Miller Value Partners

Q1 2018 13F · by Bill Miller, CIO

As of: Mar 31, 2018
Filed: Apr 26, 2018
US stock: $2.3B · prev $2.3B
Positions: 107 · prev 107
Options notional: $67M
Documents: 1· no amendments

Picture97.2% US stock

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

US stock listed on a US exchange 97.2%
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 2.8%

Moves85 since the prior filing

+7.3 pp in · −7.2 pp out

New 7 +0.93 pp
Added 33 +6.33 pp
Trimmed 35 −6.75 pp
Exited 7 −0.49 pp

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions24% of US stock

AMZN Amazon.Com Inc trimmed+1.06 pp trimmed+1.067.0%
RH Rh trimmed+0.35 pp trimmed+0.355.4%
OMF OneMain Holdings, Inc. trimmed+0.49 pp trimmed+0.494.6%
unresolved Valeant Pharmaceuticals Intl trimmed−2.38 pp trimmed−2.383.7%
DAL Delta Air Lines, Inc. trimmed−0.35 pp trimmed−0.353.7%

Positions107 in this filing · 7 exited


AMZNAmazon.Com Inc	7.04%	113,528	$164M	trimmed−4%	+1.06 pp	20 q
RHRh	5.36%	1,313,180	$125M	trimmed−2%	+0.35 pp	5 q
OMFOneMain Holdings, Inc.	4.64%	3,611,660	$108M	trimmed−2%	+0.49 pp	10 q
unresolvedValeant Pharmaceuticals Intl	3.69%	5,414,064	$86M	trimmed−20%	−2.38 pp	9 q
DALDelta Air Lines, Inc.	3.67%	1,561,700	$86M	trimmed−6%	−0.35 pp	20 q
unresolvedJpmorgan Chase & Co	3.64%	1,221,100	$85M	trimmed−2%	+0.06 pp	20 q
LENLennar Corporation Class A	3.50%	1,386,225	$82M	trimmed−2%	−0.36 pp	20 q
AALAmerican Airlines Group Inc.	3.43%	1,537,750	$80M	trimmed−6%	−0.25 pp	18 q
XONPrecigen, Inc.	3.16%	4,810,000	$74M	added+5%	+0.87 pp	18 q
UALUnited Airlines Holdings, Inc.	3.01%	1,010,825	$70M	trimmed−3%	−0.03 pp	20 q
QUOTQuotient Technology Inc	2.96%	5,275,825	$69M	trimmed−4%	+0.15 pp	10 q
BACBank of America Corporation	2.86%	2,221,264	$67M	trimmed−6%	−0.15 pp	20 q
PHMPultegroup, Inc.	2.71%	2,139,975	$63M	trimmed−3%	−0.47 pp	20 q
WOOFoot Locker Inc	2.69%	1,380,400	$63M	trimmed−2%	−0.18 pp	4 q
unresolvedPlatform Specialty Prods Cor	2.66%	6,434,325	$62M	trimmed−8%	−0.34 pp	14 q
unresolvedFlexion Therapeutics Inc	2.56%	2,669,900	$60M	trimmed−1%	−0.35 pp	4 q
CTLLumen Technologies, Inc.	2.51%	3,567,435	$59M	added+28%	+0.50 pp	2 q
ENDPQEndo International PLC	2.48%	9,746,330	$58M	added+23%	−0.18 pp	8 q
GNWGenworth Financial, Inc.	2.36%	19,423,255	$55M	added+3%	−0.18 pp	20 q
EIGIEndurance International Group Holdings, Inc.	2.02%	6,364,775	$47M	trimmed−2%	−0.35 pp	14 q
ALXNAlexion Pharmaceuticals Inc	2.01%	421,065	$47M	trimmed−4%	−0.25 pp	6 q
ACTAllergan PLC	1.96%	271,810	$46M	added+71%	+0.83 pp	6 q
DISCADiscovery, Inc. Series A	1.91%	2,079,225	$45M	added+22%	+0.26 pp	2 q
METAMeta Platforms, Inc. Class A	1.90%	277,270	$44M	added+24%	+0.20 pp	4 q
CCitigroup Inc.	1.89%	653,531	$44M	trimmed−8%	−0.40 pp	20 q
WWayfair Inc.	1.88%	650,700	$44M	trimmed−17%	−0.86 pp	5 q
MTGMGIC Investment Corp.	1.62%	2,908,625	$38M	trimmed−28%	−0.85 pp	20 q
TEVATeva Pharmaceutical Industries Limited	1.61%	2,194,972	$38M	added×4.3	+1.19 pp	2 q
CELGCelgene Corp	1.58%	414,055	$37M	added×188.2	+1.57 pp	4 q
unresolvedPandora Media Inc	1.43%	6,638,775	$33M	added+25%	+0.32 pp	20 q
MNKMallinckrodt PLC	1.32%	2,119,275	$31M	added+31%	−0.26 pp	3 q
SFIXStitch Fix, Inc. Class A	1.20%	1,379,173	$28M	trimmed−1%	−0.36 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.98%	87,210	$23M	added+73%	+0.40 pp	4 q
1885807DAthenahealth Inc	0.96%	156,065	$22M	trimmed−8%	−0.02 pp	5 q
unresolvedZiopharm Oncology Inc	0.85%	5,037,946	$20M	trimmed−1%	−0.06 pp	13 q
unresolvedGty Technology Holdings Inc	0.83%	1,878,975	$19M	trimmed−1%	−0.02 pp	6 q
TBTProShares Trust UltraShort Lehman 20+ Year Treasury	0.78%	500,000	$18M	added×2.0	+0.41 pp	5 q
WDWalker & Dunlop, Inc.	0.51%	200,000	$12M	held	—	2 q
CHGGChegg, Inc.	0.49%	550,000	$11M	held	—	5 q
MUMicron Technology, Inc.	0.45%	200,000	$10M	new	+0.45 pp	new
unresolvedFiat Chrysler Automobiles NV s	0.44%	500,000	$10M	held	—	5 q
unresolvedApollo Global Management LLC	0.37%	288,000	$9M	held	—	20 q
BCBPrimo Water Corp	0.35%	550,000	$8M	held	—	5 q
UPROProShares UltraPro S&P 500	0.34%	61,105	$8M	added×2.1	+0.16 pp	4 q
unresolvedThe Carlyle Group	0.31%	335,000	$7M	held	—	9 q
ANFAbercrombie & Fitch Co.	0.28%	273,000	$7M	trimmed−4%	+0.06 pp	4 q
unresolvedCredit Suisse Group Spon ADR	0.27%	378,715	$6M	held	—	5 q
RITMRithm Capital Corp.	0.25%	353,750	$6M	added+13%	+0.01 pp	14 q
unresolvedTriangle Cap Corp	0.25%	517,278	$6M	held	—	16 q
unresolvedCys Invts Inc	0.23%	810,000	$5M	new	+0.23 pp	new
HCRSQHi-crush Inc	0.22%	475,000	$5M	added+28%	+0.05 pp	2 q
MHLDMaiden Holdings Ltd	0.22%	773,320	$5M	added+20%	+0.04 pp	4 q
unresolvedChimera Investment Corp	0.21%	280,000	$5M	held	—	12 q
AIArlington Asset Investment-a	0.19%	400,000	$4M	added+45%	+0.05 pp	8 q
SSWSeaspan Corp	0.19%	661,125	$4M	added+2%	0.00 pp	5 q
GHLGreenhill & Co., Inc.	0.17%	212,000	$4M	held	—	4 q
NEWMUSA TODAY Co., Inc.	0.16%	222,835	$4M	trimmed−14%	−0.03 pp	17 q
BXBlackstone Inc.	0.15%	110,000	$4M	held	—	3 q
HALOHalozyme Therapeutics, Inc.	0.14%	170,000	$3M	held	—	4 q
WPGWashington Prime Group Inc.	0.14%	495,000	$3M	added+29%	+0.02 pp	4 q
BGCPBGC Partners, Inc.	0.13%	226,400	$3M	held	—	20 q
STWDStarwood Property Trust, Inc.	0.13%	145,200	$3M	held	—	20 q
NCMINational CineMedia, Inc.	0.12%	530,000	$3M	held	—	4 q
ONDKOn Deck Capital, Inc.	0.12%	500,000	$3M	added+18%	+0.01 pp	4 q
CODICompass Diversified	0.10%	140,000	$2M	held	—	20 q
unresolvedEnergy Transfer Partners LP	0.10%	140,000	$2M	held	—	3 q
JCAPJernigan Capital Inc	0.10%	125,000	$2M	new	+0.10 pp	new
unresolvedWells Fargo Warrants, 34.01 St	0.10%	125,000	$2M	held	—	5 q
unresolvedCBL & Associates Properties, Inc.	0.09%	513,830	$2M	added+54%	+0.01 pp	4 q
unresolvedJmp Group LLC	0.07%	306,676	$2M	held	—	11 q
SXCPSunCoke Energy Partners, L.P.	0.07%	90,000	$2M	new	+0.07 pp	new
ABAllianceBernstein Holding, L.P.	0.06%	50,000	$1M	held	—	5 q
TQQQProShares UltraPro QQQ	0.06%	10,150	$1M	new	+0.06 pp	new
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	122,711	$1M	held	—	17 q
WMCWestern Asset Mortgage Capital Corporation	0.06%	142,900	$1M	added×2.6	+0.04 pp	4 q
EWJiShares MSCI Japan ETF	0.05%	17,500	$1M	held	—	2 q
TWTRTwitter, Inc.	0.05%	41,000	$1M	held	—	13 q
BABAAlibaba Group Holding Limited	0.04%	4,500	$826,000	held	—	4 q
GOOGLAlphabet Inc. Class A	0.03%	600	$622,000	held	—	4 q
unresolvedBank Of America Corporation	0.03%	40,000	$727,000	held	—	4 q
CVNACarvana Co.	0.03%	30,000	$688,000	held	—	4 q
FTRFrontier Communications Corp.	0.03%	79,935	$593,000	added+4%	+0.01 pp	3 q
HHCThe Howard Hughes Corporation	0.03%	5,000	$696,000	held	—	4 q
unresolvedKkr & Co L P DEL	0.03%	40,000	$812,000	held	—	4 q
MBIMBIA Inc.	0.03%	67,600	$626,000	trimmed−3%	+0.01 pp	4 q
DBDeutsche Bank Aktiengesellschaft	0.03%	47,850	$669,000	added+5%	−0.01 pp	4 q
CCSCentury Communities, Inc.	0.02%	17,000	$509,000	trimmed−11%	−0.01 pp	4 q
CYHCommunity Health Systems, Inc.	0.02%	115,890	$459,000	added+4%	0.00 pp	4 q
GMEGameStop Corp. Class A	0.02%	32,145	$406,000	trimmed−97%	−0.83 pp	17 q
LVSLas Vegas Sands Corp.	0.02%	6,000	$431,000	held	—	4 q
WLHWilliam Lyon Homes	0.02%	20,000	$550,000	trimmed−20%	−0.01 pp	4 q
UPBDUpbound Group, Inc.	0.02%	55,044	$475,000	trimmed−17%	−0.01 pp	4 q
unresolvedSupervalu Inc	0.02%	35,576	$542,000	added×2.0	0.00 pp	2 q
NBRNabors Industries Ltd.	0.02%	70,030	$490,000	added+43%	+0.01 pp	4 q
NENoble Corporation plc	0.02%	111,345	$413,000	added+8%	0.00 pp	4 q
ANIPANI Pharmaceuticals, Inc.	0.01%	5,000	$291,000	held	—	2 q
ALSKAlaska Communications Systems	0.01%	150,000	$270,000	held	—	4 q
AAPLApple Inc.	0.01%	1,100	$185,000	trimmed−45%	0.00 pp	20 q
BCSBarclays PLC	0.01%	10,455	$124,000	new	+0.01 pp	new
CHKChesapeake Energy Corp	0.01%	43,500	$131,000	added+12%	0.00 pp	3 q
CLFCleveland-Cliffs Inc.	0.01%	24,218	$168,000	trimmed−24%	0.00 pp	3 q
unresolvedExpress Inc	0.01%	37,080	$265,000	added+79%	0.00 pp	2 q
FOSLFossil Group, Inc.	0.01%	24,325	$309,000	trimmed−53%	−0.01 pp	3 q
GNCIQGnc Holdings Inc-cl A	0.01%	70,160	$271,000	added+21%	0.00 pp	4 q
unresolvedObsidian Energy Ltd	0.01%	127,139	$124,000	added+15%	0.00 pp	4 q
UISUnisys Corporation	0.01%	13,705	$147,000	new	+0.01 pp	new
AVPAvon Products, Inc.	0.00%	20,113	$57,000	trimmed−19%	0.00 pp	4 q
unresolvedCalatlantic Group Inc	—	−100,000	—	exited	−0.24 pp	—
FSCOaktree Specialty Lending Corporation	—	−445,000	—	exited	−0.09 pp	—
MCCMedley Capital Corp	—	−262,834	—	exited	−0.06 pp	—
Frontier Communicationsconvertible	—	−1,500,000	—	exited	−0.05 pp	—
unresolvedIlg Inc	—	−25,000	—	exited	−0.03 pp	—
unresolvedAmtrust Finl Svcs Inc	—	−19,895	—	exited	−0.01 pp	—
CMGChipotle Mexican Grill, Inc.	—	−1,060	—	exited	−0.01 pp	—