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Asset Manager ← All Institutions

Miller Investment Management, LP

ONE TOWER BRIDGE SUITE 1500, WEST CONSHOHOCKEN, PA 19428 • 610-834-9820

Q3 2025 · Filed 2025-11-10
Market Value
$948M
+4.5%
Holdings
97
+2
New Purchases
5
Added To
12
Closed
3
Reduced
35
Top 10 Concentration
72.7%
Turnover
8.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 2.38% 1.80% +0.58% $23M
SMH 4.03% 3.66% +0.38% $38M
DHI 1.57% 1.23% +0.33% $15M
BILS 12.45% 12.13% +0.32% $118M
VEA 0.40% 0.10% +0.30% $4M
VBIL 0.30% 0.00% +0.30% $3M
XLV 2.26% 2.05% +0.21% $21M
URI 1.18% 1.00% +0.18% $11M
VGIT 0.14% 0.00% +0.14% $1M
LEN 1.34% 1.20% +0.14% $13M
ORCL 0.32% 0.24% +0.09% $3M
NVR 1.36% 1.28% +0.08% $13M
VV 2.02% 1.96% +0.06% $19M
XLC 2.33% 2.28% +0.04% $22M
AAPL 0.25% 0.21% +0.04% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPY 21.05% 21.45% -0.40% $200M
META 4.71% 4.97% -0.26% $45M
JPM 0.38% 0.60% -0.23% $4M
QTEC 1.40% 1.63% -0.22% $13M
WMT 0.33% 0.52% -0.19% $3M
EMR 0.26% 0.45% -0.18% $2M
PNC 0.27% 0.44% -0.17% $3M
VIG 0.37% 0.54% -0.17% $4M
WFC 0.18% 0.30% -0.12% $2M
VGSH 6.59% 6.70% -0.11% $62M
JNJ 0.25% 0.36% -0.11% $2M
RTX 0.18% 0.28% -0.10% $2M
UPS 0.09% 0.19% -0.10% $831K
CMCSA 0.10% 0.19% -0.09% $966K
MDT 0.16% 0.25% -0.09% $2M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 85.7%
Communication Services 6.3%
Industrials 2.1%
Technology 2.0%
Healthcare 1.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 29 $414M 43.7%
Large Cap 57 $366M 38.6%
Mid Cap 7 $150M 15.8%
Small Cap 2 $17M 1.8%
Micro Cap 2 $991K 0.1%

Portfolio Analytics

Avg Market Cap
$436.8B
Median Market Cap
$75.6B
Avg P/E
28.7
Median P/E
25.2
Avg Dividend Yield
0.02%
Avg Beta
0.89
# Stocks
63
# ETFs / Funds
34

Top Holdings (97 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 21.05% 299,673 $200M $666.18 $5M -15,564 -4.9%
2 BILS 12.45% 1,186,377 $118M $99.52 $8M +78,311 +7.1%
3 BRK-B 8.78% 165,733 $83M $502.74 $3M +493 +0.3%
4 EFA 8.05% 817,940 $76M $93.37 $3M -2,430 -0.3%
5 VGSH 6.59% 1,062,022 $62M $58.85 $2M +27,279 +2.6%
6 META 4.71% 60,854 $45M $734.38 -$415K -256 -0.4%
7 SMH 4.03% 117,189 $38M $326.36 $5M -1,842 -1.6%
8 GOOGL 2.38% 92,848 $23M $243.10 $6M -33 -0.0%
9 XLC 2.33% 186,521 $22M $118.37 $1M -4,639 -2.4%
10 IWR 2.30% 226,018 $22M $96.55 $952K -899 -0.4%
11 XLV 2.26% 154,305 $21M $139.17 $3M +16,089 +11.6%
12 VV 2.02% 62,115 $19M $307.86 $1M -110 -0.2%
13 MSFT 1.84% 33,759 $17M $517.95 $867K +349 +1.0%
14 DHI 1.57% 87,627 $15M $169.47 $4M +934 +1.1%
15 BBH 1.41% 80,758 $13M $165.68 $898K -674 -0.8%
16 QTEC 1.40% 58,036 $13M $229.61 -$1M -11,357 -16.4%
17 NVR 1.36% 1,607 $13M $8,034.66 $1M +30 +1.9%
18 LEN 1.34% 100,803 $13M $126.04 $2M +2,267 +2.3%
19 URI 1.18% 11,707 $11M $954.66 $2M -375 -3.1%
20 IBB 1.17% 76,667 $11M $144.37 $701K -5,282 -6.5%
21 AMZN 1.14% 49,351 $11M $219.57 $162K +696 +1.4%
22 VEA 0.40% 63,339 $4M $59.92 $3M +47,497 +299.8%
23 VTI 0.39% 11,232 $4M $328.17 $272K
24 CAH 0.39% 23,453 $4M $156.96 -$259K
25 JPM 0.38% 11,410 $4M $315.43 -$2M -7,525 -39.7%
26 VIG 0.37% 16,293 $4M $215.79 -$1M -7,538 -31.6%
27 GSPY 0.37% 95,681 $4M $36.62 $194K -1,859 -1.9%
28 XLB 0.36% 37,774 $3M $89.62 -$45K -1,286 -3.3%
29 WMT 0.33% 30,585 $3M $103.06 -$2M -17,865 -36.9%
30 MDY 0.33% 5,201 $3M $596.03 $154K
31 ORCL 0.32% 10,924 $3M $281.24 $925K +1,101 +11.2%
32 VBIL 0.30% 37,500 $3M $75.62 +37,500 NEW
33 DIA 0.28% 5,717 $3M $463.74 $132K
34 PNC 0.27% 12,580 $3M $200.93 -$1M -8,680 -40.8%
35 EMR 0.26% 18,970 $2M $131.18 -$2M -11,405 -37.5%
36 JNJ 0.25% 12,859 $2M $185.42 -$870K -8,445 -39.6%
37 AAPL 0.25% 9,339 $2M $254.63 $446K -79 -0.8%
38 DE 0.24% 4,945 $2M $457.26 -$253K
39 VEU 0.23% 30,290 $2M $71.37 $126K
40 XLF 0.21% 37,042 $2M $53.87 $56K
41 IWM 0.20% 7,898 $2M $241.96 $207K
42 RTX 0.18% 10,350 $2M $167.33 -$823K -7,150 -40.9%
43 WFC 0.18% 20,342 $2M $83.82 -$1M -13,740 -40.3%
44 VOO 0.16% 2,529 $2M $612.38 $112K
45 MDT 0.16% 15,885 $2M $95.24 -$768K -10,280 -39.3%
46 DGX 0.15% 7,586 $1M $190.58 $83K
47 AMGN 0.15% 5,098 $1M $282.20 $15K
48 HD 0.15% 3,404 $1M $405.19 $131K
49 TJX 0.15% 9,534 $1M $144.54 $201K
50 VGIT 0.14% 22,318 $1M $60.03 +22,318 NEW
51 CNC 0.13% 35,295 $1M $35.68 -$656K
52 QQQ 0.13% 2,084 $1M $600.37 $102K
53 MRP 0.13% 35,951 $1M $33.61 $7K -6,201 -14.7%
54 KMB 0.12% 9,321 $1M $124.34 -$727K -5,305 -36.3%
55 DOV 0.12% 6,542 $1M $166.83 -$107K
56 ONIT 0.10% 24,798 $991K $39.96 $44K
57 CMCSA 0.10% 30,755 $966K $31.42 -$802K -18,780 -37.9%
58 XLP 0.10% 12,233 $959K $78.37 -$72K -494 -3.9%
59 LLY 0.10% 1,250 $954K $763.00 -$21K
60 ABC 0.10% 3,045 $952K $312.53 $39K
61 CVX 0.10% 6,045 $939K $155.29 -$525K -4,175 -40.9%
62 PSX 0.09% 6,500 $884K $136.02 $109K
63 MMM 0.09% 5,615 $871K $155.18 -$573K -3,875 -40.8%
64 MCD 0.09% 2,826 $859K $303.89 $33K
65 UPS 0.09% 9,947 $831K $83.53 -$856K -6,760 -40.5%
66 CTAS 0.09% 4,004 $822K $205.26 -$71K
67 BIL 0.08% 8,679 $796K $91.75 $173
68 ABBV 0.08% 3,390 $785K $231.54 $156K
69 SWK 0.08% 10,555 $785K $74.33 -$424K -7,290 -40.9%
70 CCK 0.08% 7,421 $717K $96.59 -$47K
71 IWD 0.07% 3,368 $686K $203.59 $32K
72 BDX 0.07% 3,477 $651K $187.17 -$225K -1,610 -31.6%
73 PEP 0.07% 4,631 $650K $140.44 $39K
74 DIS 0.07% 5,590 $640K $114.50 $203K +2,067 +58.7%
75 AMLP 0.07% 13,356 $627K $46.93 -$26K
76 ITW 0.06% 2,305 $601K $260.76 -$360K -1,580 -40.7%
77 GD 0.06% 1,554 $530K $341.00 $77K
78 AJG 0.05% 1,672 $518K $309.74 -$17K
79 IBM 0.05% 1,822 $514K $282.16 -$23K
80 STZ 0.05% 3,550 $478K $134.67 -$498K -2,450 -40.8%
81 ACN 0.05% 1,833 $452K $246.60 -$96K
82 AVY 0.04% 2,230 $362K $162.17 -$30K
83 KO 0.04% 5,275 $350K $66.32 -$23K
84 CARR 0.04% 5,840 $349K $59.70 -$79K
85 XBI 0.04% 3,435 $344K $100.20 $59K
86 NKE 0.04% 4,771 $333K $69.73 -$6K
87 GOOG 0.03% 1,320 $321K $243.55 $87K
88 NVDA 0.03% 1,495 $279K $186.58 +1,495 NEW
89 APH 0.03% 2,178 $270K $123.75 +2,178 NEW
90 XOM 0.03% 2,390 $269K $112.75 $12K
91 EFG 0.03% 2,250 $256K $113.88 $4K
92 QCOM 0.03% 1,448 $241K $166.36 $10K
93 XLK 0.02% 793 $224K $281.86 $23K
94 TDY 0.02% 381 $223K $586.04 +381 NEW
95 GPC —% -$797K -6,570 -100.0% SOLD
96 PAWZ —% -$205K -3,533 -100.0% SOLD
97 BLK —% -$221K -211 -100.0% SOLD

New Positions

SymbolValue% Port
VBIL $3M 0.30%
VGIT $1M 0.14%
NVDA $279K 0.03%
APH $270K 0.03%
TDY $223K 0.02%

Sold Out Positions

SymbolValue% Port
GPC —%
BLK —%
PAWZ —%
View SEC EDGAR Filings for Miller Investment Management, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms