UNFI - Miller Value Partners Deep Value Strategy Q2 2024 Letter

2024-07-19 09:25:00 ET

Summary

• Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
• The equity market narrow leadership continued in the second quarter, as most large cap indexes generated positive returns and smaller cap and lower valuation indexes lagged the overall market.
• The Miller Deep Value Select strategy had a good quarter with composite net returns greater than 12%, well ahead of the returns of the S&P 1500 Value Index at -2.25% and the S&P 600 Value Index at -4.85%.
• During the quarter, the largest positive contributor was also our largest holding Gannett, whose share price was up 87%.

The equity market narrow leadership continued in the second quarter, as most large cap indexes generated positive returns and smaller cap and lower valuation indexes lagged the overall market. Mega-caps and longer duration technology stocks sustained momentum as their stock prices today discount significant future growth....

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