MI
Miller Investment Management, LP 13F Filings & Institutional Holdings (Q2 2026)
Miller Investment Management, LPCIK: 0001407382
Diversified strategyMomentum followerLong-term holder
Total reported value
$1.1B
Reporting period: 2026-06-30 · Number of holdings: 83
Miller Investment Management, LP disclosed 83 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.1B and a quarterly turnover rate of 12.7%.
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Personality snowflake
- Concentration
- 33.45
- Portfolio Stability
- 12.67
- Momentum
- 100
- Sector conviction
- 71.97
- Diversification
- 100
- Sizing Uniformity
- 75.48
Miller Investment Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.084 — mathematically equivalent to about 12 equally-sized positions, well below its 83 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.45), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.8 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 15% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd SMH
+0.7% $26.3M
Trim VGSH
-8.1% -$8.5M
Add SPY
+1.9% $32.3M
Trim BILS
-2.8% -$3.6M
Trim VGIT
-1.9% -$2.3M
Add GOOGL
+1.9% $6.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 20.31% | +1.44% | +1.89% | |
| 2 | BILS | Ss Spdrb B 3-12m T-bill ETF | ETF-Other | 11.12% | -1.33% | -2.82% | |
| 3 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 8.18% | -1.55% | -8.13% | |
| 4 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 7.26% | -0.08% | +2.88% | |
| 5 | VGIT | Vanguard Intermediate-term T | ETF-Other | 7.01% | -0.83% | -1.93% | |
| 6 | EFA | Ishares Msci Eafe ETF | ETF-Other | 6.16% | -0.13% | -0.38% | |
| 7 | SMH | Vaneck Semiconductor ETF | ETF-Other | 5.72% | +2.11% | +0.66% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 3.09% | -0.20% | +3.64% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.92% | +0.41% | +1.85% | |
| 10 | VV | Vanguard Large-cap ETF | ETF-Other | 2.84% | +0.27% | +4.33% | |
| 11 | EWJ | Ishares Msci Japan ETF | ETF-Other | 2.80% | +0.09% | +1.62% | |
| 12 | XLV | Ss Health Care Select Sector | ETF-Other | 2.79% | -0.16% | -5.19% | |
| 13 | IWR | Ishares Russell Mid-cap ETF | ETF-Other | 1.93% | +0.11% | +1.70% | |
| 14 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 1.68% | -0.18% | +1.85% | |
| 15 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.59% | +0.29% | +19.14% | |
| 16 | VBIL | Vanguard 0-3m T-bill ETF | ETF-Other | 1.47% | — | +8.54% | |
| 17 | MSFT | Microsoft CORP | Stock-Tech | 1.29% | -0.03% | +5.03% | |
| 18 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.17% | +0.08% | +2.28% | |
| 19 | URI | United Rentals Inc | Stock-Industrials | 1.17% | +0.32% | -3.77% | |
| 20 | PPH | Vaneck Pharmaceutical ETF | ETF-Other | 1.00% | -0.38% | -25.15% | |
| 21 | BBH | Vaneck Biotech ETF | ETF-Tech | 0.71% | -0.02% | -1.89% | |
| 22 | CAH | Cardinal Health Inc | Stock-Healthcare | 0.51% | +0.02% | — | |
| 23 | IBB | Ishares Biotechnology ETF | ETF-Tech | 0.44% | -0.15% | -28.65% | |
| 24 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.35% | +0.02% | — | |
| 25 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.35% | — | — | |
| 26 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.34% | +0.01% | — | |
| 27 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.30% | -0.01% | — | |
| 28 | PNC | Pnc Financial Services Group | Stock-Financials | 0.28% | +0.02% | — | |
| 29 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-Large Cap & Growth | 0.27% | +0.01% | — | |
| 30 | AAPL | Apple Inc | Stock-Tech | 0.24% | +0.01% | -0.32% | |
| 31 | DE | Deere & Co | Stock-Industrials | 0.24% | +0.01% | — | |
| 32 | EMR | Emerson Electric Co | Stock-Industrials | 0.22% | -0.03% | -12.65% | |
| 33 | CNC | Centene CORP | Stock-Healthcare | 0.20% | +0.09% | -2.87% | |
| 34 | ORCL | Oracle CORP | Stock-Tech | 0.20% | +0.02% | +15.90% | |
| 35 | RTX | Rtx CORP | Stock-Industrials | 0.18% | -0.02% | — | |
| 36 | AMGN | Amgen Inc | Stock-Healthcare | 0.17% | -0.01% | — | |
| 37 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.17% | +0.02% | — | |
| 38 | WFC | Wells Fargo & Co | Stock-Financials | 0.15% | -0.01% | — | |
| 39 | GSPY | Gotham Enhanced 500 ETF | ETF-Other | 0.15% | +0.01% | — | |
| 40 | DGX | Quest Diagnostics Inc | Stock-Healthcare | 0.15% | — | — | |
| 41 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.14% | +0.02% | — | |
| 42 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.14% | +0.03% | — | |
| 43 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.13% | -0.02% | — | |
| 44 | MDT | Medtronic plc | Stock-Healthcare | 0.11% | -0.03% | — | |
| 45 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.11% | +0.03% | +49.22% | |
| 46 | HD | Home Depot Inc | Stock-Consumer Disc | 0.11% | — | — | |
| 47 | APH | Amphenol Corp-cl A | Stock-Tech | 0.10% | +0.05% | +68.06% | |
| 48 | PSX | Phillips 66 | Stock-Energy | 0.10% | -0.02% | — | |
| 49 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.10% | — | — | |
| 50 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 0.09% | — | — |
1–50 of 83
Portfolio Performance
Performance for Q3 2026
+1.9%
Performance Last 4 Quarters
+15.7%
- Stdev
- +11.5%
- Beta
- +0.84
- Alpha
- -0.1%
- Max Drawdown
- -5.6%
- Annualized Perf
- +17.3%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +2.79
- Stutzer
- +0.42
- Treynor
- +0.2
- Sterling
- +1.14
- Calmar
- +3.12
- Information Ratio
- -0.78
- Tracking Error
- +4.2%
- Stdev Down
- +6%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +34.4%
- Worst 12 Months
- +4.3%
- Efficiency Ratio
- +0.57
- Sharpe
- +1.45
- Stdev Sectors
- +12%
- Skewness
- -0.2
- Kurtosis
- -0.36
- Upside Potential
- +4.38
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 83 | $1.1B | 13 | ||
| 2026 Q1 | 86 | $1.0B | 13 | ||
| 2025 Q4 | 89 | $1.0B | 23 | ||
| 2025 Q3 | 98 | $995.1M | 15 | ||
| 2025 Q2 | 96 | $952.4M | 0 | ||
| 2025 Q1 | 97 | $904.0M | 100 | ||
| 2024 Q4 | 100 | $913.6M | 0 | ||
| 2024 Q3 | 104 | $960.4M | 0 | ||
| 2024 Q2 | 103 | $836.9M | 0 | ||
| 2024 Q1 | 105 | $782.7M | 0 | ||
| 2023 Q4 | 102 | $702.9M | 0 | ||
| 2023 Q3 | 97 | $635.4M | 0 | ||
| 2023 Q2 | 96 | $655.7M | 0 | ||
| 2023 Q1 | 95 | $605.7M | 0 | ||
| 2022 Q4 | 94 | $587.0M | 0 | ||
| 2022 Q3 | 90 | $479.0M | 0 | ||
| 2022 Q2 | 90 | $486.2M | 0 | ||
| 2022 Q1 | 96 | $634.8M | 0 | ||
| 2021 Q4 | 96 | $699.0M | 0 | ||
| 2021 Q3 | 89 | $582.0M | 0 | ||
| 2021 Q2 | 80 | $574.5M | 100 | ||
| 2021 Q1 | 79 | $540.9M | 19 | ||
| 2020 Q4 | 77 | $536.7M | 43 | ||
| 2020 Q3 | 69 | $408.7M | 20 | ||
| 2020 Q2 | 68 | $340.0M | 21 | ||
| 2020 Q1 | 72 | $310.8M | 44 | ||
| 2019 Q4 | 78 | $450.7M | 12 | ||
| 2019 Q3 | 77 | $439.7M | 13 | ||
| 2019 Q2 | 77 | $437.8M | 16 | ||
| 2019 Q1 | 77 | $380.6M | 18 | ||
| 2018 Q4 | 75 | $339.9M | 38 | ||
| 2018 Q3 | 80 | $330.2M | 19 | ||
| 2018 Q2 | 85 | $332.6M | 41 | ||
| 2018 Q1 | 76 | $305.5M | 9 | ||
| 2017 Q4 | 73 | $328.0M | 13 | ||
| 2017 Q3 | 72 | $309.0M | 10 | ||
| 2017 Q2 | 70 | $282.3M | 14 | ||
| 2017 Q1 | 69 | $273.8M | 18 | ||
| 2016 Q4 | 73 | $309.0M | 39 | ||
| 2016 Q3 | 72 | $280.1M | 11 | ||
| 2016 Q2 | 67 | $259.1M | 41 | ||
| 2016 Q1 | 64 | $228.9M | 15 | ||
| 2015 Q4 | 62 | $259.6M | 7 | ||
| 2015 Q3 | 61 | $247.2M | 9 | ||
| 2015 Q2 | 65 | $268.2M | 5 | ||
| 2015 Q1 | 71 | $277.5M | 13 | ||
| 2014 Q4 | 65 | $262.7M | 61 | ||
| 2014 Q3 | 67 | $208.0M | 24 | ||
| 2014 Q2 | 75 | $225.4M | 33 | ||
| 2014 Q1 | 77 | $178.4M | 14 | ||
| 2013 Q4 | 77 | $179.6M | 9 | ||
| 2013 Q3 | 70 | $166.6M | 21 | ||
| 2013 Q2 | 67 | $140.4M | — |
Holding changes this quarter
Miller Investment Management, LP's most significant position changes for 2026-06-30: Sold out: Ishares Russell 1000 Value E (IWD); Sold out: Mcdonald's CORP (MCD); Sold out: Exxon Mobil CORP (XOM); Sold out: Coca-cola Co/the (KO); New buy: Qualcomm Inc (QCOM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SMH | Vaneck Semiconductor ETF | +2.1% | +0.66% | Add |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.4% | +1.89% | Add |
| 3 | GOOGL | Alphabet Inc-cl A | +0.4% | +1.85% | Add |
| 4 | URI | United Rentals Inc | +0.3% | -3.77% | Trim |
| 5 | VEA | Vanguard Ftse Developed ETF | +0.3% | +19.14% | Add |
| 6 | VV | Vanguard Large-cap ETF | +0.3% | +4.33% | Add |
| 7 | IWR | Ishares Russell Mid-cap ETF | +0.1% | +1.70% | Add |
| 8 | EWJ | Ishares Msci Japan ETF | +0.1% | +1.62% | Add |
| 9 | CNC | Centene CORP | +0.1% | -2.87% | Trim |
| 10 | AMZN | Amazon.com Inc | +0.1% | +2.28% | Add |
| 11 | APH | Amphenol Corp-cl A | +0.1% | +68.06% | Add |
| 12 | NVDA | Nvidia CORP | 0% | +54.96% | Add |
| 13 | DIS | Walt Disney Co/the | 0% | +49.22% | Add |
| 14 | LLY | Eli Lilly & Co | 0% | — | Unchanged |
| 15 | CAH | Cardinal Health Inc | 0% | — | Unchanged |
| 16 | VTI | Vanguard Total Stock Mkt ETF | 0% | — | Unchanged |
| 17 | PNC | Pnc Financial Services Group | 0% | — | Unchanged |
| 18 | QQQ | Invesco Qqq Trust Series 1 | 0% | — | Unchanged |
| 19 | IWM | Ishares Russell 2000 ETF | 0% | — | Unchanged |
| 20 | ORCL | Oracle CORP | 0% | +15.90% | Add |
| 21 | QCOM | Qualcomm Inc | 0% | NEW | New buy |
| 22 | SWK | Stanley Black & Decker Inc | 0% | — | Unchanged |
| 23 | THG | Hanover Insurance Group Inc/ | 0% | NEW | New buy |
| 24 | GS | Goldman Sachs Group Inc | 0% | NEW | New buy |
| 25 | JPM | Jpmorgan Chase & Co | 0% | — | Unchanged |
| 26 | DIA | Ss Spdr Dow Jones Indus Avg | 0% | — | Unchanged |
| 27 | AAPL | Apple Inc | 0% | -0.32% | Trim |
| 28 | DE | Deere & Co | 0% | — | Unchanged |
| 29 | GSPY | Gotham Enhanced 500 ETF | 0% | — | Unchanged |
| 30 | VOO | Vanguard S&p 500 ETF | 0% | — | Unchanged |
| 31 | XBI | Ss Spdr S&p Biotech ETF | 0% | — | Unchanged |
| 32 | CARR | Carrier Global CORP | 0% | — | Unchanged |
| 33 | CCK | Crown Holdings Inc | 0% | — | Unchanged |
| 34 | VEU | Vanguard Ftse All-world Ex-u | 0% | — | Unchanged |
| 35 | IBM | Intl Business Machines CORP | 0% | — | Unchanged |
| 36 | VBIL | Vanguard 0-3m T-bill ETF | — | +8.54% | Add |
| 37 | VIG | Vanguard Dividend Apprec ETF | — | — | Unchanged |
| 38 | KMB | Kimberly-clark CORP | — | — | Unchanged |
| 39 | DGX | Quest Diagnostics Inc | — | — | Unchanged |
| 40 | MMM | 3m Co | — | — | Unchanged |
| 41 | UPS | United Parcel Service-cl B | — | — | Unchanged |
| 42 | GOOG | Alphabet Inc-cl C | — | — | Unchanged |
| 43 | HD | Home Depot Inc | — | — | Unchanged |
| 44 | AEG | Aegon Ltd-ny Reg Shr | — | — | Unchanged |
| 45 | STZ | Constellation Brands Inc-a | — | — | Unchanged |
| 46 | PKW | Invesco Buyback Achievers Et | — | — | Unchanged |
| 47 | TDY | Teledyne Technologies Inc | — | — | Unchanged |
| 48 | ITW | Illinois Tool Works | — | — | Unchanged |
| 49 | VGK | Vanguard Ftse Europe ETF | — | +1.35% | Add |
| 50 | AJG | Arthur J Gallagher & Co | — | — | Unchanged |
1–50 of 89
Filing History
FAQ
What is Miller Investment Management, LP and what type of investor is it?
Miller Investment Management, LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.1B, spread across 83 disclosed positions.
What are Miller Investment Management, LP's largest equity positions?
Based on the latest 13F filing, Miller Investment Management, LP's top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $222.3M (20.3%)
2. Ss Spdrb B 3-12m T-bill ETF (BILS) — $121.7M (11.1%)
3. Vanguard Short-term Treasury (VGSH) — $89.5M (8.2%)
4. Berkshire Hathaway Inc-cl B (BRK-B) — $79.4M (7.3%)
5. Vanguard Intermediate-term T (VGIT) — $76.7M (7.0%)
What changes did Miller Investment Management, LP make in its most recent portfolio filing?
In the latest reported quarter, Miller Investment Management, LP made 40 notable position adjustments: 3 new positions were initiated, 18 existing holdings were added to, 13 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Ishares Russell 1000 Value E (IWD); Sold out: Mcdonald's CORP (MCD); Sold out: Exxon Mobil CORP (XOM); Sold out: Coca-cola Co/the (KO); New buy: Qualcomm Inc (QCOM)
What sectors does Miller Investment Management, LP focus on?
Miller Investment Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Communication Services: 41.4%
• Industrials: 15.2%
• Information Technology: 13.5%
• Health Care: 11.6%
• Consumer Discretionary: 10.0%
• Financials: 5.7%
Investment Profile
Miller Investment Management, LP returned an annualized 17.3% over the trailing 36 months — underperforming the S&P 500 by 0.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.84 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 41.4% of the portfolio concentrated in Communication Services.
It has added to its SMH position over the past two quarters (+$27.9M, now $62.7M), while trimming IBB over the same stretch (-$1.6M, still holding $4.8M).
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Developer Access
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