Bill Miller - Miller Value Partners

Bill Miller - Miller Value Partners Q2 2024 Portfolio

Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 28 security holdings in their SEC 13F filing for the second quarter of 2024, with a total portfolio value of $149,664,000

As of Q2 2024, Bill Miller’s Miller Value Partners portfolio shows a combination of strategic additions and reductions, reflecting a nuanced approach to managing risk and capturing value in various sectors. Here’s a detailed overview of the top holdings:

 

BFH – Bread Financial Holdings Inc.

  • Portfolio Allocation: 7.59%
  • Recent Activity: Slightly increased holdings by 0.01%.
  • Shares Held: 254,785.
  • Reported Price: $44.56 per share.
  • Value at Reported Price: $11,353,000.
  • Current Price: $53.46 per share.
  • Price Change: +19.97%.
  • 52-Week Range: $25.67 – $55.44.

 

Bread Financial Holdings saw a minimal increase in shares, with a notable rise in current price, reflecting strong performance and Miller’s confidence in the company’s financial services.

 

T – AT&T Inc.

  • Portfolio Allocation: 7.51%
  • Recent Activity: No change in holdings.
  • Shares Held: 588,000.
  • Reported Price: $19.11 per share.
  • Value at Reported Price: $11,237,000.
  • Current Price: $19.09 per share.
  • Price Change: -0.10%.
  • 52-Week Range: $13.03 – $19.99.

 

AT&T remains a stable position in the portfolio, with the current price close to the reported price, reflecting Miller’s continued belief in the telecommunications giant’s potential amidst steady market conditions.

 

JXN – Jackson Financial Inc.

  • Portfolio Allocation: 7.24%
  • Recent Activity: Reduced holdings by 4.44%.
  • Shares Held: 145,835.
  • Reported Price: $74.26 per share.
  • Value at Reported Price: $10,830,000.
  • Current Price: $87.48 per share.
  • Price Change: +17.80%.
  • 52-Week Range: $31.22 – $89.63.

 

Jackson Financial saw a reduction in holdings, but the current price has appreciated significantly, indicating strong market performance and strategic profit-taking.

 

LNC – Lincoln National

  • Portfolio Allocation: 6.85%
  • Recent Activity: Increased holdings by 65.72%.
  • Shares Held: 329,775.
  • Reported Price: $31.10 per share.
  • Value at Reported Price: $10,256,000.
  • Current Price: $30.67 per share.
  • Price Change: -1.38%.
  • 52-Week Range: $19.93 – $36.46.

 

Lincoln National saw a substantial increase in shares, reflecting Miller’s confidence in the insurance sector despite a slight decrease in current price from the reported price.

 

WAL – Western Alliance Bancorp

  • Portfolio Allocation: 5.96%
  • Recent Activity: Reduced holdings by 1.52%.
  • Shares Held: 142,105.
  • Reported Price: $62.82 per share.
  • Value at Reported Price: $8,927,000.
  • Current Price: $77.03 per share.
  • Price Change: +22.62%.
  • 52-Week Range: $38.06 – $82.48.

 

Western Alliance Bancorp’s position was slightly reduced, but the current price has significantly increased, indicating strong performance in the regional banking sector.

 

STLA – Stellantis N.V.

  • Portfolio Allocation: 5.57%
  • Recent Activity: Reduced holdings by 2.33%.
  • Shares Held: 420,000.
  • Reported Price: $19.85 per share.
  • Value at Reported Price: $8,337,000.
  • Current Price: $15.84 per share.
  • Price Change: -20.20%.
  • 52-Week Range: $15.12 – $27.62.

 

Stellantis saw a reduction in holdings, likely due to the significant drop in current price, reflecting a cautious approach in the automotive sector.

 

QUAD – Quad/Graphics Inc.

  • Portfolio Allocation: 5.27%
  • Recent Activity: Increased holdings by 1.17%.
  • Shares Held: 1,447,015.
  • Reported Price: $5.45 per share.
  • Value at Reported Price: $7,886,000.
  • Current Price: $4.47 per share.
  • Price Change: -17.98%.
  • 52-Week Range: $3.85 – $6.56.

 

Quad/Graphics saw an increase in holdings despite a drop in current price, indicating Miller’s long-term confidence in the company’s printing and marketing services.

 

CTO – CTO Realty Growth Inc.

  • Portfolio Allocation: 5.18%
  • Recent Activity: No change in holdings.
  • Shares Held: 443,900.
  • Reported Price: $17.46 per share.
  • Value at Reported Price: $7,750,000.
  • Current Price: $19.22 per share.
  • Price Change: +10.08%.
  • 52-Week Range: $14.62 – $20.28.

 

CTO Realty Growth remains a stable position with a notable increase in current price, reflecting positive market sentiment towards real estate investments.

 

CHRD – Chord Energy

  • Portfolio Allocation: 5.04%
  • Recent Activity: Increased holdings by 29.71%.
  • Shares Held: 44,970.
  • Reported Price: $167.69 per share.
  • Value at Reported Price: $7,541,000.
  • Current Price: $154.40 per share.
  • Price Change: -7.93%.
  • 52-Week Range: $143.05 – $188.02.

 

Chord Energy saw a significant increase in shares, reflecting confidence in the energy sector despite a drop in current price, suggesting a long-term view on energy market recovery.

 

NBR – Nabors Industries Ltd.

  • Portfolio Allocation: 4.93%
  • Recent Activity: Increased holdings by 48.54%.
  • Shares Held: 103,620.
  • Reported Price: $71.16 per share.
  • Value at Reported Price: $7,374,000.
  • Current Price: $86.13 per share.
  • Price Change: +21.04%.
  • 52-Week Range: $59.90 – $141.47.

 

Nabors Industries saw a significant increase in holdings with a notable rise in current price, reflecting strong confidence in the oilfield services sector.

 

Analysis of Top Holdings:

 

1.   Bread Financial Holdings Inc.: Slight increase, with a strong rise in current price, reflecting confidence in financial services.

2.   AT&T Inc.: Stable position with minimal price change, indicating continued belief in telecommunications.

3.   Jackson Financial Inc.: Reduced position, with a significant rise in price, likely indicating strategic profit-taking.

4.   Lincoln National: Substantial increase in holdings despite a slight price decline, reflecting confidence in the insurance sector.

5.   Western Alliance Bancorp: Slight reduction, with a strong price increase, indicating continued strength in regional banking.

6.   Stellantis N.V.: Reduced position amidst a significant price drop, indicating a cautious stance in the automotive sector.

7.   Quad/Graphics Inc.: Increased position despite price decline, reflecting long-term confidence in the company.

8.   CTO Realty Growth Inc.: Stable position with price appreciation, indicating positive outlook on real estate.

9.   Chord Energy: Significant increase in holdings despite a price drop, suggesting a long-term view on energy market recovery.

10.                 Nabors Industries Ltd.: Large increase with strong price appreciation, indicating confidence in the oilfield services sector.

 

Overall, Bill Miller’s Q2 2024 portfolio adjustments reflect a strategic mix of additions in sectors with potential for long-term growth, while taking profits in certain positions to manage risk. The portfolio remains diversified across financial services, telecommunications, energy, and real estate, positioning it to capture value in both stable and volatile market conditions.

 

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

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