WFC - Miller Value Partners Deep Value Strategies Q4 2020 Letter

• Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
• For the fourth quarter, the Deep Value strategy was up 64.9% (net), significantly ahead of the overall market and more than 2x the S&P 1500 Pure Value Index. For the year was up in excess of 70%, well ahead of the Value Indices and the overall market.
• We have recently increased our position size in Brighthouse Financial, one of the of the largest annuity and life insurance companies in the U.S. We would like to highlight a recent addition to the strategy, Gannett.
• While the Deep Value Strategy had a strong year in 2020, our current holdings valuation levels are still not far from their absolute historical lows.

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