Institutional Manager · CIK 0001407382

Miller Investment Management, LP

WEST CONSHOHOCKEN, PA · File #028-12538

Latest AUM

$1.02B

Positions

Top-10 Concentration

73.4%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	VANGUARD SCOTTSDALE FDS	92206C706	+1,168,632	+$70.0M	-$2,232
ADD	VANGUARD SCOTTSDALE FDS	92206C102	+421,368	+$24.7M	-$127,443
REDUCE	SPDR SER TR	78468R523	-177,287	-$17.6M	-$355,913
EXITED	FIRST TR NASDAQ 100 TECH IND	337345102	-58,036	-$13.3M	$0
ADD	VANGUARD INSTL INDEX FD	922040845	+143,400	+$10.8M	-$6,938
REDUCE	ISHARES TR	464287465	-101,978	-$9.8M	+$2.2M
REDUCE	VANECK ETF TRUST	92189F726	-41,833	-$7.9M	+$1.9M
REDUCE	VANECK VECTORS ETF TR	92189F676	-20,544	-$7.4M	+$4.0M
ADD	SELECT SECTOR SPDR TR	81369Y209	+44,017	+$6.8M	+$2.4M
REDUCE	ISHARES TR	464287556	-39,221	-$6.6M	+$1.9M

Sector Allocation

Communication Services

3.6%$37.4M

Consumer Discretionary

2.6%$27.0M

2.0%$20.4M

2.0%$20.4M

1.7%$17.3M

0.6%$5.9M

0.3%$3.3M

0.2%$2.0M

Filing History

Feb 11, 202613F HOLDINGS REPORTQ/E Dec 202589 pos · $1.02B
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 202598 pos · $995.1M
Aug 6, 202513F HOLDINGS REPORTQ/E Jun 202596 pos · $952.4M
May 7, 202513F HOLDINGS REPORTQ/E Mar 202597 pos · $904.0M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024100 pos · $913.6M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 2024104 pos · $960.4M
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 2024103 pos · $836.9M
May 14, 202413F HOLDINGS REPORTQ/E Mar 2024105 pos · $782.7M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202397 pos · $635.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	290,954	$198.4M	19.83%
2	SPDR SER TR	78468R523	1,009,090	$100.1M	10.01%
3	VANGUARD SCOTTSDALE FDS	92206C102	1,483,390	$87.1M	8.71%
4	BERKSHIRE HATHAWAY INC DEL	BRK-A	154,072	$77.4M	7.74%
5	VANGUARD SCOTTSDALE FDS	92206C706	1,190,950	$71.4M	7.13%
6	ISHARES TR	464287465	715,962	$68.8M	6.87%
7	META PLATFORMS INC	META	56,593	$37.4M	3.73%
8	VANECK VECTORS ETF TR	92189F676	96,645	$34.8M	3.48%
9	SELECT SECTOR SPDR TR	81369Y209	198,322	$30.7M	3.07%
10	ISHARES INC	46434g822	345,720	$27.9M	2.79%
11	ALPHABET INC	GOOG	87,372	$27.3M	2.73%
12	SELECT SECTOR SPDR TR	81369Y852	168,967	$19.9M	1.99%
13	VANGUARD INDEX FDS	922908637	62,851	$19.8M	1.98%
14	ISHARES TR	464287499	194,565	$18.7M	1.87%
15	MICROSOFT CORPORATION	MSFT	34,755	$16.8M	1.68%
16	VANECK ETF TRUST	92189f692	152,936	$15.8M	1.58%
17	VANGUARD INSTL INDEX FD	922040845	180,900	$13.6M	1.36%
18	D R HORTON INC	23331A109	86,119	$12.4M	1.24%
19	AMAZON COM INC	AMZN	51,797	$12.0M	1.19%
20	NVR INC	NVR	1,582	$11.5M	1.15%