13F filing recap · Q1 2014

What did Miller Value Partners buy in Q1 2014?

Reported stock-position changes between this filing and the previous one.

Stock value

$2.49B

Positions

108

Estimated turnover

16.8%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

QCOMQualcomm Inc/de$83.73Mreported value+1.06M shares GMEGamestop Corp.$49.76Mreported value+1.21M shares NSMNationstar Mortgage Holdings Inc$32.60Mreported value+1.00M shares SVUSupervalu Inc$20.19Mreported value+2.95M shares MMMillennial Media Inc$18.81Mreported value+2.72M shares NEWMEURNew Media Investment Group Inc$14.28Mreported value+950.9K shares COUPCoupons.com Incorporated$13.12Mreported value+532.4K shares CSCOCisco Systems, Inc.$6.17Mreported value+275.1K shares IBMInternational Business Machines Corp$4.56Mreported value+23.7K shares RHNORhino Resource Partners LP$998.0Kreported value+73.0K shares TPVGTriplepoint Venture Growth Bdc Corp.$975.0Kreported value+60.0K shares DINDine Brands Global, Inc.$937.0Kreported value+12.0K shares QIWQiwi Plc$901.0Kreported value+26.0K shares TALTal International Group, Inc.$879.0Kreported value+20.5K shares PMTPennymac Mortgage Investment Trust$837.0Kreported value+35.0K shares BWPBoardwalk Pipeline Partners, LP$456.0Kreported value+34.0K shares FSCFifth Street Finance Corp.$407.0Kreported value+43.0K shares SWAYInvitation Homes Inc.$116.0Kreported value+4.0K shares

Increased positions

GNWGenworth Financial, Inc.$102.31Mreported value+9.4K shares+0.2%DALDelta Air Lines, Inc.$94.17Mreported value+13.0K shares+0.5%AALAmerican Airlines Group Inc.$90.81Mreported value+11.3K shares+0.5%UALUnited Airlines Holdings, Inc.$76.26Mreported value+3.3K shares

Reduced positions

NRFNorthstar Realty Finance Corp.$85.86Mreported value-53.2K shares-1.0%NCTNewcastle Investment Corp$53.89Mreported value-26.4K shares-0.2%NFLXNetflix, Inc.$51.80Mreported value-29.3K shares-16.6%QCORQuestcor Pharmaceuticals, Inc.$43.93Mreported value-850 shares

Exited positions

SSprint Corporation$9.04Mprior reported value-841.1K shares-100.0%IVRInvesco Mortgage Capital Inc.$7.86Mprior reported value-535.4K shares-100.0%EATBrinker International, Inc.$881.0Kprior reported value-19.0K shares-100.0%DPSDr Pepper Snapple Group, Inc.$780.0Kprior reported value