13F filing recap · Q4 2015

What did Miller Value Partners buy in Q4 2015?

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

Stock value

$2.61B

Positions

Estimated turnover

19.8%

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

OMFOnemain Holdings, Inc.$33.65Mreported value+810.0K shares QUOTQuotient Technology Inc$30.91Mreported value+4.53M shares QRTEALiberty Ventures Series A$20.34Mreported value+744.3K shares SPYSPDR S&P 500 ETF Trust$14.83Mreported value+72.8K shares MTCHMatch Group, Inc.$8.27Mreported value+610.5K shares NRFNorthstar Realty Finance Corp.$1.93Mreported value+113.5K shares NRENorthstar Realty Europe Corp.$447.0Kreported value+37.8K shares

Increased positions

DALDelta Air Lines, Inc.$130.37Mreported value+167.6K shares+7.0%AALAmerican Airlines Group Inc.$109.54Mreported value+182.2K shares+7.6%UALUnited Airlines Holdings, Inc.$103.74Mreported value+127.2K shares+7.6%LENLennar Corp /new/$101.01Mreported value+146.4K shares

Reduced positions

NEWMEURNew Media Investment Group Inc$4.38Mreported value-75.0K shares-25.0%

Exited positions

ZUZulily Inc$39.29Mprior reported value-2.26M shares-100.0%COUPCoupons.com Incorporated$35.03Mprior reported value-3.89M shares-100.0%LEAFSpringleaf Holdings Inc$32.66Mprior reported value-747.1K shares-100.0%NRFNorthstar Realty Finance Corp.$2.80Mprior reported value-226.9K shares