Miller Value Partners provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions.
Miller Value Partners reports 21 clients. They include 14 high-net-worth individuals, 3 investment companies and 2 other investment advisers. Of its assets, 96.5% ($403M across 20 accounts) are managed with discretion; $14.8M across 1 account is not. It advised 1 client without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 67% | 32% |
| Investment companies | 14% | 60% |
| Pooled investment vehicles | 5% | 2% |
| Other investment advisers | 10% | 5% |
| Corporations and other businesses | 5% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 14 | $136M | 32.5% | $9.7M |
| Investment companies | 3 | $252M | 60.4% | $84.1M |
| Pooled investment vehicles | 1 | $7.37M | 1.8% | $7.37M |
| Other investment advisers | Fewer than 5 | $20.6M | 4.9% | $10.3M |
| Corporations and other businesses | Fewer than 5 | $2.05M | 0.5% | $2.05M |
| Total | 21 | $418M | 100% | — |
- Clients
- 14
- Regulatory AUM
- $136M
- AUM share
- 32.5%
- Avg. per client
- $9.7M
- Clients
- 3
- Regulatory AUM
- $252M
- AUM share
- 60.4%
- Avg. per client
- $84.1M
- Clients
- 1
- Regulatory AUM
- $7.37M
- AUM share
- 1.8%
- Avg. per client
- $7.37M
- Clients
- Fewer than 5
- Regulatory AUM
- $20.6M
- AUM share
- 4.9%
- Avg. per client
- $10.3M
- Clients
- Fewer than 5
- Regulatory AUM
- $2.05M
- AUM share
- 0.5%
- Avg. per client
- $2.05M
Total
- Clients
- 21
- Regulatory AUM
- $418M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 1
- Private funds advised
- 0
Miller Value Partners is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
William H. Miller IV Revocable Trust Udt July 29, 2014 owns 75% or more of Miller Value Partners. The leadership team of Miller Value Partners includes Chief Operating Officer Justin Farrell and Chief Compliance Officer Christopher Anderson. It has 5 employees, 3 of them in advisory roles.
Staff
- 5 employees
- 3 in advisory functions
- 1 state-registered rep
- 1 soliciting firm
- Owns 75% or more of Miller Value Partners, LLC
William H. Miller IV Revocable Trust Udt July 29, 2014
Control person · since May 2023
- Owns 10% to 25% of Miller Value Partners, LLC
William H. Miller III Living Trust Dated April 17, 2017
since September 2018
William Miller
Trustee · Control person · since April 2017
Miller Value Partners’ regulatory assets fell from $3.36B (April 2021) to $418M (September 2026); clients rose from 16 to 21 and employees fell from 17 to 5.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Sep 2026September 2026 | $418M | 21 | 5 | 3 |
| Jul 2025July 2025 | $362M | 20 | 6 | 3 |
| May 2024May 2024 | $238M | 13 | 6 | 3 |
| Jun 2023June 2023 | $204M | 13 | 9 | 2 |
| Mar 2022March 2022 | $3.22B | 18 | 17 | 1 |
| Apr 2021April 2021 | $3.36B | 16 | 17 | 1 |
Besides its headquarters, Miller Value Partners has 2 offices (1 private residence, listed without an address), with 2 listed addresses across 2 states.
Florida · 1 listed address
- 50 S. Lemon Ave., #302, SarasotaHQ
Maryland · 1 listed address
- Towson City Center, 1 Olympic Place, Towson
Contact and registration details
- Legal name
- Miller Value Partners, LLC
- Headquarters
- 50 S. Lemon Ave., #302, Sarasota, FL 34236
- Website
- millervalue.com
- Phone
- 410-454-3130
- @millervalue
- SEC file
- 801-56989
- Structure
- Delaware LLC
- Fiscal year end
- December
Miller Value Partners’ named custodians for separately managed accounts are Northern Trust ($95.9M, 81%) and J.P. Morgan ($23M, 19%). Miller Value Partners does not have custody of client assets.
- J.P. MorganJ.P. Morgan Securities LLC · New York, NY · $23M19%
- Northern TrustNorthern Trust Corporation · Chicago, IL · $95.9M81%
At year end, Miller Value Partners’ separately managed accounts were mostly in stocks (100%). Its reported 13F holdings for the quarter ended 30 June 2026 total $423M across 56 positions; the largest are Nabors Industries Ltd (8.8%), Gray Media Inc. (6.8%) and Direxion Shares ETF Trust (5.8%).
What the accounts hold
- Stocks100%
How many clients does Miller Value Partners have?
Miller Value Partners has 21 clients and manages $418 million for them, as of September 2026. They include 14 high-net-worth individuals, 3 investment companies and 2 other investment advisers.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 15 September 2026
What services does Miller Value Partners offer?
Miller Value Partners provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Miller Value Partners use?
Miller Value Partners’ separately managed account assets are held at Northern Trust Corporation (Chicago, IL), with $95.9M and J.P. Morgan Securities LLC (New York, NY), with $23M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 15 September 2026
How many financial advisors does Miller Value Partners have?
Miller Value Partners has 1 investment adviser representative registered with state securities authorities, out of 5 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Miller Value Partners invest in?
At the end of its last fiscal year, Miller Value Partners’ separately managed accounts held 100% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Miller Value Partners?
Miller Value Partners’ direct owners are William H. Miller III Living Trust Dated April 17, 2017 (10% to 25%) and William H. Miller IV Revocable Trust Udt July 29, 2014 (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 15 September 2026
How does Miller Value Partners get paid?
Miller Value Partners is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Miller Value Partners?
Miller Value Partners’ main office is at 50 S. Lemon Ave., #302, Sarasota, FL 34236. Its phone number is 410-454-3130. Its website is millervalue.com.