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Miller Value Partners

Q4 2021 13F · by Bill Miller, CIO

As of
Dec 31, 2021
Filed
Feb 14, 2022
US stock
$2.8B · prev $2.9B
Positions
94 · prev 96
Options notional
$825M
Documents
1· no amendments

Picture77.4% US stock

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

  • US stock listed on a US exchange 77.4%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 10.3%
  • Calls at notional value 12.2%

Moves112 since the prior filing

+14.8 pp in · −14.9 pp out

Options: 24 moves on a notional base, in the table below.

The book

Focused · behaves like 38 equal-sized positions

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

High turnover · 115% a year, about 0.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions19% of US stock

  1. AMZN Amazon.Com Inc added+0.45 pp added+0.454.5%
  2. DXC DXC Technology Company added0.00 pp added0.004.0%
  3. FANG Diamondback Energy, Inc. trimmed+0.58 pp trimmed+0.583.8%
  4. META Meta Platforms, Inc. Class A added+0.23 pp added+0.233.7%
  5. ADT ADT Inc. trimmed+0.16 pp trimmed+0.163.5%

Positions94 in this filing · 12 exited

AMZNAmazon.Com Inc4.50%38,159$127Madded+5%+0.45 pp35 q
DXCDXC Technology Company4.01%3,518,738$113Madded0%0.00 pp9 q
FANGDiamondback Energy, Inc.3.79%994,110$107Mtrimmed−0%+0.58 pp5 q
METAMeta Platforms, Inc. Class A3.69%310,444$104Madded+4%+0.23 pp19 q
ADTADT Inc.3.46%11,639,690$98Mtrimmed−3%+0.16 pp15 q
GOOGLAlphabet Inc. Class A3.45%33,699$98Mtrimmed−15%−0.17 pp19 q
TMHCTaylor Morrison Home Corporation3.45%2,790,201$98Madded+1%+1.04 pp8 q
HWAYTivity Health Inc3.42%3,658,303$97Madded+1%+0.58 pp11 q
NCLHNorwegian Cruise Line Holdings Ltd.3.41%4,645,710$96Madded+29%+0.14 pp5 q
MATMattel, Inc.3.06%4,017,205$87Mnew+3.06 ppnew
HLFHerbalife Ltd.3.00%2,073,976$85Madded+24%+0.59 pp2 q
BHCBausch Health Companies Inc2.97%3,043,128$84Madded+2%+0.13 pp14 q
SPLKSplunk Inc2.91%709,766$82Mtrimmed−6%−0.81 pp3 q
GMGeneral Motors Company2.90%1,398,715$82Madded+6%+0.53 pp4 q
BABAAlibaba Group Holding Limited2.83%672,788$80Madded+6%−0.36 pp19 q
DALDelta Air Lines, Inc.2.79%2,015,530$79Madded+25%+0.44 pp35 q
OMFOneMain Holdings, Inc.2.79%1,573,995$79Mtrimmed−2%−0.23 pp25 q
TEVATeva Pharmaceutical Industries Limited2.74%9,659,519$77Mtrimmed−1%−0.49 pp17 q
FTCHQFarfetch Limited A2.73%2,312,725$77Madded+25%+0.37 pp9 q
OVVOvintiv Inc.2.61%2,192,797$74Mnew+2.61 ppnew
WW6Willis Towers Watson Public Limited Company2.35%4,121,012$66Madded+11%+0.05 pp5 q
JPMJPMorgan Chase & Co.2.27%405,209$64Mtrimmed−10%−0.25 pp14 q
BACBank of America Corporation2.19%1,390,742$62Mtrimmed−11%−0.06 pp35 q
COINCoinbase Global, Inc. Class A2.18%244,750$62Mnew+2.18 ppnew
COFCapital One Financial2.12%412,804$60Mtrimmed−17%−0.61 pp7 q
VNTVontier Corporation2.04%1,879,283$58Madded+1%−0.08 pp4 q
FISVFiserv, Inc.1.86%507,383$53Mnew+1.86 ppnew
GOOSCanada Goose Holdings Inc.1.85%1,408,791$52Mtrimmed−10%−0.04 pp8 q
UBERUber Technologies, Inc.1.82%1,229,057$52Madded+12%+0.15 pp6 q
ETEnergy Transfer LP1.66%5,701,107$47Mtrimmed−27%−0.88 pp13 q
TUPTupperware Brands Corporation1.52%2,816,481$43Mtrimmed−8%−0.69 pp3 q
SOFISoFi Technologies, Inc.1.30%2,317,936$37Madded+1%+0.06 pp4 q
REALThe RealReal, Inc.1.27%3,082,073$36Mtrimmed−22%−0.50 pp8 q
SFIXStitch Fix, Inc. Class A1.13%1,683,080$32Madded+17%−0.83 pp17 q
KRTXKaruna Therapeutics, Inc.1.12%241,323$32Madded+1%+0.12 pp4 q
PGENPrecigen, Inc.0.84%6,433,938$24Mtrimmed−20%−0.53 pp33 q
UPROProShares UltraPro S&P 5000.50%91,800$14Mheld—12 q
CCThe Chemours Company0.45%382,600$13Mtrimmed−74%−0.98 pp10 q
RKTRocket Companies, Inc.0.45%917,297$13Mtrimmed−68%−1.12 pp6 q
VTRSViatris Inc.0.44%925,000$13Madded+28%+0.11 pp4 q
CHSChicos FAS, Inc.0.38%1,991,982$11Mtrimmed−3%+0.07 pp11 q
PBIPitney Bowes Inc.0.37%1,566,534$10Madded+12%+0.03 pp12 q
VALEVale S.a.0.36%725,000$10Madded+16%+0.06 pp3 q
HRBH&R Block, Inc.0.34%410,000$10Madded+5%+0.01 pp4 q
SDIGStronghold Digital Mining, Inc. Class A0.32%695,441$9Mnew+0.32 ppnew
unresolvedChimera Investment Corp0.30%561,400$8Mtrimmed−14%−0.03 pp6 q
35OBSculptor Capital Management0.28%372,400$8Madded+80%+0.08 pp10 q
ARLPAlliance Resource Partners LP0.27%600,700$8Madded+84%+0.15 pp5 q
APTSPreferred Apartment Communities, Inc.0.25%396,000$7Mtrimmed−34%0.00 pp3 q
NBRNabors Industries Ltd.0.23%79,161$6Madded+13%0.00 pp19 q
TDAYUSA TODAY Co., Inc.0.20%1,085,900$6Madded+9%−0.03 pp6 q
WESWestern Midstream Partners, LP0.20%249,700$6Mnew+0.20 ppnew
OGNOrganon & Co.0.19%180,000$5Madded+16%+0.02 pp2 q
LAZLazard, Inc.0.19%122,200$5Mheld—7 q
CGThe Carlyle Group Inc.0.17%88,000$5Mtrimmed−16%0.00 pp8 q
DBDDiebold Nixdorf, Incorporated0.17%530,250$5Madded+12%+0.01 pp12 q
786Home Point Capital Inc0.16%1,014,045$5Mheld—4 q
JXNJackson Financial Inc.0.14%95,000$4Mnew+0.14 ppnew
QUADQUAD/GRAPHICS, Inc.0.14%1,013,875$4Madded+67%+0.05 pp12 q
TNNTenneco Inc-class A0.14%339,630$4Madded+82%+0.05 pp4 q
CCitigroup Inc.0.12%55,000$3Mtrimmed−89%−1.03 pp35 q
MFAMFA Financial, Inc0.12%773,850$4Mheld—3 q
CTOCTO Realty Growth, Inc.0.11%50,000$3Mnew+0.11 ppnew
GEOThe GEO Group, Inc.0.10%360,000$3Mheld—7 q
YETIYETI Holdings, Inc.0.10%33,000$3Mtrimmed−10%−0.01 pp4 q
BBYD20230930-DK-BUTTERFLY-1 Inc0.09%170,850$2Madded×2.0+0.04 pp15 q
EBAYeBay Inc0.08%35,000$2Mtrimmed−11%−0.01 pp7 q
SPYState Street SPDR S&P 500 ETF Trust0.08%4,685$2Madded×3.9+0.06 pp2 q
unresolvedShapeways Holdings Inc0.08%629,300$2Madded×12.3+0.07 pp2 q
CNDTConduent Incorporated0.06%330,975$2Madded+3%−0.01 pp4 q
ENDPQEndo International PLC0.06%476,200$2Mtrimmed−48%−0.04 pp23 q
JDJD.com, Inc.0.05%20,476$1Mtrimmed−16%−0.01 pp7 q
UNMUnum Group0.05%61,125$2Mtrimmed−5%0.00 pp5 q
TTTProShares UltraPro Short 20+ Year Treasury0.04%33,973$1Madded+2%0.00 pp2 q
VIPSVipshop Holdings Limited0.03%117,000$983,000held—3 q
BIDUBaidu, Inc.0.02%3,000$446,000held—3 q
PRDOPerdoceo Education Corporation0.02%60,000$706,000held—3 q
TWTRTwitter, Inc.0.02%12,333$533,000held—28 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value0.02%25,700$464,000held—9 q
ARAntero Resources Corporation0.01%11,425$200,000trimmed−10%0.00 pp11 q
BHFBrighthouse Financial, Inc.0.01%4,274$221,000trimmed−91%−0.06 pp15 q
CLFCleveland-Cliffs Inc.0.01%9,698$211,000new+0.01 ppnew
CXWCoreCivic, Inc.0.01%35,000$349,000held—7 q
OPENOpendoor Technologies Inc0.01%13,000$190,000held—5 q
unresolvedWheels Up Experience Inc0.01%250,000$205,000held—2 q
unresolvedAudacy Inc0.00%10,000$26,000trimmed−95%−0.03 pp3 q
BKKT/WSBakkt, Inc. Warrants to purchase Class A Each Warrant entitles to purchase 1/25th of a share of Class A at an exercise price of $287.50 for one share of Class A0.00%15,000$37,000new0.00 ppnew
BKDBrookdale Senior Living, Inc.0.00%10,000$52,000trimmed−50%0.00 pp5 q
CDEVPermian Resources Corporation0.00%10,000$60,000trimmed−50%0.00 pp5 q
ERFEnerplus Corporation0.00%10,000$106,000held—7 q
unresolvedNew Oriental Ed & Tech Grp I0.00%20,000$42,000held—2 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase0.00%10,000$126,000held—6 q
unresolvedSoc Telemed Inc0.00%10,000$13,000held—2 q
TMCWWTMC the metals company Inc.0.00%10,000$3,000held—3 q
MTTRMatterport, Inc. Class A—−3,489,786—exited−2.25 pp—
AYIAcuity Inc.—−300,256—exited−1.77 pp—
VRMVroom, Inc.—−2,041,389—exited−1.53 pp—
unresolvedMetromile Inc—−8,003,265—exited−0.97 pp—
QUOTQuotient Technology Inc—−1,851,190—exited−0.37 pp—
APONApollo Asset Management Inc—−104,500—exited−0.22 pp—
RVLVRevolve Group, Inc.—−12,417—exited−0.03 pp—
CMPSCOMPASS Pathways Plc American Depository Shares—−8,000—exited−0.01 pp—
MSTRStrategy Inc Class A—−663—exited−0.01 pp—
WFCWells Fargo & Co.—−4,750—exited−0.01 pp—
unresolvedSofi Technologies Inc—−20,000—exited0.00 pp—
unresolved23ANDME Holding Co—−40,000—exited0.00 pp—

Other 13(f) securities

Options 35

Contract% of notionalSharesNotional
TLT PUT45.80%2,549,500$378M
AMZN CALL23.49%58,100$194M
JD CALL21.18%2,492,900$175M
UBER CALL6.96%1,368,600$57M
F CALL0.26%105,000$2M
DB CALL0.26%170,000$2M
BIDU CALL0.23%12,500$2M
TWTR CALL0.21%40,000$2M
T CALL0.16%55,000$1M
PFE CALL0.14%20,000$1M
KHC CALL0.13%30,000$1M
WBA CALL0.13%20,000$1M
VALE CALL0.10%60,000$841,000
Credit Suisse Group Spon ADR CALL0.09%80,000$771,000
Z CALL0.08%10,000$639,000
BHC CALL0.07%20,000$552,000
VTRS CALL0.07%40,000$541,000
MO CALL0.06%10,000$474,000
BCS CALL0.06%50,000$518,000
SOFI CALL0.06%30,000$474,000
CCL CALL0.05%20,000$402,000
CPNG CALL0.05%15,000$441,000
SAVEQ CALL0.05%20,000$437,000
CXW CALL0.04%30,000$299,000
Desktop Metal Inc CALL0.04%70,000$347,000
PTON CALL0.04%10,000$358,000
PBI CALL0.04%50,000$332,000
ADT CALL0.03%30,000$252,000
MSTR CALL0.03%500$272,000
TAK CALL0.03%20,000$273,000
LUMN CALL0.02%10,000$126,000
VOD CALL0.02%10,000$149,000
ET CALL0.01%10,000$82,000
TEVA CALL0.01%10,000$80,000
23ANDME Holding Co CALL0.01%10,000$67,000

Notes 0

None in this filing

Source

Form
13F-HR
Reading
0 defects · 6 unresolved
Accession
0001085146-22-001016
Notes
none in this filing
SEC cross-check
SEC data set not published yet