Miller Value Partners

Q2 2022 13F · by Bill Miller, CIO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $1.8B · prev $2.6B
Positions: 82 · prev 88
Options notional: $182M
Documents: 1· no amendments

Picture90.7% US stock

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

US stock listed on a US exchange 90.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 8.4%
Calls at notional value 0.8%

Moves110 since the prior filing

+10.7 pp in · −11.2 pp out

New 13 +6.92 pp
Added 19 +3.81 pp
Trimmed 36 −2.12 pp
Exited 19 −9.11 pp

Options: 23 moves on a notional base, in the table below.

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions23% of US stock

BABA Alibaba Group Holding Limited trimmed+1.82 pp trimmed+1.825.3%
OVV Ovintiv Inc. trimmed+0.40 pp trimmed+0.404.9%
MAT Mattel, Inc. trimmed+1.21 pp trimmed+1.214.6%
DXC DXC Technology Company trimmed+0.67 pp trimmed+0.674.5%
OMF OneMain Holdings, Inc. added+1.12 pp added+1.124.1%

Positions82 in this filing · 19 exited


BABAAlibaba Group Holding Limited	5.25%	824,861	$94M	trimmed−1%	+1.82 pp	21 q
OVVOvintiv Inc.	4.93%	1,990,346	$88M	trimmed−10%	+0.40 pp	3 q
MATMattel, Inc.	4.62%	3,693,887	$82M	trimmed−9%	+1.21 pp	3 q
DXCDXC Technology Company	4.46%	2,623,982	$80M	trimmed−14%	+0.67 pp	11 q
OMFOneMain Holdings, Inc.	4.13%	1,970,090	$74M	added+18%	+1.12 pp	27 q
AMZNAmazon.Com Inc	4.10%	688,931	$73M	trimmed−8%	−0.54 pp	37 q
GOOGLAlphabet Inc. Class A	4.09%	33,494	$73M	trimmed−0%	+0.54 pp	21 q
TEVATeva Pharmaceutical Industries Limited	3.93%	9,334,590	$70M	trimmed−7%	+0.34 pp	19 q
TMHCTaylor Morrison Home Corporation	3.35%	2,556,295	$60M	trimmed−9%	+0.44 pp	10 q
EXPEExpedia Group, Inc.	3.28%	616,668	$58M	new	+3.28 pp	new
ETEnergy Transfer LP	3.27%	5,856,850	$58M	added+16%	+1.13 pp	15 q
ADTADT Inc.	3.13%	9,092,137	$56M	trimmed−22%	−0.21 pp	17 q
METAMeta Platforms, Inc. Class A	3.10%	343,258	$55M	trimmed−0%	+0.19 pp	21 q
FISVFiserv, Inc.	2.93%	588,813	$52M	trimmed−6%	+0.51 pp	3 q
FANGDiamondback Energy, Inc.	2.92%	430,914	$52M	trimmed−22%	+0.04 pp	7 q
CCitigroup Inc.	2.80%	1,085,069	$50M	added+12%	+0.83 pp	37 q
DALDelta Air Lines, Inc.	2.71%	1,669,667	$48M	trimmed−17%	−0.32 pp	37 q
VNTVontier Corporation	2.62%	2,032,202	$47M	added+8%	+0.80 pp	6 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.54%	4,083,270	$45M	trimmed−12%	−1.33 pp	7 q
GMGeneral Motors Company	2.51%	1,413,001	$45M	added+1%	+0.18 pp	6 q
JPMJPMorgan Chase & Co.	2.46%	389,837	$44M	trimmed−1%	+0.42 pp	16 q
SPLKSplunk Inc	2.41%	486,126	$43M	trimmed−24%	−1.22 pp	5 q
UALUnited Airlines Holdings, Inc.	2.36%	1,187,251	$42M	new	+2.36 pp	new
CLFCleveland-Cliffs Inc.	2.25%	2,608,833	$40M	added+18%	−0.45 pp	3 q
COFCapital One Financial	1.85%	317,329	$33M	trimmed−11%	+0.06 pp	9 q
UBERUber Technologies, Inc.	1.81%	1,577,991	$32M	added+17%	−0.02 pp	8 q
KRTXKaruna Therapeutics, Inc.	1.58%	222,955	$28M	trimmed−8%	+0.42 pp	6 q
FTCHQFarfetch Limited A	1.53%	3,826,441	$27M	added+18%	−0.33 pp	11 q
BHCBausch Health Companies Inc	1.20%	2,559,386	$21M	trimmed−16%	−1.45 pp	16 q
GOOSCanada Goose Holdings Inc.	0.89%	887,101	$16M	trimmed−30%	−0.39 pp	10 q
COINCoinbase Global, Inc. Class A	0.76%	289,404	$14M	trimmed−9%	−1.54 pp	3 q
BACBank of America Corporation	0.73%	421,435	$13M	trimmed−1%	+0.06 pp	37 q
SOFISoFi Technologies, Inc.	0.65%	2,196,100	$12M	trimmed−5%	−0.18 pp	6 q
VTRSViatris Inc.	0.57%	977,500	$10M	held	—	6 q
CCThe Chemours Company	0.54%	300,000	$10M	trimmed−28%	+0.04 pp	12 q
CHSChicos FAS, Inc.	0.52%	1,869,432	$9M	trimmed−4%	+0.17 pp	13 q
VALEVale S.a.	0.48%	580,500	$8M	held	—	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.46%	21,934	$8M	new	+0.46 pp	new
ARLPAlliance Resource Partners LP	0.45%	445,000	$8M	trimmed−12%	+0.15 pp	7 q
PGENPrecigen, Inc.	0.42%	5,598,807	$8M	trimmed−12%	−0.09 pp	35 q
OGNOrganon & Co.	0.41%	215,000	$7M	added+19%	+0.17 pp	4 q
JXNJackson Financial Inc.	0.36%	237,470	$6M	added+26%	+0.04 pp	3 q
PBIPitney Bowes Inc.	0.36%	1,775,134	$6M	added+4%	+0.02 pp	14 q
CTOCTO Realty Growth, Inc.	0.33%	95,000	$6M	added+46%	+0.17 pp	3 q
HRBH&R Block, Inc.	0.31%	154,500	$5M	trimmed−62%	−0.10 pp	6 q
TDAYUSA TODAY Co., Inc.	0.26%	1,606,050	$5M	added+8%	+0.01 pp	8 q
NBRNabors Industries Ltd.	0.26%	34,606	$5M	trimmed−31%	−0.03 pp	21 q
LAZLazard, Inc.	0.25%	137,200	$4M	held	—	9 q
APOApollo Global Management, Inc.	0.23%	85,000	$4M	held	—	2 q
EXEExpand Energy Corporation	0.23%	50,000	$4M	new	+0.23 pp	new
786Home Point Capital Inc	0.22%	1,014,045	$4M	held	—	6 q
35OBSculptor Capital Management	0.20%	422,400	$4M	added+13%	0.00 pp	12 q
RILYBRC Group Holdings, Inc.	0.19%	80,000	$3M	added×8.0	+0.16 pp	2 q
BKEThe Buckle, Inc.	0.19%	120,000	$3M	new	+0.19 pp	new
QUADQUAD/GRAPHICS, Inc.	0.17%	1,088,650	$3M	added+13%	−0.08 pp	14 q
FTITechnipFMC plc	0.16%	425,200	$3M	added+5%	+0.04 pp	2 q
SPGSimon Property Group, Inc.	0.15%	29,000	$3M	new	+0.15 pp	new
DCHDauch Corporation	0.14%	328,975	$2M	added×2.4	+0.10 pp	2 q
CNDTConduent Incorporated	0.14%	575,575	$2M	trimmed−6%	+0.02 pp	6 q
GEOThe GEO Group, Inc.	0.13%	360,000	$2M	held	—	9 q
APAMArtisan Partners Asset Management Inc.	0.11%	55,000	$2M	new	+0.11 pp	new
TTTProShares UltraPro Short 20+ Year Treasury	0.07%	20,876	$1M	trimmed−24%	+0.03 pp	4 q
TUPTupperware Brands Corporation	0.07%	210,035	$1M	trimmed−93%	−2.01 pp	5 q
YETIYETI Holdings, Inc.	0.07%	30,500	$1M	held	—	6 q
WOOFoot Locker Inc	0.06%	43,640	$1M	trimmed−2%	+0.01 pp	2 q
VIPSVipshop Holdings Limited	0.06%	108,000	$1M	held	—	5 q
WESWestern Midstream Partners, LP	0.06%	46,300	$1M	new	+0.06 pp	new
BBYD20230930-DK-BUTTERFLY-1 Inc	0.04%	136,150	$677,000	added+1%	−0.08 pp	17 q
PRDOPerdoceo Education Corporation	0.04%	55,000	$648,000	held	—	5 q
CROXCrocs, Inc.	0.03%	12,000	$584,000	new	+0.03 pp	new
LPINVital Energy Inc	0.03%	7,500	$517,000	new	+0.03 pp	new
ENDPQEndo International PLC	0.03%	1,045,525	$487,000	trimmed−8%	−0.07 pp	25 q
CXWCoreCivic, Inc.	0.02%	35,000	$389,000	held	—	9 q
DODiamond Offshore Drilling, Inc.	0.02%	50,000	$294,000	new	+0.02 pp	new
TPCTutor Perini Corporation	0.01%	16,100	$141,000	trimmed−7%	0.00 pp	2 q
unresolvedWheels Up Experience Inc	0.01%	250,000	$90,000	held	—	4 q
DSDrive Shack Inc.	0.00%	10,000	$14,000	new	0.00 pp	new
unresolvedGreenidge Generation Hldgs I	0.00%	10,000	$25,000	new	0.00 pp	new
OPENOpendoor Technologies Inc	0.00%	13,000	$61,000	held	—	7 q
SDIGStronghold Digital Mining, Inc. Class A	0.00%	10,000	$17,000	trimmed−99%	−0.18 pp	3 q
TMCWWTMC the metals company Inc.	0.00%	10,000	$2,000	held	—	5 q
TALTAL Education Group	0.00%	10,000	$49,000	held	—	2 q
HWAYTivity Health Inc	—	−2,883,083	—	exited	−3.52 pp	—
HLFHerbalife Ltd.	—	−2,017,144	—	exited	−2.33 pp	—
WW6Willis Towers Watson Public Limited Company	—	−4,137,036	—	exited	−1.61 pp	—
SFIXStitch Fix, Inc. Class A	—	−1,569,629	—	exited	−0.60 pp	—
UPROProShares UltraPro S&P 500	—	−153,900	—	exited	−0.37 pp	—
CGThe Carlyle Group Inc.	—	−88,000	—	exited	−0.16 pp	—
unresolvedChimera Investment Corp	—	−341,400	—	exited	−0.16 pp	—
DBDDiebold Nixdorf, Incorporated	—	−480,000	—	exited	−0.12 pp	—
MFAMFA Financial, Inc	—	−193,462	—	exited	−0.12 pp	—
EBAYeBay Inc	—	−26,000	—	exited	−0.06 pp	—
TNNTenneco Inc-class A	—	−38,785	—	exited	−0.03 pp	—
JDJD.com, Inc.	—	−10,014	—	exited	−0.02 pp	—
UNMUnum Group	—	−6,735	—	exited	−0.01 pp	—
unresolvedDesktop Metal Inc	—	−5,000	—	exited	0.00 pp	—
unresolvedMetromile Inc	—	−15,000	—	exited	0.00 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−10,000	—	exited	0.00 pp	—
unresolved23ANDME Holding Co	—	−5,000	—	exited	0.00 pp	—
VRMVroom, Inc.	—	−10,000	—	exited	0.00 pp	—
RIGTransocean LTD.	—	−5,000	—	exited	0.00 pp	—

Other 13(f) securities

Options 36

Contract	% of notional	Shares	Notional
TLT PUT	91.17%	1,446,900	$166M
F CALL	0.92%	150,000	$2M
BIDU CALL	0.73%	9,000	$1M
DB CALL	0.72%	150,000	$1M
AMZN CALL	0.70%	12,000	$1M
T CALL	0.63%	55,000	$1M
META CALL	0.44%	5,000	$806,000
KHC CALL	0.42%	20,000	$763,000
WBA CALL	0.42%	20,000	$758,000
BABA CALL	0.37%	6,000	$682,000
BCS CALL	0.34%	82,300	$625,000
PFE CALL	0.29%	10,000	$524,000
Credit Suisse Group Spon ADR CALL	0.25%	80,000	$454,000
ZG CALL	0.22%	12,500	$398,000
PTON CALL	0.20%	40,000	$367,000
HP CALL	0.19%	8,000	$344,000
JD CALL	0.18%	5,000	$321,000
SOFI CALL	0.17%	60,000	$316,000
SLB CALL	0.16%	8,000	$286,000
NFLX CALL	0.14%	1,500	$262,000
BITO CALL	0.14%	22,500	$261,000
VTRS CALL	0.14%	25,000	$262,000
COIN CALL	0.13%	5,000	$235,000
CPNG CALL	0.10%	15,000	$191,000
PBI CALL	0.10%	50,000	$181,000
BAC CALL	0.09%	5,000	$156,000
CCL CALL	0.09%	20,000	$173,000
NOV CALL	0.09%	10,000	$169,000
Desktop Metal Inc CALL	0.08%	70,000	$154,000
VALE CALL	0.08%	10,000	$146,000
JXN CALL	0.07%	5,000	$134,000
ET CALL	0.05%	10,000	$100,000
SFIX CALL	0.05%	20,000	$99,000
RIG CALL	0.05%	30,000	$100,000
23ANDME Holding Co CALL	0.03%	20,000	$50,000
VRM CALL	0.01%	20,000	$25,000

Notes 1

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

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001085146-22-003091
SEC cross-check: SEC data set not published yet

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