Bill Miller

Across Bill Miller’s registered funds — $1.90B disclosed in SEC Form N-PORT — just 78.5% sits in US-listed equity, the only slice a 13F reports. The other $408M is foreign listings and derivatives — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $423M for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Bill Miller

Bill Miller ran one of the most scrutinized active-equity streaks in modern fund management: as portfolio manager at Legg Mason Capital Management, he beat the S&P 500 for 15 consecutive calendar years through 2005, a run that attracted both academic attention and substantial retail inflows. His style has always been value-oriented but eclectic — he was buying Amazon and Dell when most value managers wouldn't touch technology, arguing that low price-to-intrinsic-value mattered more than low price-to-book. That flexibility later cost him when concentrated bets on financials and homebuilders during the 2008–09 crisis produced severe drawdowns. At Miller Value Partners, the 13F reflects a mid-cap-tilted, moderately concentrated book (top-5 at roughly 34% across 55 positions) with current emphasis on energy and media names. The long-only U.S. equity filing is the whole picture for most practical purposes, though readers should note that a 45-day disclosure lag and quarterly cadence mean positions can shift materially before the data is public. The backtest excess return of roughly –3.9% annualized versus SPY over 12 years reflects the difficulty of replicating his approach mechanically.