13F filing recap · Q3 2014

What did Miller Value Partners buy in Q3 2014?

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

Stock value

$2.36B

Positions

112

Estimated turnover

20.3%

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

NCTNewcastle Investment Corp$47.44Mreported value+3.74M shares NRFNorthstar Realty Finance Corp.$38.75Mreported value+2.19M shares NSAMNorthstar Asset Management Group Inc.$37.95Mreported value+2.06M shares BABAAlibaba Group Holding Limited$2.22Mreported value+25.0K shares RESIAltisource Residential Corporation$1.85Mreported value+77.0K shares STONStonemor Inc$1.55Mreported value+60.0K shares CVACovanta Holding Corp$1.49Mreported value+70.0K shares NAONordic American Offshore Ltd$1.41Mreported value+80.0K shares HCIHci Group, Inc.$1.19Mreported value+33.0K shares

Increased positions

DALDelta Air Lines, Inc.$91.35Mreported value+74.0K shares+3.0%UALUnited Airlines Holdings, Inc.$81.76Mreported value+58.7K shares+3.5%AALAmerican Airlines Group Inc.$81.12Mreported value+66.5K shares+3.0%QCOMQualcomm Inc/de$77.71Mreported value+29.5K shares

Reduced positions

EFCEllington Financial Inc.$37.09Mreported value-25.0K shares-1.5%LVLTLevel 3 Communications Inc$32.96Mreported value-59.0K shares-7.6%

Exited positions

NRFNorthstar Realty Finance Corp.$69.74Mprior reported value-4.01M shares-100.0%NCTNewcastle Investment Corp$52.92Mprior reported value-11.05M shares-100.0%APOLApollo Education Group, Inc.$26.36Mprior reported value-843.4K shares-100.0%IACPeople Inc.$24.10Mprior reported value