Bill Miller - Miller Value Partners Portfolio (Jun 30, 2025)


As of Jun 30, 2025, the Miller Value Partners oversees a portfolio valued at approximately $235.66M, featuring 33 publicly traded holdings. This in-depth profile highlights the top investments led by Microsoft (MSFT), Berkshire Hathaway (BRK-B), Waste Management (WM), and others—drawing on its latest SEC filings as of Aug 14, 2025. Explore insights into portfolio composition, allocation strategies, and recent trade activity.

Balances
Holdings
Activity
Options
Allocation
Strategy

Miller Value Partners Strategy Analysis

Investment Strategy Metrics

Key metrics revealing investment style, risk management, and performance characteristics

MetricValueCategoryDescription
Holding Period1.5 yearsStyleAverage duration positions are maintained
Position Count89StyleNumber of active positions in portfolio
Position Size2.8%RiskTypical allocation per position
Win Rate57.0%PerformancePercentage of profitable positions
Average Return7.8%PerformanceMean return across positions
Sharpe Ratio0.20PerformanceReturn per unit of risk taken

Investment Case Study: LINCOLN NATL CORP IND (LNC)

3/31/2024 - 9/22/2025

Performance Metrics

Total Return: 133.58%

Holding Period: 540 days

Max Position Size: $19,704,008.00

Position Weight: 6.83%

Key Events

3/31/2024: ENTRY(198,990.00 shares) @ $31.93
6/30/2024: INCREASE(130,785.00 shares) @ $31.10
9/30/2024: INCREASE(53,440.00 shares) @ $31.51
12/31/2024: INCREASE(110,470.00 shares) @ $31.71
3/31/2025: INCREASE(25,570.00 shares) @ $35.91
6/30/2025: INCREASE(50,225.00 shares) @ $34.60

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations