Miller Value Partners

Q4 2019 13F · by Bill Miller, CIO

As of: Dec 31, 2019
Filed: Feb 5, 2020
US stock: $2.8B · prev $2.5B
Positions: 90 · prev 96
Options notional: $18M
Documents: 1· no amendments

Picture99.4% US stock

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

US stock listed on a US exchange 99.4%
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%

Moves90 since the prior filing

+9.3 pp in · −9.0 pp out

New 6 +2.27 pp
Added 34 +7.06 pp
Trimmed 37 −5.89 pp
Exited 12 −3.11 pp

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

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions20% of US stock

ADT ADT Inc. trimmed+0.34 pp trimmed+0.344.5%
BHC Bausch Health Companies Inc trimmed+0.17 pp trimmed+0.174.2%
AMZN Amazon.Com Inc trimmed−0.63 pp trimmed−0.634.0%
unresolved Flexion Therapeutics Inc trimmed+0.76 pp trimmed+0.763.6%
OMF OneMain Holdings, Inc. trimmed−0.40 pp trimmed−0.403.6%

Positions90 in this filing · 12 exited


ADTADT Inc.	4.45%	15,724,410	$125M	trimmed−3%	+0.34 pp	7 q
BHCBausch Health Companies Inc	4.16%	3,896,929	$117M	trimmed−14%	+0.17 pp	6 q
AMZNAmazon.Com Inc	3.99%	60,531	$112M	trimmed−8%	−0.63 pp	27 q
unresolvedFlexion Therapeutics Inc	3.65%	4,932,875	$102M	trimmed−5%	+0.76 pp	11 q
OMFOneMain Holdings, Inc.	3.65%	2,424,740	$102M	trimmed−11%	−0.40 pp	17 q
MEDMedifast, Inc.	3.62%	924,124	$101M	added+36%	+0.77 pp	2 q
TEVATeva Pharmaceutical Industries Limited	3.44%	9,834,067	$96M	added+16%	+1.08 pp	9 q
RHRh	3.40%	446,585	$95M	trimmed−34%	−1.30 pp	12 q
BHFBrighthouse Financial, Inc.	3.13%	2,233,950	$88M	trimmed−2%	−0.61 pp	7 q
MUMicron Technology, Inc.	3.13%	1,631,500	$88M	added0%	+0.31 pp	8 q
LENLennar Corporation Class A	2.97%	1,488,975	$83M	held	—	27 q
GNWGenworth Financial, Inc.	2.93%	18,663,420	$82M	trimmed−5%	−0.58 pp	27 q
AALAmerican Airlines Group Inc.	2.77%	2,702,650	$78M	added+24%	+0.38 pp	25 q
HWAYTivity Health Inc	2.77%	3,814,550	$78M	added+4%	+0.29 pp	3 q
METAMeta Platforms, Inc. Class A	2.74%	373,710	$77M	trimmed−3%	−0.05 pp	11 q
JPMJPMorgan Chase & Co.	2.69%	539,530	$75M	trimmed−17%	−0.40 pp	6 q
QUOTQuotient Technology Inc	2.62%	7,445,345	$73M	added+2%	+0.30 pp	17 q
ENDPQEndo International PLC	2.61%	15,571,495	$73M	added+5%	+0.68 pp	15 q
NXPINXP Semiconductors N.V.	2.47%	543,110	$69M	trimmed−19%	−0.49 pp	6 q
DALDelta Air Lines, Inc.	2.43%	1,163,300	$68M	trimmed−5%	−0.43 pp	27 q
SFIXStitch Fix, Inc. Class A	2.38%	2,593,345	$67M	added+58%	+1.10 pp	9 q
BACBank of America Corporation	2.26%	1,796,954	$63M	trimmed−17%	−0.30 pp	27 q
PTONPeloton Interactive, Inc. Class A	2.22%	2,186,500	$62M	added×2.8	+1.44 pp	2 q
BABAAlibaba Group Holding Limited	2.20%	290,720	$62M	added+12%	+0.44 pp	11 q
unresolvedZiopharm Oncology Inc	2.15%	12,734,235	$60M	trimmed−2%	−0.10 pp	20 q
CVSCvs Health Corporation	2.01%	759,225	$56M	trimmed−0%	+0.07 pp	3 q
FTCHQFarfetch Limited A	1.97%	5,319,925	$55M	new	+1.97 pp	new
CCitigroup Inc.	1.86%	650,331	$52M	trimmed−0%	+0.04 pp	27 q
DISCADiscovery, Inc. Series A	1.86%	1,590,600	$52M	trimmed−4%	+0.08 pp	9 q
XONPrecigen, Inc.	1.65%	8,416,710	$46M	added0%	−0.30 pp	25 q
QCOMQualcomm Inc	1.60%	506,470	$45M	added+1%	+0.05 pp	6 q
UALUnited Airlines Holdings, Inc.	1.59%	504,325	$44M	trimmed−20%	−0.67 pp	27 q
EBEventbrite, Inc. Class A	1.57%	2,175,700	$44M	added+6%	+0.10 pp	3 q
ALXNAlexion Pharmaceuticals Inc	1.50%	388,380	$42M	trimmed−13%	−0.28 pp	13 q
AVPAvon Products, Inc.	0.81%	4,015,063	$23M	trimmed−50%	−0.61 pp	11 q
PBIPitney Bowes Inc.	0.74%	5,170,025	$21M	added+25%	−0.03 pp	4 q
unresolvedThe Carlyle Group	0.66%	577,900	$19M	trimmed−1%	+0.06 pp	16 q
APONApollo Asset Management Inc	0.63%	366,900	$18M	trimmed−18%	−0.06 pp	2 q
CHGGChegg, Inc.	0.58%	425,000	$16M	held	—	12 q
WLHWilliam Lyon Homes	0.56%	785,320	$16M	trimmed−3%	−0.11 pp	11 q
ETEnergy Transfer LP	0.51%	1,102,965	$14M	added×3.7	+0.35 pp	5 q
unresolvedGty Technology Holdings Inc	0.40%	1,893,325	$11M	added+2%	−0.07 pp	4 q
UPROProShares UltraPro S&P 500	0.36%	145,600	$10M	held	—	4 q
CTLLumen Technologies, Inc.	0.34%	710,406	$9M	trimmed−6%	−0.04 pp	9 q
WDWalker & Dunlop, Inc.	0.34%	148,000	$10M	held	—	9 q
SSWSeaspan Corp	0.30%	596,775	$8M	trimmed−7%	+0.02 pp	12 q
BCBPrimo Water Corp	0.29%	600,000	$8M	held	—	12 q
ANFAbercrombie & Fitch Co.	0.28%	459,000	$8M	trimmed−1%	−0.01 pp	3 q
NGLNgl Energy Partners LP	0.25%	618,100	$7M	added+30%	−0.02 pp	7 q
QUADQUAD/GRAPHICS, Inc.	0.23%	1,358,375	$6M	added×2.2	−0.04 pp	4 q
BGCPBGC Partners, Inc.	0.22%	1,059,200	$6M	trimmed−1%	−0.02 pp	5 q
CCThe Chemours Company	0.22%	348,185	$6M	added+46%	+0.08 pp	2 q
CDEVPermian Resources Corporation	0.20%	1,239,550	$6M	new	+0.20 pp	new
MNKMallinckrodt PLC	0.20%	1,600,000	$6M	trimmed−3%	+0.04 pp	10 q
CHSChicos FAS, Inc.	0.17%	1,236,300	$5M	added+8%	−0.02 pp	3 q
35OBSculptor Capital Management	0.16%	207,200	$5M	added+9%	+0.01 pp	2 q
unresolvedCedar Fair L P	0.11%	56,200	$3M	trimmed−45%	−0.13 pp	5 q
AIArlington Asset Investment-a	0.09%	445,500	$2M	trimmed−25%	−0.04 pp	5 q
DBDDiebold Nixdorf, Incorporated	0.09%	232,000	$2M	added×2.5	+0.05 pp	4 q
MAXRMaxar Technologies Inc.	0.09%	161,725	$3M	trimmed−11%	+0.03 pp	4 q
NCMINational CineMedia, Inc.	0.09%	329,600	$2M	trimmed−60%	−0.19 pp	11 q
NBRNabors Industries Ltd.	0.09%	923,398	$3M	added+24%	+0.03 pp	11 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	84,135	$1M	added+2%	+0.01 pp	7 q
TWTRTwitter, Inc.	0.05%	41,000	$1M	held	—	20 q
GMEGameStop Corp. Class A	0.04%	169,980	$1M	trimmed−16%	0.00 pp	24 q
MSGNMSG Networks Inc.	0.04%	57,000	$992,000	new	+0.04 pp	new
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.04%	52,000	$997,000	new	+0.04 pp	new
GOOGLAlphabet Inc. Class A	0.03%	600	$804,000	held	—	11 q
TNADirexion Daily Small Cap Bull 3x ETF	0.03%	10,000	$720,000	held	—	4 q
TDAYUSA TODAY Co., Inc.	0.03%	140,400	$896,000	trimmed−27%	−0.04 pp	24 q
unresolvedGrubhub Inc	0.03%	16,500	$803,000	added+83%	+0.01 pp	3 q
UISUnisys Corporation	0.03%	79,040	$937,000	added+12%	+0.01 pp	8 q
SIGSignet Jewelers Limited	0.03%	36,070	$784,000	added+75%	+0.02 pp	4 q
CHAPQChaparral Energy Inc-class A	0.02%	365,550	$643,000	added+76%	+0.01 pp	3 q
CLDRCloudera, Inc.	0.02%	40,000	$465,000	held	—	2 q
HUCKHuckleberry.ai, Inc. Class B	0.02%	32,000	$695,000	added×2.0	+0.01 pp	2 q
ETMEntercom Communications	0.02%	130,000	$603,000	added+63%	+0.01 pp	2 q
TBCHTurtle Beach Corporation	0.02%	51,000	$482,000	held	—	2 q
TPCTutor Perini Corporation	0.02%	49,645	$638,000	added+32%	0.00 pp	2 q
ALSKAlaska Communications Systems	0.01%	150,000	$265,000	held	—	11 q
ARAntero Resources Corporation	0.01%	76,630	$218,000	added+40%	0.00 pp	3 q
CNXCNX Resources Corporation	0.01%	18,765	$166,000	new	+0.01 pp	new
DXCDXC Technology Company	0.01%	8,250	$310,000	new	+0.01 pp	new
XOGExtraction Oil & Gas Inc	0.01%	80,000	$170,000	held	—	3 q
HALOHalozyme Therapeutics, Inc.	0.01%	20,000	$355,000	held	—	11 q
CHKChesapeake Energy Corp	0.00%	40,050	$33,000	added×2.6	0.00 pp	10 q
CLFCleveland-Cliffs Inc.	0.00%	12,623	$106,000	added+24%	0.00 pp	2 q
CYHCommunity Health Systems, Inc.	0.00%	33,960	$98,000	trimmed−53%	−0.01 pp	11 q
GNCIQGnc Holdings Inc-cl A	0.00%	34,725	$94,000	trimmed−38%	0.00 pp	11 q
NENoble Corporation plc	0.00%	33,250	$41,000	trimmed−33%	0.00 pp	11 q
PHMPultegroup, Inc.	—	−1,458,995	—	exited	−2.16 pp	—
MICMacquarie Infrastructure Hol	—	−248,000	—	exited	−0.40 pp	—
unresolvedTwo Hbrs Invt Corp	—	−359,080	—	exited	−0.19 pp	—
unresolvedChimera Investment Corp	—	−220,000	—	exited	−0.17 pp	—
JEJust Energy Group Inc	—	−990,300	—	exited	−0.09 pp	—
PPLTabrdn Physical Platinum Shares ETF	—	−10,000	—	exited	−0.03 pp	—
NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF	—	−11,000	—	exited	−0.03 pp	—
THCXHexo Corp	—	−180,000	—	exited	−0.03 pp	—
WDCWestern Digital Corp.	—	−4,300	—	exited	−0.01 pp	—
BCSBarclays PLC	—	−10,200	—	exited	0.00 pp	—
unresolvedExpress Inc	—	−11,450	—	exited	0.00 pp	—
MDRMcDermott International	—	−60,430	—	exited	0.00 pp	—