VALE - Miller Value Partners Income Strategy Q2 2021 Letter

• Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
• We are constantly on the prowl for yield that we think has a good “skew,” meaning that the security’s price is more likely to go up than down.
• We would much prefer to own something like Vale instead of our benchmark, which yields 3.9% as of this writing, or 150 basis points less than the latest inflation reading of 5.4% from June.
• We remain positioned for a growing global economy, and as the largest investors in the strategy, we are optimistic about the future.

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