Bill Miller - Legg Mason Value Trust Q4-2011 Fund Investing Strategies By Dividend Yield – Stock Capital, Investment. Here is a current portfolio update of Bill Miller’s - Legg Mason Value Trust - portfolio movements as of Q4/2011 (December 31, 2011). In total, he has 46 stocks with a total portfolio worth of USD 2,521,007,000.
Portfolio Strategy:
The Fund's manager uses a value-investment discipline to determine when a company’s stock price represents a large discount to his assessment of the company’s intrinsic value (the value of all the qualitative and quantitative aspects of the company's business). To determine intrinsic value, the manager focuses on a company's cash earnings, discounting projected future cash flows to see what they are worth today. The manager takes a long-term approach, generally holding securities for long periods to realize the growth potential, resulting in relatively low portfolio turnover.
Bill Miller’s fund positions as of Q4/2011 with actual share movements:
| Sym - Stock | Portfolio Weight | Recent activity | Reported Price* |
| AAPL - Apple Inc. | 4.02 | Add 4.43% | $405.00 |
| GE - General Electric | 3.13 | Reduce 4.09% | $17.91 |
| PFE - Pfizer Inc. | 2.83 | Reduce 9.35% | $21.64 |
| MET - MetLife Inc. | 2.72 | Add 29.76% | $31.18 |
| EBAY - eBay Inc. | 2.65 | Reduce 11.76% | $30.33 |
| BLK - BlackRock Inc. | 2.65 | Reduce 11.54% | $178.24 |
| PM - Philip Morris Intl. | 2.65 | Reduce 22.52% | $78.48 |
| COP - ConocoPhillips | 2.6 | Reduce 9.77% | $72.87 |
| MSFT - Microsoft Corp. | 2.57 | Reduce 26.27% | $25.96 |
| PNC - PNC Financial Services | 2.52 | Reduce 15.16% | $57.67 |
| TWX - Time Warner Inc. | 2.44 | Reduce 10.29% | $36.14 |
| WFC - Wells Fargo | 2.41 | Reduce 23.93% | $27.56 |
| NLY - Annaly Capital Management Inc. | 2.41 | Reduce 1.03% | $15.96 |
| AFL - AFLAC Inc. | 2.4 | Add 0.26% | $43.26 |
| JPM - JPMorgan Chase & Co. | 2.37 | Reduce 5.01% | $33.25 |
| PEP - PepsiCo Inc. | 2.37 | Reduce 17.97% | $66.35 |
| GOOG - Google Inc. | 2.31 | Buy | $645.90 |
| CVS - CVS Caremark Corp. | 2.26 | Reduce 17.43% | $40.78 |
| PG - Procter & Gamble | 2.25 | Reduce 14.78% | $66.71 |
| TEVA - Teva Pharmaceutical Industries Ltd. | 2.24 | Add 0.26% | $40.36 |
| ABT - Abbott Labs | 2.23 | Add 5.54% | $56.23 |
| CSCO - Cisco Systems | 2.22 | Reduce 20.30% | $18.08 |
| BP - BP plc | 2.2 | Reduce 6.88% | $42.74 |
| TXN - Texas Instruments | 2.19 | Reduce 9.28% | $29.11 |
| JNJ - Johnson & Johnson | 2.15 | Reduce 2.69% | $65.58 |
| C - Citigroup Inc. | 2.09 | Reduce 4.51% | $26.31 |
| CVX - Chevron Corp. | 2.08 | Reduce 29.29% | $106.40 |
| EMC - EMC Corp. | 2.05 | Reduce 7.44% | $21.54 |
| LOW - Lowe's Cos. | 2.01 | Buy | $25.38 |
| MDT - Medtronic Inc. | 1.97 | Reduce 18.53% | $38.25 |
| QCOM - QUALCOMM Inc. | 1.95 | Reduce 24.80% | $54.70 |
| UAL - United Continental Holdings | 1.95 | Reduce 13.10% | $18.87 |
| AMZN - Amazon Corp. | 1.92 | Reduce 19.79% | $173.10 |
| F - Ford Motor | 1.92 | Add 4.93% | $10.76 |
| NSC - Norfolk Southern Corp. | 1.88 | Add 0.26% | $72.86 |
| CELG - Celgene Corp. | 1.88 | Reduce 6.42% | $67.60 |
| AET - Aetna Inc. | 1.84 | Reduce 26.47% | $42.19 |
| IBM - International Bus. Machines | 1.82 | Reduce 28.39% | $183.88 |
| UNH - United Health Group Inc. | 1.81 | Reduce 24.80% | $50.68 |
| TGT - Target Corp. | 1.63 | Reduce 38.30% | $51.22 |
| UTX - United Technologies | 1.59 | Reduce 8.09% | $73.09 |
| YUM - Yum! Brands Inc. | 1.58 | Reduce 28.76% | $59.01 |
| INTC - Intel Corp. | 1.54 | Reduce 49.87% | $24.25 |
| PH - Parker-Hannifin | 1.51 | Add 67.11% | $76.25 |
| GRPN - Groupon Inc. | 1.23 | Buy | $20.63 |
| FITB - Fifth Third Bancorp | 0.96 | Buy | $12.72 |
Related Stock Ticker:
AAPL, GE, PFE, MET, EBAY, BLK, PM, COP, MSFT, PNC, TWX, WFC, NLY, AFL, JPM, PEP, GOOG, CVS, PG, TEVA, ABT, CSCO, BP, TXN, JNJ, C, CVX, EMC, LOW, MDT, QCOM, UAL, AMZN, F, NSC, CELG, AET, IBM, UNH, TGT, UTX, YUM, INTC, PH, GRPN, FITB