Miller Value Partners

Q2 2017 13F · by Bill Miller, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $2.2B · prev $1.9B
Positions: 109 · prev 65
Options notional: $265M
Documents: 1· no amendments

Picture89.2% US stock

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

US stock listed on a US exchange 89.2%
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 10.8%

Moves101 since the prior filing

+6.9 pp in · −6.6 pp out

New 49 +4.21 pp
Added 18 +2.68 pp
Trimmed 23 −5.80 pp
Exited 5 −0.83 pp

Options: 6 moves on a notional base, in the table below.

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

RH Rh trimmed+0.59 pp trimmed+0.596.9%
unresolved Valeant Pharmaceuticals Intl added+2.25 pp added+2.255.5%
AMZN Amazon.Com Inc trimmed−0.30 pp trimmed−0.305.3%
unresolved Platform Specialty Prods Cor trimmed−0.87 pp trimmed−0.874.2%
DAL Delta Air Lines, Inc. trimmed+0.05 pp trimmed+0.054.2%

Positions109 in this filing · 5 exited


RHRh	6.90%	2,352,875	$152M	trimmed−11%	+0.59 pp	2 q
unresolvedValeant Pharmaceuticals Intl	5.51%	7,011,048	$121M	added+23%	+2.25 pp	6 q
AMZNAmazon.Com Inc	5.35%	121,450	$118M	trimmed−1%	−0.30 pp	17 q
unresolvedPlatform Specialty Prods Cor	4.23%	7,334,450	$93M	trimmed−3%	−0.87 pp	11 q
DALDelta Air Lines, Inc.	4.17%	1,706,125	$92M	trimmed−1%	+0.05 pp	17 q
OMFOneMain Holdings, Inc.	4.15%	3,716,160	$91M	added+1%	−0.61 pp	7 q
XONPrecigen, Inc.	4.07%	3,717,000	$90M	added+7%	+0.49 pp	15 q
WWayfair Inc.	4.02%	1,150,500	$88M	trimmed−13%	+1.26 pp	2 q
AALAmerican Airlines Group Inc.	3.92%	1,714,625	$86M	trimmed−3%	+0.06 pp	15 q
LENLennar Corporation Class A	3.74%	1,544,000	$82M	trimmed−2%	−0.43 pp	17 q
UALUnited Airlines Holdings, Inc.	3.67%	1,073,480	$81M	trimmed−4%	−0.41 pp	17 q
unresolvedJpmorgan Chase & Co	3.54%	1,546,550	$78M	trimmed−2%	−0.24 pp	17 q
MTGMGIC Investment Corp.	3.43%	6,729,650	$75M	trimmed−3%	−0.20 pp	17 q
QUOTQuotient Technology Inc	3.21%	6,134,141	$71M	trimmed−0%	+0.17 pp	7 q
GNWGenworth Financial, Inc.	3.14%	18,309,835	$69M	trimmed−0%	−0.78 pp	17 q
PHMPultegroup, Inc.	3.14%	2,819,775	$69M	trimmed−2%	−0.36 pp	17 q
ENDPQEndo International PLC	3.10%	6,110,410	$68M	added+30%	+0.38 pp	5 q
BACBank of America Corporation	2.83%	2,568,009	$62M	trimmed−4%	−0.42 pp	17 q
EIGIEndurance International Group Holdings, Inc.	2.83%	7,455,000	$62M	added+1%	−0.16 pp	11 q
ALXNAlexion Pharmaceuticals Inc	2.49%	450,725	$55M	added+26%	+0.24 pp	3 q
CCitigroup Inc.	2.29%	753,700	$50M	trimmed−2%	−0.10 pp	17 q
unresolvedPandora Media Inc	2.16%	5,313,975	$47M	trimmed−1%	−1.12 pp	17 q
ACTAllergan PLC	1.83%	165,125	$40M	trimmed−3%	−0.28 pp	3 q
unresolvedZiopharm Oncology Inc	1.39%	4,926,456	$31M	added0%	−0.23 pp	10 q
1885807DAthenahealth Inc	1.23%	191,935	$27M	added+4%	+0.15 pp	2 q
GILDGilead Sciences Inc	1.19%	369,660	$26M	trimmed−2%	−0.14 pp	13 q
METAMeta Platforms, Inc. Class A	1.18%	172,075	$26M	new	+1.18 pp	new
GMEGameStop Corp. Class A	1.15%	1,168,890	$25M	trimmed−7%	−0.32 pp	14 q
STXNSeagate Technology Holdings PLC (Ireland)	0.94%	532,362	$21M	trimmed−12%	−0.51 pp	17 q
unresolvedGty Technology Holdings Inc	0.93%	1,948,575	$20M	trimmed−0%	−0.11 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.56%	50,942	$12M	new	+0.56 pp	new
HALOHalozyme Therapeutics, Inc.	0.55%	949,800	$12M	new	+0.55 pp	new
unresolvedFlexion Therapeutics Inc	0.49%	527,800	$11M	new	+0.49 pp	new
TBTProShares Trust UltraShort Lehman 20+ Year Treasury	0.41%	250,000	$9M	added+43%	+0.11 pp	2 q
BCBPrimo Water Corp	0.36%	550,000	$8M	held	—	2 q
unresolvedApollo Global Management LLC	0.35%	288,000	$8M	added+20%	+0.05 pp	17 q
CHGGChegg, Inc.	0.31%	550,000	$7M	held	—	2 q
unresolvedThe Carlyle Group	0.30%	335,000	$7M	held	—	6 q
NEWMUSA TODAY Co., Inc.	0.27%	439,245	$6M	added+56%	+0.06 pp	14 q
unresolvedCredit Suisse Group Spon ADR	0.26%	392,389	$6M	added+12%	−0.01 pp	2 q
unresolvedChimera Investment Corp	0.24%	280,000	$5M	held	—	9 q
unresolvedFiat Chrysler Automobiles NV s	0.24%	500,000	$5M	held	—	2 q
unresolvedColony Northstar Inc	0.22%	339,500	$5M	held	—	2 q
RITMRithm Capital Corp.	0.22%	311,750	$5M	added+11%	−0.03 pp	11 q
FTAIFTAI Aviation Ltd.	0.21%	294,792	$5M	added+1%	−0.02 pp	9 q
SSWSeaspan Corp	0.21%	632,185	$5M	added+26%	+0.03 pp	2 q
unresolvedCalatlantic Group Inc	0.16%	100,000	$4M	held	—	2 q
unresolvedFifth Street Finance Corp	0.15%	700,000	$3M	held	—	2 q
STWDStarwood Property Trust, Inc.	0.15%	145,200	$3M	held	—	17 q
ANFAbercrombie & Fitch Co.	0.13%	230,665	$3M	new	+0.13 pp	new
AIArlington Asset Investment-a	0.13%	210,000	$3M	held	—	5 q
BGCPBGC Partners, Inc.	0.13%	226,400	$3M	held	—	17 q
unresolvedWells Fargo Warrants, 34.01 St	0.13%	125,000	$3M	added+14%	0.00 pp	2 q
CODICompass Diversified	0.11%	140,000	$2M	held	—	17 q
WOOFoot Locker Inc	0.11%	50,000	$2M	new	+0.11 pp	new
GHLGreenhill & Co., Inc.	0.11%	120,000	$2M	new	+0.11 pp	new
WPGWashington Prime Group Inc.	0.11%	280,000	$2M	new	+0.11 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.10%	75,000	$2M	held	—	5 q
unresolvedTriangle Cap Corp	0.10%	124,278	$2M	held	—	13 q
ONDKOn Deck Capital, Inc.	0.09%	425,000	$2M	new	+0.09 pp	new
unresolvedJmp Group LLC	0.08%	307,234	$2M	added+2%	−0.01 pp	8 q
MCCMedley Capital Corp	0.08%	262,834	$2M	held	—	4 q
unresolvedFrontier Communications Corp	0.07%	1,310,414	$2M	added+85%	−0.01 pp	9 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.07%	122,711	$2M	held	—	14 q
unresolvedCBL & Associates Properties, Inc.	0.06%	150,000	$1M	new	+0.06 pp	new
ABAllianceBernstein Holding, L.P.	0.05%	50,000	$1M	held	—	2 q
Frontier Communicationsconvertible	0.05%	38,000	$1M	held	—	9 q
BCORBlucora Inc	0.04%	40,000	$848,000	new	+0.04 pp	new
NCMINational CineMedia, Inc.	0.04%	130,000	$965,000	new	+0.04 pp	new
UPBDUpbound Group, Inc.	0.04%	72,678	$852,000	new	+0.04 pp	new
TMHCTaylor Morrison Home Corporation	0.04%	36,000	$864,000	new	+0.04 pp	new
TWTRTwitter, Inc.	0.04%	48,500	$867,000	trimmed−97%	−1.32 pp	10 q
unresolvedUniti Group Inc	0.04%	33,940	$853,000	held	—	2 q
DBDeutsche Bank Aktiengesellschaft	0.04%	53,180	$946,000	new	+0.04 pp	new
BABAAlibaba Group Holding Limited	0.03%	4,500	$634,000	new	+0.03 pp	new
GOOGLAlphabet Inc. Class A	0.03%	600	$558,000	new	+0.03 pp	new
AAPLApple Inc.	0.03%	5,065	$729,000	trimmed−23%	−0.02 pp	17 q
CVNACarvana Co.	0.03%	30,000	$614,000	new	+0.03 pp	new
HHCThe Howard Hughes Corporation	0.03%	5,000	$614,000	new	+0.03 pp	new
unresolvedIlg Inc	0.03%	25,000	$687,000	new	+0.03 pp	new
unresolvedKkr & Co L P DEL	0.03%	40,000	$744,000	new	+0.03 pp	new
WLHWilliam Lyon Homes	0.03%	25,000	$603,000	new	+0.03 pp	new
MBIMBIA Inc.	0.03%	70,000	$660,000	new	+0.03 pp	new
unresolvedPinnacle Entmt Inc New	0.03%	30,000	$593,000	new	+0.03 pp	new
HOUSAnywhere Real Estate Inc.	0.03%	17,000	$552,000	new	+0.03 pp	new
WMCWestern Asset Mortgage Capital Corporation	0.03%	55,000	$566,000	new	+0.03 pp	new
ALSKAlaska Communications Systems	0.02%	150,000	$330,000	new	+0.02 pp	new
GOOGAlphabet Inc. Class C	0.02%	601	$546,000	new	+0.02 pp	new
unresolvedBank Of America Corporation	0.02%	40,000	$482,000	new	+0.02 pp	new
CCSCentury Communities, Inc.	0.02%	19,000	$471,000	new	+0.02 pp	new
CMGChipotle Mexican Grill, Inc.	0.02%	1,060	$441,000	new	+0.02 pp	new
CYHCommunity Health Systems, Inc.	0.02%	38,255	$381,000	new	+0.02 pp	new
LVSLas Vegas Sands Corp.	0.02%	6,500	$415,000	new	+0.02 pp	new
UPROProShares UltraPro S&P 500	0.02%	4,000	$415,000	new	+0.02 pp	new
unresolvedAmtrust Finl Svcs Inc	0.01%	15,000	$227,000	new	+0.01 pp	new
MTArcelorMittal	0.01%	11,583	$263,000	new	+0.01 pp	new
CELGCelgene Corp	0.01%	2,200	$286,000	new	+0.01 pp	new
unresolvedCliffs Nat Res Inc	0.01%	30,226	$209,000	new	+0.01 pp	new
GNCIQGnc Holdings Inc-cl A	0.01%	30,995	$261,000	new	+0.01 pp	new
unresolvedObsidian Energy Ltd	0.01%	118,243	$150,000	new	+0.01 pp	new
7AB1Resolute Forest Products	0.01%	37,919	$167,000	new	+0.01 pp	new
unresolvedRuby Tuesday Inc	0.01%	58,040	$117,000	new	+0.01 pp	new
unresolvedStaples Inc	0.01%	11,781	$119,000	new	+0.01 pp	new
unresolvedSupervalu Inc	0.01%	47,332	$156,000	new	+0.01 pp	new
MHLDMaiden Holdings Ltd	0.01%	15,000	$166,000	new	+0.01 pp	new
NBRNabors Industries Ltd.	0.01%	16,955	$138,000	new	+0.01 pp	new
NENoble Corporation plc	0.01%	90,210	$327,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.00%	18,541	$70,000	new	0.00 pp	new
SNDSmart Sand, Inc.	0.00%	10,000	$89,000	new	0.00 pp	new
GEOThe GEO Group, Inc.	—	−228,000	—	exited	−0.37 pp	—
unresolvedNationstar Mortgage Holdings Inc	—	−210,400	—	exited	−0.17 pp	—
unresolvedCitigroup Global Mkts Hldgs	—	−100,000	—	exited	−0.14 pp	—
unresolvedPennymac Finl Svcs Inc	—	−85,000	—	exited	−0.08 pp	—
MVCMvc Capital Inc	—	−142,600	—	exited	−0.07 pp	—

Other 13(f) securities

Options 6

Contract	% of notional	Shares	Notional
AAPL CALL	80.06%	1,474,600	$212M
Valeant Pharmaceuticals Intl CALL	11.28%	1,730,000	$30M
ENDPQ CALL	4.63%	1,100,000	$12M
GNW CALL	3.54%	2,489,000	$9M
MU CALL	0.28%	25,000	$747,000
Frontier Communications Corp CALL	0.21%	480,000	$557,000

Notes 1

Issue	% of notes	Principal	Value
Ditech Holding Corp	100.00%	3,000,000	$1M

Source

Form: 13F-HR
Reading: 0 defects · 31 unresolved
Accession: 0001085146-17-001832
SEC cross-check: SEC data set not published yet

Search