Q2 2026 holdings · 8 filings on record
Miller Value Partners LLC
Bill Miller IV · Bill Miller (founder)
Miller Value Partners began in 1999 as a joint venture between Bill Miller and Legg Mason, where Miller had worked since 1981 and became director of research. Miller bought out Legg Mason's stake in 2017, making the firm independent. He stopped managing its funds at the end of 2022, and his son, Bill Miller IV, was named chairman and chief investment officer in 2023. The son controls the firm today, while a trust of his father's remains a minority owner. The firm calls value investing core to its philosophy, looks beyond traditional financial measures to judge what a business is worth, and runs flexible portfolios of its best ideas.
AI-written, awaiting an editor · as of Oct 31, 2026 · not from the filings · 6 sources
- Miller Value Partners: Our team millervalue.com ↗
- Miller Value Partners: Home millervalue.com ↗
- Miller Value Partners: Approach millervalue.com ↗
- SEC: Miller Income Fund supplement, December 2022 sec.gov ↗
- SEC: Miller Opportunity Trust supplement, December 2022 sec.gov ↗
- SEC: Form ADV, Miller Value Partners reports.adviserinfo.sec.gov ↗
Holdings
On June 30, 2026, Miller Value Partners LLC held 56 positions in US-listed stocks worth $423.1 million. The ten largest were 52.8% of it.
- 3DIREXION SHARES ETF TRUSTSPUUDAILY 500 2X ETF$24.6M5.8%
The other 6 positions, worth $2.8 million (0.7% of the total), are in the filing.
What this filing cannot show
A 13F is a partial picture. Here is the part that is missing.
It lists long positions in US-listed stocks and options only. Not short positions, cash, ordinary bonds, anything listed only abroad, anything private, or anything bought and sold inside the quarter.
What is a 13F?
A quarterly SEC filing where large investment managers list the long positions in US-listed stocks and options they held at the end of the quarter. It is a snapshot, filed up to 45 days after that date.
Why is this list weeks old?
Managers have 45 days after each quarter ends to file, and most of the funds we track file on the last permitted day. So the newest list still describes where the fund stood weeks ago, and the market has moved since.
What does “behaves like” mean?
How many equal-sized positions would be exactly this concentrated. Ten positions of the same size behave like 10. Ten positions where one holds most of the money behave like fewer than 2. It is 1 divided by the sum of each position’s squared share of the total.
Why are two lines sometimes the same company?
Each line is one security as the manager filed it. Two share classes of one company, or a company’s stock and its convertible notes, are separate lines in the filing, and they stay separate here.
Filing history
8 filings on record.
| Quarter ended | Reported to the SEC | Positions | Source |
|---|---|---|---|
| Jun 30, 2026 | Aug 14, 2026 | 56 | Open the SEC filing ↗ |
| Mar 31, 2026 | May 15, 2026 | 55 | Open the SEC filing ↗ |
| Dec 31, 2025 | Feb 17, 2026 | 34 | Open the SEC filing ↗ |
| Sep 30, 2025 | Nov 14, 2025 | 36 | Open the SEC filing ↗ |
| Jun 30, 2025 | Aug 14, 2025 | 33 | Open the SEC filing ↗ |
| Mar 31, 2025 | May 15, 2025 | 34 | Open the SEC filing ↗ |
| Dec 31, 2024 | Feb 14, 2025 | 33 | Open the SEC filing ↗ |
| Sep 30, 2024 | Nov 14, 2024 | 30 | Open the SEC filing ↗ |
Where a manager later amended a filing, the date shown is the amendment’s. Every filing from this fund at the SEC ↗
⚠️ Public information, sourced from SEC 13F filings. A 13F shows long US-listed positions only; it cannot show shorts, cash, ordinary bonds, foreign lines, or anything bought and sold within the quarter. Values are the manager’s own quarter-end figures, filed up to 45 days later. Not financial advice.