Miller Investment Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Miller Investment Management, LP reported 100 stock positions worth $913.6 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.4% of the portfolio, followed by SS Spdrb B 3-12M T-Bill ETF (BILS, 12.0%) and Berkshire Hathaway Class B (BRK.B, 8.3%). Compared with Q3 2024, it opened 1 new position, sold out of 5, added to 4 and reduced 26. The biggest buy was Alphabet Class A (GOOGL, shares +0%) and the biggest sale iShares MSCI Eafe ETF (EFA, shares −6%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$913.6M (Q4 2024)
SEC Filing
0001407382-25-000003 ↗ filed Feb 13, 2025

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 $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 Q2 2026

Holdings 100 stocks · $913.6M
SPY SS SPDR S&P 500 ETF Trust-US 20.37% 317,509 $186.1M Reduce -0.1%
BILS SS Spdrb B 3-12M T-Bill ETF 11.96% 1,102,401 $109.3M Reduce -7.4%
BRK.B Berkshire Hathaway Inc. Class B 8.34% 168,124 $76.2M Reduce -0.5%
EFA iShares MSCI Eafe ETF 6.87% 830,618 $62.8M Reduce -6.3%
VGSH Vanguard Short-Term Treasury 6.51% 1,022,044 $59.5M Reduce -3.1%
META Meta Platforms Inc. Class A 3.96% 61,823 $36.2M Reduce -0.1%
SMH Vaneck Semiconductor ETF 3.16% 119,085 $28.8M Add +0.6%
EWJ iShares MSCI Japan ETF 2.80% 380,961 $25.6M Reduce -0.2%
IWR iShares Russell Mid-Cap ETF 2.23% 230,405 $20.4M Reduce -0.6%
XLC SS Comm Select Sector SPDR 2.06% 194,538 $18.8M Reduce -0.1%
XLV SS Health Care Select Sector 1.88% 125,026 $17.2M Reduce -1.3%
GOOGL Alphabet Inc. Class A 1.81% 87,305 $16.5M Add +0.2%
PPH Vaneck Pharmaceutical ETF 1.79% 190,014 $16.4M Reduce -8.4%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.75% 59,139 $15.9M Reduce -0.3%
QTEC First Trust Nasdq 100 Tech I 1.71% 83,200 $15.7M Reduce -0.1%
BBH Vaneck Biotech ETF 1.58% 92,199 $14.5M Reduce -7.6%
MSFT Microsoft Corp. 1.57% 33,930 $14.3M Add +0.5%
LEN Lennar Corp. Class A 1.49% 99,520 $13.6M Reduce -1.5%
NVR NVR Inc. 1.42% 1,588 $13.0M Reduce -2.0%
DHI D.R. Horton Inc. 1.34% 87,726 $12.3M Reduce -1.9%
IBB iShares Biotechnology ETF 1.19% 82,440 $10.9M Reduce -0.1%
AMZN Amazon.com Inc. 1.18% 48,955 $10.7M Reduce -0.0%
URI United Rentals Inc. 0.96% 12,446 $8.8M Reduce -1.4%
XLB SS Materials Select Sector 0.60% 65,444 $5.5M No change
VIG Vanguard Dividend Apprec ETF 0.51% 23,831 $4.7M No change
JPM JPMorgan Chase & Co. 0.50% 18,935 $4.5M No change
WMT Walmart Inc. 0.48% 48,450 $4.4M No change
PNC PNC Financial Services Group 0.45% 21,260 $4.1M No change
GSPY Gotham Enhanced 500 ETF 0.42% 120,987 $3.9M No change
EMR Emerson Electric Co. 0.41% 30,375 $3.8M No change
VTI VG Morningstar TS MKT ETF-US 0.37% 11,695 $3.4M Add +0.2%
JNJ Johnson & Johnson 0.34% 21,275 $3.1M No change
MDY State Street SPDR S&P Midcap 0.32% 5,201 $3.0M No change
CAH Cardinal Health Inc. 0.30% 23,453 $2.8M Reduce -0.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.27% 5,717 $2.4M No change
WFC Wells Fargo & Co. 0.26% 34,082 $2.4M No change
AAPL Apple Inc. 0.26% 9,503 $2.4M No change
XLF SS Financial Select Sector 0.26% 48,326 $2.3M No change
CNC Centene Corp. 0.24% 36,295 $2.2M No change
UPS United Parcel Service Class B 0.23% 16,859 $2.1M No change
DE Deere & Co. 0.23% 4,945 $2.1M No change
MDT Medtronic PLC 0.23% 26,165 $2.1M No change
RTX RTX Corp. 0.22% 17,500 $2.0M No change
KMB Kimberly-Clark Corp. 0.21% 14,626 $1.9M No change
CMCSA Comcast Corp. Class A 0.20% 49,535 $1.9M No change
ORCL Oracle Corp. 0.19% 10,543 $1.8M No change
VEU Vanguard Ftse All-World Ex-U 0.19% 30,455 $1.7M Reduce -0.1%
IWM iShares Russell 2000 ETF 0.19% 7,898 $1.7M Reduce -0.8%
XLP SS Consumer Staples Sel Sect 0.17% 20,269 $1.6M No change
CVX Chevron Corp. 0.16% 10,220 $1.5M No change
SWK Stanley Black & Decker Inc. 0.16% 17,845 $1.4M No change
VOO Vanguard S&P 500 ETF 0.15% 2,529 $1.4M No change
COWZ Pacer US Cash Cows 100 ETF 0.15% 23,753 $1.3M No change
AMGN Amgen Inc. 0.15% 5,098 $1.3M No change
STZ Constellation Brands Inc. Class A 0.15% 6,000 $1.3M No change
HD Home Depot Inc. 0.14% 3,404 $1.3M No change
ACGL Arch Capital Group Ltd. 0.14% 14,315 $1.3M No change
DOV Dover Corp. 0.13% 6,542 $1.2M No change
MMM 3M Co. 0.13% 9,490 $1.2M No change
BDX Becton Dickinson and Co. 0.13% 5,087 $1.2M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.13% 9,534 $1.2M No change
DGX Quest Diagnostics Inc. 0.13% 7,586 $1.1M Reduce -42.3%
QQQ Invesco QQQ Trust Series 1 0.12% 2,084 $1.1M No change
ITW Illinois Tool Works 0.11% 3,885 $985K No change
LLY Eli Lilly & Co. 0.11% 1,250 $965K No change
MCD McDonald's Corp. 0.09% 2,826 $819K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.09% 8,679 $794K No change
VEA Vanguard Ftse Developed ETF 0.09% 16,532 $791K No change
GPC Genuine Parts Co. 0.08% 6,570 $767K No change
ONIT Onity Group Inc. 0.08% 24,798 $762K No change
PSX Phillips 66 0.08% 6,500 $741K No change
CTAS Cintas Corp. 0.08% 4,004 $732K No change
PEP Pepsico Inc. 0.08% 4,631 $704K No change
COR Cencora Inc. 0.07% 3,045 $684K No change
ACN Accenture PLC Class A 0.07% 1,833 $645K No change
AMLP Alerian MLP ETF 0.07% 13,356 $643K No change
IWD iShares Russell 1000 Value E 0.07% 3,368 $624K No change
CCK Crown Holdings Inc. 0.07% 7,421 $614K No change
ABBV Abbvie Inc. 0.07% 3,390 $602K No change
GDXJ Vaneck Junior Gold Miners 0.06% 13,550 $579K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 1,672 $475K No change
AVY Avery Dennison Corp. 0.05% 2,230 $417K No change
GD General Dynamics Corp. 0.04% 1,554 $409K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,822 $401K No change
CARR Carrier Global Corp. 0.04% 5,840 $399K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 3,523 $392K No change
NKE Nike Inc. Class B 0.04% 4,771 $361K No change
AEG Aegon Ltd.-NY Reg SHR 0.04% 57,015 $336K No change
KO The Coca-Cola Co. 0.04% 5,275 $328K Reduce -0.3%
XBI SS SPDR S&P Biotech ETF 0.03% 3,435 $309K No change
PKW Invesco Buyback Achievers Et 0.03% 2,675 $308K No change
XLK SS Technology Select Sector 0.03% 1,198 $279K Reduce -2.4%
MOAT Vaneck Morningstar Wide Moat 0.03% 2,805 $260K No change
XOM Exxon Mobil Corp. 0.03% 2,390 $257K No change
GOOG Alphabet Inc. Class C 0.03% 1,320 $251K No change
EFG iShares MSCI Eafe Growth ETF 0.03% 2,455 $238K No change
DHR Danaher Corp. 0.02% 992 $228K No change
QCOM Qualcomm Inc. 0.02% 1,448 $222K No change
BLK BlackRock Inc. 0.02% 211 $216K New
CDXS Codexis Inc. 0.01% 11,693 $56K No change

Portfolio Sells Q3 2024 → Q4 2024
EFA iShares MSCI Eafe ETF Reduce -6.3% 6.87% −0.84
LEN Lennar Corp. Class A Reduce -1.5% 1.49% −0.49
DHI D.R. Horton Inc. Reduce -1.9% 1.34% −0.43
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -7.4% 11.96% −0.38
BBH Vaneck Biotech ETF Reduce -7.6% 1.58% −0.26
PPH Vaneck Pharmaceutical ETF Reduce -8.4% 1.79% −0.26
NVR NVR Inc. Reduce -2.0% 1.42% −0.23
XLV SS Health Care Select Sector Reduce -1.3% 1.88% −0.15
URI United Rentals Inc. Reduce -1.4% 0.96% −0.10
DGX Quest Diagnostics Inc. Reduce -42.3% 0.13% −0.09
IBB iShares Biotechnology ETF Reduce -0.1% 1.19% −0.06
EWJ iShares MSCI Japan ETF Reduce -0.2% 2.80% −0.04
DVN Devon Energy Corp. Sold out 0.00% −0.02
LMT Lockheed Martin Corp. Sold out 0.00% −0.02
CI The Cigna Group Sold out 0.00% −0.02
VEU Vanguard Ftse All-World Ex-U Reduce -0.1% 0.19% −0.01
CITIUS PHARMACEUTICALS INC Sold out 0.00% −0.01
CTV Innovid Corp. Sold out 0.00% −0.00
KO The Coca-Cola Co. Reduce -0.3% 0.04% −0.00
XLK SS Technology Select Sector Reduce -2.4% 0.03% +0.00
IWM iShares Russell 2000 ETF Reduce -0.8% 0.19% +0.01
VGSH Vanguard Short-Term Treasury Reduce -3.1% 6.51% +0.03
CAH Cardinal Health Inc. Reduce -0.1% 0.30% +0.03
QTEC First Trust Nasdq 100 Tech I Reduce -0.1% 1.71% +0.06
IWR iShares Russell Mid-Cap ETF Reduce -0.6% 2.23% +0.10
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -0.3% 1.75% +0.12
AMZN Amazon.com Inc. Reduce -0.0% 1.18% +0.23
XLC SS Comm Select Sector SPDR Reduce -0.1% 2.06% +0.23
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.5% 8.34% +0.24
META Meta Platforms Inc. Class A Reduce -0.1% 3.96% +0.27
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.1% 20.37% +1.38

Portfolio Buys Q3 2024 → Q4 2024
GOOGL Alphabet Inc. Class A Add +0.2% 1.81% +0.30
SMH Vaneck Semiconductor ETF Add +0.6% 3.16% +0.13
MSFT Microsoft Corp. Add +0.5% 1.57% +0.05
VTI VG Morningstar TS MKT ETF-US Add +0.2% 0.37% +0.03
BLK BlackRock Inc. New 0.02% +0.02

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