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Miller Value Investment Team POV 2023-08-16T13:49:28+00:00

Click on a clip below to hear perspective from the Miller Value Investment Team.

AN ACTIVE MANAGER’S PERSPECTIVE

Looking across the market, we see compelling investment opportunities for active, long-term investors.  Bill Miller IV, Daniel Lysik, and Bill Miller talk about the yield curve, market sentiment, attractive stocks, and more on this recent live call. (45:31)

Bill Miller IV on the implications of an inverted yield curve. (4:15)
Read his Q2 Manager Letter

Bill Miller’s latest market perspective. (7:27)

Dan Lysik shares evidence of a compelling environment for Low Value Securities and Small Caps. (4:34)

Bill Miller IV on Stellantis N.V. (3:02)

Bill Miller for MicroStrategy, OneMain Financial, and Chico’s. (2:51)

Dan Lysik on Quad Graphics and Western Alliance Bank (4:59)

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    MORE from miller Value Partners

    Q1 2023 Live Call: Bill Miller IV, Daniel Lysik, and Bill Miller discuss the implications of a quickly moving market and highlight their best stock ideas. (58:24)

    Bill Miller IV shares his vision for the future of Miller Value Partners. (2:47)

    Bill Miller IV and his team use a value lens to source and capitalize on differentiated opportunities in the market to pursue a dual objective of income and capital appreciation. We dive into a number of topics, including how his time at McKinsey helps him think as a portfolio manager, why we started the Income Strategy, and how we define attractive value. (19:29)

    DISCLOSURE

    Miller Income Fund Performance as of 6/30/23 (%)
    1 Yr 3 Yr 5 Yr Inception
    02/28/14
    Class I (without sales charges) 4.14 8.82 0.16 2.56
    ICE BofA US High Yield Index 8.97 3.24 3.20 3.73

    Class I Gross Expense Ratio: 1.00% / Net Expense Ratio: 0.96%

    Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if fees had not been waived in various periods. Numbers may be the same due to rounding. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end information, please call 888-593-5110. An investor cannot invest directly in an index.

    Click here for a Miller Income Fund prospectus.

    Top ten holdings for the Miller Income Fund can be found here. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

    The Miller Income Fund (Class I) had a current yield of 7.19% (30-day SEC yield of 7.09% and 6.94% without waiver) as of 6/30/23.

    Mutual funds, equities, bonds, and other asset classes have different risk profiles, which should be considered when investing. Investors cannot directly invest in an index.

    Morningstar Percentile Rankings represent a fund’s total return percentile rank relative to Morningstar  Moderately Aggressive Allocation funds. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Morningstar ranked the Miller Income Fund Class I in the top 22% and 97% out of 319 and 280 Moderately Aggressive Allocation funds for the one- and five-year periods ending 7/31/23, respectively. ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Dividend yield is the ratio of a company’s annual dividend compared to its share price. M2 is a measure of the money supply that includes cash, checking deposits, and other types of deposits that are readily convertible to cash such as CDs. The earnings yield refers to the earnings per share for the most recent 12-month period divided by the current market price per share. Mega cap is a designation for the largest companies in the investment universe as measured by market capitalization. Price-to -earnings (P/E) is the market price per share divided by earnings per share. Forward price-to-earnings (forward P/E) is a version of the ratio of price-to-earnings that uses forecasted earnings for the P/E calculation. Trailing price-to-earnings is a relative valuation multiple that is based on the last 12 months of actual earnings. A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The risk-free rate of return is the rate an investor can expect to earn on an investment that carries zero risk. Price-to-sales ratio is a tool for calculating a stock’s valuation relative to other companies. It is calculated by dividing a stock’s current price by its revenue per share. EV/EBITDA ratio that compares a company’s enterprise value to its earnings before interest, taxes, depreciation and amortization and measures the value of a company.
    Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures. The price-to-cash flow ratio is a stock valuation indicator or multiple that measures the value of a stock’s price relative to its operating cash flow per share. A bond’s yield to maturity (YTM) is the internal rate of return required for the present value of all the future cash flows of the bond (face value and coupon payments) to equal the current bond price. The 2/10 Treasury Yield Spread is the difference between the 10-year treasury yield and the 2-year treasury yield. The ICE BofA US High Yield Index tracks the performance of below-investment grade, but not in default, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P. The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 2000 Index is a small-cap stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index. The Russell 3000 Value Index is a market-capitalization weighted index based on the Russell 3000 Index and includes companies with lower price-to-book ratios and lower expected growth rates. The Russell 3000 Growth Index is a market capitalization-weighted index based on the Russell 3000 index and includes companies that display signs of above-average growth. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks and is often used as a measure of the overall market. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. The 30-Day SEC Yield (Unsubsidized) is computed under an SEC standardized formula based on income net income earned over the past 30 days excluding expense reimbursements.

    The views expressed are those of the portfolio managers as of the date indicated, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Discussions of individual securities are intended to inform shareholders as to the basis (in whole or in part) for previously made decisions by a portfolio manager to buy, sell or hold a security in a portfolio. References to specific securities are not intended and should not be relied upon as the basis for anyone to buy, sell or hold any security. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of its representatives may give legal or tax advice.

    Diversification does not assure a profit or protect against a loss in a declining market.

    Earnings growth is not a measure of the Fund’s future performance.

    Mutual fund investing involves risk; principal loss is possible. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small and mid-cap investments. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Investments in MLP securities are subject to unique risks, including the risks of MLPs and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed-income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. High yield bonds are subject to greater price volatility, illiquidity, and the possibility of default. As a nondiversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market while the market concentrates on growth stocks. 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 Fund’s ability to sell its shares.

    The Miller Value Funds are distributed by Quasar Distributors, LLC.
    (C)2023 Miller Value Partners

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