Miller Investment Management, LP

WEST CONSHOHOCKEN, PA

$1.1bn in 83 US stocks at the end of 30 June 2026. The top 10 are 74.6% of the money. It changed about 5.6% of the portfolio this quarter.

Value

$1.1bn

Stocks

Top 10 share

74.6%

Turnover

5.6%

What changed this quarter

New

Bought for the first time this quarter.

QualcommQCOM
<0.1% of the fund
Hanover Insurance GroupTHG
<0.1% of the fund
Goldman Sachs GroupGS
<0.1% of the fund

Added

Bought more of a stock they already held.

Berkshire HathawayBRK-B
7.3% of the fund
+3%
Meta PlatformsMETA
3.1% of the fund
+4%
Vanguard Index FDSVV
2.8% of the fund
+4%
Vanguard Tax-Managed FDSVEA
1.6% of the fund
+19%
Vanguard Instl Index FDVBIL
1.5% of the fund
+9%
MicrosoftMSFT
1.3% of the fund
+5%
Amazon.comAMZN
1.2% of the fund
+2%
OracleORCL
0.2% of the fund
+16%
Walt DisneyDIS
0.1% of the fund
+49%
AmphenolAPH
0.1% of the fund
+68%
NvidiaNVDA
<0.1% of the fund
+55%

Cut

Sold some of their stake.

Spdr Series TrustBILS
11.1% of the fund
-3%
Vanguard Scottsdale FDSVGSH
8.2% of the fund
-8%
Select Sector Spdr TRXLV
2.8% of the fund
-5%
United RentalsURI
1.2% of the fund
-4%
Vaneck ETF TrustPPH
1.0% of the fund
-25%
Ishares TRIBB
0.4% of the fund
-29%
Emerson ElectricEMR
0.2% of the fund
-13%
CenteneCNC
0.2% of the fund
-3%
AbbVieABBV
<0.1% of the fund
-37%

Sold out

Sold their entire stake.

Ishares TRIWD
-100%
McDonald'sMCD
-100%
ExxonMobil HoldingsXOM
-100%
Coca-ColaKO
-100%
NikeNKE
-100%
Lockheed MartinLMT
-100%

Holdings

State STR Spdr S&P 500 ETF TSPY
Share
20.3%
Value
$222m
Shares
297,731
Held
Spdr Series TrustBILS
Share
11.1%
Value
$122m
Shares
1,225,012
-3%
Vanguard Scottsdale FDSVGSH
Share
8.2%
Value
$90m
Shares
1,537,843
-8%
Berkshire HathawayBRK-B
Share
7.3%
Value
$79m
Shares
158,746
+3%
Vanguard Scottsdale FDSVGIT
Share
7.0%
Value
$77m
Shares
1,300,506
Held
Ishares TREFA
Share
6.2%
Value
$67m
Shares
649,538
Held
Vaneck ETF TrustSMH
Share
5.7%
Value
$63m
Shares
95,530
Held
Meta PlatformsMETA
Share
3.1%
Value
$34m
Shares
59,978
+4%
AlphabetGOOGL
Share
2.9%
Value
$32m
Shares
89,592
Held
Vanguard Index FDSVV
Share
2.8%
Value
$31m
Shares
90,501
+4%
IsharesEWJ
Share
2.8%
Value
$31m
Shares
328,285
Held
Select Sector Spdr TRXLV
Share
2.8%
Value
$31m
Shares
192,381
-5%
Ishares TRIWR
Share
1.9%
Value
$21m
Shares
191,472
Held
Select Sector Spdr TRXLC
Share
1.7%
Value
$18m
Shares
171,942
Held
Vanguard Tax-Managed FDSVEA
Share
1.6%
Value
$17m
Shares
243,657
+19%
Vanguard Instl Index FDVBIL
Share
1.5%
Value
$16m
Shares
212,630
+9%
MicrosoftMSFT
Share
1.3%
Value
$14m
Shares
37,833
+5%
Amazon.comAMZN
Share
1.2%
Value
$13m
Shares
53,686
+2%
United RentalsURI
Share
1.2%
Value
$13m
Shares
11,266
-4%
Vaneck ETF TrustPPH
Share
1.0%
Value
$11m
Shares
100,256
-25%
Vaneck ETF TrustBBH
Share
0.7%
Value
$8m
Shares
38,226
Held
Cardinal HealthCAH
Share
0.5%
Value
$6m
Shares
23,553
Held
Ishares TRIBB
Share
0.4%
Value
$5m
Shares
25,040
-29%
Vanguard Index FDSVTI
Share
0.4%
Value
$4m
Shares
10,429
Held
Vanguard Specialized FundsVIG
Share
0.4%
Value
$4m
Shares
16,293
Held
JPMorgan ChaseJPM
Share
0.3%
Value
$4m
Shares
11,410
Held
Johnson & JohnsonJNJ
Share
0.3%
Value
$3m
Shares
12,849
Held
PNC Financial Services GroupPNC
Share
0.3%
Value
$3m
Shares
12,580
Held
State STR Spdr DOW Jones INDDIA
Share
0.3%
Value
$3m
Shares
5,717
Held
AppleAAPL
Share
0.2%
Value
$3m
Shares
9,215
Held
DeereDE
Share
0.2%
Value
$3m
Shares
4,185
Held
Emerson ElectricEMR
Share
0.2%
Value
$2m
Shares
16,570
-13%
CenteneCNC
Share
0.2%
Value
$2m
Shares
33,795
-3%
OracleORCL
Share
0.2%
Value
$2m
Shares
14,571
+16%
RTXRTX
Share
0.2%
Value
$2m
Shares
10,350
Held
AmgenAMGN
Share
0.2%
Value
$2m
Shares
5,098
Held
Ishares TRIWM
Share
0.2%
Value
$2m
Shares
6,138
Held
Wells Fargo & CompanyWFC
Share
0.2%
Value
$2m
Shares
20,342
Held
Tidal Trust IGSPY
Share
0.2%
Value
$2m
Shares
40,578
Held
Quest DiagnosticsDGX
Share
0.1%
Value
$2m
Shares
7,586
Held
Invesco QQQ TRQQQ
Share
0.1%
Value
$2m
Shares
2,084
Held
Eli LillyLLY
Share
0.1%
Value
$1m
Shares
1,250
Held
TJX CompaniesTJX
Share
0.1%
Value
$1m
Shares
9,214
Held
MedtronicMDT
Share
0.1%
Value
$1m
Shares
15,885
Held
Walt DisneyDIS
Share
0.1%
Value
$1m
Shares
12,327
+49%
Home DepotHD
Share
0.1%
Value
$1m
Shares
3,275
Held
AmphenolAPH
Share
0.1%
Value
$1m
Shares
6,472
+68%
Phillips 66PSX
Share
0.1%
Value
$1m
Shares
6,500
Held
United Parcel ServiceUPS
Share
<0.1%
Value
$1m
Shares
9,947
Held
Kimberly-ClarkKMB
Share
<0.1%
Value
$1m
Shares
9,321
Held
ChevronCVX
Share
<0.1%
Value
$1m
Shares
6,045
Held
Stanley Black & DeckerSWK
Share
<0.1%
Value
$993,437
Shares
10,555
Held
Onity GroupONIT
Share
<0.1%
Value
$985,720
Shares
24,798
Held
NvidiaNVDA
Share
<0.1%
Value
$943,825
Shares
4,717
+55%
3MMMM
Share
<0.1%
Value
$909,125
Shares
5,615
Held
Vanguard Index FDSVOO
Share
<0.1%
Value
$862,633
Shares
1,256
Held
CencoraCOR
Share
<0.1%
Value
$861,674
Shares
3,045
Held
Crown HoldingsCCK
Share
<0.1%
Value
$829,816
Shares
7,421
Held
ComcastCMCSA
Share
<0.1%
Value
$755,035
Shares
30,755
Held
Vanguard Intl Equity Index FVEU
Share
<0.1%
Value
$727,369
Shares
8,685
Held
CintasCTAS
Share
<0.1%
Value
$681,000
Shares
4,004
Held
Alps ETF TRAMLP
Share
<0.1%
Value
$678,146
Shares
13,079
Held
Spdr Series TrustBIL
Share
<0.1%
Value
$657,884
Shares
7,179
Held
PepsiCoPEP
Share
<0.1%
Value
$627,037
Shares
4,631
Held
Illinois Tool WorksITW
Share
<0.1%
Value
$623,433
Shares
2,305
Held
General DynamicsGD
Share
<0.1%
Value
$550,489
Shares
1,554
Held
Spdr Series TrustXBI
Share
<0.1%
Value
$543,589
Shares
3,435
Held
AbbVieABBV
Share
<0.1%
Value
$538,510
Shares
2,140
-37%
Becton DickinsonBDX
Share
<0.1%
Value
$513,917
Shares
3,396
Held
International Business MachinesIBM
Share
<0.1%
Value
$512,365
Shares
1,822
Held
Constellation BrandsSTZ
Share
<0.1%
Value
$493,770
Shares
3,550
Held
AegonAEG
Share
<0.1%
Value
$481,207
Shares
57,015
Held
AlphabetGOOG
Share
<0.1%
Value
$466,396
Shares
1,320
Held
Carrier GlobalCARR
Share
<0.1%
Value
$428,364
Shares
5,840
Held
Arthur J. GallagherAJG
Share
<0.1%
Value
$383,841
Shares
1,672
Held
Invesco Exchange Traded FD TPKW
Share
<0.1%
Value
$378,941
Shares
2,675
Held
Avery DennisonAVY
Share
<0.1%
Value
$362,041
Shares
2,230
Held
Vanguard Intl Equity Index FVGK
Share
<0.1%
Value
$272,102
Shares
3,073
Held
QualcommQCOM
Share
<0.1%
Value
$267,576
Shares
1,448
New
Teledyne TechnologiesTDY
Share
<0.1%
Value
$254,089
Shares
381
Held
AccentureACN
Share
<0.1%
Value
$228,099
Shares
1,833
Held
Hanover Insurance GroupTHG
Share
<0.1%
Value
$219,473
Shares
1,025
New
Goldman Sachs GroupGS
Share
<0.1%
Value
$204,297
Shares
202
New

Company	Share of fund	Value	Shares	Change
State STR Spdr S&P 500 ETF TSPY	20.3%	$222m	297,731	Held
Spdr Series TrustBILS	11.1%	$122m	1,225,012	-3%
Vanguard Scottsdale FDSVGSH	8.2%	$90m	1,537,843	-8%
Berkshire HathawayBRK-B	7.3%	$79m	158,746	+3%
Vanguard Scottsdale FDSVGIT	7.0%	$77m	1,300,506	Held
Ishares TREFA	6.2%	$67m	649,538	Held
Vaneck ETF TrustSMH	5.7%	$63m	95,530	Held
Meta PlatformsMETA	3.1%	$34m	59,978	+4%
AlphabetGOOGL	2.9%	$32m	89,592	Held
Vanguard Index FDSVV	2.8%	$31m	90,501	+4%
IsharesEWJ	2.8%	$31m	328,285	Held
Select Sector Spdr TRXLV	2.8%	$31m	192,381	-5%
Ishares TRIWR	1.9%	$21m	191,472	Held
Select Sector Spdr TRXLC	1.7%	$18m	171,942	Held
Vanguard Tax-Managed FDSVEA	1.6%	$17m	243,657	+19%
Vanguard Instl Index FDVBIL	1.5%	$16m	212,630	+9%
MicrosoftMSFT	1.3%	$14m	37,833	+5%
Amazon.comAMZN	1.2%	$13m	53,686	+2%
United RentalsURI	1.2%	$13m	11,266	-4%
Vaneck ETF TrustPPH	1.0%	$11m	100,256	-25%
Vaneck ETF TrustBBH	0.7%	$8m	38,226	Held
Cardinal HealthCAH	0.5%	$6m	23,553	Held
Ishares TRIBB	0.4%	$5m	25,040	-29%
Vanguard Index FDSVTI	0.4%	$4m	10,429	Held
Vanguard Specialized FundsVIG	0.4%	$4m	16,293	Held
JPMorgan ChaseJPM	0.3%	$4m	11,410	Held
Johnson & JohnsonJNJ	0.3%	$3m	12,849	Held
PNC Financial Services GroupPNC	0.3%	$3m	12,580	Held
State STR Spdr DOW Jones INDDIA	0.3%	$3m	5,717	Held
AppleAAPL	0.2%	$3m	9,215	Held
DeereDE	0.2%	$3m	4,185	Held
Emerson ElectricEMR	0.2%	$2m	16,570	-13%
CenteneCNC	0.2%	$2m	33,795	-3%
OracleORCL	0.2%	$2m	14,571	+16%
RTXRTX	0.2%	$2m	10,350	Held
AmgenAMGN	0.2%	$2m	5,098	Held
Ishares TRIWM	0.2%	$2m	6,138	Held
Wells Fargo & CompanyWFC	0.2%	$2m	20,342	Held
Tidal Trust IGSPY	0.2%	$2m	40,578	Held
Quest DiagnosticsDGX	0.1%	$2m	7,586	Held
Invesco QQQ TRQQQ	0.1%	$2m	2,084	Held
Eli LillyLLY	0.1%	$1m	1,250	Held
TJX CompaniesTJX	0.1%	$1m	9,214	Held
MedtronicMDT	0.1%	$1m	15,885	Held
Walt DisneyDIS	0.1%	$1m	12,327	+49%
Home DepotHD	0.1%	$1m	3,275	Held
AmphenolAPH	0.1%	$1m	6,472	+68%
Phillips 66PSX	0.1%	$1m	6,500	Held
United Parcel ServiceUPS	<0.1%	$1m	9,947	Held
Kimberly-ClarkKMB	<0.1%	$1m	9,321	Held
ChevronCVX	<0.1%	$1m	6,045	Held
Stanley Black & DeckerSWK	<0.1%	$993,437	10,555	Held
Onity GroupONIT	<0.1%	$985,720	24,798	Held
NvidiaNVDA	<0.1%	$943,825	4,717	+55%
3MMMM	<0.1%	$909,125	5,615	Held
Vanguard Index FDSVOO	<0.1%	$862,633	1,256	Held
CencoraCOR	<0.1%	$861,674	3,045	Held
Crown HoldingsCCK	<0.1%	$829,816	7,421	Held
ComcastCMCSA	<0.1%	$755,035	30,755	Held
Vanguard Intl Equity Index FVEU	<0.1%	$727,369	8,685	Held
CintasCTAS	<0.1%	$681,000	4,004	Held
Alps ETF TRAMLP	<0.1%	$678,146	13,079	Held
Spdr Series TrustBIL	<0.1%	$657,884	7,179	Held
PepsiCoPEP	<0.1%	$627,037	4,631	Held
Illinois Tool WorksITW	<0.1%	$623,433	2,305	Held
General DynamicsGD	<0.1%	$550,489	1,554	Held
Spdr Series TrustXBI	<0.1%	$543,589	3,435	Held
AbbVieABBV	<0.1%	$538,510	2,140	-37%
Becton DickinsonBDX	<0.1%	$513,917	3,396	Held
International Business MachinesIBM	<0.1%	$512,365	1,822	Held
Constellation BrandsSTZ	<0.1%	$493,770	3,550	Held
AegonAEG	<0.1%	$481,207	57,015	Held
AlphabetGOOG	<0.1%	$466,396	1,320	Held
Carrier GlobalCARR	<0.1%	$428,364	5,840	Held
Arthur J. GallagherAJG	<0.1%	$383,841	1,672	Held
Invesco Exchange Traded FD TPKW	<0.1%	$378,941	2,675	Held
Avery DennisonAVY	<0.1%	$362,041	2,230	Held
Vanguard Intl Equity Index FVGK	<0.1%	$272,102	3,073	Held
QualcommQCOM	<0.1%	$267,576	1,448	New
Teledyne TechnologiesTDY	<0.1%	$254,089	381	Held
AccentureACN	<0.1%	$228,099	1,833	Held
Hanover Insurance GroupTHG	<0.1%	$219,473	1,025	New
Goldman Sachs GroupGS	<0.1%	$204,297	202	New

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 14.9% since 30 June 2025.

Where the money is

Financial services8.2%

Media & telecom6.2%

Industrials2.3%

Technology2.0%

Health care1.7%

Retail & consumer1.4%

Everyday goods0.2%

Energy0.2%

Materials0.1%

Other77.6%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.