncology Inc | 1.52% | 4,793,896 | $40M | added+21% | 0.00 pp | 4 q |
| QCOMQualcomm Inc | 1.41% | 736,465 | $37M | added+3% | −0.24 pp | 8 q |
| unresolvedNationstar Mortgage Holdings Inc | 1.32% | 2,577,425 | $34M | added+39% | +0.23 pp | 8 q |
| OMFOneMain Holdings, Inc. | 1.29% | 809,975 | $34M | new | +1.29 pp | new |
| ETRAE*trade Financial Corp | 1.23% | 1,086,275 | $32M | added+8% | +0.10 pp | 11 q |
| QUOTQuotient Technology Inc | 1.18% | 4,532,375 | $31M | new | +1.18 pp | new |
| unresolvedAngie's List | 1.15% | 3,221,776 | $30M | added+4% | +0.48 pp | 2 q |
| TPHTri Pointe Homes, Inc. | 1.13% | 2,319,975 | $29M | added+21% | +0.06 pp | 3 q |
| GRPNGroupon, Inc. | 1.09% | 9,307,700 | $29M | added+9% | −0.10 pp | 11 q |
| STXNSeagate Technology Holdings PLC (Ireland) | 1.04% | 739,325 | $27M | added+13% | −0.21 pp | 11 q |
| unresolvedPennymac Finl Svcs Inc | 0.99% | 1,683,075 | $26M | added+8% | −0.07 pp | 11 q |
| RDNRadian Group Inc. | 0.93% | 1,821,175 | $24M | added+8% | −0.22 pp | 11 q |
| unresolvedLiberty Interactive Corp | 0.78% | 744,293 | $20M | new | +0.78 pp | new |
| GRBKGreen Brick Partners, Inc | 0.59% | 2,149,521 | $15M | added+23% | −0.22 pp | 3 q |
| TWTRTwitter, Inc. | 0.59% | 671,075 | $16M | added+8% | −0.12 pp | 4 q |
| SPYState Street SPDR S&P 500 ETF Trust | 0.57% | 72,750 | $15M | new | +0.57 pp | new |
| MTCHMatch Group, Inc | 0.32% | 610,500 | $8M | new | +0.32 pp | new |
| NEWMUSA TODAY Co., Inc. | 0.17% | 225,000 | $4M | trimmed−25% | −0.03 pp | 8 q |
| ARCPVereit Inc | 0.15% | 485,000 | $4M | held | — | 2 q |
| unresolvedTriangle Cap Corp | 0.13% | 176,778 | $3M | added+3% | +0.01 pp | 7 q |
| unresolvedFifth Street Finance Corp | 0.12% | 484,540 | $3M | added+1% | −0.01 pp | 4 q |
| STWDStarwood Property Trust, Inc. | 0.11% | 145,200 | $3M | held | — | 11 q |
| unresolvedAbengoa Yield PLC | 0.11% | 155,000 | $3M | added+48% | +0.04 pp | 7 q |
| unresolvedFortress Investment Group LLC | 0.10% | 500,000 | $3M | held | — | 7 q |
| Frontier Communicationsconvertible | 0.10% | 28,000 | $3M | held | — | 3 q |
| unresolvedHatteras Finl Corp | 0.10% | 200,000 | $3M | held | — | 11 q |
| unresolvedAltisource Residential Corp | 0.09% | 180,000 | $2M | held | — | 6 q |
| BGCPBGC Partners, Inc. | 0.09% | 226,400 | $2M | held | — | 11 q |
| unresolvedChimera Investment Corp | 0.09% | 180,000 | $2M | held | — | 3 q |
| FTAIFTAI Aviation Ltd. | 0.09% | 200,000 | $2M | held | — | 3 q |
| unresolvedAmerican Capital Agency Corp | 0.08% | 125,000 | $2M | held | — | 11 q |
| unresolvedApollo Global Management LLC | 0.08% | 135,000 | $2M | held | — | 11 q |
| RITMRithm Capital Corp. | 0.08% | 173,750 | $2M | held | — | 5 q |
| PMTPennyMac Mortgage Investment Trust | 0.08% | 140,000 | $2M | held | — | 8 q |
| unresolvedCys Invts Inc | 0.07% | 250,000 | $2M | held | — | 10 q |
| unresolvedNorthstar Rlty Fin Corp | 0.07% | 113,450 | $2M | new | +0.07 pp | new |
| unresolvedFrontier Communications Corp | 0.06% | 325,000 | $2M | held | — | 3 q |
| unresolvedJmp Group LLC | 0.06% | 300,000 | $2M | held | — | 2 q |
| unresolvedOch Ziff Cap Mgmt Group | 0.06% | 245,000 | $2M | added+71% | +0.01 pp | 11 q |
| unresolvedStonemor Partners LP | 0.06% | 60,000 | $2M | held | — | 6 q |
| unresolvedValidus Holdings Ltd | 0.06% | 32,600 | $2M | held | — | 9 q |
| CODICompass Diversified | 0.05% | 90,000 | $1M | held | — | 11 q |
| TPVGTriplepoint Venture Growth Bdc Corp. | 0.05% | 114,266 | $1M | held | — | 8 q |
| CMOCapstead Mortgage Corp. | 0.04% | 105,000 | $918,000 | held | — | 11 q |
| MVCMvc Capital Inc | 0.04% | 142,600 | $1M | held | — | 9 q |
| unresolvedOci Partners LP | 0.04% | 142,000 | $1M | added+36% | 0.00 pp | 9 q |
| unresolvedAmerican Cap Mtg Invt Corp | 0.03% | 52,000 | $726,000 | held | — | 11 q |
| Iridium Communications Iconvertible | 0.03% | 2,600 | $801,000 | held | — | 7 q |
| OAKOaktree Capital Group, LLC | 0.03% | 15,200 | $726,000 | held | — | 11 q |
| unresolvedCommunications SALES&LEAS In | 0.02% | 33,940 | $635,000 | held | — | 3 q |
| NRENorthStar Realty Europe Corp. | 0.02% | 37,816 | $447,000 | new | +0.02 pp | new |
| unresolvedZulily Inc | — | −2,258,000 | — | exited | −1.67 pp | — |
| unresolvedCoupons.com, Inc. | — | −3,891,750 | — | exited | −1.49 pp | — |
| unresolvedSpringleaf Holdings Inc | — | −747,075 | — | exited | −1.39 pp | — |
| unresolvedNorthstar Rlty Fin Corp | — | −226,900 | — | exited | −0.12 pp | — |
| unresolvedKkr & Co L P DEL | — | −120,000 | — | exited | −0.09 pp | — |
| HCIHCI Group, Inc. | — | −33,000 | — | exited | −0.05 pp | — |
| unresolvedEllington Financial LLC | — | −49,000 | — | exited | −0.04 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| AMZN CALL | 43.56% | 725,700 | $490M |
| AAPL CALL | 29.92% | 3,200,900 | $337M |
| TWTR CALL | 26.52% | 12,904,500 | $299M |
Notes