Top 10 holdings for MVPA can be accessed here. Holdings are subject to change.
Enterprise value (EV) is a measure of a company’s total value. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. Enterprise Value to Earnings Before Income, Taxes, Depreciation, and Amortization (EV/EBITDA) is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. BOE or barrel of oil equivalent is used to summarize the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil. Pro forma indicates that a method of calculating financial results using certain projections or presumptions has been used. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Capital Expenditures (CAPEX) are payments made for goods or services that are recorded on a company’s balance sheet instead of expensed on the income statement. MMBtu is the abbreviation for one million British thermal units, the common unit used to measure heating content and the value of a fuel. A British thermal unit is the amount of heat required to increase the temperature of a pound of water by one degree Fahrenheit at a specific temperature. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures. A Leverage Ratio measures a company’s level of debt relative to another financial metric. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.
The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting https://etf.millervaluefunds.com/mvpa. Read the Prospectus and Summary Prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
Diversification cannot assure a profit or protect against loss in a down market.
Miller Value Funds are distributed by Quasar Distributors, LLC.
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