Miller Value Partners
Picture
Moves
Options: 5 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- new+6.31
- added+1.27
- added+0.82
- trimmed+0.49
Positions
| RHRh | 6.31% | 2,634,400 | $122M | new | +6.31 pp | new |
| AMZNAmazon.Com Inc | 5.65% | 123,107 | $109M | added+12% | +1.27 pp | 16 q |
| unresolvedPlatform Specialty Prods Cor | 5.10% | 7,564,400 | $98M | added+5% | +1.33 pp | 10 q |
| OMFOneMain Holdings, Inc. | 4.76% | 3,696,900 | $92M | added+11% | +0.82 pp | 6 q |
| LENLennar Corporation Class A | 4.17% | 1,573,625 | $81M | trimmed−2% | +0.49 pp | 16 q |
| DALDelta Air Lines, Inc. | 4.12% | 1,731,825 | $80M | trimmed−7% | −0.74 pp | 16 q |
| UALUnited Airlines Holdings, Inc. | 4.08% | 1,113,680 | $79M | trimmed−11% | −0.80 pp | 16 q |
| GNWGenworth Financial, Inc. | 3.92% | 18,367,575 | $76M | added+17% | +0.74 pp | 16 q |
| AALAmerican Airlines Group Inc. | 3.86% | 1,760,525 | $74M | trimmed−8% | −0.91 pp | 14 q |
| unresolvedJpmorgan Chase & Co | 3.78% | 1,574,200 | $73M | trimmed−9% | −0.31 pp | 16 q |
| MTGMGIC Investment Corp. | 3.63% | 6,918,800 | $70M | trimmed−10% | −0.56 pp | 16 q |
| XONPrecigen, Inc. | 3.58% | 3,487,425 | $69M | added+13% | −0.40 pp | 14 q |
| PHMPultegroup, Inc. | 3.50% | 2,869,775 | $68M | trimmed−17% | +0.10 pp | 16 q |
| unresolvedPandora Media Inc | 3.28% | 5,363,975 | $63M | trimmed−2% | −0.50 pp | 16 q |
| unresolvedValeant Pharmaceuticals Intl | 3.26% | 5,705,675 | $63M | added+18% | −0.49 pp | 5 q |
| BACBank of America Corporation | 3.25% | 2,662,775 | $63M | trimmed−24% | −0.90 pp | 16 q |
| QUOTQuotient Technology Inc | 3.04% | 6,148,800 | $59M | trimmed−2% | −0.54 pp | 6 q |
| EIGIEndurance International Group Holdings, Inc. | 2.99% | 7,358,200 | $58M | added+1% | −0.60 pp | 10 q |
| WWayfair Inc. | 2.76% | 1,318,200 | $53M | new | +2.76 pp | new |
| ENDPQEndo International PLC | 2.72% | 4,701,400 | $52M | added+39% | −0.24 pp | 4 q |
| CCitigroup Inc. | 2.39% | 770,200 | $46M | trimmed−16% | −0.50 pp | 16 q |
| ALXNAlexion Pharmaceuticals Inc | 2.25% | 358,700 | $43M | added×3.6 | +1.60 pp | 2 q |
| ACTAllergan PLC | 2.11% | 170,725 | $41M | added+28% | +0.62 pp | 2 q |
| unresolvedZiopharm Oncology Inc | 1.62% | 4,925,321 | $31M | added+1% | +0.22 pp | 9 q |
| GMEGameStop Corp. Class A | 1.47% | 1,258,075 | $28M | trimmed−22% | −0.69 pp | 13 q |
| STXNSeagate Technology Holdings PLC (Ireland) | 1.45% | 607,775 | $28M | trimmed−23% | −0.15 pp | 16 q |
| TWTRTwitter, Inc. | 1.36% | 1,750,680 | $26M | trimmed−3% | −0.20 pp | 9 q |
| GILDGilead Sciences Inc | 1.33% | 377,250 | $26M | trimmed−19% | −0.45 pp | 12 q |
| 1885807DAthenahealth Inc | 1.08% | 184,925 | $21M | new | +1.08 pp | new |
| unresolvedGty Technology Holdings Inc | 1.04% | 1,951,575 | $20M | trimmed−3% | −0.08 pp | 2 q |
| GEOThe GEO Group, Inc. | 0.37% | 152,000 | $7M | held | — | 3 q |
| BCBPrimo Water Corp | 0.35% | 550,000 | $7M | new | +0.35 pp | new |
| unresolvedApollo Global Management LLC | 0.30% | 240,000 | $6M | held | — | 16 q |
| TBTProShares Trust UltraShort Lehman 20+ Year Treasury | 0.30% | 175,000 | $6M | new | +0.30 pp | new |
| unresolvedChimera Investment Corp | 0.29% | 280,000 | $6M | added+17% | +0.07 pp | 8 q |
| unresolvedThe Carlyle Group | 0.28% | 335,000 | $5M | added+68% | +0.12 pp | 5 q |
| unresolvedFiat Chrysler Automobiles NV s | 0.28% | 500,000 | $5M | new | +0.28 pp | new |
| unresolvedCredit Suisse Group Spon ADR | 0.27% | 350,000 | $5M | new | +0.27 pp | new |
| RITMRithm Capital Corp. | 0.25% | 280,750 | $5M | added+10% | +0.04 pp | 10 q |
| CHGGChegg, Inc. | 0.24% | 550,000 | $5M | new | +0.24 pp | new |
| unresolvedColony Northstar Inc | 0.23% | 339,500 | $4M | new | +0.23 pp | new |
| FTAIFTAI Aviation Ltd. | 0.23% | 293,000 | $4M | trimmed−25% | −0.05 pp | 8 q |
| NEWMUSA TODAY Co., Inc. | 0.21% | 282,000 | $4M | held | — | 13 q |
| unresolvedCalatlantic Group Inc | 0.19% | 100,000 | $4M | new | +0.19 pp | new |
| SSWSeaspan Corp | 0.18% | 500,000 | $3M | new | +0.18 pp | new |
| unresolvedFifth Street Finance Corp | 0.17% | 700,000 | $3M | new | +0.17 pp | new |
| unresolvedNationstar Mortgage Holdings Inc | 0.17% | 210,400 | $3M | trimmed−90% | −1.85 pp | 13 q |
| STWDStarwood Property Trust, Inc. | 0.17% | 145,200 | $3M | held | — | 16 q |
| AIArlington Asset Investment-a | 0.15% | 210,000 | $3M | held | — | 4 q |
| unresolvedCitigroup Global Mkts Hldgs | 0.14% | 100,000 | $3M | new | +0.14 pp | new |
| BGCPBGC Partners, Inc. | 0.13% | 226,400 | $3M | held | — | 16 q |
| unresolvedWells Fargo Warrants, 34.01 St | 0.13% | 110,000 | $2M | new | +0.13 pp | new |
| CODICompass Diversified | 0.12% | 140,000 | $2M | added+56% | +0.03 pp | 16 q |
| unresolvedTriangle Cap Corp | 0.12% | 124,278 | $2M | trimmed−33% | −0.06 pp | 12 q |
| MGPMGM Growth Properties LLC Class A representing limited liability company interests | 0.11% | 75,000 | $2M | held | — | 4 q |
| Frontier Communicationsconvertible | 0.10% | 38,000 | $2M | held | — | 8 q |
| MCCMedley Capital Corp | 0.10% | 262,834 | $2M | held | — | 3 q |
| unresolvedJmp Group LLC | 0.09% | 300,000 | $2M | held | — | 7 q |
| TPVGTriplepoint Venture Growth Bdc Corp. | 0.09% | 122,711 | $2M | held | — | 13 q |
| unresolvedFrontier Communications Corp | 0.08% | 710,000 | $2M | added×2.2 | +0.02 pp | 8 q |
| unresolvedPennymac Finl Svcs Inc | 0.08% | 85,000 | $1M | trimmed−94% | −1.19 pp | 16 q |
| MVCMvc Capital Inc | 0.07% | 142,600 | $1M | held | — | 14 q |
| ABAllianceBernstein Holding, L.P. | 0.06% | 50,000 | $1M | new | +0.06 pp | new |
| AAPLApple Inc. | 0.05% | 6,565 | $943,000 | held | — | 16 q |
| unresolvedUniti Group Inc | 0.05% | 33,940 | $877,000 | new | +0.05 pp | new |
| unresolvedRestoration Hardware Hldgs I | — | −1,608,050 | — | exited | −2.63 pp | — |
| TMHCTaylor Morrison Home Corporation | — | −2,191,325 | — | exited | −2.25 pp | — |
| RDNRadian Group Inc. | — | −1,547,475 | — | exited | −1.48 pp | — |
| TPHTri Pointe Homes, Inc. | — | −1,990,050 | — | exited | −1.22 pp | — |
| unresolvedFortress Investment Group LLC | — | −927,000 | — | exited | −0.24 pp | — |
| unresolvedNorthstar Rlty Fin Corp | — | −251,450 | — | exited | −0.20 pp | — |
| unresolvedCommunications SALES&LEAS In | — | −33,940 | — | exited | −0.05 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| AAPL CALL | 88.98% | 2,113,600 | $304M |
| Valeant Pharmaceuticals Intl CALL | 4.85% | 1,500,000 | $17M |
| ENDPQ CALL | 3.35% | 1,025,000 | $11M |
| GNW CALL | 2.82% | 2,339,000 | $10M |
Notes
| Issue | % of notes | Principal | Value |
|---|---|---|---|
| Ditech Holding Corp | 100.00% | 3,000,000 | $1M |