Value investor Bill Miller positioned his bets on the reopening play final quarter after including shares in Expedia and United Airlines . Miller added a brand new holding in journey title Expedia in the second quarter, in response to a latest 13F submitting. As of June 30, the investor held 616,700 shares totaling $58.5 million, in response to InsiderScore. The inventory accounts for 3% of the portfolio. He additionally purchased shares of United Airlines for the primary time since exiting the inventory after the second quarter of 2020, when flights had been grounded due to the pandemic. Miller added 1.19 million shares price about $42.1 million, which accounts for two.1% of the investor’s portfolio. The holdings signaled Miller’s confidence in the reopening theme over the summer season, when scads of vacationers snatched up airline tickets and reserved lodge rooms in spite of delayed flights and rising costs. Both corporations mentioned a surge in journey demand boosted second-quarter outcomes, although United faces challenges from increased gas costs. Expedia surpassed estimates on each the highest and backside traces, whereas United Airlines hit a key milestone of returning to profitability with out the good thing about federal support for the primary time for the reason that pandemic disrupted its enterprise. Whether Miller held on to those shares in the present quarter is unknown, however each have superior on the again of a broader market rally for the reason that finish of June. Shares of Expedia are down 37% this yr, however have since rebounded 19% in the calendar third quarter. The inventory has outperformed the 13% achieve in the S & P 500 over the identical time interval. Meanwhile, United Airlines is 11% decrease this yr, however has rallied 9% in the present quarter — a spike that underperformed the broader market index. The founding father of Miller Value Partners constructed his status for market-beating returns in the Nineties and 2000s. Miller managed the Legg Mason Capital Management Value Trust, which outperformed the S & P 500 from 1991 to 2005. Miller additionally co-manages the Miller Opportunity Trust , a fund with roughly $2.1 billion in belongings below administration. The fund is down 22% this yr, however over a three-year interval, it has returned an annualized 9%, in response to Morningstar . Other high holdings in the Miller Opportunity Trust embody Chinese e-commerce firm Alibaba , pure gasoline agency Ovintiv and toy firm Mattel .