Miller Value Partners

Q1 2023 13F · by Bill Miller, CIO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $1.6B · prev $1.5B
Positions: 89 · prev 79
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves92 since the prior filing

+7.8 pp in · −7.7 pp out

New 19 +4.50 pp
Added 20 +3.34 pp
Trimmed 39 −3.98 pp
Exited 9 −3.76 pp

Options: 5 moves on a notional base, in the table below.

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions22% of US stock

Positions89 in this filing · 9 exited


OMFOneMain Holdings, Inc.	4.83%	2,082,068	$77M	trimmed−1%	+0.31 pp	30 q
EXPEExpedia Group, Inc.	4.72%	778,059	$75M	trimmed−1%	+0.27 pp	4 q
AMZNAmazon.Com Inc	4.49%	694,966	$72M	added+3%	+0.85 pp	40 q
TMHCTaylor Morrison Home Corporation	4.00%	1,673,110	$64M	trimmed−22%	−0.22 pp	13 q
GOOGLAlphabet Inc. Class A	3.88%	598,779	$62M	trimmed−3%	+0.37 pp	24 q
ETEnergy Transfer LP	3.86%	4,951,231	$62M	trimmed−1%	+0.03 pp	18 q
METAMeta Platforms, Inc. Class A	3.83%	288,714	$61M	added+5%	+1.69 pp	24 q
MATMattel, Inc.	3.77%	3,271,319	$60M	trimmed−3%	−0.10 pp	6 q
DALDelta Air Lines, Inc.	3.63%	1,661,680	$58M	trimmed−1%	+0.07 pp	40 q
BABAAlibaba Group Holding Limited	3.37%	526,847	$54M	trimmed−6%	+0.19 pp	24 q
CCitigroup Inc.	3.22%	1,099,482	$52M	added+7%	+0.21 pp	40 q
OVVOvintiv Inc.	2.99%	1,326,541	$48M	trimmed−9%	−1.79 pp	6 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.98%	3,547,135	$48M	trimmed−7%	−0.03 pp	10 q
GMGeneral Motors Company	2.80%	1,218,742	$45M	trimmed−9%	−0.11 pp	9 q
GOOSCanada Goose Holdings Inc.	2.79%	2,318,816	$45M	added+4%	+0.22 pp	13 q
UBERUber Technologies, Inc.	2.74%	1,382,513	$44M	trimmed−17%	+0.08 pp	11 q
UALUnited Airlines Holdings, Inc.	2.74%	991,821	$44M	trimmed−1%	+0.30 pp	4 q
TNLTravel + Leisure Co.	2.43%	989,487	$39M	trimmed−1%	+0.08 pp	2 q
COINCoinbase Global, Inc. Class A	2.34%	552,926	$37M	trimmed−23%	+0.70 pp	6 q
SPLKSplunk Inc	2.31%	385,585	$37M	trimmed−1%	+0.15 pp	8 q
EXEExpand Energy Corporation	2.25%	472,989	$36M	added+23%	−0.09 pp	4 q
JPMJPMorgan Chase & Co.	2.20%	269,917	$35M	trimmed−23%	−0.82 pp	19 q
TEVATeva Pharmaceutical Industries Limited	2.17%	3,929,784	$35M	trimmed−24%	−0.86 pp	22 q
COFCapital One Financial	2.12%	353,310	$34M	added+18%	+0.32 pp	12 q
CLFCleveland-Cliffs Inc.	2.03%	1,768,192	$32M	trimmed−12%	−0.05 pp	6 q
FISVFiserv, Inc.	2.03%	287,648	$33M	trimmed−25%	−0.47 pp	6 q
KRTXKaruna Therapeutics, Inc.	1.87%	164,998	$30M	added+14%	+0.03 pp	9 q
FTCHQFarfetch Limited A	1.86%	6,048,099	$30M	trimmed−12%	−0.23 pp	14 q
SOFISoFi Technologies, Inc.	1.79%	4,711,202	$29M	trimmed−4%	+0.33 pp	9 q
UBSUBS Group AG	1.57%	1,178,255	$25M	new	+1.57 pp	new
PTONPeloton Interactive, Inc. Class A	1.32%	1,854,465	$21M	new	+1.32 pp	new
SFIXStitch Fix, Inc. Class A	1.03%	3,227,325	$16M	trimmed−24%	+0.18 pp	3 q
ADTADT Inc.	0.93%	2,051,454	$15M	trimmed−39%	−1.03 pp	20 q
PGENPrecigen, Inc.	0.63%	9,503,782	$10M	new	+0.63 pp	new
VTRSViatris Inc.	0.53%	883,500	$8M	trimmed−6%	−0.15 pp	9 q
JXNJackson Financial Inc.	0.49%	209,225	$8M	trimmed−16%	−0.07 pp	6 q
CHSChicos FAS, Inc.	0.47%	1,355,922	$7M	added+7%	+0.07 pp	16 q
UPROProShares UltraPro S&P 500	0.45%	186,950	$7M	new	+0.45 pp	new
BKEThe Buckle, Inc.	0.44%	195,000	$7M	trimmed−15%	−0.23 pp	4 q
CTOCTO Realty Growth, Inc.	0.44%	411,900	$7M	added+8%	−0.01 pp	6 q
QUADQUAD/GRAPHICS, Inc.	0.41%	1,512,850	$6M	added+4%	+0.03 pp	17 q
VALEVale S.a.	0.38%	390,001	$6M	trimmed−21%	−0.16 pp	8 q
ARLPAlliance Resource Partners LP	0.37%	293,000	$6M	trimmed−10%	−0.06 pp	10 q
MPTMedical Properties Trust, Inc.	0.35%	687,000	$6M	added+18%	−0.07 pp	3 q
OGNOrganon & Co.	0.34%	230,000	$5M	held	—	7 q
NBRNabors Industries Ltd.	0.33%	43,386	$5M	added+12%	−0.06 pp	24 q
MEDMedifast, Inc.	0.29%	44,800	$5M	added+42%	+0.06 pp	2 q
TDAYUSA TODAY Co., Inc.	0.27%	2,331,275	$4M	added+30%	+0.03 pp	11 q
MDCM.D.C. Holdings, Inc.	0.26%	107,000	$4M	new	+0.26 pp	new
LAZLazard, Inc.	0.24%	117,200	$4M	trimmed−8%	−0.04 pp	12 q
RILYBRC Group Holdings, Inc.	0.23%	132,300	$4M	added+51%	+0.04 pp	5 q
GEOThe GEO Group, Inc.	0.19%	383,000	$3M	held	—	12 q
DCHDauch Corporation	0.18%	374,925	$3M	added+10%	+0.01 pp	5 q
CCThe Chemours Company	0.18%	95,000	$3M	trimmed−62%	−0.31 pp	15 q
TPCTutor Perini Corporation	0.14%	352,815	$2M	added+15%	−0.01 pp	5 q
APAMArtisan Partners Asset Management Inc.	0.13%	63,000	$2M	held	—	4 q
MHOM/I Homes, Inc.	0.13%	33,505	$2M	trimmed−20%	0.00 pp	2 q
WALWestern Alliance Bancorporation	0.13%	58,400	$2M	new	+0.13 pp	new
FTITechnipFMC plc	0.13%	147,545	$2M	trimmed−47%	−0.09 pp	5 q
BLDRBuilders FirstSource, Inc.	0.12%	21,500	$2M	held	—	2 q
CROXCrocs, Inc.	0.11%	13,500	$2M	trimmed−10%	0.00 pp	4 q
CWHCamping World Holdings, Inc.	0.09%	67,000	$1M	held	—	3 q
CNDTConduent Incorporated	0.08%	361,550	$1M	added+13%	0.00 pp	9 q
ABNBAirbnb, Inc. Class A	0.07%	9,500	$1M	new	+0.07 pp	new
PBIPitney Bowes Inc.	0.07%	292,184	$1M	trimmed−24%	−0.02 pp	17 q
BZHBeazer Homes USA, Inc. New	0.05%	50,000	$794,000	held	—	2 q
DODiamond Offshore Drilling, Inc.	0.05%	60,000	$722,400	trimmed−14%	0.00 pp	4 q
TUPTupperware Brands Corporation	0.05%	346,426	$866,065	added×3.5	+0.02 pp	8 q
ATKRAtkore Inc.	0.04%	5,000	$702,400	held	—	2 q
WOOFoot Locker Inc	0.03%	12,540	$497,713	trimmed−41%	−0.02 pp	5 q
MTCHMatch Group, Inc	0.03%	14,000	$537,460	new	+0.03 pp	new
PRDOPerdoceo Education Corporation	0.03%	35,000	$470,050	held	—	8 q
35OBSculptor Capital Management	0.03%	65,000	$559,650	trimmed−82%	−0.17 pp	15 q
LYBLyondellBasell Industries N.V. Class A	0.03%	4,500	$422,505	trimmed−44%	−0.01 pp	2 q
BBXBluegreen Vacations Holding	0.02%	10,000	$273,800	held	—	2 q
MBCMasterBrand, Inc.	0.02%	40,000	$321,600	new	+0.02 pp	new
RICKRCI Hospitality Holdings, Inc.	0.02%	5,000	$390,850	new	+0.02 pp	new
IHRTiHeartMedia, Inc. Class A	0.01%	30,000	$117,000	held	—	3 q
LADLithia Motors, Inc.	0.01%	1,000	$228,930	held	—	2 q
unresolvedDesktop Metal Inc	0.00%	10,000	$23,000	added×2.0	0.00 pp	3 q
unresolvedGreenidge Generation Hldgs I	0.00%	10,000	$4,520	new	0.00 pp	new
OPENOpendoor Technologies Inc	0.00%	15,000	$26,400	new	0.00 pp	new
unresolvedShapeways Holdings Inc	0.00%	10,000	$3,432	new	0.00 pp	new
SDCCQSmiledirectclub Inc A	0.00%	10,000	$4,300	new	0.00 pp	new
SDIGStronghold Digital Mining, Inc. Class A	0.00%	10,000	$6,200	new	0.00 pp	new
TMCTMC the metals company Inc.	0.00%	20,000	$16,578	new	0.00 pp	new
VRMVroom, Inc.	0.00%	10,000	$8,987	new	0.00 pp	new
unresolvedWheels Up Experience Inc	0.00%	10,000	$6,328	new	0.00 pp	new
WW6Willis Towers Watson Public Limited Company	0.00%	10,000	$41,200	new	0.00 pp	new
SICPSilvergate Capital Corp A	—	−1,423,984	—	exited	−1.60 pp	—
DXCDXC Technology Company	—	−558,816	—	exited	−0.96 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−20,062	—	exited	−0.50 pp	—
APOApollo Global Management, Inc.	—	−66,000	—	exited	−0.27 pp	—
SPGSimon Property Group, Inc.	—	−29,000	—	exited	−0.22 pp	—
TROWT Rowe Price Group Inc	—	−19,175	—	exited	−0.14 pp	—
Microstrategy Incconvertible	—	−1,900,000	—	exited	−0.06 pp	—
DBDeutsche Bank Aktiengesellschaft	—	−8,000	—	exited	−0.01 pp	—
BCSBarclays PLC	—	−8,000	—	exited	0.00 pp	—