Miller Value Partners

Q2 2016 13F · by Bill Miller, CIO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $1.5B · prev $2.0B
Positions: 61 · prev 67
Options notional: $688M
Documents: 1· no amendments

Picture69.2% US stock

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

US stock listed on a US exchange 69.2%
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 30.8%

Moves59 since the prior filing

+3.6 pp in · −4.0 pp out

New 3 +2.00 pp
Added 9 +1.56 pp
Trimmed 35 +1.20 pp
Exited 9 −5.20 pp

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

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 68% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions25% of US stock

QUOT Quotient Technology Inc trimmed+2.05 pp trimmed+2.055.6%
LEN Lennar Corporation Class A trimmed+0.40 pp trimmed+0.405.0%
PHM Pultegroup, Inc. trimmed+0.71 pp trimmed+0.715.0%
XON Precigen, Inc. trimmed−0.74 pp trimmed−0.744.9%
DAL Delta Air Lines, Inc. trimmed−0.97 pp trimmed−0.974.7%

Positions61 in this filing · 9 exited


QUOTQuotient Technology Inc	5.58%	6,439,425	$86M	trimmed−4%	+2.05 pp	3 q
LENLennar Corporation Class A	5.00%	1,678,850	$77M	trimmed−12%	+0.40 pp	13 q
PHMPultegroup, Inc.	4.99%	3,962,225	$77M	trimmed−14%	+0.71 pp	13 q
XONPrecigen, Inc.	4.89%	3,071,975	$76M	trimmed−8%	−0.74 pp	11 q
DALDelta Air Lines, Inc.	4.74%	2,014,150	$73M	trimmed−15%	−0.97 pp	13 q
unresolvedPandora Media Inc	4.46%	5,543,075	$69M	trimmed−9%	+1.76 pp	13 q
OMFOneMain Holdings, Inc.	4.18%	2,834,475	$65M	added+8%	+0.59 pp	3 q
unresolvedPlatform Specialty Prods Cor	4.17%	7,258,875	$64M	trimmed−9%	+0.75 pp	7 q
NXPINXP Semiconductors N.V.	4.09%	806,750	$63M	trimmed−13%	+0.35 pp	13 q
AALAmerican Airlines Group Inc.	3.69%	2,014,325	$57M	trimmed−15%	−1.12 pp	11 q
UALUnited Airlines Holdings, Inc.	3.56%	1,343,700	$55M	trimmed−18%	−1.32 pp	13 q
BACBank of America Corporation	3.35%	3,901,775	$52M	trimmed−8%	+0.50 pp	13 q
EIGIEndurance International Group Holdings, Inc.	3.23%	5,559,100	$50M	trimmed−3%	+0.24 pp	7 q
MTGMGIC Investment Corp.	3.12%	8,106,350	$48M	trimmed−9%	−0.25 pp	13 q
unresolvedJpmorgan Chase & Co	3.06%	2,340,475	$47M	trimmed−8%	+0.82 pp	13 q
CCitigroup Inc.	2.76%	1,005,600	$43M	trimmed−8%	+0.48 pp	13 q
GNWGenworth Financial, Inc.	2.61%	15,630,550	$40M	trimmed−2%	+0.45 pp	13 q
unresolvedValeant Pharmaceuticals Intl	2.61%	2,006,300	$40M	added+27%	+0.55 pp	2 q
GILDGilead Sciences Inc	2.59%	480,550	$40M	trimmed−8%	+0.20 pp	9 q
TMHCTaylor Morrison Home Corporation	2.14%	2,226,525	$33M	trimmed−9%	+0.43 pp	13 q
unresolvedFiat Chrysler Automobiles NV s	2.14%	5,419,725	$33M	trimmed−11%	−0.30 pp	7 q
TWTRTwitter, Inc.	2.03%	1,859,699	$31M	trimmed−8%	+0.36 pp	6 q
GMEGameStop Corp. Class A	1.99%	1,160,125	$31M	trimmed−20%	−0.29 pp	10 q
unresolvedZiopharm Oncology Inc	1.78%	5,005,921	$27M	trimmed−8%	−0.23 pp	6 q
ENDPQEndo International PLC	1.76%	1,745,475	$27M	new	+1.76 pp	new
unresolvedNationstar Mortgage Holdings Inc	1.75%	2,400,350	$27M	trimmed−10%	+0.44 pp	10 q
TPHTri Pointe Homes, Inc.	1.55%	2,027,650	$24M	trimmed−9%	+0.25 pp	5 q
JDJD.com, Inc.	1.54%	1,125,000	$24M	trimmed−23%	−0.38 pp	6 q
unresolvedCigna Corporation	1.50%	181,120	$23M	trimmed−40%	−0.56 pp	13 q
STXNSeagate Technology Holdings PLC (Ireland)	1.28%	812,075	$20M	trimmed−5%	−0.19 pp	13 q
unresolvedPennymac Finl Svcs Inc	1.18%	1,457,550	$18M	trimmed−9%	+0.25 pp	13 q
RDNRadian Group Inc.	1.07%	1,585,975	$17M	trimmed−9%	0.00 pp	13 q
BABAAlibaba Group Holding Limited	1.02%	198,825	$16M	trimmed−60%	−0.91 pp	8 q
AMZNAmazon.Com Inc	0.72%	15,615	$11M	trimmed−29%	+0.08 pp	13 q
NEWMUSA TODAY Co., Inc.	0.26%	225,000	$4M	held	—	10 q
ARCPVereit Inc	0.25%	385,000	$4M	trimmed−21%	+0.04 pp	4 q
unresolvedTriangle Cap Corp	0.23%	184,278	$4M	added+4%	+0.05 pp	9 q
unresolvedChimera Investment Corp	0.21%	210,000	$3M	added+17%	+0.09 pp	5 q
FTAIFTAI Aviation Ltd.	0.19%	313,000	$3M	added+12%	+0.05 pp	5 q
RITMRithm Capital Corp.	0.19%	207,750	$3M	added+20%	+0.09 pp	7 q
unresolvedNorthstar Rlty Fin Corp	0.19%	251,450	$3M	added+18%	+0.05 pp	3 q
STWDStarwood Property Trust, Inc.	0.19%	145,200	$3M	held	—	13 q
Frontier Communicationsconvertible	0.17%	28,000	$3M	held	—	5 q
CPTACapitala Finance Corp.	0.16%	173,500	$2M	added+16%	+0.07 pp	2 q
unresolvedAmerican Capital Agency Corp	0.15%	116,000	$2M	trimmed−7%	+0.03 pp	13 q
PMTPennyMac Mortgage Investment Trust	0.15%	140,000	$2M	held	—	10 q
unresolvedFortress Investment Group LLC	0.14%	500,000	$2M	held	—	9 q
unresolvedApollo Global Management LLC	0.13%	135,000	$2M	held	—	13 q
BGCPBGC Partners, Inc.	0.13%	226,400	$2M	held	—	13 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.13%	75,000	$2M	new	+0.13 pp	new
unresolvedCys Invts Inc	0.12%	230,000	$2M	trimmed−8%	+0.02 pp	12 q
unresolvedOci Partners LP	0.12%	242,000	$2M	held	—	11 q
AIArlington Asset Investment-a	0.11%	130,000	$2M	new	+0.11 pp	new
unresolvedJmp Group LLC	0.11%	300,000	$2M	held	—	4 q
CODICompass Diversified	0.10%	90,000	$1M	held	—	13 q
unresolvedFrontier Communications Corp	0.10%	325,000	$2M	held	—	5 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.08%	122,711	$1M	added+7%	+0.02 pp	10 q
unresolvedThe Carlyle Group	0.07%	70,000	$1M	held	—	2 q
MVCMvc Capital Inc	0.07%	142,600	$1M	held	—	11 q
unresolvedCommunications SALES&LEAS In	0.06%	33,940	$981,000	held	—	5 q
AAPLApple Inc.	0.05%	8,580	$820,000	trimmed−98%	−2.15 pp	13 q
KBHKB Home	—	−3,817,400	—	exited	−2.71 pp	—
GRPNGroupon, Inc.	—	−6,625,000	—	exited	−1.31 pp	—
GMGeneral Motors Company	—	−532,625	—	exited	−0.83 pp	—
unresolvedHatteras Finl Corp	—	−200,000	—	exited	−0.14 pp	—
CLMTCalumet Specialty Products	—	−125,000	—	exited	−0.07 pp	—
CMOCapstead Mortgage Corp.	—	−105,000	—	exited	−0.05 pp	—
unresolvedAmerican Cap Mtg Invt Corp	—	−52,000	—	exited	−0.04 pp	—
Iridium Communications Iconvertible	—	−2,600	—	exited	−0.04 pp	—
unresolvedFifth Street Finance Corp	—	−30,000	—	exited	−0.01 pp	—