- 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.
For further details see:
Miller Value Partners Opportunity Equity Q4 2020 Letter