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Miller Value Partners

Q4 2020 13F · by Bill Miller, CIO

As of
Dec 31, 2020
Filed
Feb 10, 2021
US stock
$3.0B · prev $2.5B
Positions
85 · prev 84
Options notional
$330M
Documents
1· no amendments

Picture90.0% US stock

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

  • US stock listed on a US exchange 90.0%
  • 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 10.0%

Moves112 since the prior filing

+17.1 pp in · −17.2 pp out

Options: 21 moves on a notional base, in the table below.

The book

Focused · behaves like 36 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 68% a year, about 1.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions23% of US stock

  1. FTCHQ Farfetch Limited A trimmed−2.00 pp trimmed−2.005.2%
  2. DXC DXC Technology Company trimmed+0.85 pp trimmed+0.854.7%
  3. AMZN Amazon.Com Inc trimmed−1.80 pp trimmed−1.804.3%
  4. unresolved Desktop Metal Inc new+4.25 pp new+4.254.3%
  5. SFIX Stitch Fix, Inc. Class A trimmed+1.39 pp trimmed+1.394.2%

Positions85 in this filing · 13 exited

FTCHQFarfetch Limited A5.21%2,414,264$154Mtrimmed−67%−2.00 pp5 q
DXCDXC Technology Company4.66%5,356,843$138Mtrimmed−1%+0.85 pp5 q
AMZNAmazon.Com Inc4.33%39,331$128Mtrimmed−20%−1.80 pp31 q
unresolvedDesktop Metal Inc4.25%7,905,573$126Mnew+4.25 ppnew
SFIXStitch Fix, Inc. Class A4.20%2,117,569$124Mtrimmed−19%+1.39 pp13 q
OMFOneMain Holdings, Inc.3.94%2,417,603$116Madded+1%+0.96 pp21 q
ADTADT Inc.3.33%12,535,303$98Mtrimmed−15%−1.41 pp11 q
METAMeta Platforms, Inc. Class A3.27%354,432$97Madded0%−0.39 pp15 q
BABAAlibaba Group Holding Limited3.10%394,186$92Madded+8%−1.15 pp15 q
VRMVroom, Inc.2.90%2,090,222$86Madded+79%+0.50 pp3 q
TMHCTaylor Morrison Home Corporation2.81%3,245,023$83Mtrimmed−5%−0.52 pp4 q
AYIAcuity Inc.2.69%656,236$79Madded+34%+0.70 pp2 q
RKTRocket Companies, Inc.2.51%3,667,718$74Madded+64%+0.74 pp2 q
REALThe RealReal, Inc.2.51%3,805,509$74Madded+39%+0.94 pp4 q
PGENPrecigen, Inc.2.46%7,134,094$73Mtrimmed−6%+1.41 pp29 q
GOOGLAlphabet Inc. Class A2.44%41,119$72Mtrimmed−1%+0.03 pp15 q
BHCBausch Health Companies Inc2.42%3,424,501$71Madded0%+0.32 pp10 q
TEVATeva Pharmaceutical Industries Limited2.33%7,139,700$69Mtrimmed−12%−0.56 pp13 q
COFCapital One Financial2.32%693,961$69Madded0%+0.35 pp3 q
NCLHNorwegian Cruise Line Holdings Ltd.2.24%2,610,847$66Mnew+2.24 ppnew
WW6Willis Towers Watson Public Limited Company2.16%2,615,564$64Mnew+2.16 ppnew
UBERUber Technologies, Inc.2.12%1,232,071$63Madded+9%+0.49 pp2 q
QUOTQuotient Technology Inc2.05%6,423,031$61Mtrimmed−11%−0.06 pp21 q
HWAYTivity Health Inc2.01%3,037,206$59Mtrimmed−7%+0.20 pp7 q
DALDelta Air Lines, Inc.1.97%1,449,011$58Mtrimmed−20%−0.21 pp31 q
JPMJPMorgan Chase & Co.1.93%448,510$57Madded+14%+0.42 pp10 q
GOOSCanada Goose Holdings Inc.1.92%1,902,673$57Mtrimmed−3%−0.58 pp4 q
BACBank of America Corporation1.89%1,842,366$56Madded0%+0.14 pp31 q
CCThe Chemours Company1.89%2,259,881$56Mtrimmed−36%−1.04 pp6 q
DISCADiscovery, Inc. Series A1.75%1,718,882$52Madded+1%+0.28 pp13 q
unresolvedFlexion Therapeutics Inc1.64%4,196,100$48Mtrimmed−20%−0.53 pp15 q
ETEnergy Transfer LP1.62%7,736,762$48Madded+66%+0.62 pp9 q
WDAYWorkday, Inc. Class A1.62%199,500$48Mtrimmed−4%−0.16 pp3 q
CCitigroup Inc.1.59%761,944$47Madded+17%+0.48 pp31 q
BABoeing Company1.58%218,987$47Madded0%+0.15 pp4 q
NFLXNetFlix Inc1.19%65,266$35Mnew+1.19 ppnew
unresolvedZiopharm Oncology Inc1.06%12,466,248$31Madded+1%−0.18 pp24 q
FANGDiamondback Energy, Inc.0.95%581,016$28Mnew+0.95 ppnew
GNWGenworth Financial, Inc.0.93%7,289,100$28Mtrimmed−30%−0.44 pp31 q
APONApollo Asset Management Inc0.41%246,800$12Madded+43%+0.10 pp6 q
ATCOAtlas Corp0.41%1,108,960$12Madded+8%+0.05 pp4 q
unresolvedInsu Acquisition Corp II0.39%749,762$12Mnew+0.39 ppnew
unresolvedGty Technology Holdings Inc0.34%1,954,276$10Madded+1%+0.14 pp8 q
PBIPitney Bowes Inc.0.29%1,390,860$9Mtrimmed−81%−1.25 pp8 q
GEOThe GEO Group, Inc.0.25%825,600$7Madded+5%−0.10 pp3 q
UPROProShares UltraPro S&P 5000.24%91,800$7Mheld—8 q
CHSChicos FAS, Inc.0.23%4,189,932$7Madded+21%+0.10 pp7 q
CGThe Carlyle Group Inc.0.20%190,700$6Mtrimmed−1%+0.01 pp4 q
LAZLazard, Inc.0.19%133,200$6Mtrimmed−1%+0.01 pp3 q
unresolvedChimera Investment Corp0.14%414,400$4Madded+50%+0.05 pp2 q
35OBSculptor Capital Management0.11%207,400$3Mtrimmed−1%+0.01 pp6 q
NBRNabors Industries Ltd.0.11%53,621$3Mtrimmed−8%+0.05 pp15 q
DBDDiebold Nixdorf, Incorporated0.09%252,000$3Mtrimmed−92%−0.90 pp8 q
GMEGameStop Corp. Class A0.07%115,835$2Mtrimmed−19%+0.01 pp28 q
ENDPQEndo International PLC0.07%294,150$2Mtrimmed−3%+0.03 pp19 q
QUADQUAD/GRAPHICS, Inc.0.06%477,800$2Mtrimmed−58%−0.08 pp8 q
BHFBrighthouse Financial, Inc.0.05%39,279$1Mtrimmed−91%−0.40 pp11 q
TDAYUSA TODAY Co., Inc.0.05%450,700$2Madded×45.1+0.05 pp2 q
MSTRStrategy Inc Class A0.05%3,500$1Mnew+0.05 ppnew
ARLPAlliance Resource Partners LP0.04%275,000$1Mnew+0.04 ppnew
BBYD20230930-DK-BUTTERFLY-1 Inc0.04%73,755$1Mtrimmed−20%−0.01 pp11 q
EBAYeBay Inc0.04%24,000$1Mheld—3 q
ZDZiff Davis, Inc.0.04%13,500$1Mtrimmed−10%0.00 pp3 q
SIGSignet Jewelers Limited0.04%41,440$1Mtrimmed−31%0.00 pp8 q
MSGNMSG Networks Inc.0.03%62,000$914,000trimmed−16%0.00 pp5 q
TWTRTwitter, Inc.0.03%14,200$769,000trimmed−32%−0.01 pp24 q
ANFAbercrombie & Fitch Co.0.02%25,000$509,000held—7 q
ETMEntercom Communications0.02%227,500$562,000added+3%+0.01 pp6 q
JDJD.com, Inc.0.02%6,800$598,000trimmed−36%−0.01 pp3 q
RVLVRevolve Group, Inc.0.02%20,000$623,000new+0.02 ppnew
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value0.02%41,000$610,000trimmed−21%0.00 pp5 q
UISUnisys Corporation0.02%33,375$657,000trimmed−22%0.00 pp12 q
CLFCleveland-Cliffs Inc.0.01%14,173$206,000held—6 q
CMPSCOMPASS Pathways Plc American Depository Shares0.01%8,000$381,000new+0.01 ppnew
CXWCoreCivic, Inc.0.01%35,000$229,000held—3 q
MAXRMaxar Technologies Inc.0.01%8,815$340,000trimmed−52%−0.01 pp8 q
OPENOpendoor Technologies Inc0.01%13,000$295,000new+0.01 ppnew
UNMUnum Group0.01%11,050$253,000new+0.01 ppnew
WFCWells Fargo & Co.0.01%12,480$377,000added+26%0.00 pp2 q
ARAntero Resources Corporation0.00%19,300$105,000trimmed−29%0.00 pp7 q
BKDBrookdale Senior Living, Inc.0.00%10,000$44,000new0.00 ppnew
CVSCvs Health Corporation0.00%1,899$130,000added+40%0.00 pp2 q
CDEVPermian Resources Corporation0.00%20,000$30,000new0.00 ppnew
ERFEnerplus Corporation0.00%10,000$31,000held—3 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase0.00%10,000$68,000held—2 q
LENLennar Corporation Class A—−545,802—exited−1.77 pp—
NXPINXP Semiconductors N.V.—−337,648—exited−1.67 pp—
RHRh—−89,671—exited−1.36 pp—
MEDMedifast, Inc.—−205,595—exited−1.34 pp—
PTONPeloton Interactive, Inc. Class A—−318,006—exited−1.25 pp—
unresolvedTrine Acquisition Corp—−1,868,070—exited−0.80 pp—
unresolvedAvid Technology Inc—−1,505,000—exited−0.51 pp—
unresolvedCedar Fair L P—−251,000—exited−0.28 pp—
unresolvedTwo Hbrs Invt Corp—−470,000—exited−0.09 pp—
NLYAnnaly Capital Management. Inc.—−158,000—exited−0.04 pp—
HUCKHuckleberry.ai, Inc. Class B—−23,600—exited−0.04 pp—
NGLNgl Energy Partners LP—−163,100—exited−0.03 pp—
unresolvedAmerican Intl Group Inc—−470,000—exited0.00 pp—

Other 13(f) securities

Options 17

Contract% of notionalSharesNotional
UBER CALL80.86%5,233,500$267M
CVS CALL18.21%880,000$60M
KHC CALL0.15%14,000$485,000
WBA CALL0.12%10,000$399,000
VTRS CALL0.09%15,000$281,000
ADT CALL0.08%35,000$275,000
CXW CALL0.08%40,000$262,000
F CALL0.07%25,000$220,000
BHC CALL0.06%10,000$208,000
TAK CALL0.06%10,000$182,000
VOD CALL0.05%10,000$165,000
Credit Suisse Group Spon ADR CALL0.04%10,000$128,000
PBI CALL0.04%20,000$123,000
CTL CALL0.03%10,000$98,000
TEVA CALL0.03%10,000$97,000
DB CALL0.03%10,000$109,000
ET CALL0.02%10,000$62,000

Notes 0

None in this filing

Source

Form
13F-HR
Reading
0 defects · 6 unresolved
Accession
0001085146-21-000909
Notes
none in this filing
SEC cross-check
SEC data set not published yet