13F
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Miller Investment Management, LP

13F equity value
$1.0B
Positions
86
Top 10 concentration
75.1%
Quarters / total new picks
23 / 40
13F equity value over time
$0M$512M$1B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 23 quarters, returned -0.8% per quarter — versus +2.3% per quarter from simply owning every 13F stock. It beat that baseline in only 34.8% of quarters (excess t = -1.04, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-4.6%
t-stat
-1.04
Quarterly win rate
35%
Annualized excess
-14.3%
$1 → follow vs universe
$0.66 vs $1.49
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220191231: universe 0.75220200331: universe 0.90720200630: universe 1.00120200930: universe 1.22820201231: universe 1.28420210630: universe 1.38720210930: universe 1.24520211231: universe 1.06020220331: universe 1.13820221231: universe 1.05720231231: universe 1.10420240331: universe 1.12920240630: universe 1.23120240930: universe 1.22120241231: universe 1.13920250331: universe 1.24220250630: universe 1.28120250930: universe 1.44120251231: universe 1.490 20180331: follow 1.03420180630: follow 0.92420181231: follow 1.07820190331: follow 0.91520191231: follow 0.93120200331: follow 0.77220200630: follow 0.82020200930: follow 0.84820201231: follow 0.85420210630: follow 1.02020210930: follow 0.99420211231: follow 0.68920220331: follow 0.73120221231: follow 0.62920231231: follow 0.80220240331: follow 0.78920240630: follow 0.94220240930: follow 0.78720241231: follow 0.80420250331: follow 0.75820250630: follow 0.70920250930: follow 0.82420251231: follow 0.656 0.58 1.09 1.61 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 86 · 2026 Q1

Ticker Value Weight QoQ
SPY $190M
18.9%
HOLD
BILS $125M
12.4%
ADD
VGSH $98M
9.7%
ADD
VGIT $79M
7.8%
ADD
BRK/B $74M
7.3%
HOLD
EFA $63M
6.3%
TRIM
SMH $36M
3.6%
HOLD
META $33M
3.3%
ADD
XLV $30M
2.9%
ADD
VV $26M
2.6%
ADD
GOOGL $25M
2.5%
HOLD
XLC $19M
1.9%
HOLD
IWR $18M
1.8%
TRIM
VBIL $15M
1.5%
ADD
MSFT $13M
1.3%
ADD
VEA $13M
1.3%
ADD
AMZN $11M
1.1%
HOLD
URI $9M
0.9%
HOLD
BBH $7M
0.7%
HOLD
IBB $6M
0.6%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

LMTTDYVGK

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.