NFLX - Miller Value Partners Opportunity Equity 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.
• Miller Opportunity Equity ended the year on a strong note, notching a 35.4% (net of fees) gain in the quarter versus the S&P 500’s 12.15%. This brought the 2020 annual return to 37.8% (net of fees), more than doubling the market’s 18.40% return.
• We added six positions and eliminated six positions during the quarter, ending the quarter with 44 holdings where the top 10 represented 40.9% of total assets compared to 27.4% for the index, highlighting Opportunity’s meaningful active share of around 88.1%.
• Desktop Metal is a name that made it into our top holdings at the end of year due to strong performance since our purchase at the end of the third quarter.

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