Miller Investment Management, LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Miller Investment Management, LP reported 83 stock positions worth $1.1 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.3% of the portfolio, followed by SS Spdrb B 3-12M T-Bill ETF (BILS, 11.1%) and Vanguard Short-Term Treasury (VGSH, 8.2%). Compared with Q1 2026, it opened 3 new positions, sold out of 6, added to 18 and reduced 13. The biggest buy was Vaneck Semiconductor ETF (SMH, shares +1%) and the biggest sale Vanguard Short-Term Treasury (VGSH, shares −8%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$1.1B (Q2 2026)
SEC Filing
0001407382-26-000007 ↗ filed Aug 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $782.7M Q1 2024 Q2 2024: $836.9M Q2 2024 Q3 2024: $960.4M Q3 2024 Q4 2024: $913.6M Q4 2024 Q1 2025: $904.0M Q1 2025 Q2 2025: $952.4M Q2 2025 Q3 2025: $995.1M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B $1.1B Q2 2026

Holdings 83 stocks · $1.1B
SPY SS SPDR S&P 500 ETF Trust-US 20.31% 297,731 $222.3M Add +1.9%
BILS SS Spdrb B 3-12M T-Bill ETF 11.12% 1,225,012 $121.7M Reduce -2.8%
VGSH Vanguard Short-Term Treasury 8.18% 1,537,843 $89.5M Reduce -8.1%
BRK.B Berkshire Hathaway Inc. Class B 7.26% 158,746 $79.4M Add +2.9%
VGIT Vanguard Intermediate-Term T 7.01% 1,300,506 $76.7M Reduce -1.9%
EFA iShares MSCI Eafe ETF 6.16% 649,538 $67.5M Reduce -0.4%
SMH Vaneck Semiconductor ETF 5.72% 95,530 $62.7M Add +0.7%
META Meta Platforms Inc. Class A 3.09% 59,978 $33.8M Add +3.6%
GOOGL Alphabet Inc. Class A 2.92% 89,592 $32.0M Add +1.9%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 2.84% 90,501 $31.1M Add +4.3%
EWJ iShares MSCI Japan ETF 2.80% 328,285 $30.6M Add +1.6%
XLV SS Health Care Select Sector 2.79% 192,381 $30.5M Reduce -5.2%
IWR iShares Russell Mid-Cap ETF 1.93% 191,472 $21.1M Add +1.7%
XLC SS Comm Select Sector SPDR 1.68% 171,942 $18.4M Add +1.9%
VEA Vanguard Ftse Developed ETF 1.59% 243,657 $17.4M Add +19.1%
VBIL Vanguard 0-3M T-Bill ETF 1.47% 212,630 $16.1M Add +8.5%
MSFT Microsoft Corp. 1.29% 37,833 $14.1M Add +5.0%
AMZN Amazon.com Inc. 1.17% 53,686 $12.8M Add +2.3%
URI United Rentals Inc. 1.17% 11,266 $12.8M Reduce -3.8%
PPH Vaneck Pharmaceutical ETF 1.00% 100,256 $11.0M Reduce -25.1%
BBH Vaneck Biotech ETF 0.71% 38,226 $7.8M Reduce -1.9%
CAH Cardinal Health Inc. 0.51% 23,553 $5.6M No change
IBB iShares Biotechnology ETF 0.44% 25,040 $4.8M Reduce -28.6%
VTI VG Morningstar TS MKT ETF-US 0.35% 10,429 $3.9M No change
VIG Vanguard Dividend Apprec ETF 0.35% 16,293 $3.9M No change
JPM JPMorgan Chase & Co. 0.34% 11,410 $3.7M No change
JNJ Johnson & Johnson 0.30% 12,849 $3.3M No change
PNC PNC Financial Services Group 0.28% 12,580 $3.1M No change
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.27% 5,717 $3.0M No change
AAPL Apple Inc. 0.24% 9,215 $2.7M Reduce -0.3%
DE Deere & Co. 0.24% 4,185 $2.7M No change
EMR Emerson Electric Co. 0.22% 16,570 $2.4M Reduce -12.7%
CNC Centene Corp. 0.20% 33,795 $2.2M Reduce -2.9%
ORCL Oracle Corp. 0.20% 14,571 $2.1M Add +15.9%
RTX RTX Corp. 0.18% 10,350 $2.0M No change
AMGN Amgen Inc. 0.17% 5,098 $1.8M No change
IWM iShares Russell 2000 ETF 0.17% 6,138 $1.8M No change
WFC Wells Fargo & Co. 0.15% 20,342 $1.7M No change
GSPY Gotham Enhanced 500 ETF 0.15% 40,578 $1.6M No change
DGX Quest Diagnostics Inc. 0.15% 7,586 $1.6M No change
QQQ Invesco QQQ Trust Series 1 0.14% 2,084 $1.5M No change
LLY Eli Lilly & Co. 0.14% 1,250 $1.5M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.13% 9,214 $1.4M No change
MDT Medtronic PLC 0.11% 15,885 $1.2M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.11% 12,327 $1.2M Add +49.2%
HD Home Depot Inc. 0.11% 3,275 $1.2M No change
APH Amphenol Corp. Class A 0.10% 6,472 $1.1M Add +68.1%
PSX Phillips 66 0.10% 6,500 $1.1M No change
UPS United Parcel Service Class B 0.10% 9,947 $1.1M No change
KMB Kimberly-Clark Corp. 0.09% 9,321 $1.0M No change
CVX Chevron Corp. 0.09% 6,045 $1.0M No change
SWK Stanley Black & Decker Inc. 0.09% 10,555 $993K No change
ONIT Onity Group Inc. 0.09% 24,798 $986K No change
NVDA Nvidia Corp. 0.09% 4,717 $944K Add +55.0%
MMM 3M Co. 0.08% 5,615 $909K No change
VOO Vanguard S&P 500 ETF 0.08% 1,256 $863K No change
COR Cencora Inc. 0.08% 3,045 $862K No change
CCK Crown Holdings Inc. 0.08% 7,421 $830K No change
CMCSA Comcast Corp. Class A 0.07% 30,755 $755K No change
VEU Vanguard Ftse All-World Ex-U 0.07% 8,685 $727K No change
CTAS Cintas Corp. 0.06% 4,004 $681K No change
AMLP Alerian MLP ETF 0.06% 13,079 $678K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.06% 7,179 $658K No change
PEP Pepsico Inc. 0.06% 4,631 $627K No change
ITW Illinois Tool Works 0.06% 2,305 $623K No change
GD General Dynamics Corp. 0.05% 1,554 $550K No change
XBI SS SPDR S&P Biotech ETF 0.05% 3,435 $544K No change
ABBV Abbvie Inc. 0.05% 2,140 $539K Reduce -36.9%
BDX Becton Dickinson and Co. 0.05% 3,396 $514K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,822 $512K No change
STZ Constellation Brands Inc. Class A 0.05% 3,550 $494K No change
AEG Aegon Ltd.-NY Reg SHR 0.04% 57,015 $481K No change
GOOG Alphabet Inc. Class C 0.04% 1,320 $466K No change
CARR Carrier Global Corp. 0.04% 5,840 $428K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.04% 1,672 $384K No change
PKW Invesco Buyback Achievers Et 0.03% 2,675 $379K No change
AVY Avery Dennison Corp. 0.03% 2,230 $362K No change
VGK Vanguard Ftse Europe ETF 0.02% 3,073 $272K Add +1.4%
QCOM Qualcomm Inc. 0.02% 1,448 $268K New
TDY Teledyne Technologies Inc. 0.02% 381 $254K No change
ACN Accenture PLC Class A 0.02% 1,833 $228K No change
THG Hanover Insurance Group Inc./ 0.02% 1,025 $219K New
GS Goldman Sachs Group Inc. 0.02% 202 $204K New

Portfolio Sells Q1 2026 → Q2 2026
VGSH Vanguard Short-Term Treasury Reduce -8.1% 8.18% −1.55
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -2.8% 11.12% −1.33
VGIT Vanguard Intermediate-Term T Reduce -1.9% 7.01% −0.84
PPH Vaneck Pharmaceutical ETF Reduce -25.1% 1.00% −0.38
XLV SS Health Care Select Sector Reduce -5.2% 2.79% −0.17
IBB iShares Biotechnology ETF Reduce -28.6% 0.44% −0.15
EFA iShares MSCI Eafe ETF Reduce -0.4% 6.16% −0.13
IWD iShares Russell 1000 Value E Sold out 0.00% −0.07
MCD McDonald's Corp. Sold out 0.00% −0.05
XOM Exxon Mobil Corp. Sold out 0.00% −0.04
KO The Coca-Cola Co. Sold out 0.00% −0.04
EMR Emerson Electric Co. Reduce -12.7% 0.22% −0.03
NKE Nike Inc. Class B Sold out 0.00% −0.03
ABBV Abbvie Inc. Reduce -36.9% 0.05% −0.02
LMT Lockheed Martin Corp. Sold out 0.00% −0.02
BBH Vaneck Biotech ETF Reduce -1.9% 0.71% −0.02
AAPL Apple Inc. Reduce -0.3% 0.24% +0.01
CNC Centene Corp. Reduce -2.9% 0.20% +0.09
URI United Rentals Inc. Reduce -3.8% 1.17% +0.32

Portfolio Buys Q1 2026 → Q2 2026
SMH Vaneck Semiconductor ETF Add +0.7% 5.72% +2.11
SPY SS SPDR S&P 500 ETF Trust-US Add +1.9% 20.31% +1.44
GOOGL Alphabet Inc. Class A Add +1.9% 2.92% +0.41
VEA Vanguard Ftse Developed ETF Add +19.1% 1.59% +0.28
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +4.3% 2.84% +0.27
IWR iShares Russell Mid-Cap ETF Add +1.7% 1.93% +0.11
EWJ iShares MSCI Japan ETF Add +1.6% 2.80% +0.09
AMZN Amazon.com Inc. Add +2.3% 1.17% +0.08
APH Amphenol Corp. Class A Add +68.1% 0.10% +0.06
NVDA Nvidia Corp. Add +55.0% 0.09% +0.03
DIS The Walt Disney Co. Add +49.2% 0.11% +0.03
QCOM Qualcomm Inc. New 0.02% +0.02
THG Hanover Insurance Group Inc./ New 0.02% +0.02
GS Goldman Sachs Group Inc. New 0.02% +0.02
ORCL Oracle Corp. Add +15.9% 0.20% +0.01
VGK Vanguard Ftse Europe ETF Add +1.4% 0.02% 0.00
VBIL Vanguard 0-3M T-Bill ETF Add +8.5% 1.47% −0.00
MSFT Microsoft Corp. Add +5.0% 1.29% −0.04
BRK.B Berkshire Hathaway Inc. Class B Add +2.9% 7.26% −0.09
XLC SS Comm Select Sector SPDR Add +1.9% 1.68% −0.18
META Meta Platforms Inc. Class A Add +3.6% 3.09% −0.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 83$1.1BSPY, BILS, VGSH, BRK.B, VGIT
Q1 2026 86$1.0BSPY, BILS, VGSH, VGIT, BRK.B
Q4 2025 89$1.0BSPY, BILS, VGSH, BRK.B, VGIT
Q3 2025 98$995.1MSPY, BILS, BRK.B, EFA, VGSH
Q2 2025 96$952.4MSPY, BILS, BRK.B, EFA, VGSH
Q1 2025 97$904.0MSPY, BILS, BRK.B, EFA, VGSH
Q4 2024 100$913.6MSPY, BILS, BRK.B, EFA, VGSH
Q3 2024 104$960.4MSPY, BILS, BRK.B, EFA, VGSH
Q2 2024 103$836.9MSPY, BRK.B, EFA, VGSH, BILS
Q1 2024 105$782.7MSPY, BRK.B, EFA, XLB, EWJ