Bill Miller - Miller Value Partners
Bill Miller - Miller Value Partners Q3 2024 Portfolio
Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 30 security holdings in their SEC 13F filing for the third quarter of 2024, with a total portfolio value of $177,151,000
Bill Miller’s Miller Value Partners Q3 2024 top 10 portfolio holdings analysis
BFH – Bread Financial Holdings Inc.
Portfolio Allocation: 6.94%
Recent Activity: Added 1.47%
Shares Held: 258,530
Reported Price: $47.58 per share
Value at Reported Price: $12,301,000
Bread Financial, a provider of financial services and payment solutions, remains a notable position, with a small increase in shares. This investment aligns with Miller’s focus on companies in financial services with growth potential and steady cash flows.
LNC – Lincoln National
Portfolio Allocation: 6.82%
Recent Activity: Added 16.20%
Shares Held: 383,215
Reported Price: $31.51 per share
Value at Reported Price: $12,075,000
Lincoln National, an insurance and retirement solutions provider, saw a significant addition in shares, reflecting confidence in the financial sector. The increase suggests that Miller sees value in Lincoln’s long-term growth prospects amid rising demand for retirement products.
JXN – Jackson Financial Inc.
Portfolio Allocation: 6.71%
Recent Activity: Reduced 10.63%
Shares Held: 130,335
Reported Price: $91.23 per share
Value at Reported Price: $11,890,000
Jackson Financial, a major player in retirement annuities, experienced a reduction in shares. This trim may reflect a rebalancing decision while maintaining exposure to the insurance and financial services sector.
T – AT&T Inc.
Portfolio Allocation: 6.62%
Recent Activity: Reduced 9.35%
Shares Held: 533,000
Reported Price: $22.00 per share
Value at Reported Price: $11,726,000
AT&T, a telecommunications giant, saw a reduction in shares. As a provider of wireless and broadband services, AT&T offers steady cash flow, but the decrease may indicate caution regarding telecom sector challenges or portfolio reallocation.
WAL – Western Alliance Bancorp
Portfolio Allocation: 6.49%
Recent Activity: Reduced 6.45%
Shares Held: 132,945
Reported Price: $86.49 per share
Value at Reported Price: $11,498,000
Western Alliance Bancorp, a regional bank, also saw a reduction. This bank offers exposure to the financial sector, with stable earnings from traditional banking services, but the reduction might suggest a strategic move to diversify the portfolio.
NBR – Nabors Industries Ltd.
Portfolio Allocation: 5.13%
Recent Activity: Added 36.04%
Shares Held: 140,965
Reported Price: $64.47 per share
Value at Reported Price: $9,088,000
Nabors Industries, an oil and gas drilling contractor, saw a substantial increase. The addition suggests Miller’s confidence in energy sector recovery, as Nabors stands to benefit from higher drilling activity amid favorable energy prices.
QUAD – Quad/Graphics Inc.
Portfolio Allocation: 4.83%
Recent Activity: Added 30.19%
Shares Held: 1,883,815
Reported Price: $4.54 per share
Value at Reported Price: $8,553,000
Quad/Graphics, a printing and marketing services provider, saw a large addition. This position may reflect Miller’s interest in undervalued industrial companies with niche market positions and potential for turnaround or growth in marketing services.
MSTR – MicroStrategy Inc.
Portfolio Allocation: 4.78%
Recent Activity: New Buy
Shares Held: 50,250
Reported Price: $168.60 per share
Value at Reported Price: $8,472,000
MicroStrategy, a business intelligence company with significant Bitcoin holdings, is a new addition. This investment could indicate Miller’s interest in technology and cryptocurrency exposure, given MicroStrategy’s prominent position in both fields.
GTN – Gray Television Inc.
Portfolio Allocation: 4.41%
Recent Activity: Added 88.85%
Shares Held: 1,458,120
Reported Price: $5.36 per share
Value at Reported Price: $7,816,000
Gray Television, a television broadcast company, saw a substantial increase. This addition reflects confidence in the media sector, particularly in regional broadcasting, which provides steady ad revenue and local viewership.
GCI – Gannett Co.
Portfolio Allocation: 4.35%
Recent Activity: Reduced 9.96%
Shares Held: 1,371,435
Reported Price: $5.62 per share
Value at Reported Price: $7,707,000
Gannett, a publishing company and one of the largest newspaper publishers, experienced a reduction in shares. This reduction may indicate a cautious stance in traditional media, balancing the portfolio’s exposure to both digital and print news sectors.
Analysis of Bill Miller’s Q3 2024 Portfolio Strategy
1. Focus on Financial Services and Insurance
With significant holdings in Bread Financial, Lincoln National, and Jackson Financial, Miller’s portfolio shows a strong interest in financial services and insurance, capitalizing on steady demand and potential growth in retirement and annuity products.
2. Increased Exposure to Energy and Industrial Companies
Substantial additions to Nabors Industries and Quad/Graphics indicate confidence in energy and industrial sectors. These investments may align with a value-oriented approach, targeting companies that stand to benefit from economic recovery and rising energy demand.
3. Strategic Addition of Technology and Media Holdings
The new position in MicroStrategy and increased holdings in Gray Television demonstrate Miller’s interest in technology, cryptocurrency exposure, and media. The investment in MicroStrategy could signal an opportunistic approach to tech with an added cryptocurrency angle.
Conclusion
Bill Miller’s Q3 2024 portfolio reflects a balanced approach with a focus on financial services, energy, and selective technology and media investments. With strategic additions in energy and a new buy in cryptocurrency-leaning MicroStrategy, Miller’s portfolio aligns with a value-driven, opportunistic investment style, capturing both traditional and emerging sector growth.
Who is Bill Miller ?
1950:
Bill Miller is born in Laurinburg, North Carolina.
1968:
Graduates from Miami Palmetto Senior High School.
1972:
Graduates with honors from Washington and Lee University with a degree in economics. Joins the U.S. Army, serving until 1975, and attains the rank of Captain.
Late 1970s: Pursues graduate studies in philosophy at Johns Hopkins University while working part-time in accounting.
1981:
Joins Legg Mason Capital Management as a security analyst.
1986:
Receives his Chartered Financial Analyst (CFA) designation.
1991-2005:
Manages a portfolio that beats the S&P 500 Index for 15 consecutive years.
2007:
Elected chairman and chief investment officer of Legg Mason Capital Management.
2012:
Turns over the Legg Mason Value Trust to Sam Peters.
2016:
Ends his relationship with Legg Mason.
2018:
Makes a $75 million donation to the philosophy department of Johns Hopkins University, the largest-ever gift to a philosophy department.
2021:
Donates $50 million to support Johns Hopkins’s physics and astronomy department.
2022:
Marries fellow Johns Hopkins University Trustee Heather Miller in June.
Interesting Facts:
Bill Miller is an early investor in Amazon, Bitcoin, and Valeant Pharmaceuticals throughout his career.
Bill Miller's Investing Principles
The world changes. This is the biggest problem in markets.
Bill Miller
Our approach can be summarized with the phrase “lowest average cost wins.
Bill Miller
Almost every value trap is the result of people extrapolating past returns on capital and past valuations onto a different situation today.
Bill Miller
The more things people worry about the better for an investor, because those worries are already instantiated in the overall market.
Bill Miller
People often say there’s lots of uncertainty, but when was there ever certainty in the markets, the economy, or the future? I’m just trying to understand the present.
Bill Miller
I think that most individual investors make great mistakes when they try and time the market, and try and think about what’s the best stock to buy now.
Bill Miller
If you have a valuation discipline, then you know that stock prices change more rapidly than business value. You also know that rising stock prices mean lower future rates of return and falling stock prices mean higher rates of return.
Bill Miller