Data as of Q4 2025 (Dec 31, 2025)·Next filing deadline: May 15, 2026

Miller Investment Management, LP

•CIK: 1407382•Filing: Q4 2025

**Miller Investment Management, LP** manages $1.0B across a diversified portfolio of 89 positions. The fund maintains significant exposure to broad market indices, notably holding $198.4M in SPY and $100.1M in BILS. Core allocations also include $87.1M in VGSH and $77.4M in BRK/B, suggesting a focus on established, large-cap value and growth pillars. This structure indicates a tactical, multi-sector approach balancing market beta with high-conviction equity plays.

Total AUM

$1.0B

QoQ Performance

+2.9%

Positions

78

Top 10 Concentration

71.7%

Latest Filing

Q4 2025

Top Holdings Allocation

SPY

BILS

VGSH

BRK/B

VGIT

EFA

SPY19.4%

BILS9.8%

VGSH8.5%

BRK/B7.6%

VGIT7.0%

EFA6.7%

META3.6%

SMH3.4%

📈 Biggest Buys

VANGUARD SCOTTSDALE FDS

+5236.3%

7.0% of portfolio

VANGUARD SCOTTSDALE FDS

+39.7%

8.5% of portfolio

VANGUARD INSTL INDEX FD

+382.4%

1.3% of portfolio

SELECT SECTOR SPDR TR

+28.5%

3.0% of portfolio

VANGUARD TAX-MANAGED INTL FD

+148.6%

1.0% of portfolio

📉 Biggest Sells

SPDR SER TR

-14.9%

9.8% of portfolio

ISHARES TR

-12.5%

6.7% of portfolio

VANECK ETF TRUST

-51.8%

0.7% of portfolio

VANECK VECTORS ETF TR

-17.5%

3.4% of portfolio

ISHARES TR

-51.2%

0.6% of portfolio

Sector Breakdown

Other59.5%

ETF19.5%

Technology8.6%

Financial8.1%

Consumer2.7%

Healthcare0.8%

Industrial0.6%

Communication0.2%

🚪 Exited Positionssold since Q3 2025

FIRST TR NASDAQ 100 TECH IND

SOLD

$13.3M

SELECT SECTOR SPDR TR

SOLD

$3.4M

SPDR S&P MIDCAP 400 ETF TR

SOLD

$3.1M

SELECT SECTOR SPDR TR

SOLD

$2.0M

MILLROSE PPTYS INC

SOLD

$1.2M

+5 more exited positions

Changes from Q3 2025

NEW1 new position

↑10 increased

↓27 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SPDR S&P 500 ETF TR

VANGUARD SCOTTSDALE FDS

BERKSHIRE HATHAWAY INC DEL

VANGUARD SCOTTSDALE FDS

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