MILLER INVESTMENT MANAGEMENT, LP

Filed: 11/10/2025ACC: 0001407382-25-000013

📋 What this filing means

MILLER INVESTMENT MANAGEMENT, LP filed this quarterly 13F‑HR report disclosing 98 equity positions with a total reported market value of $995.10M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$995.10M

Total AUM (reported)

6.42M

Total Shares

Allocation by class

TR UNIT$199.64M20.1%

COM$121.65M12.2%

BLOOMBERG 3-12 M$118.07M11.9%

CL B NEW$83.32M8.4%

MSCI EAFE ETF$76.37M7.7%

SHORT TERM TREAS$62.50M6.3%

CL A$59.11M5.9%

Portfolio Concentration

Top 3$401.03M40.3%

4–10$295.86M29.7%

11–25$204.08M20.5%

Rest$94.14M9.5%

Top 3 weight

40.3%

Top 10 weight

70.0%

Voting Authority Distribution

Total shares with voting rights: 6.42M

Sole

Full voting authority

120.29K

% of voting shares1.9%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

6.30M

% of voting shares98.1%

Investment Discretion (by position count)

Sole98

Shared0

Other0

Dominant voting typeNone · 98.1% of voting shares

Institutional Holdings98

Rows:

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares299.67K

TypeSH

Market value$199.64M

20.06%

Sole

5.01K

Shared

0.00

None

294.66K

SPDR SER TR

SOLE

BLOOMBERG 3-12 M

Shares1.19M

TypeSH

Market value$118.07M

11.86%

Sole

27.44K

Shared

0.00

None

1.16M

BERKSHIRE HATHAWAY INC DEL

SOLE

CL B NEW

Shares165.73K

TypeSH

Market value$83.32M

8.37%

Sole

4.74K

Shared

0.00

None

160.99K

ISHARES TR

SOLE

MSCI EAFE ETF

Shares817.94K

TypeSH

Market value$76.37M

7.67%

Sole

15K

Shared

0.00

None

802.94K

VANGUARD SCOTTSDALE FDS

SOLE

SHORT TERM TREAS

Shares1.06M

TypeSH

Market value$62.50M

6.28%

Sole

23.02K

Shared

0.00

None

1.04M

META PLATFORMS INC

SOLE

CL A

Shares60.85K

TypeSH

Market value$44.69M

4.49%

Sole

2.23K

Shared

0.00

None

58.62K

VANECK VECTORS ETF TR

SOLE

SEMICONDUCTOR ET

Shares117.19K

TypeSH

Market value$38.25M

3.84%

Sole

3.13K

Shared

0.00

None

114.06K

ISHARES INC

SOLE

MSCI JPN ETF NEW

Shares366.54K

TypeSH

Market value$29.40M

2.95%

Sole

5.44K

Shared

0.00

None

361.10K

ALPHABET INC

SOLE

CAP STK CL A

Shares92.85K

TypeSH

Market value$22.57M

2.27%

Sole

5.73K

Shared

0.00

None

87.12K

SELECT SECTOR SPDR TR

SOLE

COMMUNICATION

Shares186.52K

TypeSH

Market value$22.08M

2.22%

Sole

3.04K

Shared

0.00

None

183.48K

ISHARES TR

SOLE

RUS MID CAP ETF

Shares226.02K

TypeSH

Market value$21.82M

2.19%

Sole

3.58K

Shared

0.00

None

222.44K

SELECT SECTOR SPDR TR

SOLE

SBI HEALTHCARE

Shares154.31K

TypeSH

Market value$21.47M

2.16%

Sole

5.82K

Shared

0.00

None

148.49K

VANGUARD INDEX FDS

SOLE

LARGE CAP ETF

Shares62.12K

TypeSH

Market value$19.12M

1.92%

Sole

0.00

Shared

0.00

None

62.12K

MICROSOFT CORPORATION

SOLE

COM

Shares33.76K

TypeSH

Market value$17.49M

1.76%

Sole

417.00

Shared

0.00

None

33.34K

VANECK ETF TRUST

SOLE

PHARMACEUTCL ETF

Shares181.92K

TypeSH

Market value$16.44M

1.65%

Sole

2.55K

Shared

0.00

None

179.37K

D R HORTON INC

SOLE

COM

Shares87.63K

TypeSH

Market value$14.85M

1.49%

Sole

2.04K

Shared

0.00

None

85.58K

VANECK ETF TRUST

SOLE

BIOTECH ETF

Shares80.76K

TypeSH

Market value$13.38M

1.34%

Sole

1.31K

Shared

0.00

None

79.45K

FIRST TR NASDAQ 100 TECH IND

SOLE

SHS

Shares58.04K

TypeSH

Market value$13.33M

1.34%

Sole

0.00

Shared

0.00

None

58.04K

NVR INC

SOLE

COM

Shares1.61K

TypeSH

Market value$12.91M

1.30%

Sole

31.00

Shared

0.00

None

1.58K

LENNAR CORP

SOLE

CL A

Shares100.80K

TypeSH

Market value$12.71M

1.28%

Sole

2.33K

Shared

0.00

None

98.47K

UNITED RENTALS INC

SOLE

COM

Shares11.71K

TypeSH

Market value$11.18M

1.12%

Sole

0.00

Shared

0.00

None

11.71K

ISHARES TR

SOLE

ISHARES BIOTECH

Shares76.67K

TypeSH

Market value$11.07M

1.11%

Sole

0.00

Shared

0.00

None

76.67K

AMAZON COM INC

SOLE

COM

Shares49.35K

TypeSH

Market value$10.84M

1.09%

Sole

931.00

Shared

0.00

None

48.42K

VANGUARD TAX-MANAGED INTL FD

SOLE

FTSE DEV MKT ETF

Shares63.34K

TypeSH

Market value$3.80M

0.38%

Sole

0.00

Shared

0.00

None

63.34K

VANGUARD INDEX FDS

SOLE

TOTAL STK MKT

Shares11.23K

TypeSH

Market value$3.69M

0.37%

Sole

0.00

Shared

0.00

None

11.23K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRSOLE	TR UNIT	299.67K	SH	$199.64M 20.06%	5.01K	294.66K
SPDR SER TRSOLE	BLOOMBERG 3-12 M	1.19M	SH	$118.07M 11.86%	27.44K	1.16M
BERKSHIRE HATHAWAY INC DELSOLE	CL B NEW	165.73K	SH	$83.32M 8.37%	4.74K	160.99K
ISHARES TRSOLE	MSCI EAFE ETF	817.94K	SH	$76.37M 7.67%	15K	802.94K
VANGUARD SCOTTSDALE FDSSOLE	SHORT TERM TREAS	1.06M	SH	$62.50M 6.28%	23.02K	1.04M
META PLATFORMS INCSOLE	CL A	60.85K	SH	$44.69M 4.49%	2.23K	58.62K
VANECK VECTORS ETF TRSOLE	SEMICONDUCTOR ET	117.19K	SH	$38.25M 3.84%	3.13K	114.06K
ISHARES INCSOLE	MSCI JPN ETF NEW	366.54K	SH	$29.40M 2.95%	5.44K	361.10K
ALPHABET INCSOLE	CAP STK CL A	92.85K	SH	$22.57M 2.27%	5.73K	87.12K
SELECT SECTOR SPDR TRSOLE	COMMUNICATION	186.52K	SH	$22.08M 2.22%	3.04K	183.48K
ISHARES TRSOLE	RUS MID CAP ETF	226.02K	SH	$21.82M 2.19%	3.58K	222.44K
SELECT SECTOR SPDR TRSOLE	SBI HEALTHCARE	154.31K	SH	$21.47M 2.16%	5.82K	148.49K
VANGUARD INDEX FDSSOLE	LARGE CAP ETF	62.12K	SH	$19.12M 1.92%	0.00	62.12K
MICROSOFT CORPORATIONSOLE	COM	33.76K	SH	$17.49M 1.76%	417.00	33.34K
VANECK ETF TRUSTSOLE	PHARMACEUTCL ETF	181.92K	SH	$16.44M 1.65%	2.55K	179.37K
D R HORTON INCSOLE	COM	87.63K	SH	$14.85M 1.49%	2.04K	85.58K
VANECK ETF TRUSTSOLE	BIOTECH ETF	80.76K	SH	$13.38M 1.34%	1.31K	79.45K
FIRST TR NASDAQ 100 TECH INDSOLE	SHS	58.04K	SH	$13.33M 1.34%	0.00	58.04K
NVR INCSOLE	COM	1.61K	SH	$12.91M 1.30%	31.00	1.58K
LENNAR CORPSOLE	CL A	100.80K	SH	$12.71M 1.28%	2.33K	98.47K
UNITED RENTALS INCSOLE	COM	11.71K	SH	$11.18M 1.12%	0.00	11.71K
ISHARES TRSOLE	ISHARES BIOTECH	76.67K	SH	$11.07M 1.11%	0.00	76.67K
AMAZON COM INCSOLE	COM	49.35K	SH	$10.84M 1.09%	931.00	48.42K
VANGUARD TAX-MANAGED INTL FDSOLE	FTSE DEV MKT ETF	63.34K	SH	$3.80M 0.38%	0.00	63.34K
VANGUARD INDEX FDSSOLE	TOTAL STK MKT	11.23K	SH	$3.69M 0.37%	0.00	11.23K

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