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MILLER OPPORTUNITY TRUST 2018-11-06T18:58:45+00:00
MILLER OPPORTUNITY TRUST

We seek long-term growth of capital.

For the investor looking for a flexible, contrarian, value fund focused on maximizing long-term returns. With high active share, the Fund offers diversification from the S&P 500. Our approach, implemented by Bill Miller, CFA and Samantha McLemore, CFA has yielded market beating returns for the Fund’s – Class C since inception period (12/30/99 – 9/30/18). Designed for investors with a 3-5 year investment time frame.

HOW TO INVEST

Strategy Highlights

  • We believe that to generate excess returns consistently, we must find market mispricings and capitalize on those gaps between price and intrinsic value. These anomalies are driven most often by the behavioral tendencies of large groups of people. As such, we tend to find the best opportunities during periods of uncertainty.
  • We use a rigorous valuation-based research process to try to assess the long-term free cash flow potential of a business by analyzing such things as its long-term economic model, the quality of assets, management, and capital allocation record.
  • We construct a highly-differentiated, concentrated portfolio from the bottom-up with high active share and a long-term focus.
  • In this market, we believe volatility is the price you pay for long-term returns.
  • The Fund’s current positioning is focused on financials, homebuilders, airlines, and healthcare.
  • Portfolio managers: Bill Miller, CFA and Samantha McLemore, CFA
  • AUM: $1.89 billion (as of 9/30/18)
  • Benchmark: S&P 500

Share Class Ticker CUSIP Inception Date
Class A LGOAX 89832P374 2/3/2009
Class C LMOPX 89832P366 12/30/1999
Class FI LMOFX 89832P358 2/13/2004
Class I LMNOX 89832P333 6/26/2000
Class R LMORX 89832P341 12/28/2006

Performance At A Glance

OPPORTUNITY TRUST RETURNS AS OF 10-31-18

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds A class at inception (2/3/2009). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER OPPORTUNITY TRUST MONTHLY RETURNS as of 10/31/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/03/2009
Without Sales Charges -11.85% -5.96% 8.42% 13.90% 9.09% 10.76% ------- 18.87%
With Sales Charges -16.91% -11.37% 2.17% 7.34% 6.96% 9.45% ------- 18.14%
S&P 500 -6.84% -3.25% 3.01% 7.35% 11.52% 11.34% ------- 15.22%
MILLER OPPORTUNITY TRUST QUARTERLY RETURNS as of 09/30/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/03/2009
Without Sales Charges -2.33% 10.75% 22.99% 29.67% 16.85% 14.52% ------- 20.61%
With Sales Charges -7.93% 4.37% 15.90% 22.22% 14.57% 13.17% ------- 19.87%
S&P 500 0.57% 7.71% 10.56% 17.91% 17.31% 13.95% ------- 16.21%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888-593-5110. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class A Gross Expense Ratio: 1.35% Net Expense Ratio: 1.35% *

*Miller Value Partners, LLC (the “Adviser”) has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay the Fund’s operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses (other than interest expense, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses, and acquired fund fees and expenses) to 1.20% for Class A, 1.97% for Class C, 1.26% for Class FI, 1.55% for Class R, 0.93% for Class I, and 0.83% for Class IS through April 30, 2019. Net expense ratios are current to the most recent prospectus dated 4/30/2018 and are applicable to investors.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds C class at inception (12/30/1999). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER OPPORTUNITY TRUST MONTHLY RETURNS as of 10/31/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception12/30/1999
Without Sales Charges -11.89% -6.11% 7.76% 13.08% 8.28% 9.92% 14.37% 6.28%
With Sales Charges -12.77% -7.04% 6.76% 12.08% 8.28% 9.92% 14.37% 6.28%
S&P 500 -6.84% -3.25% 3.01% 7.35% 11.52% 11.34% 13.24% 5.34%
MILLER OPPORTUNITY TRUST QUARTERLY RETURNS as of 09/30/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception12/30/1999
Without Sales Charges -2.37% 10.54% 22.31% 28.70% 15.98% 13.64% 12.16% 7.03%
With Sales Charges -3.35% 9.54% 21.31% 27.70% 15.98% 13.64% 12.16% 7.03%
S&P 500 0.57% 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 5.76%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888-593-5110. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class C Gross Expense Ratio: 2.12%  Net Expense Ratio: 2.12% *

*Miller Value Partners, LLC (the “Adviser”) has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay the Fund’s operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses (other than interest expense, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses, and acquired fund fees and expenses) to 1.20% for Class A, 1.97% for Class C, 1.26% for Class FI, 1.55% for Class R, 0.93% for Class I, and 0.83% for Class IS through April 30, 2019. Net expense ratios are current to the most recent prospectus dated 4/30/2018 and are applicable to investors.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds FI class at inception (2/13/2004). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER OPPORTUNITY TRUST MONTHLY RETURNS as of 10/31/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/13/2004
Without Sales Charges -11.82% -5.92% 8.44% 13.90% 9.09% 10.73% 15.14% 6.08%
S&P 500 -6.84% -3.25% 3.01% 7.35% 11.52% 11.34% 13.24% 8.23%
MILLER OPPORTUNITY TRUST QUARTERLY RETURNS as of 09/30/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/13/2004
Without Sales Charges -2.32% 10.75% 22.97% 29.65% 16.81% 14.46% 12.92% 7.03%
S&P 500 0.57% 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 8.81%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888-593-5110. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class FI Gross Expense Ratio: 1.40%  Net Expense Ratio: 1.40% *

*Miller Value Partners, LLC (the “Adviser”) has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay the Fund’s operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses (other than interest expense, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses, and acquired fund fees and expenses) to 1.20% for Class A, 1.97% for Class C, 1.26% for Class FI, 1.55% for Class R, 0.93% for Class I, and 0.83% for Class IS through April 30, 2019. Net expense ratios are current to the most recent prospectus dated 4/30/2018 and are applicable to investors.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds I class at inception (6/26/2000). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER OPPORTUNITY TRUST MONTHLY RETURNS as of 10/31/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception06/26/2000
Without Sales Charges -11.81% -5.88% 8.68% 14.19% 9.39% 11.07% 15.58% 7.31%
S&P 500 -6.84% -3.25% 3.01% 7.35% 11.52% 11.34% 13.24% 5.49%
MILLER OPPORTUNITY TRUST QUARTERLY RETURNS as of 09/30/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception06/26/2000
Without Sales Charges -2.32% 10.83% 23.23% 29.96% 17.17% 14.83% 13.35% 8.09%
S&P 500 0.57% 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 5.93%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888-593-5110. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class I Gross Expense Ratio: 1.13%  Net Expense Ratio: 1.10% *

*Miller Value Partners, LLC (the “Adviser”) has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay the Fund’s operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses (other than interest expense, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses, and acquired fund fees and expenses) to 1.20% for Class A, 1.97% for Class C, 1.26% for Class FI, 1.55% for Class R, 0.93% for Class I, and 0.83% for Class IS through April 30, 2019. Net expense ratios are current to the most recent prospectus dated 4/30/2018 and are applicable to investors.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds R class at inception (12/28/2006). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER OPPORTUNITY TRUST MONTHLY RETURNS as of 10/31/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception12/28/2006
Without Sales Charges -11.86% -6.01% 8.17% 13.57% 8.77% 10.38% 14.82% 4.46%
S&P 500 -6.84% -3.25% 3.01% 7.35% 11.52% 11.34% 13.24% 7.84%
MILLER OPPORTUNITY TRUST QUARTERLY RETURNS as of 09/30/2018
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception12/28/2006
Without Sales Charges -2.36% 10.64% 22.73% 29.31% 16.49% 14.11% 12.61% 5.62%
S&P 500 0.57% 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 8.55%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance current to most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 888-593-5110. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class R Gross Expense Ratio: 1.67%  Net Expense Ratio: 1.67% *

*Miller Value Partners, LLC (the “Adviser”) has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay the Fund’s operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses (other than interest expense, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses, and acquired fund fees and expenses) to 1.20% for Class A, 1.97% for Class C, 1.26% for Class FI, 1.55% for Class R, 0.93% for Class I, and 0.83% for Class IS through April 30, 2019. Net expense ratios are current to the most recent prospectus dated 4/30/2018 and are applicable to investors.

TOP TEN HOLDINGS
Holding % of Portfolio
Amazon.com Inc. 6.35%
Endo International PLC 5.42%
RH 4.64%
Bausch Health Companies Inc. 4.48%
OneMain Holdings Inc. 3.73%
United Continental Holdings Inc. 3.72%
Delta Air Lines Inc. 3.67%
JPMorgan Chase & Co. 3.60%
Mallinckrodt Public Ltd. Co. 3.41%
Quotient Technology Inc. 3.36%
Total 42.38%
CHARACTERISTICS
P/E (forward four quarters) 11.0x
P/B 2.45x
P/S 1.5x
Est. 3-5 Yr EPS Growth 12.72%
Weighted Average Market Cap $111.96 B
Annualized Portfolio Turnover 122.66%
Number of Holdings 38
Active Share 96.3%
SECTOR ALLOCATION
Sector % of Portfolio
Health Care 27.68%
Consumer Discretionary 21.86%
Financials 18.48%
Information Technology 5.91%
Industrials 12.26%
Communication Services 10.94%
Consumer Staples 1.70%
Limited Partnership 1.17%
HOW TO INVEST

Successful investing involves the disciplined and patient execution of a long-term strategy, especially when it is emotionally difficult. That is usually the time the opportunities are the greatest.
– Bill Miller, CFA

Mutual fund investing involves risk. Principal loss is possible. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The fund may also use options, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors. The fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the fund, and money borrowed will be subject to interest costs. Investments in debt securities typically decrease in value when interest rates rise. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. This risk is usually greater for longer-term debt securities. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market concentrates on other types of securities. The Fund may invest in Illiquid securities which involve the risk that the securities will not be able to be sold at the time or prices desired by the fund, particularly during times of market turmoil. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investing in commodities may subject the Fund to greater risks and volatility as commodity prices may be influenced by a variety of factors including unfavorable weather, environmental factors, and changes in government regulations. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds ability to sell its shares.

Diversification does not assure a profit nor protect against a loss in a declining market.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

The S&P 500 Index is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. Market Cap is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share. Turnover Ratio is a measure of the fund’s trading activity that is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. P/E Ratio is the weighted average of the price/earnings ratios of the equities held by the Fund. P/E ratio is a company’s current stock price divided by its estimated next 12-months’ earnings per share. Price-to-book ratio is a financial ratio used to compare a company’s current market price to its book value. Price–sales ratio (P/S ratio) is a valuation metric for stocks. It is calculated by dividing the company’s market cap by the revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue. Active Share is a measure of the percentage of stock holdings in a manager(s) portfolio that differ from the benchmark index. EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. EPS growth rates help investors identify stocks that are increasing or decreasing in profitability. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.

Miller Opportunity Trust is formerly known as the Legg Mason Opportunity Trust.

Miller Value Funds are distributed by Quasar Distributors, LLC.

EMAIL US

OUR HEADQUARTERS

One South Street

Suite 2550

Baltimore, MD 21202

410.454.3130