Miller Value Partners

Q3 2017 13F · by Bill Miller, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $2.2B · prev $2.2B
Positions: 106 · prev 109
Options notional: $153M
Documents: 1· no amendments

Picture93.4% US stock

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

US stock listed on a US exchange 93.4%
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 6.6%

Moves87 since the prior filing

+7.3 pp in · −7.7 pp out

New 10 +3.18 pp
Added 22 +4.08 pp
Trimmed 34 −5.97 pp
Exited 13 −1.78 pp

Options: 8 moves on a notional base, in the table below.

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions24% of US stock

AMZN Amazon.Com Inc trimmed−0.05 pp trimmed−0.055.3%
RH Rh trimmed−1.61 pp trimmed−1.615.3%
OMF OneMain Holdings, Inc. trimmed+0.59 pp trimmed+0.594.7%
unresolved Valeant Pharmaceuticals Intl trimmed−0.97 pp trimmed−0.974.5%
QUOT Quotient Technology Inc trimmed+1.05 pp trimmed+1.054.3%

Positions106 in this filing · 13 exited


AMZNAmazon.Com Inc	5.30%	119,750	$115M	trimmed−1%	−0.05 pp	18 q
RHRh	5.29%	1,633,375	$115M	trimmed−31%	−1.61 pp	3 q
OMFOneMain Holdings, Inc.	4.74%	3,654,735	$103M	trimmed−2%	+0.59 pp	8 q
unresolvedValeant Pharmaceuticals Intl	4.54%	6,882,913	$99M	trimmed−2%	−0.97 pp	7 q
QUOTQuotient Technology Inc	4.26%	5,918,300	$93M	trimmed−4%	+1.05 pp	8 q
DALDelta Air Lines, Inc.	3.73%	1,682,150	$81M	trimmed−1%	−0.44 pp	18 q
MTGMGIC Investment Corp.	3.72%	6,443,550	$81M	trimmed−4%	+0.29 pp	18 q
AALAmerican Airlines Group Inc.	3.62%	1,658,125	$79M	trimmed−3%	−0.30 pp	16 q
unresolvedPlatform Specialty Prods Cor	3.60%	7,021,350	$78M	trimmed−4%	−0.63 pp	12 q
unresolvedJpmorgan Chase & Co	3.55%	1,425,200	$77M	trimmed−8%	+0.01 pp	18 q
LENLennar Corporation Class A	3.47%	1,427,600	$75M	trimmed−8%	−0.27 pp	18 q
GNWGenworth Financial, Inc.	3.34%	18,839,885	$73M	added+3%	+0.20 pp	18 q
XONPrecigen, Inc.	3.21%	3,672,000	$70M	trimmed−1%	−0.86 pp	16 q
PHMPultegroup, Inc.	3.16%	2,508,975	$69M	trimmed−11%	+0.02 pp	18 q
UALUnited Airlines Holdings, Inc.	2.95%	1,052,780	$64M	trimmed−2%	−0.72 pp	18 q
ENDPQEndo International PLC	2.95%	7,476,460	$64M	added+22%	−0.15 pp	6 q
BACBank of America Corporation	2.94%	2,523,644	$64M	trimmed−2%	+0.11 pp	18 q
ALXNAlexion Pharmaceuticals Inc	2.87%	444,425	$62M	trimmed−1%	+0.38 pp	4 q
EIGIEndurance International Group Holdings, Inc.	2.78%	7,360,600	$60M	trimmed−1%	−0.05 pp	12 q
WWayfair Inc.	2.61%	842,125	$57M	trimmed−27%	−1.41 pp	3 q
CCitigroup Inc.	2.48%	740,855	$54M	trimmed−2%	+0.19 pp	18 q
WOOFoot Locker Inc	2.06%	1,273,750	$45M	added×25.5	+1.95 pp	2 q
unresolvedPandora Media Inc	1.88%	5,293,775	$41M	trimmed−0%	−0.28 pp	18 q
MNKMallinckrodt PLC	1.87%	1,089,875	$41M	new	+1.87 pp	new
METAMeta Platforms, Inc. Class A	1.77%	225,450	$39M	added+31%	+0.59 pp	2 q
ACTAllergan PLC	1.52%	161,475	$33M	trimmed−2%	−0.31 pp	4 q
unresolvedZiopharm Oncology Inc	1.37%	4,858,356	$30M	trimmed−1%	−0.02 pp	11 q
unresolvedFlexion Therapeutics Inc	1.31%	1,181,325	$29M	added×2.2	+0.82 pp	2 q
GILDGilead Sciences Inc	1.20%	322,955	$26M	trimmed−13%	+0.01 pp	14 q
1885807DAthenahealth Inc	1.07%	186,985	$23M	trimmed−3%	−0.16 pp	3 q
GMEGameStop Corp. Class A	1.04%	1,097,830	$23M	trimmed−6%	−0.11 pp	15 q
unresolvedGty Technology Holdings Inc	0.93%	1,921,875	$20M	trimmed−1%	0.00 pp	4 q
AEOAmerican Eagle Outfitters	0.68%	1,035,400	$15M	new	+0.68 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.59%	50,775	$13M	trimmed−0%	+0.03 pp	2 q
TBTProShares Trust UltraShort Lehman 20+ Year Treasury	0.41%	250,000	$9M	held	—	3 q
unresolvedFiat Chrysler Automobiles NV s	0.41%	500,000	$9M	held	—	3 q
unresolvedApollo Global Management LLC	0.40%	288,000	$9M	held	—	18 q
CHGGChegg, Inc.	0.38%	550,000	$8M	held	—	3 q
BCBPrimo Water Corp	0.38%	550,000	$8M	held	—	3 q
unresolvedThe Carlyle Group	0.36%	335,000	$8M	held	—	7 q
NEWMUSA TODAY Co., Inc.	0.30%	439,245	$6M	held	—	15 q
unresolvedCredit Suisse Group Spon ADR	0.28%	384,219	$6M	trimmed−2%	+0.02 pp	3 q
RDFNRedfin Corporation	0.27%	232,175	$6M	new	+0.27 pp	new
unresolvedChimera Investment Corp	0.24%	280,000	$5M	held	—	10 q
RITMRithm Capital Corp.	0.24%	311,750	$5M	held	—	12 q
SSWSeaspan Corp	0.21%	636,785	$5M	added+1%	0.00 pp	3 q
ANFAbercrombie & Fitch Co.	0.20%	299,530	$4M	added+30%	+0.07 pp	2 q
BXBlackstone Inc.	0.17%	110,000	$4M	new	+0.17 pp	new
unresolvedCalatlantic Group Inc	0.17%	100,000	$4M	held	—	3 q
MHLDMaiden Holdings Ltd	0.17%	467,965	$4M	added×31.2	+0.16 pp	2 q
unresolvedTriangle Cap Corp	0.16%	247,278	$4M	added+99%	+0.06 pp	14 q
BGCPBGC Partners, Inc.	0.15%	226,400	$3M	held	—	18 q
NCMINational CineMedia, Inc.	0.15%	460,000	$3M	added×3.5	+0.11 pp	2 q
STWDStarwood Property Trust, Inc.	0.15%	145,200	$3M	held	—	18 q
WPGWashington Prime Group Inc.	0.15%	385,000	$3M	added+38%	+0.04 pp	2 q
Frontier Communicationsconvertible	0.14%	163,000	$3M	added×4.3	+0.09 pp	10 q
GHLGreenhill & Co., Inc.	0.14%	182,000	$3M	added+52%	+0.03 pp	2 q
HALOHalozyme Therapeutics, Inc.	0.14%	170,000	$3M	trimmed−82%	−0.41 pp	2 q
AIArlington Asset Investment-a	0.12%	210,000	$3M	held	—	6 q
unresolvedWells Fargo Warrants, 34.01 St	0.12%	125,000	$3M	held	—	3 q
CODICompass Diversified	0.11%	140,000	$2M	held	—	18 q
unresolvedEnergy Transfer Partners LP	0.10%	120,000	$2M	new	+0.10 pp	new
unresolvedCBL & Associates Properties, Inc.	0.09%	225,000	$2M	added+50%	+0.03 pp	2 q
ONDKOn Deck Capital, Inc.	0.09%	425,000	$2M	held	—	2 q
UPROProShares UltraPro S&P 500	0.09%	17,500	$2M	added×4.4	+0.07 pp	2 q
unresolvedJmp Group LLC	0.08%	307,234	$2M	held	—	9 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.08%	122,711	$2M	held	—	15 q
MCCMedley Capital Corp	0.07%	262,834	$2M	held	—	5 q
ABAllianceBernstein Holding, L.P.	0.06%	50,000	$1M	held	—	3 q
FTRFrontier Communications Corp.	0.06%	102,596	$1M	new	+0.06 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.05%	37,500	$1M	trimmed−50%	−0.05 pp	6 q
BABAAlibaba Group Holding Limited	0.04%	4,500	$777,000	held	—	2 q
unresolvedKkr & Co L P DEL	0.04%	40,000	$813,000	held	—	2 q
UPBDUpbound Group, Inc.	0.04%	66,448	$763,000	trimmed−9%	0.00 pp	2 q
TWTRTwitter, Inc.	0.04%	48,500	$818,000	held	—	11 q
DBDeutsche Bank Aktiengesellschaft	0.04%	47,595	$822,000	trimmed−11%	0.00 pp	2 q
GOOGAlphabet Inc. Class C	0.03%	601	$576,000	held	—	2 q
GOOGLAlphabet Inc. Class A	0.03%	600	$584,000	held	—	2 q
HHCThe Howard Hughes Corporation	0.03%	5,000	$590,000	held	—	2 q
unresolvedIlg Inc	0.03%	25,000	$668,000	held	—	2 q
WLHWilliam Lyon Homes	0.03%	25,000	$575,000	held	—	2 q
MBIMBIA Inc.	0.03%	70,000	$609,000	held	—	2 q
HOUSAnywhere Real Estate Inc.	0.03%	17,000	$560,000	held	—	2 q
WMCWestern Asset Mortgage Capital Corporation	0.03%	55,000	$576,000	held	—	2 q
ALSKAlaska Communications Systems	0.02%	150,000	$340,000	held	—	2 q
AAPLApple Inc.	0.02%	3,115	$480,000	trimmed−39%	−0.01 pp	18 q
unresolvedBank Of America Corporation	0.02%	40,000	$530,000	held	—	2 q
CVNACarvana Co.	0.02%	30,000	$440,000	held	—	2 q
CCSCentury Communities, Inc.	0.02%	19,000	$469,000	held	—	2 q
CMGChipotle Mexican Grill, Inc.	0.02%	1,060	$326,000	held	—	2 q
CYHCommunity Health Systems, Inc.	0.02%	52,475	$403,000	added+37%	0.00 pp	2 q
LVSLas Vegas Sands Corp.	0.02%	6,500	$417,000	held	—	2 q
NENoble Corporation plc	0.02%	110,070	$506,000	added+22%	+0.01 pp	2 q
unresolvedAmtrust Finl Svcs Inc	0.01%	15,000	$202,000	held	—	2 q
CELGCelgene Corp	0.01%	2,200	$321,000	held	—	2 q
CLFCleveland-Cliffs Inc.	0.01%	33,051	$236,000	new	+0.01 pp	new
FOSLFossil Group, Inc.	0.01%	32,430	$303,000	new	+0.01 pp	new
GNCIQGnc Holdings Inc-cl A	0.01%	34,145	$302,000	added+10%	0.00 pp	2 q
GMGeneral Motors Company	0.01%	2,929	$118,000	new	+0.01 pp	new
unresolvedObsidian Energy Ltd	0.01%	126,243	$133,000	added+7%	0.00 pp	2 q
7AB1Resolute Forest Products	0.01%	40,854	$206,000	added+8%	0.00 pp	2 q
NBRNabors Industries Ltd.	0.01%	39,195	$316,000	added×2.3	0.00 pp	2 q
AVPAvon Products, Inc.	0.00%	30,841	$72,000	added+66%	0.00 pp	2 q
CHKChesapeake Energy Corp	0.00%	16,500	$71,000	new	0.00 pp	new
unresolvedRuby Tuesday Inc	0.00%	44,390	$95,000	trimmed−24%	−0.01 pp	2 q
SNDSmart Sand, Inc.	0.00%	10,000	$68,000	held	—	2 q
STXNSeagate Technology Holdings PLC (Ireland)	—	−532,362	—	exited	−0.94 pp	—
unresolvedColony Northstar Inc	—	−339,500	—	exited	−0.22 pp	—
FTAIFTAI Aviation Ltd.	—	−294,792	—	exited	−0.21 pp	—
unresolvedFifth Street Finance Corp	—	−700,000	—	exited	−0.15 pp	—
unresolvedFrontier Communications Corp	—	−1,310,414	—	exited	−0.07 pp	—
BCORBlucora Inc	—	−40,000	—	exited	−0.04 pp	—
TMHCTaylor Morrison Home Corporation	—	−36,000	—	exited	−0.04 pp	—
unresolvedUniti Group Inc	—	−33,940	—	exited	−0.04 pp	—
unresolvedPinnacle Entmt Inc New	—	−30,000	—	exited	−0.03 pp	—
MTArcelorMittal	—	−11,583	—	exited	−0.01 pp	—
unresolvedCliffs Nat Res Inc	—	−30,226	—	exited	−0.01 pp	—
unresolvedStaples Inc	—	−11,781	—	exited	−0.01 pp	—
unresolvedSupervalu Inc	—	−47,332	—	exited	−0.01 pp	—

Other 13(f) securities

Options 8

Contract	% of notional	Shares	Notional
AAPL CALL	62.95%	626,300	$97M
Valeant Pharmaceuticals Intl CALL	16.17%	1,730,000	$25M
GM CALL	6.25%	2,489,000	$10M
ENDPQ CALL	6.15%	1,100,000	$9M
FTR CALL	4.46%	580,000	$7M
WOO CALL	2.30%	100,000	$4M
GME CALL	1.35%	100,000	$2M
MU CALL	0.38%	15,000	$590,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 24 unresolved
Accession: 0001085146-17-002418
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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