Miller Value Partners

Q1 2024 13F · by Bill Miller IV, CIO

As of: Mar 31, 2024
Filed: May 7, 2024
US stock: $145M · prev $163M
Positions: 29 · prev 41
Options notional: $0
Documents: 1· no amendments

Picture92.7% US stock

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

US stock listed on a US exchange 92.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 7.3%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves46 since the prior filing

+20.4 pp in · −20.4 pp out

New 5 +13.85 pp
Added 6 +6.59 pp
Trimmed 18 +0.30 pp
Exited 17 −20.74 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 75% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Positions29 in this filing · 17 exited


STLAStellantis N.V.	8.39%	430,000	$12M	trimmed−13%	+1.30 pp	4 q
TAT&T Inc.	7.14%	588,000	$10M	added+7%	+1.47 pp	4 q
JXNJackson Financial Inc.	6.96%	152,610	$10M	trimmed−24%	+0.70 pp	10 q
BFHBread Financial Holdings, Inc.	6.54%	254,770	$9M	trimmed−17%	+0.33 pp	4 q
WALWestern Alliance Bancorporation	6.39%	144,305	$9M	trimmed−17%	−0.65 pp	5 q
OMFOneMain Holdings, Inc.	5.39%	153,000	$8M	trimmed−6%	+0.51 pp	34 q
QUADQUAD/GRAPHICS, Inc.	5.24%	1,430,300	$8M	trimmed−11%	−0.07 pp	21 q
CTOCTO Realty Growth, Inc.	5.19%	443,900	$8M	added+4%	+0.64 pp	10 q
VTRSViatris Inc.	5.10%	619,000	$7M	trimmed−13%	+0.38 pp	13 q
LNCLincoln National Corp.	4.38%	198,990	$6M	new	+4.38 pp	new
CHRDChord Energy Corporation	4.26%	34,670	$6M	new	+4.26 pp	new
BCCBoise Cascade Company	4.23%	40,000	$6M	added×8.0	+3.83 pp	2 q
BKEThe Buckle, Inc.	4.17%	150,000	$6M	trimmed−9%	−0.63 pp	8 q
TDAYUSA TODAY Co., Inc.	4.15%	2,468,575	$6M	trimmed−1%	+0.64 pp	15 q
NBRNabors Industries Ltd.	4.14%	69,761	$6M	added+6%	+0.86 pp	28 q
UGIUGI Corporation	2.83%	167,000	$4M	new	+2.83 pp	new
BMYBristol-Myers Squibb Co.	2.24%	60,000	$3M	new	+2.24 pp	new
TPCTutor Perini Corporation	2.14%	214,560	$3M	trimmed−6%	+0.87 pp	9 q
GTNGray Media, Inc.	2.13%	489,188	$3M	added+21%	−0.09 pp	4 q
WIREEncore Wire Corp	1.99%	11,000	$3M	trimmed−55%	−1.19 pp	3 q
CNDTConduent Incorporated	1.67%	718,600	$2M	trimmed−1%	+0.05 pp	13 q
ARLPAlliance Resource Partners LP	1.62%	117,000	$2M	trimmed−21%	−0.31 pp	14 q
GEOThe GEO Group, Inc.	1.41%	145,000	$2M	trimmed−62%	−1.13 pp	16 q
DCHDauch Corporation	1.01%	198,355	$1M	trimmed−5%	−0.12 pp	9 q
FOSLFossil Group, Inc.	0.77%	1,091,750	$1M	added+9%	−0.12 pp	3 q
CLFCleveland-Cliffs Inc.	0.14%	9,198	$209,163	new	+0.14 pp	new
FTITechnipFMC plc	0.14%	8,185	$205,525	trimmed−81%	−0.40 pp	9 q
PBIPitney Bowes Inc.	0.12%	40,584	$175,729	trimmed−5%	0.00 pp	21 q
TEVATeva Pharmaceutical Industries Limited	0.11%	11,600	$163,676	trimmed−13%	+0.02 pp	26 q
UPROProShares UltraPro S&P 500	—	−186,950	—	exited	−6.27 pp	—
MPTMedical Properties Trust, Inc.	—	−991,000	—	exited	−2.98 pp	—
HRBH&R Block, Inc.	—	−63,000	—	exited	−1.87 pp	—
MEDMedifast, Inc.	—	−42,100	—	exited	−1.73 pp	—
BLDRBuilders FirstSource, Inc.	—	−13,000	—	exited	−1.33 pp	—
CROXCrocs, Inc.	—	−20,500	—	exited	−1.17 pp	—
CNCCentene Corporation	—	−22,000	—	exited	−1.00 pp	—
MBCMasterBrand, Inc.	—	−105,000	—	exited	−0.96 pp	—
ABNBAirbnb, Inc. Class A	—	−6,000	—	exited	−0.50 pp	—
BZHBeazer Homes USA, Inc. New	—	−23,000	—	exited	−0.48 pp	—
EXPEExpedia Group, Inc.	—	−5,000	—	exited	−0.46 pp	—
LADLithia Motors, Inc.	—	−2,000	—	exited	−0.40 pp	—
ATKRAtkore Inc.	—	−4,000	—	exited	−0.39 pp	—
PRDOPerdoceo Education Corporation	—	−35,000	—	exited	−0.38 pp	—
MTCHMatch Group, Inc	—	−14,000	—	exited	−0.31 pp	—
LYBLyondellBasell Industries N.V. Class A	—	−4,500	—	exited	−0.26 pp	—
RICKRCI Hospitality Holdings, Inc.	—	−6,100	—	exited	−0.25 pp	—