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Asset Manager ← All Institutions

Miller Investment Management, LP

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

Q4 2025 · Filed 2026-02-11
Market Value
$979M
+3.3%
Holdings
95
-2
New Purchases
1
Added To
10
Closed
10
Reduced
25
Top 10 Concentration
74.9%
Turnover
11.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VGIT 7.29% 0.14% +7.15% $71M
VGSH 8.90% 6.59% +2.31% $87M
VBIL 1.39% 0.30% +1.09% $14M
XLV 3.13% 2.26% +0.87% $31M
VEA 1.00% 0.40% +0.60% $10M
GOOGL 2.79% 2.38% +0.41% $27M
CAH 0.49% 0.39% +0.11% $5M
AMZN 1.22% 1.14% +0.08% $12M
LLY 0.14% 0.10% +0.04% $1M
DHR 0.02% 0.00% +0.02% $227K
JNJ 0.27% 0.25% +0.02% $3M
AMGN 0.17% 0.15% +0.02% $2M
WMT 0.35% 0.33% +0.02% $3M
CNC 0.15% 0.13% +0.02% $1M
WFC 0.19% 0.18% +0.01% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BILS 10.22% 12.45% -2.23% $100M
QTEC 0.00% 1.40% -1.40% $0
EFA 7.02% 8.05% -1.03% $69M
META 3.81% 4.71% -0.90% $37M
BRK-B 7.91% 8.78% -0.88% $77M
SPY 20.26% 21.05% -0.79% $198M
BBH 0.75% 1.41% -0.66% $7M
IBB 0.65% 1.17% -0.52% $6M
SMH 3.55% 4.03% -0.48% $35M
IWR 1.91% 2.30% -0.39% $19M
XLB 0.00% 0.36% -0.36% $0
MDY 0.00% 0.33% -0.33% $0
LEN 1.02% 1.34% -0.32% $10M
DHI 1.27% 1.57% -0.30% $12M
XLC 2.03% 2.33% -0.30% $20M

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 $411M 42.0%
Large Cap 56 $438M 44.7%
Mid Cap 7 $121M 12.3%
Small Cap 2 $9M 0.9%
Micro Cap 1 $1M 0.1%

Portfolio Analytics

Avg Market Cap
$445.3B
Median Market Cap
$75.8B
Avg P/E
25.6
Median P/E
24.8
Avg Dividend Yield
0.02%
Avg Beta
0.88
# Stocks
62
# ETFs / Funds
33

Top Holdings (95 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 20.26% 290,954 $198M $681.92 -$1M -8,719 -2.9%
2 BILS 10.22% 1,009,090 $100M $99.22 -$18M -177,287 -14.9%
3 VGSH 8.90% 1,483,390 $87M $58.73 $25M +421,368 +39.7%
4 BRK-B 7.91% 154,072 $77M $502.65 -$6M -11,661 -7.0%
5 VGIT 7.29% 1,190,950 $71M $59.93 $70M +1,168,632 +5236.3%
6 EFA 7.02% 715,962 $69M $96.03 -$8M -101,978 -12.5%
7 META 3.81% 56,593 $37M $660.09 -$7M -4,261 -7.0%
8 SMH 3.55% 96,645 $35M $360.13 -$3M -20,544 -17.5%
9 XLV 3.13% 198,322 $31M $154.80 $9M +44,017 +28.5%
10 GOOGL 2.79% 87,372 $27M $313.00 $5M -5,476 -5.9%
11 XLC 2.03% 168,967 $20M $117.72 -$2M -17,554 -9.4%
12 VV 2.02% 62,851 $20M $314.80 $663K +736 +1.2%
13 IWR 1.91% 194,565 $19M $96.27 -$3M -31,453 -13.9%
14 MSFT 1.72% 34,755 $17M $483.62 -$677K +996 +3.0%
15 VBIL 1.39% 180,900 $14M $75.43 $11M +143,400 +382.4%
16 DHI 1.27% 86,119 $12M $144.03 -$2M -1,508 -1.7%
17 AMZN 1.22% 51,797 $12M $230.82 $1M +2,446 +5.0%
18 NVR 1.18% 1,582 $12M $7,292.77 -$1M -25 -1.6%
19 LEN 1.02% 96,724 $10M $102.80 -$3M -4,079 -4.0%
20 VEA 1.00% 157,476 $10M $62.47 $6M +94,137 +148.6%
21 URI 0.97% 11,707 $9M $809.32 -$2M
22 BBH 0.75% 38,925 $7M $189.26 -$6M -41,833 -51.8%
23 IBB 0.65% 37,446 $6M $168.77 -$5M -39,221 -51.2%
24 CAH 0.49% 23,553 $5M $205.50 $1M +100 +0.4%
25 JPM 0.38% 11,410 $4M $322.22 $77K
26 VTI 0.37% 10,904 $4M $335.27 -$30K -328 -2.9%
27 VIG 0.37% 16,293 $4M $219.78 $65K
28 WMT 0.35% 30,585 $3M $111.41 $255K
29 DIA 0.28% 5,717 $3M $480.57 $96K
30 JNJ 0.27% 12,849 $3M $206.95 $275K -10 -0.1%
31 PNC 0.27% 12,580 $3M $208.73 $98K
32 AAPL 0.26% 9,320 $3M $271.86 $156K -19 -0.2%
33 EMR 0.26% 18,970 $3M $132.72 $29K
34 DE 0.24% 4,945 $2M $465.57 $41K
35 ORCL 0.22% 10,899 $2M $194.91 -$948K -25 -0.2%
36 RTX 0.19% 10,350 $2M $183.40 $166K
37 WFC 0.19% 20,342 $2M $93.20 $191K
38 AMGN 0.17% 5,098 $2M $327.31 $230K
39 MDT 0.16% 15,885 $2M $96.06 $13K
40 IWM 0.15% 6,138 $2M $246.16 -$400K -1,760 -22.3%
41 GSPY 0.15% 40,578 $1M $36.83 -$2M -55,103 -57.6%
42 TJX 0.15% 9,534 $1M $153.61 $86K
43 CNC 0.15% 35,295 $1M $41.15 $193K
44 LLY 0.14% 1,250 $1M $1,074.68 $390K
45 DGX 0.13% 7,586 $1M $173.53 -$129K
46 QQQ 0.13% 2,084 $1M $614.31 $29K
47 HD 0.12% 3,404 $1M $344.10 -$208K
48 ONIT 0.12% 24,798 $1M $45.79 $145K
49 ABC 0.11% 3,045 $1M $337.75 $77K
50 UPS 0.10% 9,947 $987K $99.19 $156K
51 KMB 0.10% 9,321 $940K $100.89 -$219K
52 CVX 0.09% 6,045 $921K $152.41 -$17K
53 CMCSA 0.09% 30,755 $919K $29.89 -$47K
54 MMM 0.09% 5,615 $899K $160.10 $28K
55 MCD 0.09% 2,826 $864K $305.63 $5K
56 PSX 0.09% 6,500 $839K $129.04 -$45K
57 VOO 0.08% 1,256 $788K $627.13 -$761K -1,273 -50.3%
58 SWK 0.08% 10,555 $784K $74.28 -$528
59 ABBV 0.08% 3,390 $775K $228.49 -$10K
60 CCK 0.08% 7,421 $764K $102.97 $47K
61 CTAS 0.08% 4,004 $753K $188.07 -$69K
62 IWD 0.07% 3,368 $708K $210.34 $23K
63 BDX 0.07% 3,488 $677K $194.07 $26K +11 +0.3%
64 PEP 0.07% 4,631 $665K $143.52 $14K
65 BIL 0.07% 7,179 $656K $91.38 -$140K -1,500 -17.3%
66 VEU 0.07% 8,685 $639K $73.56 -$2M -21,605 -71.3%
67 DIS 0.06% 5,590 $636K $113.77 -$4K
68 AMLP 0.06% 13,079 $615K $47.02 -$12K -277 -2.1%
69 ITW 0.06% 2,305 $568K $246.30 -$33K
70 IBM 0.06% 1,822 $540K $296.21 $26K
71 GD 0.05% 1,554 $523K $336.66 -$7K
72 ACN 0.05% 1,833 $492K $268.30 $40K
73 STZ 0.05% 3,550 $490K $137.96 $12K
74 AJG 0.04% 1,672 $433K $258.79 -$85K
75 XBI 0.04% 3,435 $419K $121.93 $75K
76 GOOG 0.04% 1,320 $414K $313.80 $93K
77 AVY 0.04% 2,230 $406K $181.88 $44K
78 KO 0.04% 5,200 $364K $69.91 $14K -75 -1.4%
79 CARR 0.03% 5,840 $309K $52.84 -$40K
80 NKE 0.03% 4,771 $304K $63.71 -$29K
81 APH 0.03% 2,178 $294K $135.14 $25K
82 XOM 0.03% 2,390 $288K $120.34 $18K
83 NVDA 0.03% 1,495 $279K $186.50 -$119
84 QCOM 0.03% 1,448 $248K $171.05 $7K
85 DHR 0.02% 992 $227K $228.92 +992 NEW
86 EFG —% -$256K -2,250 -100.0% SOLD
87 MDY —% -$3M -5,201 -100.0% SOLD
88 XLP —% -$959K -12,233 -100.0% SOLD
89 XLB —% -$3M -37,774 -100.0% SOLD
90 TDY —% -$223K -381 -100.0% SOLD
91 XLF —% -$2M -37,042 -100.0% SOLD
92 XLK —% -$224K -793 -100.0% SOLD
93 QTEC —% -$13M -58,036 -100.0% SOLD
94 MRP —% -$1M -35,951 -100.0% SOLD
95 DOV —% -$1M -6,542 -100.0% SOLD

New Positions

SymbolValue% Port
DHR $227K 0.02%

Sold Out Positions

SymbolValue% Port
MRP —%
DOV —%
TDY —%
EFG —%
XLF —%
QTEC —%
XLK —%
XLB —%
MDY —%
XLP —%
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