BBBY - Miller Value Partners Income Strategy 3Q 2020 Letter
- Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
- In the third quarter of 2020, the Income Strategy generated a 7.89% total returnversus 4.71% for the ICE BofA Merrill Lynch High Yield Index.
- The ongoing divergence between large growth stocks and small value stocks is notsome overdone phenomenon that must mean-revert.
- Large, fast-growing technology companies (which have little to no yield) have fared the best, while small cyclical businesses have done the worst.
For further details see:
Miller Value Partners Income Strategy 3Q 2020 Letter