Miller Value Partners

Q1 2022 13F · by Bill Miller, CIO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $2.6B · prev $2.8B
Positions: 88 · prev 94
Options notional: $472M
Documents: 1· no amendments

Picture84.7% US stock

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

US stock listed on a US exchange 84.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 10.6%
Calls at notional value 4.5%

Moves133 since the prior filing

+6.6 pp in · −6.6 pp out

New 12 +0.45 pp
Added 32 +6.17 pp
Trimmed 33 −4.15 pp
Exited 18 −2.41 pp

Options: 38 moves on a notional base, in the table below.

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

AMZN Amazon.Com Inc trimmed+0.14 pp trimmed+0.144.6%
OVV Ovintiv Inc. added+1.92 pp added+1.924.5%
NCLH Norwegian Cruise Line Holdings Ltd. added+0.46 pp added+0.463.9%
DXC DXC Technology Company trimmed−0.22 pp trimmed−0.223.8%
SPLK Splunk Inc trimmed+0.72 pp trimmed+0.723.6%

Positions88 in this filing · 18 exited


AMZNAmazon.Com Inc	4.64%	37,440	$122M	trimmed−2%	+0.14 pp	36 q
OVVOvintiv Inc.	4.53%	2,205,999	$119M	added+1%	+1.92 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.87%	4,653,502	$102M	added0%	+0.46 pp	6 q
DXCDXC Technology Company	3.79%	3,061,070	$100M	trimmed−13%	−0.22 pp	10 q
SPLKSplunk Inc	3.63%	643,477	$96M	trimmed−9%	+0.72 pp	4 q
TEVATeva Pharmaceutical Industries Limited	3.59%	10,058,739	$94M	added+4%	+0.85 pp	18 q
GOOGLAlphabet Inc. Class A	3.55%	33,649	$94M	trimmed−0%	+0.10 pp	20 q
HWAYTivity Health Inc	3.52%	2,883,083	$93M	trimmed−21%	+0.10 pp	12 q
BABAAlibaba Group Holding Limited	3.43%	829,067	$90M	added+23%	+0.60 pp	20 q
MATMattel, Inc.	3.41%	4,039,508	$90M	added+1%	+0.35 pp	2 q
ADTADT Inc.	3.34%	11,598,827	$88M	trimmed−0%	−0.12 pp	16 q
DALDelta Air Lines, Inc.	3.03%	2,018,341	$80M	added0%	+0.24 pp	36 q
OMFOneMain Holdings, Inc.	3.01%	1,671,290	$79M	added+6%	+0.22 pp	26 q
METAMeta Platforms, Inc. Class A	2.91%	344,047	$77M	added+11%	−0.78 pp	20 q
TMHCTaylor Morrison Home Corporation	2.91%	2,818,095	$77M	added+1%	−0.54 pp	9 q
FANGDiamondback Energy, Inc.	2.88%	553,534	$76M	trimmed−44%	−0.91 pp	6 q
CLFCleveland-Cliffs Inc.	2.70%	2,210,816	$71M	added×228.0	+2.69 pp	2 q
BHCBausch Health Companies Inc	2.65%	3,055,227	$70M	added0%	−0.32 pp	15 q
FISVFiserv, Inc.	2.42%	629,281	$64M	added+24%	+0.56 pp	2 q
GMGeneral Motors Company	2.33%	1,402,832	$61M	added0%	−0.57 pp	5 q
HLFHerbalife Ltd.	2.33%	2,017,144	$61M	trimmed−3%	−0.67 pp	3 q
COINCoinbase Global, Inc. Class A	2.30%	318,998	$61M	added+30%	+0.12 pp	2 q
ETEnergy Transfer LP	2.14%	5,038,858	$56M	trimmed−12%	+0.48 pp	14 q
TUPTupperware Brands Corporation	2.08%	2,818,326	$55M	added0%	+0.56 pp	4 q
JPMJPMorgan Chase & Co.	2.04%	394,190	$54M	trimmed−3%	−0.23 pp	15 q
CCitigroup Inc.	1.97%	970,807	$52M	added×17.7	+1.85 pp	36 q
FTCHQFarfetch Limited A	1.86%	3,237,951	$49M	added+40%	−0.87 pp	10 q
UBERUber Technologies, Inc.	1.83%	1,347,896	$48M	added+10%	+0.01 pp	7 q
VNTVontier Corporation	1.82%	1,884,582	$48M	added0%	−0.22 pp	5 q
COFCapital One Financial	1.79%	358,507	$47M	trimmed−13%	−0.33 pp	8 q
WW6Willis Towers Watson Public Limited Company	1.61%	4,137,036	$42M	added0%	−0.74 pp	6 q
GOOSCanada Goose Holdings Inc.	1.28%	1,275,206	$34M	trimmed−9%	−0.57 pp	9 q
KRTXKaruna Therapeutics, Inc.	1.16%	241,848	$31M	added0%	+0.04 pp	5 q
SOFISoFi Technologies, Inc.	0.83%	2,319,678	$22M	added0%	−0.47 pp	5 q
BACBank of America Corporation	0.67%	425,302	$18M	trimmed−69%	−1.52 pp	36 q
SFIXStitch Fix, Inc. Class A	0.60%	1,569,629	$16M	trimmed−7%	−0.53 pp	18 q
PGENPrecigen, Inc.	0.51%	6,391,355	$13M	trimmed−1%	−0.33 pp	34 q
CCThe Chemours Company	0.50%	415,600	$13M	added+9%	+0.05 pp	11 q
VALEVale S.a.	0.44%	580,500	$12M	trimmed−20%	+0.08 pp	4 q
HRBH&R Block, Inc.	0.41%	410,000	$11M	held	—	5 q
VTRSViatris Inc.	0.40%	977,500	$11M	added+6%	−0.04 pp	5 q
UPROProShares UltraPro S&P 500	0.37%	153,900	$10M	trimmed−16%	−0.13 pp	13 q
CHSChicos FAS, Inc.	0.35%	1,944,982	$9M	trimmed−2%	−0.03 pp	12 q
PBIPitney Bowes Inc.	0.34%	1,709,159	$9M	added+9%	−0.03 pp	13 q
JXNJackson Financial Inc.	0.32%	188,950	$8M	added+99%	+0.18 pp	2 q
ARLPAlliance Resource Partners LP	0.30%	508,000	$8M	trimmed−15%	+0.03 pp	6 q
NBRNabors Industries Ltd.	0.29%	49,851	$8M	trimmed−37%	+0.06 pp	20 q
TDAYUSA TODAY Co., Inc.	0.25%	1,482,650	$7M	added+37%	+0.05 pp	7 q
QUADQUAD/GRAPHICS, Inc.	0.25%	964,925	$7M	trimmed−5%	+0.11 pp	13 q
OGNOrganon & Co.	0.24%	180,000	$6M	held	—	3 q
APOApollo Global Management, Inc.	0.20%	85,000	$5M	new	+0.20 pp	new
35OBSculptor Capital Management	0.20%	372,400	$5M	held	—	11 q
SDIGStronghold Digital Mining, Inc. Class A	0.18%	798,441	$5M	added+15%	−0.14 pp	2 q
LAZLazard, Inc.	0.18%	137,200	$5M	added+12%	−0.01 pp	8 q
CGThe Carlyle Group Inc.	0.16%	88,000	$4M	held	—	9 q
unresolvedChimera Investment Corp	0.16%	341,400	$4M	trimmed−39%	−0.14 pp	7 q
CTOCTO Realty Growth, Inc.	0.16%	65,000	$4M	added+30%	+0.05 pp	2 q
BBYD20230930-DK-BUTTERFLY-1 Inc	0.12%	134,550	$3M	trimmed−21%	+0.03 pp	16 q
CNDTConduent Incorporated	0.12%	611,700	$3M	added+85%	+0.06 pp	5 q
DBDDiebold Nixdorf, Incorporated	0.12%	480,000	$3M	trimmed−9%	−0.05 pp	13 q
786Home Point Capital Inc	0.12%	1,014,045	$3M	held	—	5 q
MFAMFA Financial, Inc	0.12%	773,850	$3M	held	—	4 q
FTITechnipFMC plc	0.12%	403,700	$3M	new	+0.12 pp	new
ENDPQEndo International PLC	0.10%	1,130,950	$3M	added×2.4	+0.04 pp	24 q
GEOThe GEO Group, Inc.	0.09%	360,000	$2M	held	—	8 q
YETIYETI Holdings, Inc.	0.07%	30,500	$2M	trimmed−8%	−0.03 pp	5 q
EBAYeBay Inc	0.06%	26,000	$1M	trimmed−26%	−0.02 pp	8 q
WOOFoot Locker Inc	0.05%	44,440	$1M	new	+0.05 pp	new
DCHDauch Corporation	0.04%	139,375	$1M	new	+0.04 pp	new
TTTProShares UltraPro Short 20+ Year Treasury	0.04%	27,374	$1M	trimmed−19%	0.00 pp	3 q
VIPSVipshop Holdings Limited	0.04%	108,000	$972,000	trimmed−8%	+0.01 pp	4 q
RILYBRC Group Holdings, Inc.	0.03%	10,000	$700,000	new	+0.03 pp	new
TNNTenneco Inc-class A	0.03%	38,785	$711,000	trimmed−89%	−0.11 pp	5 q
JDJD.com, Inc.	0.02%	10,014	$580,000	trimmed−51%	−0.03 pp	8 q
PRDOPerdoceo Education Corporation	0.02%	55,000	$631,000	trimmed−8%	0.00 pp	4 q
CXWCoreCivic, Inc.	0.01%	35,000	$391,000	held	—	8 q
TPCTutor Perini Corporation	0.01%	17,350	$187,000	new	+0.01 pp	new
UNMUnum Group	0.01%	6,735	$212,000	trimmed−89%	−0.04 pp	6 q
unresolvedWheels Up Experience Inc	0.01%	250,000	$132,000	held	—	3 q
unresolvedDesktop Metal Inc	0.00%	5,000	$24,000	new	0.00 pp	new
unresolvedMetromile Inc	0.00%	15,000	$20,000	new	0.00 pp	new
unresolvedNew Oriental Ed & Tech Grp I	0.00%	10,000	$11,000	trimmed−50%	0.00 pp	3 q
OPENOpendoor Technologies Inc	0.00%	13,000	$112,000	held	—	6 q
TMCWWTMC the metals company Inc.	0.00%	10,000	$6,000	held	—	4 q
TALTAL Education Group	0.00%	10,000	$30,000	new	0.00 pp	new
unresolved23ANDME Holding Co	0.00%	5,000	$19,000	new	0.00 pp	new
VRMVroom, Inc.	0.00%	10,000	$27,000	new	0.00 pp	new
RIGTransocean LTD.	0.00%	5,000	$23,000	new	0.00 pp	new
REALThe RealReal, Inc.	—	−3,082,073	—	exited	−1.27 pp	—
RKTRocket Companies, Inc.	—	−917,297	—	exited	−0.45 pp	—
APTSPreferred Apartment Communities, Inc.	—	−396,000	—	exited	−0.25 pp	—
WESWestern Midstream Partners, LP	—	−249,700	—	exited	−0.20 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−4,685	—	exited	−0.08 pp	—
unresolvedShapeways Holdings Inc	—	−629,300	—	exited	−0.08 pp	—
BIDUBaidu, Inc.	—	−3,000	—	exited	−0.02 pp	—
TWTRTwitter, Inc.	—	−12,333	—	exited	−0.02 pp	—
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	—	−25,700	—	exited	−0.02 pp	—
ARAntero Resources Corporation	—	−11,425	—	exited	−0.01 pp	—
BHFBrighthouse Financial, Inc.	—	−4,274	—	exited	−0.01 pp	—
unresolvedAudacy Inc	—	−10,000	—	exited	0.00 pp	—
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 A	—	−15,000	—	exited	0.00 pp	—
BKDBrookdale Senior Living, Inc.	—	−10,000	—	exited	0.00 pp	—
CDEVPermian Resources Corporation	—	−10,000	—	exited	0.00 pp	—
ERFEnerplus Corporation	—	−10,000	—	exited	0.00 pp	—
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	—	−10,000	—	exited	0.00 pp	—
unresolvedSoc Telemed Inc	—	−10,000	—	exited	0.00 pp	—

Other 13(f) securities

Options 37

Contract	% of notional	Shares	Notional
TLT PUT	70.08%	2,502,500	$331M
JD CALL	24.94%	2,032,400	$118M
UBER CALL	0.60%	79,900	$3M
TWTR CALL	0.41%	50,000	$2M
DB CALL	0.40%	150,000	$2M
F CALL	0.36%	100,000	$2M
META CALL	0.24%	5,000	$1M
PTON CALL	0.22%	40,000	$1M
T CALL	0.21%	55,000	$981,000
AMZN CALL	0.21%	300	$978,000
BIDU CALL	0.21%	7,500	$992,000
WBA CALL	0.19%	20,000	$895,000
KHC CALL	0.17%	20,000	$788,000
BCS CALL	0.14%	82,300	$650,000
Credit Suisse Group Spon ADR CALL	0.13%	80,000	$628,000
SOFI CALL	0.12%	60,000	$567,000
PFE CALL	0.11%	10,000	$518,000
COIN CALL	0.10%	2,500	$475,000
MSTR CALL	0.10%	1,000	$486,000
ZG CALL	0.10%	10,000	$493,000
CCL CALL	0.09%	20,000	$404,000
HP CALL	0.09%	10,000	$428,000
SLB CALL	0.09%	10,000	$413,000
SAVEQ CALL	0.09%	20,000	$437,000
BITO CALL	0.08%	12,500	$357,000
VALE CALL	0.08%	20,000	$400,000
Desktop Metal Inc CALL	0.07%	70,000	$332,000
BABA CALL	0.06%	2,500	$272,000
CPNG CALL	0.06%	15,000	$265,000
PBI CALL	0.06%	50,000	$260,000
ET CALL	0.05%	20,000	$224,000
VTRS CALL	0.05%	20,400	$222,000
NOV CALL	0.04%	10,000	$196,000
SFIX CALL	0.02%	10,000	$101,000
23ANDME Holding Co CALL	0.02%	20,000	$77,000
RIG CALL	0.02%	20,000	$91,000
VRM CALL	0.01%	20,000	$53,000

Notes 1

Issue	% of notes	Principal	Value
Microstrategy Inc	100.00%	1,900,000	$3M

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0001085146-22-002148
SEC cross-check: SEC data set not published yet

Search