Miller Value Partners

Q3 2021 13F · by Bill Miller, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $2.9B · prev $3.8B
Positions: 96 · prev 100
Options notional: $1.4B
Documents: 1· no amendments

Picture68.1% US stock

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

US stock listed on a US exchange 68.1%
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 31.9%

Moves103 since the prior filing

+7.0 pp in · −7.3 pp out

New 9 +4.91 pp
Added 20 +2.12 pp
Trimmed 45 −1.29 pp
Exited 13 −6.05 pp

Options: 16 moves on a notional base, in the table below.

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 94% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions19% of US stock

AMZN Amazon.Com Inc trimmed+0.46 pp trimmed+0.464.0%
DXC DXC Technology Company trimmed−0.61 pp trimmed−0.614.0%
SPLK Splunk Inc trimmed+0.34 pp trimmed+0.343.7%
GOOGL Alphabet Inc. Class A trimmed+1.00 pp trimmed+1.003.6%
META Meta Platforms, Inc. Class A trimmed+0.45 pp trimmed+0.453.5%

Positions96 in this filing · 13 exited


AMZNAmazon.Com Inc	4.05%	36,254	$119M	trimmed−10%	+0.46 pp	34 q
DXCDXC Technology Company	4.01%	3,509,419	$118M	trimmed−23%	−0.61 pp	8 q
SPLKSplunk Inc	3.72%	754,847	$109M	trimmed−16%	+0.34 pp	2 q
GOOGLAlphabet Inc. Class A	3.62%	39,833	$106M	trimmed−3%	+1.00 pp	18 q
METAMeta Platforms, Inc. Class A	3.46%	299,560	$102M	trimmed−10%	+0.45 pp	18 q
ADTADT Inc.	3.30%	11,970,339	$97M	trimmed−12%	−0.54 pp	14 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.27%	3,596,467	$96M	trimmed−10%	+0.21 pp	4 q
TEVATeva Pharmaceutical Industries Limited	3.23%	9,748,129	$95M	trimmed−11%	+0.41 pp	16 q
FANGDiamondback Energy, Inc.	3.21%	995,316	$94M	trimmed−22%	+0.09 pp	4 q
BABAAlibaba Group Holding Limited	3.19%	632,761	$94M	added+9%	−0.24 pp	18 q
OMFOneMain Holdings, Inc.	3.02%	1,603,672	$89M	trimmed−26%	−0.36 pp	24 q
BHCBausch Health Companies Inc	2.84%	2,995,889	$83M	trimmed−10%	+0.30 pp	13 q
HWAYTivity Health Inc	2.84%	3,616,695	$83M	trimmed−3%	+0.28 pp	10 q
COFCapital One Financial	2.73%	494,906	$80M	trimmed−21%	+0.21 pp	6 q
ETEnergy Transfer LP	2.54%	7,784,599	$75M	trimmed−11%	+0.13 pp	12 q
JPMJPMorgan Chase & Co.	2.52%	451,963	$74M	trimmed−0%	+0.68 pp	13 q
TMHCTaylor Morrison Home Corporation	2.41%	2,750,552	$71M	trimmed−6%	+0.40 pp	7 q
HLFHerbalife Ltd.	2.41%	1,673,421	$71M	new	+2.41 pp	new
GMGeneral Motors Company	2.37%	1,321,687	$70M	trimmed−24%	−0.31 pp	3 q
FTCHQFarfetch Limited A	2.36%	1,853,901	$69M	trimmed−20%	−0.70 pp	8 q
DALDelta Air Lines, Inc.	2.35%	1,618,328	$69M	added+13%	+0.73 pp	34 q
WW6Willis Towers Watson Public Limited Company	2.30%	3,703,319	$68M	added+31%	−0.35 pp	4 q
BACBank of America Corporation	2.25%	1,558,279	$66M	trimmed−11%	+0.37 pp	34 q
MTTRMatterport, Inc. Class A	2.25%	3,489,786	$66M	new	+2.25 pp	new
TUPTupperware Brands Corporation	2.21%	3,076,032	$65M	added×4.0	+1.73 pp	2 q
VNTVontier Corporation	2.12%	1,855,039	$62M	trimmed−10%	+0.38 pp	3 q
SFIXStitch Fix, Inc. Class A	1.96%	1,440,613	$58M	trimmed−1%	−0.33 pp	16 q
GOOSCanada Goose Holdings Inc.	1.89%	1,557,592	$56M	trimmed−10%	−0.09 pp	7 q
AYIAcuity Inc.	1.77%	300,256	$52M	trimmed−39%	−0.62 pp	5 q
REALThe RealReal, Inc.	1.77%	3,954,884	$52M	trimmed−4%	−0.35 pp	7 q
UBERUber Technologies, Inc.	1.67%	1,094,045	$49M	trimmed−10%	+0.09 pp	5 q
RKTRocket Companies, Inc.	1.57%	2,872,456	$46M	trimmed−11%	−0.05 pp	5 q
VRMVroom, Inc.	1.53%	2,041,389	$45M	trimmed−20%	−1.24 pp	6 q
CCThe Chemours Company	1.43%	1,445,447	$42M	trimmed−26%	−0.35 pp	9 q
PGENPrecigen, Inc.	1.37%	8,059,121	$40M	trimmed−13%	−0.20 pp	32 q
SOFISoFi Technologies, Inc.	1.24%	2,299,689	$37M	trimmed−10%	−0.03 pp	3 q
CCitigroup Inc.	1.15%	483,421	$34M	trimmed−31%	−0.14 pp	34 q
KRTXKaruna Therapeutics, Inc.	1.00%	239,425	$29M	trimmed−19%	+0.12 pp	3 q
unresolvedMetromile Inc	0.97%	8,003,265	$28M	added+26%	−0.55 pp	3 q
QUOTQuotient Technology Inc	0.37%	1,851,190	$11M	trimmed−68%	−1.24 pp	24 q
UPROProShares UltraPro S&P 500	0.36%	91,800	$10M	held	—	11 q
PBIPitney Bowes Inc.	0.34%	1,396,034	$10M	added+15%	+0.06 pp	11 q
HRBH&R Block, Inc.	0.33%	390,000	$10M	trimmed−7%	+0.07 pp	3 q
unresolvedChimera Investment Corp	0.33%	656,400	$10M	trimmed−7%	+0.05 pp	5 q
VTRSViatris Inc.	0.33%	725,000	$10M	added+16%	+0.10 pp	3 q
CHSChicos FAS, Inc.	0.31%	2,043,482	$9M	trimmed−11%	−0.09 pp	10 q
VALEVale S.a.	0.30%	625,000	$9M	added+29%	+0.01 pp	2 q
APTSPreferred Apartment Communities, Inc.	0.25%	600,000	$7M	added×2.9	+0.20 pp	2 q
TDAYUSA TODAY Co., Inc.	0.23%	998,950	$7M	added+3%	+0.09 pp	5 q
NBRNabors Industries Ltd.	0.23%	70,361	$7M	added+10%	+0.04 pp	18 q
APONApollo Asset Management Inc	0.22%	104,500	$6M	trimmed−51%	−0.12 pp	9 q
35OBSculptor Capital Management	0.20%	207,400	$6M	held	—	9 q
LAZLazard, Inc.	0.19%	122,200	$6M	trimmed−8%	+0.03 pp	6 q
CGThe Carlyle Group Inc.	0.17%	105,000	$5M	held	—	7 q
OGNOrganon & Co.	0.17%	155,000	$5M	new	+0.17 pp	new
DBDDiebold Nixdorf, Incorporated	0.16%	474,250	$5M	added+55%	+0.06 pp	11 q
786Home Point Capital Inc	0.14%	1,014,045	$4M	added+65%	+0.05 pp	3 q
ARLPAlliance Resource Partners LP	0.12%	325,700	$4M	added+30%	+0.07 pp	4 q
MFAMFA Financial, Inc	0.12%	773,850	$4M	held	—	2 q
YETIYETI Holdings, Inc.	0.11%	36,700	$3M	trimmed−21%	0.00 pp	3 q
ENDPQEndo International PLC	0.10%	924,000	$3M	added+44%	+0.02 pp	22 q
EBAYeBay Inc	0.09%	39,525	$3M	held	—	6 q
GEOThe GEO Group, Inc.	0.09%	360,000	$3M	held	—	6 q
QUADQUAD/GRAPHICS, Inc.	0.09%	607,050	$3M	added+27%	+0.04 pp	11 q
TNNTenneco Inc-class A	0.09%	186,500	$3M	added+10%	+0.01 pp	3 q
BHFBrighthouse Financial, Inc.	0.07%	48,269	$2M	trimmed−11%	+0.01 pp	14 q
CNDTConduent Incorporated	0.07%	320,000	$2M	held	—	3 q
JDJD.com, Inc.	0.06%	24,424	$2M	added×3.7	+0.05 pp	6 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.05%	85,245	$1M	added+15%	−0.01 pp	14 q
UNMUnum Group	0.05%	64,495	$2M	added+13%	+0.01 pp	4 q
TTTProShares UltraPro Short 20+ Year Treasury	0.04%	33,163	$1M	new	+0.04 pp	new
VIPSVipshop Holdings Limited	0.04%	117,000	$1M	held	—	2 q
unresolvedAudacy Inc	0.03%	214,800	$790,000	trimmed−4%	0.00 pp	2 q
RVLVRevolve Group, Inc.	0.03%	12,417	$767,000	held	—	4 q
TWTRTwitter, Inc.	0.03%	12,333	$745,000	held	—	27 q
BIDUBaidu, Inc.	0.02%	3,000	$461,000	held	—	2 q
PRDOPerdoceo Education Corporation	0.02%	60,000	$634,000	held	—	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	1,187	$509,000	new	+0.02 pp	new
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.02%	25,700	$450,000	held	—	8 q
ARAntero Resources Corporation	0.01%	12,665	$238,000	trimmed−11%	0.00 pp	10 q
CMPSCOMPASS Pathways Plc American Depository Shares	0.01%	8,000	$239,000	held	—	4 q
CXWCoreCivic, Inc.	0.01%	35,000	$311,000	held	—	6 q
MSTRStrategy Inc Class A	0.01%	663	$383,000	held	—	4 q
OPENOpendoor Technologies Inc	0.01%	13,000	$267,000	held	—	4 q
unresolvedShapeways Holdings Inc	0.01%	51,039	$393,000	new	+0.01 pp	new
WFCWells Fargo & Co.	0.01%	4,750	$220,000	trimmed−38%	0.00 pp	5 q
unresolvedWheels Up Experience Inc	0.01%	250,000	$317,000	new	+0.01 pp	new
BKDBrookdale Senior Living, Inc.	0.00%	20,000	$126,000	held	—	4 q
CDEVPermian Resources Corporation	0.00%	20,000	$134,000	trimmed−20%	0.00 pp	4 q
ERFEnerplus Corporation	0.00%	10,000	$80,000	trimmed−50%	0.00 pp	6 q
unresolvedNew Oriental Ed & Tech Grp I	0.00%	20,000	$41,000	new	0.00 pp	new
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	0.00%	10,000	$118,000	held	—	5 q
unresolvedSoc Telemed Inc	0.00%	10,000	$23,000	new	0.00 pp	new
unresolvedSofi Technologies Inc	0.00%	20,000	$124,000	held	—	2 q
TMCWWTMC the metals company Inc.	0.00%	10,000	$10,000	held	—	2 q
unresolved23ANDME Holding Co	0.00%	40,000	$74,000	held	—	2 q
unresolvedDesktop Metal Inc	—	−5,091,748	—	exited	−1.52 pp	—
BABoeing Company	—	−201,174	—	exited	−1.26 pp	—
COINCoinbase Global, Inc. Class A	—	−121,185	—	exited	−0.80 pp	—
BIIBBiogen Inc.	—	−79,493	—	exited	−0.72 pp	—
unresolvedZiopharm Oncology Inc	—	−10,317,698	—	exited	−0.71 pp	—
WESWestern Midstream Partners, LP	—	−816,500	—	exited	−0.46 pp	—
unresolvedGores Holdings Vi Inc	—	−804,295	—	exited	−0.36 pp	—
unresolvedOne	—	−607,219	—	exited	−0.16 pp	—
ATCOAtlas Corp	—	−58,436	—	exited	−0.02 pp	—
CLFCleveland-Cliffs Inc.	—	−9,698	—	exited	−0.01 pp	—
UISUnisys Corporation	—	−9,600	—	exited	−0.01 pp	—
unresolvedAspirational Consumer Lifest	—	−250,000	—	exited	−0.01 pp	—
SIGSignet Jewelers Limited	—	−4,775	—	exited	−0.01 pp	—

Other 13(f) securities

Options 29

Contract	% of notional	Shares	Notional
TLT CALL	51.12%	4,868,500	$703M
JD CALL	26.56%	5,053,000	$365M
AMZN CALL	14.03%	58,700	$193M
UBER CALL	7.22%	2,216,100	$99M
F CALL	0.18%	170,000	$2M
DB CALL	0.16%	170,000	$2M
T CALL	0.08%	40,000	$1M
TWTR CALL	0.08%	17,500	$1M
BIDU CALL	0.06%	5,000	$769,000
Credit Suisse Group Spon ADR CALL	0.06%	80,000	$789,000
KHC CALL	0.05%	20,000	$736,000
PFE CALL	0.05%	15,000	$645,000
WBA CALL	0.05%	15,000	$706,000
BHC CALL	0.04%	20,000	$557,000
VTRS CALL	0.04%	40,000	$542,000
MO CALL	0.03%	10,000	$455,000
ADT CALL	0.02%	30,000	$243,000
CCL CALL	0.02%	10,000	$250,000
CXW CALL	0.02%	30,000	$267,000
Desktop Metal Inc CALL	0.02%	30,000	$215,000
M CALL	0.02%	10,000	$226,000
MSTR CALL	0.02%	500	$289,000
PBI CALL	0.02%	35,000	$252,000
SAVEQ CALL	0.02%	10,000	$259,000
TAK CALL	0.02%	20,000	$328,000
ET CALL	0.01%	10,000	$96,000
LUMN CALL	0.01%	10,000	$124,000
TEVA CALL	0.01%	10,000	$97,000
VOD CALL	0.01%	10,000	$155,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 9 unresolved
Accession: 0001085146-21-003318
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search