Miller Value Partners

Q2 2018 13F · by Bill Miller, CIO

As of: Jun 30, 2018
Filed: Aug 15, 2018
US stock: $2.7B · prev $2.3B
Positions: 109 · prev 107
Options notional: $18M
Documents: 1· 1 amendment

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
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 0.7%

Moves82 since the prior filing

+7.9 pp in · −7.5 pp out

New 9 +3.81 pp
Added 32 +4.06 pp
Trimmed 32 −6.13 pp
Exited 7 −1.35 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions25% of US stock

AMZN Amazon.Com Inc trimmed−0.39 pp trimmed−0.396.7%
RH Rh trimmed+0.73 pp trimmed+0.736.1%
unresolved Valeant Pharmaceuticals Intl trimmed+0.68 pp trimmed+0.684.4%
OMF OneMain Holdings, Inc. trimmed−0.46 pp trimmed−0.464.2%
GNW Genworth Financial, Inc. added+1.24 pp added+1.243.6%

Revealed late, restated

restated 1 row corrected by the filer · US stock +4.57%; later quarters recomputed 13F-HR/A · Aug 15, 2018 ↗

Positions109 in this filing · 7 exited


AMZNAmazon.Com Inc	6.65%	104,059	$177M	trimmed−8%	−0.39 pp	21 q
RHRh	6.09%	1,160,760	$162M	trimmed−12%	+0.73 pp	6 q
unresolvedValeant Pharmaceuticals Intl	4.37%	4,999,064	$116M	trimmed−8%	+0.68 pp	10 q
OMFOneMain Holdings, Inc.	4.18%	3,339,395	$111M	trimmed−8%	−0.46 pp	11 q
GNWGenworth Financial, Inc.	3.60%	21,283,130	$96M	added+10%	+1.24 pp	21 q
ENDPQEndo International PLC	3.44%	9,694,740	$91M	trimmed−1%	+0.96 pp	9 q
DALDelta Air Lines, Inc.	2.89%	1,552,975	$77M	trimmed−1%	−0.78 pp	21 q
unresolvedJpmorgan Chase & Co	2.86%	1,200,075	$76M	trimmed−2%	−0.78 pp	21 q
LENLennar Corporation Class A	2.75%	1,393,550	$73M	added+1%	−0.75 pp	21 q
UALUnited Airlines Holdings, Inc.	2.64%	1,006,600	$70M	trimmed−0%	−0.37 pp	21 q
unresolvedFlexion Therapeutics Inc	2.58%	2,653,775	$69M	trimmed−1%	+0.02 pp	5 q
QUOTQuotient Technology Inc	2.58%	5,239,575	$69M	trimmed−1%	−0.38 pp	11 q
CTLLumen Technologies, Inc.	2.53%	3,606,710	$67M	added+1%	+0.02 pp	3 q
XONPrecigen, Inc.	2.50%	4,767,125	$66M	trimmed−1%	−0.66 pp	19 q
METAMeta Platforms, Inc. Class A	2.45%	334,980	$65M	added+21%	+0.55 pp	5 q
WOOFoot Locker Inc	2.41%	1,217,035	$64M	trimmed−12%	−0.28 pp	5 q
TEVATeva Pharmaceutical Industries Limited	2.37%	2,588,612	$63M	added+18%	+0.76 pp	3 q
BACBank of America Corporation	2.35%	2,215,639	$62M	trimmed−0%	−0.51 pp	21 q
EIGIEndurance International Group Holdings, Inc.	2.35%	6,284,900	$63M	trimmed−1%	+0.33 pp	15 q
MNKMallinckrodt PLC	2.34%	3,338,025	$62M	added+58%	+1.02 pp	4 q
PHMPultegroup, Inc.	2.29%	2,116,725	$61M	trimmed−1%	−0.42 pp	21 q
AALAmerican Airlines Group Inc.	2.18%	1,529,500	$58M	trimmed−1%	−1.25 pp	19 q
DISCADiscovery, Inc. Series A	2.15%	2,076,650	$57M	trimmed−0%	+0.24 pp	3 q
CELGCelgene Corp	2.09%	698,905	$56M	added+69%	+0.51 pp	5 q
ADTADT Inc.	2.07%	6,359,450	$55M	new	+2.07 pp	new
ALXNAlexion Pharmaceuticals Inc	2.06%	442,345	$55M	added+5%	+0.05 pp	7 q
unresolvedPandora Media Inc	1.94%	6,564,800	$52M	trimmed−1%	+0.51 pp	21 q
WWayfair Inc.	1.92%	430,095	$51M	trimmed−34%	+0.04 pp	6 q
unresolvedPlatform Specialty Prods Cor	1.79%	4,109,900	$48M	trimmed−36%	−0.87 pp	15 q
ACTAllergan PLC	1.70%	271,490	$45M	trimmed−0%	−0.26 pp	7 q
CCitigroup Inc.	1.64%	651,946	$44M	trimmed−0%	−0.25 pp	21 q
SFIXStitch Fix, Inc. Class A	1.41%	1,369,348	$38M	trimmed−1%	+0.21 pp	3 q
BHFBrighthouse Financial, Inc.	1.25%	830,612	$33M	new	+1.25 pp	new
SPYState Street SPDR S&P 500 ETF Trust	1.06%	103,977	$28M	added+19%	+0.08 pp	5 q
unresolvedGty Technology Holdings Inc	0.74%	1,865,375	$20M	trimmed−1%	−0.09 pp	7 q
CHGGChegg, Inc.	0.57%	550,000	$15M	held	—	6 q
unresolvedZiopharm Oncology Inc	0.56%	4,916,671	$15M	trimmed−2%	−0.29 pp	14 q
UPROProShares UltraPro S&P 500	0.55%	314,160	$15M	added+71%	+0.21 pp	5 q
WDWalker & Dunlop, Inc.	0.42%	200,000	$11M	held	—	3 q
MTGMGIC Investment Corp.	0.41%	1,008,200	$11M	trimmed−65%	−1.21 pp	21 q
MUMicron Technology, Inc.	0.39%	200,000	$10M	held	—	2 q
unresolvedApollo Global Management LLC	0.36%	303,000	$10M	added+5%	−0.01 pp	21 q
unresolvedFiat Chrysler Automobiles NV s	0.35%	500,000	$9M	held	—	6 q
BCBPrimo Water Corp	0.34%	550,000	$9M	held	—	6 q
TBTProShares Trust UltraShort Lehman 20+ Year Treasury	0.34%	250,000	$9M	trimmed−50%	−0.44 pp	6 q
unresolvedThe Carlyle Group	0.28%	356,000	$8M	added+6%	−0.03 pp	10 q
HCRSQHi-crush Inc	0.25%	570,000	$7M	added+20%	+0.03 pp	3 q
SSWSeaspan Corp	0.25%	664,625	$7M	added+1%	+0.06 pp	6 q
unresolvedCys Invts Inc	0.23%	810,000	$6M	held	—	2 q
GHLGreenhill & Co., Inc.	0.23%	213,850	$6M	added+1%	+0.06 pp	5 q
RITMRithm Capital Corp.	0.23%	353,750	$6M	held	—	15 q
MHLDMaiden Holdings Ltd	0.23%	773,320	$6M	held	—	5 q
unresolvedTriangle Cap Corp	0.22%	517,278	$6M	held	—	17 q
unresolvedCredit Suisse Group Spon ADR	0.21%	378,715	$6M	held	—	6 q
NCMINational CineMedia, Inc.	0.21%	660,000	$6M	added+25%	+0.09 pp	5 q
unresolvedChimera Investment Corp	0.19%	280,000	$5M	held	—	13 q
NEWMUSA TODAY Co., Inc.	0.18%	262,835	$5M	added+18%	+0.02 pp	18 q
WPGWashington Prime Group Inc.	0.18%	575,000	$5M	added+16%	+0.04 pp	5 q
unresolvedEnergy Transfer Partners LP	0.15%	208,000	$4M	added+49%	+0.05 pp	4 q
TUPTupperware Brands Corporation	0.15%	100,000	$4M	new	+0.15 pp	new
BXBlackstone Inc.	0.13%	110,000	$4M	held	—	4 q
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	0.13%	60,000	$3M	new	+0.13 pp	new
ONDKOn Deck Capital, Inc.	0.13%	500,000	$4M	held	—	5 q
ANFAbercrombie & Fitch Co.	0.12%	125,705	$3M	trimmed−54%	−0.16 pp	5 q
NGLNgl Energy Partners LP	0.12%	250,000	$3M	new	+0.12 pp	new
STWDStarwood Property Trust, Inc.	0.12%	145,200	$3M	held	—	21 q
unresolvedCBL & Associates Properties, Inc.	0.11%	516,545	$3M	added+1%	+0.02 pp	5 q
HALOHalozyme Therapeutics, Inc.	0.11%	170,000	$3M	held	—	5 q
unresolvedWells Fargo Warrants, 34.01 St	0.10%	125,000	$3M	held	—	6 q
CODICompass Diversified	0.09%	140,000	$2M	held	—	21 q
JCAPJernigan Capital Inc	0.09%	125,000	$2M	held	—	2 q
TQQQProShares UltraPro QQQ	0.09%	42,000	$2M	added+38%	+0.03 pp	2 q
TWTRTwitter, Inc.	0.07%	41,000	$2M	held	—	14 q
unresolvedJmp Group LLC	0.06%	300,000	$2M	trimmed−2%	−0.01 pp	12 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	122,711	$2M	held	—	18 q
WMCWestern Asset Mortgage Capital Corporation	0.06%	142,900	$1M	held	—	5 q
ABAllianceBernstein Holding, L.P.	0.05%	50,000	$1M	held	—	6 q
CVNACarvana Co.	0.05%	30,000	$1M	held	—	5 q
RRDRR Donnelley & Sons Co.	0.05%	208,525	$1M	new	+0.05 pp	new
SXCPSunCoke Energy Partners, L.P.	0.05%	90,000	$1M	held	—	2 q
EWJiShares MSCI Japan ETF	0.04%	17,500	$1M	held	—	3 q
BABAAlibaba Group Holding Limited	0.03%	4,500	$835,000	held	—	5 q
GOOGLAlphabet Inc. Class A	0.03%	600	$678,000	held	—	5 q
FTRFrontier Communications Corp.	0.03%	138,285	$741,000	added+73%	0.00 pp	4 q
GMEGameStop Corp. Class A	0.03%	46,370	$676,000	added+44%	+0.01 pp	18 q
unresolvedSupervalu Inc	0.03%	37,141	$762,000	added+4%	+0.01 pp	3 q
NENoble Corporation plc	0.03%	109,495	$693,000	trimmed−2%	+0.01 pp	5 q
unresolvedBank Of America Corporation	0.02%	40,000	$653,000	held	—	5 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.02%	20,360	$406,000	new	+0.02 pp	new
CCSCentury Communities, Inc.	0.02%	17,000	$536,000	held	—	5 q
CYHCommunity Health Systems, Inc.	0.02%	135,440	$450,000	added+17%	0.00 pp	5 q
HHCThe Howard Hughes Corporation	0.02%	5,000	$662,000	held	—	5 q
LVSLas Vegas Sands Corp.	0.02%	6,000	$458,000	held	—	5 q
WLHWilliam Lyon Homes	0.02%	20,000	$464,000	held	—	5 q
MBIMBIA Inc.	0.02%	67,600	$611,000	held	—	5 q
unresolvedOch Ziff Cap Mgmt Group	0.02%	300,000	$579,000	new	+0.02 pp	new
DBDeutsche Bank Aktiengesellschaft	0.02%	55,860	$593,000	added+17%	−0.01 pp	5 q
NBRNabors Industries Ltd.	0.02%	87,900	$563,000	added+26%	0.00 pp	5 q
ANIPANI Pharmaceuticals, Inc.	0.01%	5,000	$334,000	held	—	3 q
ALSKAlaska Communications Systems	0.01%	150,000	$265,000	held	—	5 q
AVPAvon Products, Inc.	0.01%	170,238	$276,000	added×8.5	+0.01 pp	5 q
CHKChesapeake Energy Corp	0.01%	45,500	$238,000	added+5%	0.00 pp	4 q
CLFCleveland-Cliffs Inc.	0.01%	21,468	$181,000	trimmed−11%	0.00 pp	4 q
unresolvedExpress Inc	0.01%	34,660	$317,000	trimmed−7%	0.00 pp	3 q
GNCIQGnc Holdings Inc-cl A	0.01%	92,285	$325,000	added+32%	0.00 pp	5 q
unresolvedObsidian Energy Ltd	0.01%	127,139	$144,000	held	—	5 q
UISUnisys Corporation	0.01%	16,490	$213,000	added+20%	0.00 pp	2 q
BCSBarclays PLC	0.00%	13,255	$133,000	added+27%	−0.01 pp	2 q
LPLLG Display Co. Ltd.	0.00%	15,600	$129,000	new	0.00 pp	new
1885807DAthenahealth Inc	—	−156,065	—	exited	−0.96 pp	—
AIArlington Asset Investment-a	—	−400,000	—	exited	−0.19 pp	—
BGCPBGC Partners, Inc.	—	−226,400	—	exited	−0.13 pp	—
unresolvedKkr & Co L P DEL	—	−40,000	—	exited	−0.03 pp	—
UPBDUpbound Group, Inc.	—	−55,044	—	exited	−0.02 pp	—
AAPLApple Inc.	—	−1,100	—	exited	−0.01 pp	—
FOSLFossil Group, Inc.	—	−24,325	—	exited	−0.01 pp	—