Miller Value Partners

Q3 2019 13F · by Bill Miller, CIO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $2.5B · prev $2.5B
Positions: 96 · prev 95
Options notional: $14M
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 0.6%

Moves86 since the prior filing

+6.9 pp in · −7.0 pp out

New 12 +4.71 pp
Added 28 +2.22 pp
Trimmed 30 −5.64 pp
Exited 11 −1.36 pp

Options: 5 moves on a notional base, in the table below.

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions21% of US stock

RH Rh trimmed+0.43 pp trimmed+0.434.7%
AMZN Amazon.Com Inc trimmed−0.81 pp trimmed−0.814.6%
ADT ADT Inc. added+0.15 pp added+0.154.1%
OMF OneMain Holdings, Inc. trimmed−0.08 pp trimmed−0.084.0%
BHC Bausch Health Companies Inc trimmed−0.69 pp trimmed−0.694.0%

Positions96 in this filing · 11 exited


RHRh	4.70%	679,815	$116M	trimmed−27%	+0.43 pp	11 q
AMZNAmazon.Com Inc	4.62%	65,851	$114M	trimmed−8%	−0.81 pp	26 q
ADTADT Inc.	4.11%	16,206,425	$102M	added0%	+0.15 pp	6 q
OMFOneMain Holdings, Inc.	4.05%	2,730,065	$100M	trimmed−11%	−0.08 pp	16 q
BHCBausch Health Companies Inc	3.99%	4,516,389	$99M	trimmed−3%	−0.69 pp	5 q
BHFBrighthouse Financial, Inc.	3.74%	2,287,950	$93M	trimmed−0%	+0.38 pp	6 q
GNWGenworth Financial, Inc.	3.51%	19,740,425	$87M	trimmed−4%	+0.45 pp	26 q
LENLennar Corporation Class A	3.36%	1,488,975	$83M	held	—	26 q
JPMJPMorgan Chase & Co.	3.09%	649,861	$76M	trimmed−8%	−0.06 pp	5 q
NXPINXP Semiconductors N.V.	2.96%	669,985	$73M	trimmed−12%	−0.02 pp	5 q
unresolvedFlexion Therapeutics Inc	2.89%	5,215,810	$71M	added+7%	+0.51 pp	10 q
DALDelta Air Lines, Inc.	2.86%	1,229,930	$71M	trimmed−5%	−0.07 pp	26 q
MEDMedifast, Inc.	2.85%	679,515	$70M	new	+2.85 pp	new
MUMicron Technology, Inc.	2.82%	1,630,180	$70M	trimmed−14%	−0.08 pp	7 q
METAMeta Platforms, Inc. Class A	2.79%	387,175	$69M	trimmed−14%	−0.66 pp	10 q
BACBank of America Corporation	2.56%	2,171,909	$63M	held	—	26 q
HWAYTivity Health Inc	2.48%	3,682,850	$61M	added+37%	+0.71 pp	2 q
AALAmerican Airlines Group Inc.	2.39%	2,188,050	$59M	added+42%	+0.38 pp	24 q
TEVATeva Pharmaceutical Industries Limited	2.36%	8,491,152	$58M	added+31%	−0.04 pp	8 q
QUOTQuotient Technology Inc	2.32%	7,328,875	$57M	added+1%	−0.78 pp	16 q
UALUnited Airlines Holdings, Inc.	2.26%	633,410	$56M	trimmed−17%	−0.40 pp	26 q
unresolvedZiopharm Oncology Inc	2.25%	12,983,146	$56M	added+41%	+0.10 pp	19 q
PHMPultegroup, Inc.	2.16%	1,458,995	$53M	trimmed−24%	−0.25 pp	26 q
XONPrecigen, Inc.	1.95%	8,414,010	$48M	added+5%	−0.51 pp	24 q
CVSCvs Health Corporation	1.94%	759,575	$48M	held	—	2 q
ENDPQEndo International PLC	1.93%	14,867,090	$48M	added+52%	+0.32 pp	14 q
CCitigroup Inc.	1.82%	651,231	$45M	held	—	26 q
ALXNAlexion Pharmaceuticals Inc	1.78%	448,780	$44M	held	—	12 q
DISCADiscovery, Inc. Series A	1.78%	1,657,800	$44M	held	—	8 q
BABAAlibaba Group Holding Limited	1.76%	259,795	$43M	added+12%	+0.20 pp	10 q
QCOMQualcomm Inc	1.55%	502,670	$38M	trimmed−20%	−0.36 pp	5 q
EBEventbrite, Inc. Class A	1.47%	2,053,200	$36M	added+24%	+0.40 pp	2 q
AVPAvon Products, Inc.	1.42%	8,003,813	$35M	trimmed−60%	−1.69 pp	10 q
SFIXStitch Fix, Inc. Class A	1.28%	1,642,725	$32M	added+87%	+0.16 pp	8 q
PTONPeloton Interactive, Inc. Class A	0.78%	767,325	$19M	new	+0.78 pp	new
PBIPitney Bowes Inc.	0.77%	4,147,775	$19M	added+42%	+0.27 pp	3 q
APONApollo Asset Management Inc	0.69%	449,500	$17M	new	+0.69 pp	new
WLHWilliam Lyon Homes	0.67%	808,945	$16M	trimmed−0%	+0.08 pp	10 q
unresolvedThe Carlyle Group	0.60%	583,800	$15M	held	—	15 q
CHGGChegg, Inc.	0.51%	425,000	$13M	trimmed−15%	−0.26 pp	11 q
unresolvedGty Technology Holdings Inc	0.47%	1,851,725	$12M	held	—	3 q
MICMacquarie Infrastructure Hol	0.40%	248,000	$10M	trimmed−4%	−0.02 pp	5 q
CTLLumen Technologies, Inc.	0.38%	759,366	$9M	trimmed−7%	0.00 pp	8 q
UPROProShares UltraPro S&P 500	0.33%	145,600	$8M	held	—	3 q
WDWalker & Dunlop, Inc.	0.33%	148,000	$8M	trimmed−26%	−0.09 pp	8 q
BCBPrimo Water Corp	0.30%	600,000	$7M	held	—	11 q
ANFAbercrombie & Fitch Co.	0.29%	463,800	$7M	added×2.3	+0.16 pp	2 q
NCMINational CineMedia, Inc.	0.28%	830,000	$7M	trimmed−24%	−0.01 pp	10 q
SSWSeaspan Corp	0.28%	641,675	$7M	added0%	+0.03 pp	11 q
NGLNgl Energy Partners LP	0.27%	475,000	$7M	held	—	6 q
QUADQUAD/GRAPHICS, Inc.	0.27%	630,000	$7M	added+8%	+0.09 pp	3 q
BGCPBGC Partners, Inc.	0.24%	1,071,000	$6M	added+7%	+0.03 pp	4 q
unresolvedCedar Fair L P	0.24%	102,500	$6M	added+16%	+0.07 pp	4 q
CHSChicos FAS, Inc.	0.19%	1,150,000	$5M	held	—	2 q
unresolvedTwo Hbrs Invt Corp	0.19%	359,080	$5M	held	—	5 q
unresolvedChimera Investment Corp	0.17%	220,000	$4M	held	—	18 q
ETEnergy Transfer LP	0.16%	296,240	$4M	held	—	4 q
MNKMallinckrodt PLC	0.16%	1,645,000	$4M	trimmed−56%	−1.20 pp	9 q
35OBSculptor Capital Management	0.15%	189,500	$4M	new	+0.15 pp	new
CCThe Chemours Company	0.14%	238,385	$4M	new	+0.14 pp	new
AIArlington Asset Investment-a	0.13%	591,700	$3M	held	—	4 q
JEJust Energy Group Inc	0.09%	990,300	$2M	trimmed−32%	−0.16 pp	5 q
NEWMUSA TODAY Co., Inc.	0.07%	192,000	$2M	trimmed−34%	−0.04 pp	23 q
TWTRTwitter, Inc.	0.07%	41,000	$2M	held	—	19 q
MAXRMaxar Technologies Inc.	0.06%	182,125	$1M	added+2%	0.00 pp	3 q
NBRNabors Industries Ltd.	0.06%	742,598	$1M	added+47%	0.00 pp	10 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	82,785	$881,000	added+18%	+0.01 pp	6 q
DBDDiebold Nixdorf, Incorporated	0.04%	93,000	$1M	held	—	3 q
GMEGameStop Corp. Class A	0.04%	201,480	$1M	added+39%	+0.01 pp	23 q
PPLTabrdn Physical Platinum Shares ETF	0.03%	10,000	$835,000	held	—	4 q
GOOGLAlphabet Inc. Class A	0.03%	600	$733,000	held	—	10 q
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	0.03%	11,000	$714,000	held	—	3 q
THCXHexo Corp	0.03%	180,000	$713,000	new	+0.03 pp	new
TNADirexion Daily Small Cap Bull 3x ETF	0.02%	10,000	$557,000	held	—	3 q
unresolvedGrubhub Inc	0.02%	9,000	$506,000	held	—	2 q
TBCHTurtle Beach Corporation	0.02%	51,000	$595,000	new	+0.02 pp	new
TPCTutor Perini Corporation	0.02%	37,525	$538,000	new	+0.02 pp	new
UISUnisys Corporation	0.02%	70,415	$523,000	added+8%	−0.01 pp	7 q
ALSKAlaska Communications Systems	0.01%	150,000	$258,000	held	—	10 q
ARAntero Resources Corporation	0.01%	54,855	$166,000	added+59%	0.00 pp	2 q
CHAPQChaparral Energy Inc-class A	0.01%	207,750	$278,000	added+7%	−0.03 pp	2 q
CLDRCloudera, Inc.	0.01%	40,000	$354,000	new	+0.01 pp	new
CYHCommunity Health Systems, Inc.	0.01%	72,550	$261,000	added+9%	0.00 pp	10 q
HUCKHuckleberry.ai, Inc. Class B	0.01%	16,000	$256,000	new	+0.01 pp	new
ETMEntercom Communications	0.01%	80,000	$267,000	new	+0.01 pp	new
XOGExtraction Oil & Gas Inc	0.01%	80,000	$235,000	held	—	2 q
HALOHalozyme Therapeutics, Inc.	0.01%	20,000	$310,000	held	—	10 q
WDCWestern Digital Corp.	0.01%	4,300	$256,000	trimmed−49%	−0.01 pp	3 q
SIGSignet Jewelers Limited	0.01%	20,600	$345,000	added+25%	0.00 pp	3 q
BCSBarclays PLC	0.00%	10,200	$75,000	trimmed−40%	−0.01 pp	7 q
CHKChesapeake Energy Corp	0.00%	15,200	$21,000	trimmed−37%	0.00 pp	9 q
CLFCleveland-Cliffs Inc.	0.00%	10,178	$73,000	new	0.00 pp	new
unresolvedExpress Inc	0.00%	11,450	$39,000	trimmed−23%	0.00 pp	8 q
GNCIQGnc Holdings Inc-cl A	0.00%	56,415	$121,000	trimmed−22%	0.00 pp	10 q
MDRMcDermott International	0.00%	60,430	$122,000	added×4.1	−0.01 pp	4 q
NENoble Corporation plc	0.00%	49,500	$63,000	trimmed−62%	−0.01 pp	10 q
unresolvedApollo Global Management LLC	—	−449,500	—	exited	−0.62 pp	—
BXBlackstone Inc.	—	−196,000	—	exited	−0.35 pp	—
unresolvedOch Ziff Cptl Mangemnt Grp I	—	−119,500	—	exited	−0.11 pp	—
unresolvedFiat Chrysler Automobiles NV s	—	−200,000	—	exited	−0.11 pp	—
WPGWashington Prime Group Inc.	—	−575,000	—	exited	−0.09 pp	—
GHLGreenhill & Co., Inc.	—	−77,000	—	exited	−0.04 pp	—
BIDUBaidu, Inc.	—	−3,500	—	exited	−0.02 pp	—
FTRFrontier Communications Corp.	—	−79,459	—	exited	−0.01 pp	—
NWLNewell Brands Inc.	—	−17,670	—	exited	−0.01 pp	—
ASNAAscena Retail Group Inc	—	−48,500	—	exited	0.00 pp	—
OBEObsidian Energy Ltd.	—	−22,503	—	exited	0.00 pp	—