Miller Value Partners

Q3 2018 13F · by Bill Miller, CIO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $3.1B · prev $2.7B
Positions: 108 · prev 109
Options notional: $29M
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
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 0.9%

Moves95 since the prior filing

+18.2 pp in · −17.6 pp out

New 14 +13.22 pp
Added 32 +4.97 pp
Trimmed 33 −4.33 pp
Exited 15 −13.28 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 63% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions24% of US stock

AMZN Amazon.Com Inc trimmed−0.34 pp trimmed−0.346.3%
ENDPQ Endo International PLC trimmed+1.51 pp trimmed+1.515.0%
RH Rh trimmed−1.34 pp trimmed−1.344.8%
BHC Bausch Health Companies Inc new+4.12 pp new+4.124.1%
OMF OneMain Holdings, Inc. trimmed−0.71 pp trimmed−0.713.5%

Positions108 in this filing · 15 exited


AMZNAmazon.Com Inc	6.31%	96,622	$194M	trimmed−7%	−0.34 pp	22 q
ENDPQEndo International PLC	4.95%	9,024,155	$152M	trimmed−7%	+1.51 pp	10 q
RHRh	4.75%	1,112,035	$146M	trimmed−4%	−1.34 pp	7 q
BHCBausch Health Companies Inc	4.12%	4,927,819	$126M	new	+4.12 pp	new
OMFOneMain Holdings, Inc.	3.47%	3,170,255	$107M	trimmed−5%	−0.71 pp	12 q
CTLLumen Technologies, Inc.	3.09%	4,470,760	$95M	added+24%	+0.56 pp	4 q
MNKMallinckrodt PLC	2.99%	3,125,850	$92M	trimmed−6%	+0.65 pp	5 q
METAMeta Platforms, Inc. Class A	2.94%	549,480	$90M	added+64%	+0.49 pp	6 q
ADTADT Inc.	2.90%	9,475,425	$89M	added+49%	+0.83 pp	2 q
DALDelta Air Lines, Inc.	2.89%	1,533,430	$89M	trimmed−1%	0.00 pp	22 q
UALUnited Airlines Holdings, Inc.	2.89%	996,665	$89M	trimmed−1%	+0.25 pp	22 q
GNWGenworth Financial, Inc.	2.88%	21,164,205	$88M	trimmed−1%	−0.72 pp	22 q
JPMJPMorgan Chase & Co.	2.83%	770,257	$87M	new	+2.83 pp	new
TEVATeva Pharmaceutical Industries Limited	2.74%	3,905,452	$84M	added+51%	+0.37 pp	4 q
BHFBrighthouse Financial, Inc.	2.69%	1,864,407	$82M	added×2.2	+1.44 pp	2 q
XONPrecigen, Inc.	2.64%	4,706,550	$81M	trimmed−1%	+0.14 pp	20 q
QUOTQuotient Technology Inc	2.64%	5,236,350	$81M	trimmed−0%	+0.06 pp	12 q
CELGCelgene Corp	2.43%	831,945	$74M	added+19%	+0.34 pp	6 q
DISCADiscovery, Inc. Series A	2.13%	2,038,350	$65M	trimmed−2%	−0.02 pp	4 q
LENLennar Corporation Class A	2.11%	1,389,675	$65M	trimmed−0%	−0.64 pp	22 q
BACBank of America Corporation	2.10%	2,185,029	$64M	trimmed−1%	−0.25 pp	22 q
AALAmerican Airlines Group Inc.	2.08%	1,547,225	$64M	added+1%	−0.10 pp	20 q
ALXNAlexion Pharmaceuticals Inc	2.03%	448,825	$62M	added+1%	−0.03 pp	8 q
NXPINXP Semiconductors N.V.	2.02%	724,370	$62M	new	+2.02 pp	new
unresolvedPandora Media Inc	1.99%	6,408,650	$61M	trimmed−2%	+0.05 pp	22 q
AVPAvon Products, Inc.	1.97%	27,420,713	$60M	added×161.1	+1.96 pp	6 q
PHMPultegroup, Inc.	1.83%	2,271,600	$56M	added+7%	−0.46 pp	22 q
unresolvedFlexion Therapeutics Inc	1.76%	2,881,200	$54M	added+9%	−0.82 pp	6 q
ACTAllergan PLC	1.73%	279,255	$53M	added+3%	+0.03 pp	8 q
EIGIEndurance International Group Holdings, Inc.	1.67%	5,817,650	$51M	trimmed−7%	−0.68 pp	16 q
NWLNewell Brands Inc.	1.63%	2,465,560	$50M	new	+1.63 pp	new
CCitigroup Inc.	1.51%	647,331	$46M	trimmed−1%	−0.13 pp	22 q
QCOMQualcomm Inc	1.25%	534,370	$38M	new	+1.25 pp	new
SFIXStitch Fix, Inc. Class A	1.25%	877,225	$38M	trimmed−36%	−0.16 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	1.19%	125,681	$37M	added+21%	+0.13 pp	6 q
unresolvedGty Technology Holdings Inc	0.66%	1,862,125	$20M	trimmed−0%	−0.08 pp	8 q
UPROProShares UltraPro S&P 500	0.59%	314,148	$18M	trimmed0%	+0.04 pp	6 q
CHGGChegg, Inc.	0.51%	550,000	$16M	held	—	7 q
unresolvedZiopharm Oncology Inc	0.50%	4,817,546	$15M	trimmed−2%	−0.06 pp	15 q
MICMacquarie Infrastructure Hol	0.40%	266,000	$12M	new	+0.40 pp	new
unresolvedApollo Global Management LLC	0.35%	312,500	$11M	added+3%	−0.01 pp	22 q
WDWalker & Dunlop, Inc.	0.34%	200,000	$11M	held	—	4 q
TUPTupperware Brands Corporation	0.32%	290,000	$10M	added×2.9	+0.17 pp	2 q
unresolvedThe Carlyle Group	0.29%	396,800	$9M	added+11%	+0.01 pp	11 q
BCBPrimo Water Corp	0.29%	550,000	$9M	held	—	7 q
MUMicron Technology, Inc.	0.29%	200,000	$9M	held	—	3 q
unresolvedFiat Chrysler Automobiles NV s	0.29%	500,000	$9M	held	—	7 q
unresolvedEtfs Platinum Tr	0.25%	10,000	$8M	new	+0.25 pp	new
NCMINational CineMedia, Inc.	0.25%	730,000	$8M	added+11%	+0.04 pp	6 q
HCRSQHi-crush Inc	0.24%	680,000	$7M	added+19%	−0.01 pp	4 q
RITMRithm Capital Corp.	0.21%	353,750	$6M	held	—	16 q
unresolvedPlatform Specialty Prods Cor	0.21%	525,000	$7M	trimmed−87%	−1.58 pp	16 q
SSWSeaspan Corp	0.20%	731,525	$6M	added+10%	−0.05 pp	7 q
BBDCBarings BDC, Inc.	0.19%	567,278	$6M	new	+0.19 pp	new
BXBlackstone Inc.	0.19%	155,000	$6M	added+41%	+0.06 pp	5 q
unresolvedCredit Suisse Group Spon ADR	0.18%	378,645	$6M	trimmed−0%	−0.03 pp	7 q
GHLGreenhill & Co., Inc.	0.18%	213,835	$6M	trimmed−0%	−0.05 pp	6 q
JEJust Energy Group Inc	0.18%	1,817,225	$6M	new	+0.18 pp	new
unresolvedTwo Hbrs Invt Corp	0.18%	379,080	$6M	new	+0.18 pp	new
unresolvedChimera Investment Corp	0.17%	280,000	$5M	held	—	14 q
NEWMUSA TODAY Co., Inc.	0.16%	310,000	$5M	added+18%	−0.02 pp	19 q
MHLDMaiden Holdings Ltd	0.16%	1,677,620	$5M	added×2.2	−0.07 pp	6 q
unresolvedEnergy Transfer Partners LP	0.15%	208,000	$5M	held	—	5 q
NGLNgl Energy Partners LP	0.15%	390,000	$5M	added+56%	+0.03 pp	2 q
WPGWashington Prime Group Inc.	0.14%	575,000	$4M	held	—	6 q
EBEventbrite, Inc. Class A	0.12%	96,750	$4M	new	+0.12 pp	new
HALOHalozyme Therapeutics, Inc.	0.10%	170,000	$3M	held	—	6 q
TQQQProShares UltraPro QQQ	0.10%	42,000	$3M	held	—	3 q
STWDStarwood Property Trust, Inc.	0.10%	145,200	$3M	held	—	22 q
CODICompass Diversified	0.08%	140,000	$3M	held	—	22 q
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	0.08%	60,000	$3M	held	—	2 q
ABAllianceBernstein Holding, L.P.	0.05%	50,000	$2M	held	—	7 q
FTRFrontier Communications Corp.	0.05%	244,240	$2M	added+77%	+0.02 pp	5 q
unresolvedJmp Group LLC	0.05%	300,000	$2M	held	—	13 q
TPVGTriplepoint Venture Growth Bdc Corp.	0.05%	122,711	$2M	held	—	19 q
WMCWestern Asset Mortgage Capital Corporation	0.05%	142,900	$1M	held	—	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	72,185	$1M	added×3.5	+0.02 pp	2 q
KKRKKR & Co. Inc.	0.04%	40,000	$1M	new	+0.04 pp	new
SXCPSunCoke Energy Partners, L.P.	0.04%	90,000	$1M	held	—	3 q
TWTRTwitter, Inc.	0.04%	41,000	$1M	held	—	15 q
NBRNabors Industries Ltd.	0.04%	181,235	$1M	added×2.1	+0.02 pp	6 q
GMEGameStop Corp. Class A	0.03%	62,675	$957,000	added+35%	0.00 pp	19 q
UISUnisys Corporation	0.03%	38,940	$794,000	added×2.4	+0.02 pp	3 q
BABAAlibaba Group Holding Limited	0.02%	4,500	$741,000	held	—	6 q
GOOGLAlphabet Inc. Class A	0.02%	600	$724,000	held	—	6 q
unresolvedBank Of America Corporation	0.02%	40,000	$712,000	held	—	6 q
CYHCommunity Health Systems, Inc.	0.02%	146,065	$505,000	added+8%	0.00 pp	6 q
HHCThe Howard Hughes Corporation	0.02%	5,000	$621,000	held	—	6 q
MBIMBIA Inc.	0.02%	67,600	$723,000	held	—	6 q
unresolvedOch Ziff Cap Mgmt Group	0.02%	350,000	$518,000	added+17%	0.00 pp	2 q
NENoble Corporation plc	0.02%	91,800	$645,000	trimmed−16%	−0.01 pp	6 q
ALSKAlaska Communications Systems	0.01%	150,000	$246,000	held	—	6 q
CVNACarvana Co.	0.01%	4,000	$236,000	trimmed−87%	−0.04 pp	6 q
CCSCentury Communities, Inc.	0.01%	17,000	$446,000	held	—	6 q
CLFCleveland-Cliffs Inc.	0.01%	18,093	$229,000	trimmed−16%	0.00 pp	5 q
unresolvedExpress Inc	0.01%	24,580	$272,000	trimmed−29%	0.00 pp	4 q
GNCIQGnc Holdings Inc-cl A	0.01%	96,075	$398,000	added+4%	0.00 pp	6 q
LVSLas Vegas Sands Corp.	0.01%	6,000	$356,000	held	—	6 q
WLHWilliam Lyon Homes	0.01%	20,000	$318,000	held	—	6 q
WFCWells Fargo & Co.	0.01%	5,933	$312,000	new	+0.01 pp	new
DBDeutsche Bank Aktiengesellschaft	0.01%	19,990	$227,000	trimmed−64%	−0.01 pp	6 q
ASNAAscena Retail Group Inc	0.00%	23,525	$108,000	new	0.00 pp	new
BCSBarclays PLC	0.00%	16,545	$148,000	added+25%	0.00 pp	3 q
unresolvedCBL & Associates Properties, Inc.	0.00%	14,560	$58,000	trimmed−97%	−0.11 pp	6 q
CHKChesapeake Energy Corp	0.00%	29,125	$131,000	trimmed−36%	−0.01 pp	5 q
RRDRR Donnelley & Sons Co.	0.00%	16,680	$90,000	trimmed−92%	−0.05 pp	2 q
LPLLG Display Co. Ltd.	0.00%	15,500	$134,000	trimmed−1%	0.00 pp	2 q
unresolvedObsidian Energy Ltd	0.00%	121,764	$116,000	trimmed−4%	−0.01 pp	6 q
unresolvedValeant Pharmaceuticals Intl	—	−4,999,064	—	exited	−4.37 pp	—
unresolvedJpmorgan Chase & Co	—	−1,200,075	—	exited	−2.86 pp	—
WOOFoot Locker Inc	—	−1,217,035	—	exited	−2.41 pp	—
WWayfair Inc.	—	−430,095	—	exited	−1.92 pp	—
MTGMGIC Investment Corp.	—	−1,008,200	—	exited	−0.41 pp	—
TBTProShares Trust UltraShort Lehman 20+ Year Treasury	—	−250,000	—	exited	−0.34 pp	—
unresolvedCys Invts Inc	—	−810,000	—	exited	−0.23 pp	—
unresolvedTriangle Cap Corp	—	−517,278	—	exited	−0.22 pp	—
ONDKOn Deck Capital, Inc.	—	−500,000	—	exited	−0.13 pp	—
ANFAbercrombie & Fitch Co.	—	−125,705	—	exited	−0.12 pp	—
unresolvedWells Fargo Warrants, 34.01 St	—	−125,000	—	exited	−0.10 pp	—
JCAPJernigan Capital Inc	—	−125,000	—	exited	−0.09 pp	—
EWJiShares MSCI Japan ETF	—	−17,500	—	exited	−0.04 pp	—
unresolvedSupervalu Inc	—	−37,141	—	exited	−0.03 pp	—
ANIPANI Pharmaceuticals, Inc.	—	−5,000	—	exited	−0.01 pp	—