13F filing recap · Q4 2014

What did Miller Value Partners buy in Q4 2014?

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

Stock value

$2.55B

Positions

Estimated turnover

38.3%

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

PAHElement Solutions Inc$83.63Mreported value+3.60M shares FCAUFiat Chrysler Automobiles N.v.$69.29Mreported value+5.98M shares PCLNBooking Holdings Inc$52.26Mreported value+45.8K shares EIGIEndurance International Group Holdings Inc$43.02Mreported value+2.33M shares ARCPVereit Inc$3.21Mreported value+355.0K shares OXLCOxford Lane Capital Corp.$972.0Kreported value+65.0K shares SNR1USDNew Senior Investment Group Inc.$592.0Kreported value+36.0K shares RITMRithm Capital Corp.$559.0Kreported value+43.8K shares

Increased positions

AALAmerican Airlines Group Inc.$128.78Mreported value+115.0K shares+5.0%GNWGenworth Financial, Inc.$88.14Mreported value+4.83M shares+87.1%PHMPultegroup, Inc.$88.05Mreported value+848.8K shares+26.1%NXPINxp Semiconductors N.v.$83.62Mreported value+417.8K shares

Reduced positions

DALDelta Air Lines, Inc.$118.12Mreported value-125.7K shares-5.0%UALUnited Airlines Holdings, Inc.$116.43Mreported value-6.7K shares-0.4%MTGMgic Investment Corp$81.62Mreported value-26.7K shares-0.3%QCOMQualcomm Inc/de$77.07Mreported value-2.4K shares

Exited positions

HIGThe Hartford Insurance Group, Inc.$53.43Mprior reported value-1.43M shares-100.0%NCTNewcastle Investment Corp$47.44Mprior reported value-3.74M shares-100.0%AGOAssured Guaranty Ltd$46.51Mprior reported value-2.10M shares-100.0%MSFTMicrosoft Corporation$34.58Mprior reported value