Miller Value Partners

Q1 2016 13F · by Bill Miller, CIO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $2.0B · prev $2.6B
Positions: 67 · prev 80
Options notional: $582M
Documents: 1· no amendments

Picture77.6% US stock

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

US stock listed on a US exchange 77.6%
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 22.4%

Moves64 since the prior filing

+11.3 pp in · −11.9 pp out

New 4 +2.28 pp
Added 13 +8.99 pp
Trimmed 27 +2.87 pp
Exited 17 −14.74 pp

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

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions26% of US stock

DAL Delta Air Lines, Inc. trimmed+0.72 pp trimmed+0.725.7%
XON Precigen, Inc. added+1.97 pp added+1.975.6%
UAL United Airlines Holdings, Inc. trimmed+0.91 pp trimmed+0.914.9%
AAL American Airlines Group Inc. trimmed+0.62 pp trimmed+0.624.8%
LEN Lennar Corporation Class A trimmed+0.73 pp trimmed+0.734.6%

Positions67 in this filing · 17 exited


DALDelta Air Lines, Inc.	5.71%	2,364,325	$115M	trimmed−8%	+0.72 pp	12 q
XONPrecigen, Inc.	5.63%	3,346,225	$113M	added+6%	+1.97 pp	10 q
UALUnited Airlines Holdings, Inc.	4.88%	1,643,425	$98M	trimmed−9%	+0.91 pp	12 q
AALAmerican Airlines Group Inc.	4.81%	2,365,125	$97M	trimmed−9%	+0.62 pp	10 q
LENLennar Corporation Class A	4.60%	1,915,525	$93M	trimmed−7%	+0.73 pp	12 q
PHMPultegroup, Inc.	4.28%	4,603,625	$86M	trimmed−6%	+0.94 pp	12 q
NXPINXP Semiconductors N.V.	3.74%	929,350	$75M	trimmed−10%	+0.42 pp	12 q
OMFOneMain Holdings, Inc.	3.59%	2,636,550	$72M	added×3.3	+2.30 pp	2 q
QUOTQuotient Technology Inc	3.53%	6,706,925	$71M	added+48%	+2.35 pp	2 q
unresolvedPlatform Specialty Prods Cor	3.42%	8,001,950	$69M	added+21%	+0.18 pp	6 q
MTGMGIC Investment Corp.	3.37%	8,859,750	$68M	trimmed−6%	+0.18 pp	12 q
EIGIEndurance International Group Holdings, Inc.	2.99%	5,724,025	$60M	trimmed−1%	+0.56 pp	6 q
BACBank of America Corporation	2.85%	4,251,425	$57M	trimmed−3%	+0.02 pp	12 q
KBHKB Home	2.71%	3,817,400	$55M	trimmed−2%	+0.88 pp	12 q
unresolvedPandora Media Inc	2.70%	6,075,575	$54M	added+5%	−0.28 pp	12 q
unresolvedFiat Chrysler Automobiles NV s	2.44%	6,104,900	$49M	trimmed−5%	−1.02 pp	6 q
GILDGilead Sciences Inc	2.39%	523,675	$48M	trimmed−9%	+0.15 pp	8 q
CCitigroup Inc.	2.28%	1,098,000	$46M	trimmed−6%	−0.03 pp	12 q
GMEGameStop Corp. Class A	2.28%	1,450,225	$46M	trimmed−13%	+0.49 pp	9 q
unresolvedJpmorgan Chase & Co	2.24%	2,552,325	$45M	trimmed−5%	−0.21 pp	12 q
AAPLApple Inc.	2.20%	406,030	$44M	trimmed−17%	+0.22 pp	12 q
GNWGenworth Financial, Inc.	2.16%	15,926,775	$43M	added+23%	+0.31 pp	12 q
unresolvedCigna Corporation	2.06%	302,520	$42M	trimmed−6%	+0.25 pp	12 q
unresolvedValeant Pharmaceuticals Intl	2.06%	1,580,950	$42M	new	+2.06 pp	new
unresolvedZiopharm Oncology Inc	2.01%	5,468,521	$41M	added+14%	+0.49 pp	5 q
BABAAlibaba Group Holding Limited	1.93%	490,925	$39M	trimmed−5%	+0.32 pp	7 q
JDJD.com, Inc.	1.92%	1,461,550	$39M	trimmed−6%	−0.01 pp	5 q
TMHCTaylor Morrison Home Corporation	1.71%	2,433,425	$34M	trimmed−6%	+0.13 pp	12 q
TWTRTwitter, Inc.	1.67%	2,030,099	$34M	added×3.0	+1.08 pp	5 q
STXNSeagate Technology Holdings PLC (Ireland)	1.47%	857,975	$30M	added+16%	+0.43 pp	12 q
GRPNGroupon, Inc.	1.31%	6,625,000	$26M	trimmed−29%	+0.22 pp	12 q
unresolvedNationstar Mortgage Holdings Inc	1.31%	2,656,950	$26M	added+3%	−0.01 pp	9 q
TPHTri Pointe Homes, Inc.	1.30%	2,224,475	$26M	trimmed−4%	+0.17 pp	4 q
RDNRadian Group Inc.	1.07%	1,742,075	$22M	trimmed−4%	+0.14 pp	12 q
unresolvedPennymac Finl Svcs Inc	0.93%	1,596,075	$19M	trimmed−5%	−0.06 pp	12 q
GMGeneral Motors Company	0.83%	532,625	$17M	trimmed−59%	−0.85 pp	12 q
AMZNAmazon.Com Inc	0.64%	21,865	$13M	trimmed−84%	−2.91 pp	12 q
ARCPVereit Inc	0.21%	485,000	$4M	held	—	3 q
NEWMUSA TODAY Co., Inc.	0.19%	225,000	$4M	held	—	9 q
unresolvedTriangle Cap Corp	0.18%	176,778	$4M	held	—	8 q
Frontier Communicationsconvertible	0.15%	28,000	$3M	held	—	4 q
FTAIFTAI Aviation Ltd.	0.14%	280,000	$3M	added+40%	+0.05 pp	4 q
unresolvedHatteras Finl Corp	0.14%	200,000	$3M	held	—	12 q
unresolvedNorthstar Rlty Fin Corp	0.14%	213,450	$3M	added+88%	+0.07 pp	2 q
STWDStarwood Property Trust, Inc.	0.14%	145,200	$3M	held	—	12 q
unresolvedAmerican Capital Agency Corp	0.12%	125,000	$2M	held	—	12 q
unresolvedChimera Investment Corp	0.12%	180,000	$2M	held	—	4 q
unresolvedFortress Investment Group LLC	0.12%	500,000	$2M	held	—	8 q
unresolvedApollo Global Management LLC	0.11%	135,000	$2M	held	—	12 q
BGCPBGC Partners, Inc.	0.10%	226,400	$2M	held	—	12 q
unresolvedCys Invts Inc	0.10%	250,000	$2M	held	—	11 q
RITMRithm Capital Corp.	0.10%	173,750	$2M	held	—	6 q
CPTACapitala Finance Corp.	0.09%	149,500	$2M	new	+0.09 pp	new
unresolvedFrontier Communications Corp	0.09%	325,000	$2M	held	—	4 q
unresolvedOci Partners LP	0.09%	242,000	$2M	added+70%	+0.05 pp	10 q
PMTPennyMac Mortgage Investment Trust	0.09%	140,000	$2M	held	—	9 q
unresolvedJmp Group LLC	0.08%	300,000	$2M	held	—	3 q
CLMTCalumet Specialty Products	0.07%	125,000	$1M	new	+0.07 pp	new
CODICompass Diversified	0.07%	90,000	$1M	held	—	12 q
unresolvedThe Carlyle Group	0.06%	70,000	$1M	new	+0.06 pp	new
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	114,266	$1M	held	—	9 q
CMOCapstead Mortgage Corp.	0.05%	105,000	$1M	held	—	12 q
MVCMvc Capital Inc	0.05%	142,600	$1M	held	—	10 q
unresolvedAmerican Cap Mtg Invt Corp	0.04%	52,000	$764,000	held	—	12 q
unresolvedCommunications SALES&LEAS In	0.04%	33,940	$756,000	held	—	4 q
Iridium Communications Iconvertible	0.04%	2,600	$763,000	held	—	8 q
unresolvedFifth Street Finance Corp	0.01%	30,000	$151,000	trimmed−94%	−0.11 pp	5 q
NFLXNetFlix Inc	—	−814,425	—	exited	−3.57 pp	—
BYDBoyd Gaming Corporation	—	−3,798,250	—	exited	−2.89 pp	—
unresolvedPriceline Grp Inc	—	−36,780	—	exited	−1.80 pp	—
QCOMQualcomm Inc	—	−736,465	—	exited	−1.41 pp	—
ETRAE*trade Financial Corp	—	−1,086,275	—	exited	−1.23 pp	—
unresolvedAngie's List	—	−3,221,776	—	exited	−1.15 pp	—
unresolvedLiberty Interactive Corp	—	−744,293	—	exited	−0.78 pp	—
GRBKGreen Brick Partners, Inc	—	−2,149,521	—	exited	−0.59 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−72,750	—	exited	−0.57 pp	—
MTCHMatch Group, Inc	—	−610,500	—	exited	−0.32 pp	—
unresolvedAbengoa Yield PLC	—	−155,000	—	exited	−0.11 pp	—
unresolvedAltisource Residential Corp	—	−180,000	—	exited	−0.09 pp	—
unresolvedOch Ziff Cap Mgmt Group	—	−245,000	—	exited	−0.06 pp	—
unresolvedStonemor Partners LP	—	−60,000	—	exited	−0.06 pp	—
unresolvedValidus Holdings Ltd	—	−32,600	—	exited	−0.06 pp	—
OAKOaktree Capital Group, LLC	—	−15,200	—	exited	−0.03 pp	—
NRENorthStar Realty Europe Corp.	—	−37,816	—	exited	−0.02 pp	—