Miller Investment Management, LP
Long book
$1.01B
Q1 2026
Positions
86
Top-10 weight
75%
concentration
Last quarter
+9.8%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsMiller Investment Management, LP is a wealth-management firm allocating client money, running a $1.01B US long book across 86 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, SS SPDRB B 3-12M T-BILL ETF, VANGUARD SHORT-TERM TREASURY, VANGUARD INTERMEDIATE-TERM T, BERKSHIRE HATHAWAY INC-CL B.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.3%
Q2 2024
+7.3%
Q3 2024
-2.1%
Q4 2024
-0.2%
Q1 2025
+7.0%
Q2 2025
+6.5%
Q3 2025
+2.3%
Q4 2025
-2.6%
Q1 2026
+9.8%
Sector allocation
Financials 38%
Technology 35%
Consumer discretionary 9%
Healthcare 5%
Industrials 5%
Services media 4%
Energy 1%
Other 1%
Long book by quarter
What does Miller Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 154.3K | $73.9M | 7.3% | +0.1% |
| META META PLATFORMS INC-CLASS A | Technology | 57.9K | $33.1M | 3.3% | +2.3% |
| GOOGL ALPHABET INC-CL A | Technology | 88.0K | $25.3M | 2.5% | +0.7% |
| MSFT MICROSOFT CORP | Technology | 36.0K | $13.3M | 1.3% | +3.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 52.5K | $10.9M | 1.1% | +1.3% |
| URI UNITED RENTALS INC | Services media | 11.7K | $8.5M | 0.8% | Held |
| CAH CARDINAL HEALTH INC | Consumer discretionary | 23.6K | $5.0M | 0.5% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 11.4K | $3.4M | 0.3% | Held |
| JNJ JOHNSON & JOHNSON | Healthcare | 12.8K | $3.1M | 0.3% | Held |
| PNC PNC FINANCIAL SERVICES GROUP | Financials | 12.6K | $2.6M | 0.3% | Held |
| EMR EMERSON ELECTRIC CO | Industrials | 19.0K | $2.5M | 0.2% | Held |
| DE DEERE & CO | Industrials | 4.2K | $2.4M | 0.2% | -15.4% |
| AAPL APPLE INC | Technology | 9.2K | $2.3M | 0.2% | -0.8% |
| RTX RTX CORP | Industrials | 10.3K | $2.0M | 0.2% | Held |
| ORCL ORACLE CORP | Technology | 12.6K | $1.8M | 0.2% | +15.4% |
| AMGN AMGEN INC | Healthcare | 5.1K | $1.8M | 0.2% | Held |
| WFC WELLS FARGO & CO | Financials | 20.3K | $1.6M | 0.2% | Held |
| DGX QUEST DIAGNOSTICS INC | Healthcare | 7.6K | $1.5M | 0.1% | Held |
| TJX TJX COMPANIES INC | Consumer discretionary | 9.2K | $1.5M | 0.1% | -3.4% |
| MDT MEDTRONIC PLC | Healthcare | 15.9K | $1.4M | 0.1% | Held |
| CVX CHEVRON CORP | Energy | 6.0K | $1.3M | 0.1% | Held |
| PSX PHILLIPS 66 | Energy | 6.5K | $1.2M | 0.1% | Held |
| LLY ELI LILLY & CO | Healthcare | 1.3K | $1.1M | 0.1% | Held |
| CNC CENTENE CORP | Financials | 34.8K | $1.1M | 0.1% | -1.4% |
| HD HOME DEPOT INC | Consumer discretionary | 3.3K | $1.1M | 0.1% | -3.8% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 9.9K | $979K | 0.1% | Held |
| ONIT ONITY GROUP INC | Financials | 24.8K | $974K | 0.1% | Held |
| COR CENCORA INC | Consumer discretionary | 3.0K | $957K | 0.1% | Held |
| KMB KIMBERLY-CLARK CORP | Other | 9.3K | $899K | 0.1% | Held |
| CMCSA COMCAST CORP-CLASS A | Communications | 30.8K | $883K | 0.1% | Held |
| MMM 3M CO | Healthcare | 5.6K | $815K | 0.1% | Held |
| DIS WALT DISNEY CO/THE | Services media | 8.3K | $796K | 0.1% | +47.8% |
| SWK STANLEY BLACK & DECKER INC | Industrials | 10.6K | $750K | 0.1% | Held |
| CCK CROWN HOLDINGS INC | Industrials | 7.4K | $744K | 0.1% | Held |
| ABBV ABBVIE INC | Healthcare | 3.4K | $737K | 0.1% | Held |
| PEP PEPSICO INC | Consumer staples | 4.6K | $719K | 0.1% | Held |
| CTAS CINTAS CORP | Other | 4.0K | $677K | 0.1% | Held |
| ITW ILLINOIS TOOL WORKS | Industrials | 2.3K | $600K | 0.1% | Held |
| BDX BECTON DICKINSON AND CO | Healthcare | 3.4K | $534K | 0.1% | -2.6% |
| GD GENERAL DYNAMICS CORP | Industrials | 1.6K | $533K | 0.1% | Held |
| STZ CONSTELLATION BRANDS INC-A | Consumer staples | 3.5K | $533K | 0.1% | Held |
| NVDA NVIDIA CORP | Technology | 3.0K | $531K | 0.1% | +103.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 1.7K | $513K | 0.1% | -41.5% |
| APH AMPHENOL CORP-CL A | Technology | 3.9K | $487K | 0.0% | +76.8% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 1.8K | $442K | 0.0% | Held |
| AEG AEGON LTD-NY REG SHR | Financials | 57.0K | $414K | 0.0% | Held |
| XOM EXXON MOBIL CORP | Energy | 2.4K | $405K | 0.0% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 5.2K | $395K | 0.0% | Held |
| AVY AVERY DENNISON CORP | Other | 2.2K | $385K | 0.0% | Held |
| GOOG ALPHABET INC-CL C | Technology | 1.3K | $379K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 86 | $1.01B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 89 | $1.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 98 | $995.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 96 | $952.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 97 | $904.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 100 | $913.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 104 | $960.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 103 | $836.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 105 | $782.7M | canonical | SEC ↗ |