Miller Value Partners
Picture
Moves
Options: 9 moves on a notional base, in the table below.
The book
- Very concentrated
- Concentrated
- Focused
- Diversified
- Low
- Moderate
- High
Top 5 positions
- trimmed+0.68
- trimmed−0.28
- added−0.59
- trimmed+0.29
Positions
| unresolvedValeant Pharmaceuticals Intl | 6.07% | 6,748,159 | $140M | trimmed−2% | +1.53 pp | 8 q |
| AMZNAmazon.Com Inc | 5.98% | 118,140 | $138M | trimmed−1% | +0.68 pp | 19 q |
| RHRh | 5.01% | 1,342,210 | $116M | trimmed−18% | −0.28 pp | 4 q |
| OMFOneMain Holdings, Inc. | 4.15% | 3,689,535 | $96M | added+1% | −0.59 pp | 9 q |
| DALDelta Air Lines, Inc. | 4.02% | 1,658,535 | $93M | trimmed−1% | +0.29 pp | 19 q |
| LENLennar Corporation Class A | 3.86% | 1,409,950 | $89M | trimmed−1% | +0.39 pp | 19 q |
| AALAmerican Airlines Group Inc. | 3.68% | 1,634,200 | $85M | trimmed−1% | +0.06 pp | 17 q |
| unresolvedJpmorgan Chase & Co | 3.58% | 1,244,225 | $83M | trimmed−13% | +0.03 pp | 19 q |
| PHMPultegroup, Inc. | 3.18% | 2,207,875 | $73M | trimmed−12% | +0.02 pp | 19 q |
| UALUnited Airlines Holdings, Inc. | 3.04% | 1,043,505 | $70M | trimmed−1% | +0.09 pp | 19 q |
| BACBank of America Corporation | 3.01% | 2,352,364 | $69M | trimmed−7% | +0.07 pp | 19 q |
| unresolvedPlatform Specialty Prods Cor | 3.00% | 6,991,300 | $69M | trimmed−0% | −0.60 pp | 13 q |
| unresolvedFlexion Therapeutics Inc | 2.91% | 2,684,500 | $67M | added×2.3 | +1.60 pp | 3 q |
| WOOFoot Locker Inc | 2.87% | 1,413,675 | $66M | added+11% | +0.81 pp | 3 q |
| QUOTQuotient Technology Inc | 2.81% | 5,521,016 | $65M | trimmed−7% | −1.45 pp | 9 q |
| WWayfair Inc. | 2.74% | 788,500 | $63M | trimmed−6% | +0.13 pp | 4 q |
| ENDPQEndo International PLC | 2.66% | 7,916,025 | $61M | added+6% | −0.29 pp | 7 q |
| GNWGenworth Financial, Inc. | 2.54% | 18,836,505 | $59M | trimmed−0% | −0.80 pp | 19 q |
| MTGMGIC Investment Corp. | 2.47% | 4,051,725 | $57M | trimmed−37% | −1.25 pp | 19 q |
| EIGIEndurance International Group Holdings, Inc. | 2.37% | 6,519,278 | $55M | trimmed−11% | −0.41 pp | 13 q |
| CCitigroup Inc. | 2.29% | 710,706 | $53M | trimmed−4% | −0.19 pp | 19 q |
| XONPrecigen, Inc. | 2.29% | 4,584,175 | $53M | added+25% | −0.92 pp | 17 q |
| ALXNAlexion Pharmaceuticals Inc | 2.26% | 436,865 | $52M | trimmed−2% | −0.61 pp | 5 q |
| CTLLumen Technologies, Inc. | 2.01% | 2,786,450 | $46M | new | +2.01 pp | new |
| METAMeta Platforms, Inc. Class A | 1.70% | 223,065 | $39M | trimmed−1% | −0.07 pp | 3 q |
| DISCADiscovery, Inc. Series A | 1.65% | 1,702,800 | $38M | new | +1.65 pp | new |
| MNKMallinckrodt PLC | 1.58% | 1,618,575 | $37M | added+49% | −0.29 pp | 2 q |
| SFIXStitch Fix, Inc. Class A | 1.56% | 1,393,930 | $36M | new | +1.56 pp | new |
| ACTAllergan PLC | 1.13% | 159,125 | $26M | trimmed−1% | −0.39 pp | 5 q |
| unresolvedPandora Media Inc | 1.11% | 5,316,325 | $26M | added0% | −0.77 pp | 19 q |
| 1885807DAthenahealth Inc | 0.98% | 170,045 | $23M | trimmed−9% | −0.09 pp | 4 q |
| unresolvedZiopharm Oncology Inc | 0.91% | 5,084,246 | $21M | added+5% | −0.46 pp | 12 q |
| GMEGameStop Corp. Class A | 0.85% | 1,097,660 | $20M | trimmed−0% | −0.19 pp | 16 q |
| unresolvedGty Technology Holdings Inc | 0.85% | 1,900,375 | $20M | trimmed−1% | −0.08 pp | 5 q |
| SPYState Street SPDR S&P 500 ETF Trust | 0.58% | 50,290 | $13M | trimmed−1% | −0.01 pp | 3 q |
| unresolvedApollo Global Management LLC | 0.42% | 288,000 | $10M | held | — | 19 q |
| TEVATeva Pharmaceutical Industries Limited | 0.42% | 516,112 | $10M | new | +0.42 pp | new |
| WDWalker & Dunlop, Inc. | 0.41% | 200,000 | $10M | new | +0.41 pp | new |
| BCBPrimo Water Corp | 0.40% | 550,000 | $9M | held | — | 4 q |
| CHGGChegg, Inc. | 0.39% | 550,000 | $9M | held | — | 4 q |
| unresolvedFiat Chrysler Automobiles NV s | 0.39% | 500,000 | $9M | held | — | 4 q |
| TBTProShares Trust UltraShort Lehman 20+ Year Treasury | 0.37% | 250,000 | $8M | held | — | 4 q |
| unresolvedThe Carlyle Group | 0.33% | 335,000 | $8M | held | — | 8 q |
| unresolvedCredit Suisse Group Spon ADR | 0.29% | 378,715 | $7M | trimmed−1% | +0.01 pp | 4 q |
| unresolvedCalatlantic Group Inc | 0.24% | 100,000 | $6M | held | — | 4 q |
| RITMRithm Capital Corp. | 0.24% | 311,750 | $6M | held | — | 13 q |
| ANFAbercrombie & Fitch Co. | 0.22% | 285,255 | $5M | trimmed−5% | +0.02 pp | 3 q |
| unresolvedChimera Investment Corp | 0.22% | 280,000 | $5M | held | — | 11 q |
| unresolvedTriangle Cap Corp | 0.21% | 517,278 | $5M | added×2.1 | +0.05 pp | 15 q |
| NEWMUSA TODAY Co., Inc. | 0.19% | 257,835 | $4M | trimmed−41% | −0.11 pp | 16 q |
| SSWSeaspan Corp | 0.19% | 649,465 | $4M | added+2% | −0.02 pp | 4 q |
| GHLGreenhill & Co., Inc. | 0.18% | 212,000 | $4M | added+16% | +0.04 pp | 3 q |
| UPROProShares UltraPro S&P 500 | 0.18% | 29,400 | $4M | added+68% | +0.09 pp | 3 q |
| MHLDMaiden Holdings Ltd | 0.18% | 646,295 | $4M | added+38% | +0.01 pp | 3 q |
| HCRSQHi-crush Inc | 0.17% | 370,000 | $4M | new | +0.17 pp | new |
| NCMINational CineMedia, Inc. | 0.16% | 530,000 | $4M | added+15% | +0.01 pp | 3 q |
| BGCPBGC Partners, Inc. | 0.15% | 226,400 | $3M | held | — | 19 q |
| BXBlackstone Inc. | 0.15% | 110,000 | $4M | held | — | 2 q |
| HALOHalozyme Therapeutics, Inc. | 0.15% | 170,000 | $3M | held | — | 3 q |
| unresolvedWells Fargo Warrants, 34.01 St | 0.15% | 125,000 | $3M | held | — | 4 q |
| AIArlington Asset Investment-a | 0.14% | 275,000 | $3M | added+31% | +0.02 pp | 7 q |
| STWDStarwood Property Trust, Inc. | 0.13% | 145,200 | $3M | held | — | 19 q |
| WPGWashington Prime Group Inc. | 0.12% | 385,000 | $3M | held | — | 3 q |
| unresolvedEnergy Transfer Partners LP | 0.11% | 140,000 | $3M | added+17% | +0.01 pp | 2 q |
| ONDKOn Deck Capital, Inc. | 0.11% | 425,000 | $2M | held | — | 3 q |
| CODICompass Diversified | 0.10% | 140,000 | $2M | held | — | 19 q |
| FSCOaktree Specialty Lending Corporation | 0.09% | 445,000 | $2M | new | +0.09 pp | new |
| unresolvedCBL & Associates Properties, Inc. | 0.08% | 333,830 | $2M | added+48% | −0.01 pp | 3 q |
| unresolvedJmp Group LLC | 0.07% | 306,676 | $2M | trimmed−0% | −0.01 pp | 10 q |
| TPVGTriplepoint Venture Growth Bdc Corp. | 0.07% | 122,711 | $2M | held | — | 16 q |
| MCCMedley Capital Corp | 0.06% | 262,834 | $1M | held | — | 6 q |
| ABAllianceBernstein Holding, L.P. | 0.05% | 50,000 | $1M | held | — | 4 q |
| Frontier Communicationsconvertible | 0.05% | 1,500,000 | $1M | added×9.2 | −0.09 pp | 11 q |
| EWJiShares MSCI Japan ETF | 0.05% | 17,500 | $1M | new | +0.05 pp | new |
| unresolvedKkr & Co L P DEL | 0.04% | 40,000 | $842,000 | held | — | 3 q |
| TWTRTwitter, Inc. | 0.04% | 41,000 | $984,000 | trimmed−15% | 0.00 pp | 12 q |
| DBDeutsche Bank Aktiengesellschaft | 0.04% | 45,500 | $866,000 | trimmed−4% | 0.00 pp | 3 q |
| BABAAlibaba Group Holding Limited | 0.03% | 4,500 | $776,000 | held | — | 3 q |
| GOOGLAlphabet Inc. Class A | 0.03% | 600 | $632,000 | held | — | 3 q |
| unresolvedBank Of America Corporation | 0.03% | 40,000 | $702,000 | held | — | 3 q |
| CCSCentury Communities, Inc. | 0.03% | 19,000 | $591,000 | held | — | 3 q |
| HHCThe Howard Hughes Corporation | 0.03% | 5,000 | $656,000 | held | — | 3 q |
| unresolvedIlg Inc | 0.03% | 25,000 | $712,000 | held | — | 3 q |
| WLHWilliam Lyon Homes | 0.03% | 25,000 | $727,000 | held | — | 3 q |
| UPBDUpbound Group, Inc. | 0.03% | 66,314 | $736,000 | trimmed−0% | −0.01 pp | 3 q |
| ALSKAlaska Communications Systems | 0.02% | 150,000 | $402,000 | held | — | 3 q |
| CVNACarvana Co. | 0.02% | 30,000 | $574,000 | held | — | 3 q |
| CYHCommunity Health Systems, Inc. | 0.02% | 111,115 | $473,000 | added×2.1 | 0.00 pp | 3 q |
| FOSLFossil Group, Inc. | 0.02% | 51,280 | $398,000 | added+58% | +0.01 pp | 2 q |
| FTRFrontier Communications Corp. | 0.02% | 77,020 | $521,000 | trimmed−25% | −0.04 pp | 2 q |
| LVSLas Vegas Sands Corp. | 0.02% | 6,000 | $417,000 | trimmed−8% | 0.00 pp | 3 q |
| MBIMBIA Inc. | 0.02% | 70,000 | $512,000 | held | — | 3 q |
| unresolvedSupervalu Inc | 0.02% | 17,751 | $383,000 | new | +0.02 pp | new |
| WMCWestern Asset Mortgage Capital Corporation | 0.02% | 55,000 | $547,000 | held | — | 3 q |
| NENoble Corporation plc | 0.02% | 102,845 | $465,000 | trimmed−7% | 0.00 pp | 3 q |
| ANIPANI Pharmaceuticals, Inc. | 0.01% | 5,000 | $322,000 | new | +0.01 pp | new |
| unresolvedAmtrust Finl Svcs Inc | 0.01% | 19,895 | $200,000 | added+33% | 0.00 pp | 3 q |
| AAPLApple Inc. | 0.01% | 1,997 | $338,000 | trimmed−36% | −0.01 pp | 19 q |
| CELGCelgene Corp | 0.01% | 2,200 | $230,000 | held | — | 3 q |
| CHKChesapeake Energy Corp | 0.01% | 38,835 | $154,000 | added×2.4 | +0.01 pp | 2 q |
| CMGChipotle Mexican Grill, Inc. | 0.01% | 1,060 | $306,000 | held | — | 3 q |
| CLFCleveland-Cliffs Inc. | 0.01% | 31,668 | $228,000 | trimmed−4% | 0.00 pp | 2 q |
| unresolvedExpress Inc | 0.01% | 20,720 | $210,000 | new | +0.01 pp | new |
| GNCIQGnc Holdings Inc-cl A | 0.01% | 58,205 | $215,000 | added+70% | 0.00 pp | 3 q |
| unresolvedObsidian Energy Ltd | 0.01% | 110,539 | $137,000 | trimmed−12% | 0.00 pp | 3 q |
| NBRNabors Industries Ltd. | 0.01% | 49,125 | $336,000 | added+25% | 0.00 pp | 3 q |
| AVPAvon Products, Inc. | 0.00% | 24,883 | $53,000 | trimmed−19% | 0.00 pp | 3 q |
| GILDGilead Sciences Inc | — | −322,955 | — | exited | −1.20 pp | — |
| AEOAmerican Eagle Outfitters | — | −1,035,400 | — | exited | −0.68 pp | — |
| RDFNRedfin Corporation | — | −232,175 | — | exited | −0.27 pp | — |
| MGPMGM Growth Properties LLC Class A representing limited liability company interests | — | −37,500 | — | exited | −0.05 pp | — |
| GOOGAlphabet Inc. Class C | — | −601 | — | exited | −0.03 pp | — |
| HOUSAnywhere Real Estate Inc. | — | −17,000 | — | exited | −0.03 pp | — |
| GMGeneral Motors Company | — | −2,929 | — | exited | −0.01 pp | — |
| 7AB1Resolute Forest Products | — | −40,854 | — | exited | −0.01 pp | — |
| unresolvedRuby Tuesday Inc | — | −44,390 | — | exited | 0.00 pp | — |
| SNDSmart Sand, Inc. | — | −10,000 | — | exited | 0.00 pp | — |
Other 13(f) securities
Options
| Contract | % of notional | Shares | Notional |
|---|---|---|---|
| AAPL CALL | 89.48% | 512,300 | $36M |
| XON CALL | 9.70% | 1,000,000 | $4M |
| MU CALL | 0.77% | 10,000 | $310,000 |
| FTR CALL | 0.05% | 480,000 | $20,000 |
| Valeant Pharmaceuticals Intl CALL | 0.00% | 30,000 | $1,000 |
Notes