The value investor placed his bets on two names that enjoyed a surge in travel demand over the summer.
Value investor Bill Miller placed his bets on the reopening play last quarter after adding shares in Expedia and United Airlines . Miller added a new holding in travel name Expedia in the second quarter, according to a recent 13F filing. As of June 30, the investor held 616,700 shares totaling $58.5 million, according to InsiderScore. The stock accounts for 3% of the portfolio.
Expedia surpassed estimates on both the top and bottom lines, while United Airlines hit a key milestone of returning to profitability without the benefit of federal aid for the first time since the pandemic disrupted its business. Whether Miller held on to these stocks in the current quarter is unknown, but both have advanced on the back of a broader market rally since the end of June. Shares of Expedia are down 37% this year, but have since rebounded 19% in the calendar third quarter.
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