Miller Value Partners, LLC 13F holdings and portfolio analysis

Directly following the baseline exposes an investor to a concentrated, cyclical, small- and mid-cap heavy book with notable stock-specific risk. In the baseline artifact, top 5 holdings are 39.12%, top 10 are 60.22%, and top 20 are 87.97%. The biggest positions are NBR at 11.72%, LNC at 8.05%, GTN at 6.92%, TDAY at 6.28%, and QUAD at 6.15%. Sector weights are led by Financials at 21.47%, Industrials at 17.85%, Communication Services at 16.09%, and Energy at 14.85%, which means the portfolio is not broad-market neutral and is highly exposed to cyclical earnings sensitivity.

The recent baseline periods show why the return profile is acceptable only if an investor can tolerate uneven excess performance. Stronger periods included 2023-03-31, when the baseline returned 12.96% versus SPY’s 7.90% for +5.06 pts excess, and 2025-09-30, when it returned 7.48% versus 1.49% for +6.00 pts excess. But weak periods were meaningful too: 2024-06-30 returned 5.35% versus SPY’s 9.83% (-4.48 pts excess), and 2024-12-31 returned -6.71% versus -3.63% (-3.08 pts excess). Turnover also spiked to 110.42 in 2024-03-31, showing that some alpha came with sharp implementation activity rather than smooth compounding.

A user should inspect three things next: concentration, implementation friction, and lag risk. Concentration is high, with top 10 at 60.22% in the baseline artifact. Implementation is not trivial either: the backtest estimates total trading cost at 1.8225, with 1,306 trades, and turnover reached 110.42 in 2024-03-31. Finally, the baseline risk notes explicitly state that the strategy uses filing-delay implementation after 13F reporting lags, so even a good-looking backtest may be harder to capture in live investing. If those three issues are tolerable, the 9.41% annualized return and 0.71 beta may still be attractive.