Miller Value Partners

Q4 2018 13F · by Bill Miller, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $2.2B · prev $3.1B
Positions: 100 · prev 108
Options notional: $11M
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
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 0.5%

Moves91 since the prior filing

+6.8 pp in · −7.3 pp out

New 7 +0.73 pp
Added 36 +6.11 pp
Trimmed 33 −5.63 pp
Exited 15 −1.65 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions23% of US stock

AMZN Amazon.Com Inc trimmed−0.87 pp trimmed−0.875.4%
RH Rh trimmed+0.63 pp trimmed+0.635.4%
GNW Genworth Financial, Inc. added+1.62 pp added+1.624.5%
BHC Bausch Health Companies Inc trimmed−0.08 pp trimmed−0.084.0%
OMF OneMain Holdings, Inc. added+0.06 pp added+0.063.5%

Positions100 in this filing · 15 exited


AMZNAmazon.Com Inc	5.44%	79,448	$119M	trimmed−18%	−0.87 pp	23 q
RHRh	5.38%	985,635	$118M	trimmed−11%	+0.63 pp	8 q
GNWGenworth Financial, Inc.	4.50%	21,176,395	$99M	added0%	+1.62 pp	23 q
BHCBausch Health Companies Inc	4.04%	4,802,564	$89M	trimmed−3%	−0.08 pp	2 q
OMFOneMain Holdings, Inc.	3.53%	3,186,480	$77M	added+1%	+0.06 pp	13 q
JPMJPMorgan Chase & Co.	3.43%	770,686	$75M	added0%	+0.60 pp	2 q
UALUnited Airlines Holdings, Inc.	3.41%	892,225	$75M	trimmed−10%	+0.52 pp	23 q
DALDelta Air Lines, Inc.	3.24%	1,426,230	$71M	trimmed−7%	+0.35 pp	23 q
ENDPQEndo International PLC	2.98%	8,951,485	$65M	trimmed−1%	−1.97 pp	11 q
CTLLumen Technologies, Inc.	2.89%	4,187,730	$63M	trimmed−6%	−0.20 pp	5 q
BHFBrighthouse Financial, Inc.	2.85%	2,048,732	$62M	added+10%	+0.16 pp	3 q
NXPINXP Semiconductors N.V.	2.78%	831,735	$61M	added+15%	+0.76 pp	2 q
TEVATeva Pharmaceutical Industries Limited	2.75%	3,911,802	$60M	added0%	+0.01 pp	5 q
QUOTQuotient Technology Inc	2.73%	5,597,325	$60M	added+7%	+0.09 pp	13 q
PHMPultegroup, Inc.	2.70%	2,274,775	$59M	added0%	+0.87 pp	23 q
METAMeta Platforms, Inc. Class A	2.68%	448,480	$59M	trimmed−18%	−0.26 pp	7 q
ADTADT Inc.	2.63%	9,600,400	$58M	added+1%	−0.27 pp	3 q
LENLennar Corporation Class A	2.62%	1,465,375	$57M	added+5%	+0.51 pp	23 q
CELGCelgene Corp	2.44%	836,195	$54M	added+1%	+0.01 pp	7 q
BACBank of America Corporation	2.41%	2,149,329	$53M	trimmed−2%	+0.31 pp	23 q
DISCADiscovery, Inc. Series A	2.30%	2,042,675	$51M	added0%	+0.17 pp	5 q
AALAmerican Airlines Group Inc.	2.26%	1,542,800	$50M	trimmed−0%	+0.18 pp	21 q
MNKMallinckrodt PLC	2.25%	3,120,475	$49M	trimmed−0%	−0.74 pp	6 q
NWLNewell Brands Inc.	2.14%	2,525,755	$47M	added+2%	+0.51 pp	2 q
ALXNAlexion Pharmaceuticals Inc	1.99%	448,135	$44M	trimmed−0%	−0.04 pp	9 q
AVPAvon Products, Inc.	1.92%	27,758,588	$42M	added+1%	−0.05 pp	7 q
EIGIEndurance International Group Holdings, Inc.	1.70%	5,595,850	$37M	trimmed−4%	+0.03 pp	17 q
ACTAllergan PLC	1.70%	278,975	$37M	trimmed−0%	−0.03 pp	9 q
unresolvedFlexion Therapeutics Inc	1.61%	3,113,390	$35M	added+8%	−0.15 pp	7 q
CCitigroup Inc.	1.51%	637,356	$33M	trimmed−2%	0.00 pp	23 q
QCOMQualcomm Inc	1.48%	568,815	$32M	added+6%	+0.23 pp	2 q
XONPrecigen, Inc.	1.45%	4,877,675	$32M	added+4%	−1.19 pp	21 q
MUMicron Technology, Inc.	1.02%	706,300	$22M	added×3.5	+0.73 pp	4 q
unresolvedGty Technology Holdings Inc	0.85%	1,853,625	$19M	trimmed−0%	+0.19 pp	9 q
unresolvedZiopharm Oncology Inc	0.76%	9,264,700	$17M	added+92%	+0.26 pp	16 q
SFIXStitch Fix, Inc. Class A	0.68%	876,950	$15M	trimmed−0%	−0.57 pp	5 q
CHGGChegg, Inc.	0.65%	500,000	$14M	trimmed−9%	+0.14 pp	8 q
unresolvedApollo Global Management LLC	0.51%	456,500	$11M	added+46%	+0.16 pp	23 q
TUPTupperware Brands Corporation	0.44%	304,425	$10M	added+5%	+0.12 pp	3 q
MICMacquarie Infrastructure Hol	0.43%	258,000	$9M	trimmed−3%	+0.03 pp	2 q
unresolvedThe Carlyle Group	0.42%	583,800	$9M	added+47%	+0.13 pp	12 q
JEJust Energy Group Inc	0.40%	2,624,425	$9M	added+44%	+0.22 pp	2 q
WDWalker & Dunlop, Inc.	0.39%	200,000	$9M	held	—	5 q
BCBPrimo Water Corp	0.35%	550,000	$8M	held	—	8 q
WLHWilliam Lyon Homes	0.35%	723,025	$8M	added×36.2	+0.34 pp	7 q
unresolvedFiat Chrysler Automobiles NV s	0.33%	500,000	$7M	held	—	8 q
BXBlackstone Inc.	0.29%	211,000	$6M	added+36%	+0.10 pp	6 q
NCMINational CineMedia, Inc.	0.28%	950,000	$6M	added+30%	+0.03 pp	7 q
AIArlington Asset Investment-a	0.27%	815,000	$6M	new	+0.27 pp	new
SSWSeaspan Corp	0.26%	718,425	$6M	trimmed−2%	+0.06 pp	8 q
unresolvedPlatform Specialty Prods Cor	0.25%	525,000	$5M	held	—	17 q
GHLGreenhill & Co., Inc.	0.24%	212,000	$5M	trimmed−1%	+0.06 pp	7 q
SPYState Street SPDR S&P 500 ETF Trust	0.24%	21,215	$5M	trimmed−83%	−0.95 pp	7 q
BBDCBarings BDC, Inc.	0.23%	567,278	$5M	held	—	2 q
unresolvedChimera Investment Corp	0.23%	280,000	$5M	held	—	15 q
RITMRithm Capital Corp.	0.23%	353,750	$5M	held	—	17 q
unresolvedTwo Hbrs Invt Corp	0.22%	379,080	$5M	held	—	2 q
NGLNgl Energy Partners LP	0.21%	475,000	$5M	added+22%	+0.06 pp	3 q
NEWMUSA TODAY Co., Inc.	0.18%	342,000	$4M	added+10%	+0.02 pp	20 q
ETEnergy Transfer LP	0.16%	266,240	$4M	new	+0.16 pp	new
STWDStarwood Property Trust, Inc.	0.13%	145,200	$3M	held	—	23 q
WPGWashington Prime Group Inc.	0.13%	575,000	$3M	held	—	7 q
unresolvedCedar Fair L P	0.11%	52,500	$2M	new	+0.11 pp	new
BGCPBGC Partners, Inc.	0.10%	425,000	$2M	new	+0.10 pp	new
CODICompass Diversified	0.08%	140,000	$2M	held	—	23 q
ABAllianceBernstein Holding, L.P.	0.06%	50,000	$1M	held	—	8 q
unresolvedAshford Hospitality Trust Inc	0.06%	350,000	$1M	new	+0.06 pp	new
TPVGTriplepoint Venture Growth Bdc Corp.	0.06%	122,711	$1M	held	—	20 q
GMEGameStop Corp. Class A	0.05%	79,785	$1M	added+27%	+0.02 pp	20 q
unresolvedJmp Group LLC	0.05%	300,000	$1M	held	—	14 q
TWTRTwitter, Inc.	0.05%	41,000	$1M	held	—	16 q
WMCWestern Asset Mortgage Capital Corporation	0.05%	142,900	$1M	held	—	7 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	85,165	$964,000	added+18%	0.00 pp	3 q
KKRKKR & Co. Inc.	0.04%	40,000	$785,000	held	—	2 q
NBRNabors Industries Ltd.	0.04%	417,863	$836,000	added×2.3	0.00 pp	7 q
PPLTabrdn Physical Platinum Shares ETF	0.03%	10,000	$752,000	new	+0.03 pp	new
BABAAlibaba Group Holding Limited	0.03%	4,500	$617,000	held	—	7 q
GOOGLAlphabet Inc. Class A	0.03%	600	$627,000	held	—	7 q
FTRFrontier Communications Corp.	0.03%	296,165	$705,000	added+21%	−0.02 pp	6 q
MHLDMaiden Holdings Ltd	0.03%	415,152	$685,000	trimmed−75%	−0.13 pp	7 q
unresolvedBank Of America Corporation	0.02%	40,000	$512,000	held	—	7 q
ALSKAlaska Communications Systems	0.01%	150,000	$216,000	held	—	7 q
BCSBarclays PLC	0.01%	18,290	$138,000	added+11%	+0.01 pp	4 q
CCSCentury Communities, Inc.	0.01%	17,000	$293,000	held	—	7 q
CYHCommunity Health Systems, Inc.	0.01%	59,220	$167,000	trimmed−59%	−0.01 pp	7 q
unresolvedCredit Suisse Group Spon ADR	0.01%	10,272	$112,000	trimmed−97%	−0.17 pp	8 q
GNCIQGnc Holdings Inc-cl A	0.01%	73,350	$174,000	trimmed−24%	0.00 pp	7 q
HALOHalozyme Therapeutics, Inc.	0.01%	20,000	$293,000	trimmed−88%	−0.09 pp	7 q
LVSLas Vegas Sands Corp.	0.01%	6,000	$312,000	held	—	7 q
unresolvedPandora Media Inc	0.01%	25,000	$202,000	trimmed−100%	−1.98 pp	23 q
UISUnisys Corporation	0.01%	24,240	$282,000	trimmed−38%	−0.02 pp	4 q
WFCWells Fargo & Co.	0.01%	5,933	$273,000	held	—	2 q
NENoble Corporation plc	0.01%	116,200	$304,000	added+27%	−0.01 pp	7 q
ASNAAscena Retail Group Inc	0.00%	27,825	$70,000	added+18%	0.00 pp	2 q
CHKChesapeake Energy Corp	0.00%	20,365	$43,000	trimmed−30%	0.00 pp	6 q
CLFCleveland-Cliffs Inc.	0.00%	13,263	$102,000	trimmed−27%	−0.01 pp	6 q
unresolvedExpress Inc	0.00%	17,650	$90,000	trimmed−28%	−0.01 pp	5 q
LPLLG Display Co. Ltd.	0.00%	11,640	$95,000	trimmed−25%	0.00 pp	3 q
MDRMcDermott International	0.00%	11,459	$75,000	new	0.00 pp	new
unresolvedObsidian Energy Ltd	0.00%	162,939	$66,000	added+34%	0.00 pp	7 q
UPROProShares UltraPro S&P 500	—	−314,148	—	exited	−0.59 pp	—
unresolvedEtfs Platinum Tr	—	−10,000	—	exited	−0.25 pp	—
HCRSQHi-crush Inc	—	−680,000	—	exited	−0.24 pp	—
unresolvedEnergy Transfer Partners LP	—	−208,000	—	exited	−0.15 pp	—
EBEventbrite, Inc. Class A	—	−96,750	—	exited	−0.12 pp	—
TQQQProShares UltraPro QQQ	—	−42,000	—	exited	−0.10 pp	—
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	—	−60,000	—	exited	−0.08 pp	—
SXCPSunCoke Energy Partners, L.P.	—	−90,000	—	exited	−0.04 pp	—
HHCThe Howard Hughes Corporation	—	−5,000	—	exited	−0.02 pp	—
MBIMBIA Inc.	—	−67,600	—	exited	−0.02 pp	—
unresolvedOch Ziff Cap Mgmt Group	—	−350,000	—	exited	−0.02 pp	—
CVNACarvana Co.	—	−4,000	—	exited	−0.01 pp	—
DBDeutsche Bank Aktiengesellschaft	—	−19,990	—	exited	−0.01 pp	—
unresolvedCBL & Associates Properties, Inc.	—	−14,560	—	exited	0.00 pp	—
RRDRR Donnelley & Sons Co.	—	−16,680	—	exited	0.00 pp	—