Miller Value Partners

Q1 2019 13F · by Bill Miller, CIO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $2.5B · prev $2.2B
Positions: 100 · prev 100
Options notional: $9M
Documents: 1· no amendments

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
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 0.3%

Moves84 since the prior filing

+7.4 pp in · −7.4 pp out

New 13 +3.01 pp
Added 29 +4.44 pp
Trimmed 28 −5.24 pp
Exited 13 −2.20 pp

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

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

AMZN Amazon.Com Inc trimmed−0.01 pp trimmed−0.015.4%
BHC Bausch Health Companies Inc trimmed+0.65 pp trimmed+0.654.7%
OMF OneMain Holdings, Inc. trimmed+0.48 pp trimmed+0.484.0%
RH Rh trimmed−1.61 pp trimmed−1.613.8%
BHF Brighthouse Financial, Inc. added+0.45 pp added+0.453.3%

Positions100 in this filing · 13 exited


AMZNAmazon.Com Inc	5.43%	76,736	$137M	trimmed−3%	−0.01 pp	24 q
BHCBausch Health Companies Inc	4.69%	4,773,149	$118M	trimmed−1%	+0.65 pp	3 q
OMFOneMain Holdings, Inc.	4.01%	3,176,760	$101M	trimmed−0%	+0.48 pp	14 q
RHRh	3.77%	922,210	$95M	trimmed−6%	−1.61 pp	9 q
BHFBrighthouse Financial, Inc.	3.30%	2,286,555	$83M	added+12%	+0.45 pp	4 q
AVPAvon Products, Inc.	3.28%	28,070,088	$83M	added+1%	+1.36 pp	8 q
GNWGenworth Financial, Inc.	3.13%	20,533,500	$79M	trimmed−3%	−1.37 pp	24 q
JPMJPMorgan Chase & Co.	3.09%	767,395	$78M	trimmed−0%	−0.34 pp	3 q
MUMicron Technology, Inc.	3.09%	1,880,315	$78M	added×2.7	+2.07 pp	5 q
NXPINXP Semiconductors N.V.	3.00%	854,820	$76M	added+3%	+0.22 pp	3 q
METAMeta Platforms, Inc. Class A	2.97%	448,005	$75M	trimmed−0%	+0.29 pp	8 q
DALDelta Air Lines, Inc.	2.92%	1,424,105	$74M	trimmed−0%	−0.32 pp	24 q
LENLennar Corporation Class A	2.91%	1,488,975	$73M	added+2%	+0.29 pp	24 q
ENDPQEndo International PLC	2.89%	9,053,060	$73M	added+1%	−0.09 pp	12 q
ADTADT Inc.	2.88%	11,338,590	$72M	added+18%	+0.25 pp	4 q
TEVATeva Pharmaceutical Industries Limited	2.83%	4,542,532	$71M	added+16%	+0.08 pp	6 q
QUOTQuotient Technology Inc	2.80%	7,146,750	$71M	added+28%	+0.07 pp	14 q
MNKMallinckrodt PLC	2.69%	3,112,250	$68M	trimmed−0%	+0.44 pp	7 q
UALUnited Airlines Holdings, Inc.	2.62%	824,650	$66M	trimmed−8%	−0.79 pp	24 q
PHMPultegroup, Inc.	2.53%	2,271,975	$64M	trimmed−0%	−0.17 pp	24 q
ALXNAlexion Pharmaceuticals Inc	2.41%	447,680	$61M	trimmed−0%	+0.42 pp	10 q
BACBank of America Corporation	2.38%	2,167,794	$60M	added+1%	−0.03 pp	24 q
CTLLumen Technologies, Inc.	2.17%	4,560,415	$55M	added+9%	−0.72 pp	6 q
DISCADiscovery, Inc. Series A	2.05%	1,906,825	$52M	trimmed−7%	−0.25 pp	6 q
unresolvedFlexion Therapeutics Inc	2.04%	4,109,720	$51M	added+32%	+0.43 pp	8 q
AALAmerican Airlines Group Inc.	1.95%	1,544,575	$49M	added0%	−0.31 pp	22 q
ACTAllergan PLC	1.62%	278,655	$41M	trimmed−0%	−0.08 pp	10 q
CCitigroup Inc.	1.60%	647,606	$40M	added+2%	+0.09 pp	24 q
CELGCelgene Corp	1.59%	423,255	$40M	trimmed−49%	−0.85 pp	8 q
XONPrecigen, Inc.	1.48%	7,084,485	$37M	added+45%	+0.03 pp	22 q
QCOMQualcomm Inc	1.42%	626,815	$36M	added+10%	−0.06 pp	3 q
unresolvedZiopharm Oncology Inc	1.41%	9,239,150	$36M	trimmed−0%	+0.65 pp	17 q
BIDUBaidu, Inc.	1.17%	179,150	$30M	new	+1.17 pp	new
EIGIEndurance International Group Holdings, Inc.	1.02%	3,525,525	$26M	trimmed−37%	−0.68 pp	18 q
SFIXStitch Fix, Inc. Class A	0.98%	876,225	$25M	trimmed−0%	+0.30 pp	6 q
CHGGChegg, Inc.	0.76%	500,000	$19M	held	—	9 q
unresolvedGty Technology Holdings Inc	0.65%	1,851,725	$16M	new	+0.65 pp	new
PBIPitney Bowes Inc.	0.65%	2,386,325	$16M	new	+0.65 pp	new
unresolvedApollo Global Management LLC	0.51%	456,500	$13M	held	—	24 q
WLHWilliam Lyon Homes	0.50%	821,875	$13M	added+14%	+0.15 pp	8 q
unresolvedThe Carlyle Group	0.42%	583,800	$11M	held	—	13 q
MICMacquarie Infrastructure Hol	0.42%	258,000	$11M	held	—	3 q
WDWalker & Dunlop, Inc.	0.40%	200,000	$10M	held	—	6 q
JEJust Energy Group Inc	0.37%	2,763,025	$9M	added+5%	−0.03 pp	3 q
BCBPrimo Water Corp	0.35%	600,000	$9M	added+9%	0.00 pp	9 q
unresolvedFiat Chrysler Automobiles NV s	0.30%	500,000	$7M	held	—	9 q
BXBlackstone Inc.	0.29%	211,000	$7M	held	—	7 q
UPROProShares UltraPro S&P 500	0.29%	145,600	$7M	new	+0.29 pp	new
NCMINational CineMedia, Inc.	0.27%	950,000	$7M	held	—	8 q
NGLNgl Energy Partners LP	0.26%	475,000	$7M	held	—	4 q
RITMRithm Capital Corp.	0.24%	353,750	$6M	held	—	18 q
NWLNewell Brands Inc.	0.24%	399,235	$6M	trimmed−84%	−1.90 pp	3 q
SSWSeaspan Corp	0.23%	666,925	$6M	trimmed−7%	−0.03 pp	9 q
BGCPBGC Partners, Inc.	0.21%	1,001,000	$5M	added×2.4	+0.11 pp	2 q
unresolvedChimera Investment Corp	0.21%	280,000	$5M	held	—	16 q
unresolvedTwo Hbrs Invt Corp	0.20%	379,080	$5M	held	—	3 q
AIArlington Asset Investment-a	0.19%	591,700	$5M	trimmed−27%	−0.08 pp	2 q
ETEnergy Transfer LP	0.18%	296,240	$5M	added+11%	+0.02 pp	2 q
GHLGreenhill & Co., Inc.	0.18%	212,000	$5M	held	—	8 q
NEWMUSA TODAY Co., Inc.	0.14%	342,000	$4M	held	—	21 q
STWDStarwood Property Trust, Inc.	0.13%	145,200	$3M	held	—	24 q
WPGWashington Prime Group Inc.	0.13%	575,000	$3M	held	—	8 q
QUADQUAD/GRAPHICS, Inc.	0.12%	260,000	$3M	new	+0.12 pp	new
unresolvedCedar Fair L P	0.11%	52,500	$3M	held	—	2 q
unresolvedAshford Hospitality Trust Inc	0.09%	485,000	$2M	added+39%	+0.03 pp	2 q
CODICompass Diversified	0.09%	140,000	$2M	held	—	24 q
WMCWestern Asset Mortgage Capital Corporation	0.06%	142,900	$1M	held	—	8 q
NBRNabors Industries Ltd.	0.06%	418,573	$1M	added0%	+0.02 pp	8 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	75,325	$1M	trimmed−12%	+0.01 pp	4 q
TWTRTwitter, Inc.	0.05%	41,000	$1M	held	—	17 q
GMEGameStop Corp. Class A	0.04%	98,210	$998,000	added+23%	−0.01 pp	21 q
unresolvedJmp Group LLC	0.04%	300,000	$1M	held	—	15 q
KKRKKR & Co. Inc.	0.04%	40,000	$940,000	held	—	3 q
PPLTabrdn Physical Platinum Shares ETF	0.03%	10,000	$802,000	held	—	2 q
BABAAlibaba Group Holding Limited	0.03%	4,500	$821,000	held	—	8 q
GOOGLAlphabet Inc. Class A	0.03%	600	$706,000	held	—	8 q
FTRFrontier Communications Corp.	0.03%	331,876	$660,000	added+12%	0.00 pp	7 q
MAXRMaxar Technologies Inc.	0.03%	158,025	$635,000	new	+0.03 pp	new
CCSCentury Communities, Inc.	0.02%	17,000	$407,000	held	—	8 q
DBDDiebold Nixdorf, Incorporated	0.02%	35,000	$387,000	new	+0.02 pp	new
TNADirexion Daily Small Cap Bull 3x ETF	0.02%	10,000	$611,000	new	+0.02 pp	new
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	0.02%	11,000	$411,000	new	+0.02 pp	new
UISUnisys Corporation	0.02%	45,955	$536,000	added+90%	+0.01 pp	5 q
ALSKAlaska Communications Systems	0.01%	150,000	$288,000	held	—	8 q
BCSBarclays PLC	0.01%	16,765	$134,000	trimmed−11%	0.00 pp	5 q
CVNACarvana Co.	0.01%	4,000	$232,000	new	+0.01 pp	new
CYHCommunity Health Systems, Inc.	0.01%	43,175	$161,000	trimmed−27%	0.00 pp	8 q
unresolvedExpress Inc	0.01%	49,075	$210,000	added×2.8	+0.01 pp	6 q
GNCIQGnc Holdings Inc-cl A	0.01%	72,090	$197,000	trimmed−2%	0.00 pp	8 q
unresolvedGty Technology Holdings Inc	0.01%	617,874	$373,000	new	+0.01 pp	new
HALOHalozyme Therapeutics, Inc.	0.01%	20,000	$322,000	held	—	8 q
LVSLas Vegas Sands Corp.	0.01%	6,000	$366,000	held	—	8 q
WFCWells Fargo & Co.	0.01%	5,933	$287,000	held	—	3 q
WDCWestern Digital Corp.	0.01%	7,095	$341,000	new	+0.01 pp	new
NENoble Corporation plc	0.01%	113,320	$325,000	trimmed−2%	0.00 pp	8 q
SIGSignet Jewelers Limited	0.01%	10,490	$285,000	new	+0.01 pp	new
ASNAAscena Retail Group Inc	0.00%	39,625	$43,000	added+42%	0.00 pp	3 q
CHKChesapeake Energy Corp	0.00%	18,725	$58,000	trimmed−8%	0.00 pp	7 q
MDRMcDermott International	0.00%	15,175	$113,000	added+32%	0.00 pp	2 q
unresolvedObsidian Energy Ltd	0.00%	157,539	$43,000	trimmed−3%	0.00 pp	8 q
unresolvedGty Technology Holdings Inc	—	−1,853,625	—	exited	−0.85 pp	—
TUPTupperware Brands Corporation	—	−304,425	—	exited	−0.44 pp	—
unresolvedPlatform Specialty Prods Cor	—	−525,000	—	exited	−0.25 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−21,215	—	exited	−0.24 pp	—
BBDCBarings BDC, Inc.	—	−567,278	—	exited	−0.23 pp	—
ABAllianceBernstein Holding, L.P.	—	−50,000	—	exited	−0.06 pp	—
TPVGTriplepoint Venture Growth Bdc Corp.	—	−122,711	—	exited	−0.06 pp	—
MHLDMaiden Holdings Ltd	—	−415,152	—	exited	−0.03 pp	—
unresolvedBank Of America Corporation	—	−40,000	—	exited	−0.02 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−10,272	—	exited	−0.01 pp	—
unresolvedPandora Media Inc	—	−25,000	—	exited	−0.01 pp	—
CLFCleveland-Cliffs Inc.	—	−13,263	—	exited	0.00 pp	—
LPLLG Display Co. Ltd.	—	−11,640	—	exited	0.00 pp	—