Miller Value Partners

Q4 2016 13F · by Bill Miller, CIO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $1.9B · prev $1.8B
Positions: 56 · prev 60
Options notional: $399M
Documents: 1· no amendments

Picture82.4% US stock

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

US stock listed on a US exchange 82.4%
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 17.5%

Moves54 since the prior filing

+9.2 pp in · −9.1 pp out

New 4 +5.89 pp
Added 17 +3.32 pp
Trimmed 22 −0.61 pp
Exited 8 −8.53 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 · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions23% of US stock

UAL United Airlines Holdings, Inc. trimmed+0.86 pp trimmed+0.864.9%
DAL Delta Air Lines, Inc. trimmed+0.34 pp trimmed+0.344.9%
AAL American Airlines Group Inc. trimmed+0.57 pp trimmed+0.574.8%
AMZN Amazon.Com Inc added+3.72 pp added+3.724.4%
MTG MGIC Investment Corp. trimmed+0.48 pp trimmed+0.484.2%

Positions56 in this filing · 8 exited


UALUnited Airlines Holdings, Inc.	4.88%	1,256,700	$92M	trimmed−7%	+0.86 pp	15 q
DALDelta Air Lines, Inc.	4.86%	1,856,525	$91M	trimmed−8%	+0.34 pp	15 q
AALAmerican Airlines Group Inc.	4.77%	1,917,525	$90M	trimmed−5%	+0.57 pp	13 q
AMZNAmazon.Com Inc	4.38%	109,712	$82M	added×7.9	+3.72 pp	15 q
MTGMGIC Investment Corp.	4.19%	7,725,225	$79M	trimmed−5%	+0.48 pp	15 q
BACBank of America Corporation	4.15%	3,523,375	$78M	trimmed−10%	+0.67 pp	15 q
unresolvedJpmorgan Chase & Co	4.09%	1,734,725	$77M	trimmed−26%	+0.81 pp	15 q
XONPrecigen, Inc.	3.98%	3,079,325	$75M	added0%	−0.93 pp	13 q
OMFOneMain Holdings, Inc.	3.94%	3,344,850	$74M	added+18%	−1.05 pp	5 q
unresolvedPandora Media Inc	3.78%	5,450,175	$71M	trimmed−1%	−0.71 pp	15 q
unresolvedPlatform Specialty Prods Cor	3.77%	7,225,350	$71M	trimmed−0%	+0.42 pp	9 q
unresolvedValeant Pharmaceuticals Intl	3.75%	4,855,500	$71M	added×2.1	+0.54 pp	4 q
LENLennar Corporation Class A	3.68%	1,608,700	$69M	trimmed−0%	−0.22 pp	15 q
EIGIEndurance International Group Holdings, Inc.	3.59%	7,253,100	$67M	added+18%	+0.52 pp	9 q
QUOTQuotient Technology Inc	3.58%	6,249,400	$67M	trimmed−1%	−1.19 pp	5 q
PHMPultegroup, Inc.	3.40%	3,470,750	$64M	trimmed−11%	−1.04 pp	15 q
GNWGenworth Financial, Inc.	3.18%	15,695,600	$60M	added0%	−1.26 pp	15 q
ENDPQEndo International PLC	2.96%	3,376,925	$56M	added+93%	+0.95 pp	3 q
CCitigroup Inc.	2.89%	912,100	$54M	trimmed−9%	+0.18 pp	15 q
unresolvedRestoration Hardware Hldgs I	2.63%	1,608,050	$49M	new	+2.63 pp	new
TMHCTaylor Morrison Home Corporation	2.25%	2,191,325	$42M	trimmed−2%	+0.02 pp	15 q
GMEGameStop Corp. Class A	2.16%	1,606,575	$41M	added+38%	+0.34 pp	12 q
unresolvedNationstar Mortgage Holdings Inc	2.02%	2,096,975	$38M	trimmed−13%	−0.01 pp	12 q
GILDGilead Sciences Inc	1.78%	466,050	$33M	trimmed−1%	−0.34 pp	11 q
STXNSeagate Technology Holdings PLC (Ireland)	1.60%	785,275	$30M	trimmed−3%	−0.18 pp	15 q
TWTRTwitter, Inc.	1.56%	1,800,334	$29M	trimmed−2%	−0.86 pp	8 q
ACTAllergan PLC	1.49%	133,015	$28M	new	+1.49 pp	new
RDNRadian Group Inc.	1.48%	1,547,475	$28M	trimmed−2%	+0.26 pp	15 q
unresolvedZiopharm Oncology Inc	1.40%	4,900,721	$26M	trimmed−2%	−0.21 pp	8 q
unresolvedPennymac Finl Svcs Inc	1.27%	1,429,050	$24M	trimmed−2%	−0.14 pp	15 q
TPHTri Pointe Homes, Inc.	1.22%	1,990,050	$23M	trimmed−2%	−0.30 pp	7 q
unresolvedGty Technology Holdings Inc	1.12%	2,011,800	$21M	new	+1.12 pp	new
ALXNAlexion Pharmaceuticals Inc	0.65%	99,710	$12M	new	+0.65 pp	new
GEOThe GEO Group, Inc.	0.29%	152,000	$5M	added+65%	+0.17 pp	2 q
FTAIFTAI Aviation Ltd.	0.28%	393,000	$5M	held	—	7 q
unresolvedApollo Global Management LLC	0.25%	240,000	$5M	added+35%	+0.07 pp	15 q
unresolvedFortress Investment Group LLC	0.24%	927,000	$5M	added+37%	+0.05 pp	11 q
NEWMUSA TODAY Co., Inc.	0.24%	282,000	$5M	added+10%	+0.01 pp	12 q
unresolvedChimera Investment Corp	0.22%	240,000	$4M	added+14%	+0.03 pp	7 q
RITMRithm Capital Corp.	0.21%	255,750	$4M	added+15%	+0.03 pp	9 q
unresolvedNorthstar Rlty Fin Corp	0.20%	251,450	$4M	held	—	5 q
unresolvedTriangle Cap Corp	0.18%	184,278	$3M	held	—	11 q
AIArlington Asset Investment-a	0.17%	210,000	$3M	added+31%	+0.04 pp	3 q
STWDStarwood Property Trust, Inc.	0.17%	145,200	$3M	held	—	15 q
unresolvedThe Carlyle Group	0.16%	200,000	$3M	added×2.3	+0.08 pp	4 q
Frontier Communicationsconvertible	0.14%	38,000	$3M	added+36%	+0.01 pp	7 q
BGCPBGC Partners, Inc.	0.12%	226,400	$2M	held	—	15 q
MCCMedley Capital Corp	0.11%	262,834	$2M	held	—	2 q
unresolvedJmp Group LLC	0.10%	300,000	$2M	held	—	6 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.10%	75,000	$2M	held	—	3 q
CODICompass Diversified	0.09%	90,000	$2M	held	—	15 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.08%	122,711	$1M	held	—	12 q
MVCMvc Capital Inc	0.07%	142,600	$1M	held	—	13 q
unresolvedFrontier Communications Corp	0.06%	325,000	$1M	held	—	7 q
unresolvedCommunications SALES&LEAS In	0.05%	33,940	$863,000	held	—	7 q
AAPLApple Inc.	0.04%	6,565	$761,000	trimmed−23%	−0.02 pp	15 q
NXPINXP Semiconductors N.V.	—	−804,925	—	exited	−4.68 pp	—
unresolvedFiat Chrysler Automobiles NV s	—	−4,959,125	—	exited	−1.81 pp	—
JDJD.com, Inc.	—	−1,037,500	—	exited	−1.54 pp	—
ARCPVereit Inc	—	−385,000	—	exited	−0.23 pp	—
unresolvedCys Invts Inc	—	−230,000	—	exited	−0.11 pp	—
unresolvedAmerican Capital Agency Corp	—	−66,000	—	exited	−0.07 pp	—
unresolvedOci Partners LP	—	−139,400	—	exited	−0.05 pp	—
unresolvedCigna Corporation	—	−5,420	—	exited	−0.04 pp	—