Miller Investment Management, LP

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CIK 1407382

13F portfolio (2026-Q1)

$1.0B

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

56.2%

Top 10

75.1%

Effective N

12.0

HHI

0.083

This quarter

3 new · 0 exit →

By sector

Unclassified78.0%

Financials8.4%

Communication Services6.0%

Information Technology2.1%

Consumer Discretionary2.0%

Industrials1.8%

Health Care1.0%

Energy0.3%

Other0.3%

By market cap

Unknown78.1%

Mega (>$200B)17.8%

Large ($10–200B)4.0%

Small ($300M–2B)0.1%

By region

Other78.0%

North America22.0%

Europe0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	85.33%	31
Software & IT Services	5.84%	3
Software	1.51%	2
Specialty Retail	1.34%	3
Commercial Services & Supplies	0.88%	2
Banks	0.85%	4
Pharmaceuticals & Biotechnology	0.68%	4
Distributors	0.59%	2
Machinery	0.47%	5
Aerospace & Defense	0.30%	4
Oil, Gas & Consumable Fuels	0.28%	3
Technology Hardware & Equipment	0.28%	2
Health Care Equipment & Supplies	0.27%	3
Electrical Equipment & Components	0.25%	1
Insurance	0.19%	3
Beverages	0.16%	3
Health Care Providers & Services	0.15%	1
Paper & Forest Products	0.13%	2
Semiconductors & Semiconductor Equipment	0.10%	2
Road & Rail	0.10%	1
Media & Entertainment	0.09%	1
Entertainment	0.08%	1
Textiles, Apparel & Luxury Goods	0.07%	1
Hotels, Restaurants & Leisure	0.05%	1
Chemicals	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	18.87%
2	BILS	SPDR SERIES TRUST	Unclassified	12.45%
3	VGSH	VANGUARD SHORT-TERM TREASURY ETF	Unclassified	9.73%
4	VGIT	VANGUARD SCOTTSDALE FDS	Unclassified	7.84%
5	BRK.B	BERKSHIRE HATHAWAY INC	Financials	7.34%
6	EFA	ISHARES TR	Unclassified	6.29%
7	SMH	VANECK ETF TRUST	Unclassified	3.61%
8	META	Meta Platforms, Inc.	Communication Services	3.29%
9	XLV	SELECT SECTOR SPDR TR	Unclassified	2.95%
10	EWJ	ISHARES INC	Unclassified	2.71%

56/86 names classified · sector 22.0% of weight · industry 14.7% · mkt cap 21.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

FinancialsBRK.B, CNC, PNC, BLK, WFC · other

IndustrialsURI, DHI, LEN, CCK, NVR · other

Consumer DiscretionaryCAH, WMT, GPC, TGT, DRI · other

Health CareJNJ, MDT, BDX, AMGN, PFE · other

Communication ServicesMETA, GOOGL, VZ, DIS, CMCSA · other

Information TechnologyMSFT, EMR, AAPL, IBM, CSCO · other

EnergyCVX, SLB, XOM, HAL, DVN · other

MaterialsKMB, NKE, AVY, CDXS

Consumer StaplesPEP, STZ, KO, GIS, SENEA · other

UtilitiesET, EPD

Real Estate

UnclassifiedSPY, VEU, ITB, POWERSHARES ETF TR II, VANECK VECTORS ETF OIL SVCS · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 22.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 14% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (52 classified)Miller Investment Management, LP centroid (Large Growth)

Communication ServicesInformation TechnologyConsumer DiscretionaryIndustrialsHealth CareFinancialsEnergyMaterialsConsumer Staples

Style box summary for Miller Investment Management, LP: centroid Large Growth. Heaviest cells: Large Growth 9.0%, Large Value 1.7%, Large Core 1.6%.

Classified: 14.5% of book weight (52/86 names) · unclassified 85.5%: SPY, BILS, VGSH, VGIT, BRK.B, EFA, SMH, XLV, EWJ, VV +24 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 86 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SPYSTATE STR SPDR S&P 500 ETF T	292,218	$190M	18.9%	HOLD
2	BILSSPDR SERIES TRUST	1,260,535	$125M	12.4%	ADD 25%
3	VGSHVANGUARD SHORT-TERM TREASURY ETF	1,673,914	$98M	9.7%	ADD 13%
4	VGITVANGUARD SCOTTSDALE FDS	1,326,156	$79M	7.8%	ADD 11%
5	BRK.BBERKSHIRE HATHAWAY INC DEL	154,300	$74M	7.3%	HOLD
6	EFAISHARES TR	652,026	$63M	6.3%	TRIM −9%
7	SMHVANECK ETF TRUST	94,907	$36M	3.6%	HOLD
8	METAMETA PLATFORMS INC	57,872	$33M	3.3%	ADD 2%
9	XLVSELECT SECTOR SPDR TR	202,911	$30M	3.0%	ADD 2%
10	EWJISHARES INC	323,054	$27M	2.7%	TRIM −7%
11	VVVANGUARD INDEX FDS	86,744	$26M	2.6%	ADD 38%
12	GOOGLALPHABET INC	87,963	$25M	2.5%	HOLD
13	XLCSELECT SECTOR SPDR TR	168,822	$19M	1.9%	HOLD
14	IWRISHARES TR	188,278	$18M	1.8%	TRIM −3%
15	VBILVANGUARD INSTL INDEX FD	195,900	$15M	1.5%	ADD 8%
16	PPHVANECK ETF TRUST	133,938	$14M	1.4%	TRIM −12%
17	MSFTMICROSOFT CORP	36,022	$13M	1.3%	ADD 4%
18	VEAVANGUARD TAX-MANAGED FDS	204,511	$13M	1.3%	ADD 30%
19	AMZNAMAZON COM INC	52,489	$11M	1.1%	HOLD
20	URIUNITED RENTALS INC	11,707	$9M	0.8%	HOLD
21	BBHVANECK ETF TRUST	38,962	$7M	0.7%	HOLD
22	IBBISHARES TR	35,093	$6M	0.6%	TRIM −6%
23	CAHCARDINAL HEALTH INC	23,553	$5M	0.5%	HOLD
24	VIGVANGUARD SPECIALIZED FUNDS	16,293	$4M	0.3%	HOLD
25	JPMJPMORGAN CHASE & CO	11,410	$3M	0.3%	HOLD
26	VTIVANGUARD INDEX FDS	10,429	$3M	0.3%	TRIM −4%
27	JNJJOHNSON & JOHNSON	12,849	$3M	0.3%	HOLD
28	DIASPDR DOW JONES INDL AVERAGE	5,717	$3M	0.3%	HOLD
29	PNCPNC FINL SVCS GROUP INC	12,580	$3M	0.3%	HOLD
30	EMREMERSON ELEC CO	18,970	$2M	0.2%	HOLD
31	DEDEERE & CO	4,185	$2M	0.2%	TRIM −15%
32	AAPLAPPLE INC	9,245	$2M	0.2%	HOLD
33	RTXRTX CORPORATION	10,350	$2M	0.2%	HOLD
34	ORCLORACLE CORP	12,572	$2M	0.2%	ADD 15%
35	AMGNAMGEN INC	5,098	$2M	0.2%	HOLD
36	WFCWELLS FARGO CO NEW	20,342	$2M	0.2%	HOLD
37	IWMISHARES TR	6,138	$2M	0.2%	HOLD
38	DGXQUEST DIAGNOSTICS INC	7,586	$1M	0.1%	HOLD
39	TJXTJX COS INC NEW	9,214	$1M	0.1%	TRIM −3%
40	GSPYTIDAL TRUST I	40,578	$1M	0.1%	HOLD
41	MDTMEDTRONIC PLC	15,885	$1M	0.1%	HOLD
42	CVXCHEVRON CORP NEW	6,045	$1M	0.1%	HOLD
43	QQQINVESCO QQQ TR	2,084	$1M	0.1%	HOLD
44	PSXPHILLIPS 66	6,500	$1M	0.1%	HOLD
45	LLYELI LILLY & CO	1,250	$1M	0.1%	HOLD
46	CNCCENTENE CORP DEL	34,795	$1M	0.1%	HOLD
47	HDHOME DEPOT INC	3,275	$1M	0.1%	TRIM −4%
48	UPSUNITED PARCEL SERVICE INC	9,947	$978,586	0.1%	HOLD
49	ONITONITY GROUP INC	24,798	$973,817	0.1%	HOLD
50	CORCENCORA INC	3,045	$956,556	0.1%	HOLD
51	KMBKIMBERLY-CLARK CORP	9,321	$899,197	0.1%	HOLD
52	CMCSACOMCAST CORP NEW	30,755	$882,976	0.1%	HOLD
53	MMM3M CO	5,615	$815,466	0.1%	HOLD
54	DISDISNEY WALT CO	8,261	$796,195	0.1%	ADD 48%
55	VOOVANGUARD INDEX FDS	1,256	$750,523	0.1%	HOLD
56	SWKSTANLEY BLACK & DECKER INC	10,555	$750,038	0.1%	HOLD
57	CCKCROWN HLDGS INC	7,421	$743,955	0.1%	HOLD
58	ABBVABBVIE INC	3,390	$737,291	0.1%	HOLD
59	IWDISHARES TR	3,368	$719,641	0.1%	HOLD
60	PEPPEPSICO INC	4,631	$719,148	0.1%	HOLD
61	AMLPALPS ETF TR	13,079	$688,479	0.1%	HOLD
62	CTASCINTAS CORP	4,004	$677,237	0.1%	HOLD
63	BILSPDR SERIES TRUST	7,179	$657,884	0.1%	HOLD
64	VEUVANGUARD INTL EQUITY INDEX F	8,685	$652,244	0.1%	HOLD
65	ITWILLINOIS TOOL WKS INC	2,305	$599,968	0.1%	HOLD
66	BDXBECTON DICKINSON & CO	3,396	$533,953	0.1%	TRIM −3%
67	GDGENERAL DYNAMICS CORP	1,554	$533,364	0.1%	HOLD
68	STZCONSTELLATION BRANDS INC	3,550	$532,500	0.1%	HOLD
69	NVDANVIDIA CORPORATION	3,044	$530,874	0.1%	ADD 104%
70	MCDMCDONALDS CORP	1,652	$513,425	0.1%	TRIM −42%
71	APHAMPHENOL CORP	3,851	$486,574	0.0%	ADD 77%
72	IBMINTERNATIONAL BUSINESS MACHS	1,822	$441,635	0.0%	HOLD
73	XBISPDR SERIES TRUST	3,435	$438,753	0.0%	HOLD
74	AEGAEGON LTD	57,015	$413,929	0.0%	HOLD
75	XOMEXXON MOBIL CORP	2,390	$405,492	0.0%	HOLD
76	KOCOCA COLA CO	5,200	$395,460	0.0%	HOLD
77	AVYAVERY DENNISON CORP	2,230	$385,076	0.0%	HOLD
78	GOOGALPHABET INC	1,320	$378,655	0.0%	HOLD
79	ACNACCENTURE PLC IRELAND	1,833	$363,466	0.0%	HOLD
80	AJGGALLAGHER ARTHUR J & CO	1,672	$362,122	0.0%	HOLD
81	PKWINVESCO EXCHANGE TRADED FD T	2,675	$351,092	0.0%	HOLD
82	CARRCARRIER GLOBAL CORPORATION	5,840	$328,850	0.0%	HOLD
83	NKENIKE INC	4,771	$252,004	0.0%	HOLD
84	VGKVANGUARD INTL EQUITY INDEX F	3,032	$249,928	0.0%	NEW
85	LMTLOCKHEED MARTIN CORP	383	$231,481	0.0%	NEW
86	TDYTELEDYNE TECHNOLOGIES INC	381	$230,509	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SPYSTATE STR SPDR S&P 500 ETF T

318K

317K

315K

300K

291K

292K

$190M

BILSSPDR SERIES TRUST

1.1M

1.2M

1.0M

1.3M

$125M

VGSHVANGUARD SHORT-TERM TREASURY ETF

1.0M

1.1M

1.5M

1.7M

$98M

VGITVANGUARD SCOTTSDALE FDS

—

22K

1.2M

1.3M

$79M

BRK.BBERKSHIRE HATHAWAY INC DEL

168K

167K

165K

166K

154K

$74M

EFAISHARES TR

831K

830K

820K

818K

716K

652K

$63M

SMHVANECK ETF TRUST

119K

117K

97K

95K

$36M

METAMETA PLATFORMS INC

62K

61K

57K

58K

$33M

XLVSELECT SECTOR SPDR TR

125K

138K

154K

198K

203K

$30M

EWJISHARES INC

381K

380K

369K

367K

346K

323K

$27M

VVVANGUARD INDEX FDS

59K

62K

63K

87K

$26M

GOOGLALPHABET INC

87K

91K

93K

87K

88K

$25M

XLCSELECT SECTOR SPDR TR

195K

194K

191K

187K

169K

$19M

IWRISHARES TR

230K

227K

226K

195K

188K

$18M

VBILVANGUARD INSTL INDEX FD

—

38K

181K

196K

$15M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Miller Investment Management, LP