Miller Investment Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Miller Investment Management, LP reported 97 stock positions worth $904.0 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 19.6% of the portfolio, followed by SS Spdrb B 3-12M T-Bill ETF (BILS, 12.2%) and Berkshire Hathaway Class B (BRK.B, 9.8%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 6 and reduced 33. The biggest buy was SS Spdrb B 3-12M T-Bill ETF (BILS, shares +0%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −0%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$904.0M (Q1 2025)
SEC Filing
0001407382-25-000005 ↗ filed May 7, 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 Q4 2024 Q1 2025: $904.0M $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 97 stocks · $904.0M
SPY SS SPDR S&P 500 ETF Trust-US 19.60% 316,772 $177.2M Reduce -0.2%
BILS SS Spdrb B 3-12M T-Bill ETF 12.19% 1,107,724 $110.2M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 9.82% 166,693 $88.8M Reduce -0.8%
EFA iShares MSCI Eafe ETF 7.50% 829,704 $67.8M Reduce -0.1%
VGSH Vanguard Short-Term Treasury 6.66% 1,025,069 $60.2M Add +0.3%
META Meta Platforms Inc. Class A 3.92% 61,434 $35.4M Reduce -0.6%
EWJ iShares MSCI Japan ETF 2.88% 380,146 $26.1M Reduce -0.2%
SMH Vaneck Semiconductor ETF 2.78% 118,907 $25.1M Reduce -0.1%
IWR iShares Russell Mid-Cap ETF 2.16% 229,506 $19.5M Reduce -0.4%
XLC SS Comm Select Sector SPDR 2.07% 194,145 $18.7M Reduce -0.2%
XLV SS Health Care Select Sector 2.02% 125,037 $18.3M Add +0.0%
PPH Vaneck Pharmaceutical ETF 1.91% 189,634 $17.3M Reduce -0.2%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.68% 59,176 $15.2M Add +0.1%
BBH Vaneck Biotech ETF 1.60% 91,805 $14.4M Reduce -0.4%
QTEC First Trust Nasdq 100 Tech I 1.59% 82,824 $14.4M Reduce -0.5%
GOOGL Alphabet Inc. Class A 1.56% 91,375 $14.1M Add +4.7%
MSFT Microsoft Corp. 1.40% 33,668 $12.6M Reduce -0.8%
NVR NVR Inc. 1.27% 1,586 $11.5M Reduce -0.1%
LEN Lennar Corp. Class A 1.26% 99,415 $11.4M Reduce -0.1%
DHI D.R. Horton Inc. 1.23% 87,537 $11.1M Reduce -0.2%
IBB iShares Biotechnology ETF 1.16% 82,064 $10.5M Reduce -0.5%
AMZN Amazon.com Inc. 1.03% 48,919 $9.3M Reduce -0.1%
URI United Rentals Inc. 0.86% 12,410 $7.8M Reduce -0.3%
XLB SS Materials Select Sector 0.52% 54,161 $4.7M Reduce -17.2%
JPM JPMorgan Chase & Co. 0.51% 18,935 $4.6M No change
VIG Vanguard Dividend Apprec ETF 0.51% 23,831 $4.6M No change
WMT Walmart Inc. 0.47% 48,450 $4.3M No change
PNC PNC Financial Services Group 0.41% 21,260 $3.7M No change
GSPY Gotham Enhanced 500 ETF 0.41% 120,533 $3.7M Reduce -0.4%
JNJ Johnson & Johnson 0.39% 21,304 $3.5M Add +0.1%
EMR Emerson Electric Co. 0.37% 30,375 $3.3M No change
CAH Cardinal Health Inc. 0.36% 23,453 $3.2M No change
VTI VG Morningstar TS MKT ETF-US 0.34% 11,255 $3.1M Reduce -3.8%
MDY State Street SPDR S&P Midcap 0.31% 5,201 $2.8M No change
WFC Wells Fargo & Co. 0.27% 34,082 $2.4M No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.27% 5,717 $2.4M No change
MDT Medtronic PLC 0.26% 26,165 $2.4M No change
DE Deere & Co. 0.26% 4,945 $2.3M No change
RTX RTX Corp. 0.26% 17,500 $2.3M No change
CNC Centene Corp. 0.24% 35,295 $2.1M Reduce -2.8%
AAPL Apple Inc. 0.23% 9,463 $2.1M Reduce -0.4%
KMB Kimberly-Clark Corp. 0.23% 14,626 $2.1M No change
XLF SS Financial Select Sector 0.20% 37,042 $1.8M Reduce -23.4%
UPS United Parcel Service Class B 0.20% 16,707 $1.8M Reduce -0.9%
VEU Vanguard Ftse All-World Ex-U 0.20% 30,290 $1.8M Reduce -0.5%
CMCSA Comcast Corp. Class A 0.20% 49,535 $1.8M No change
CVX Chevron Corp. 0.19% 10,220 $1.7M No change
XLP SS Consumer Staples Sel Sect 0.18% 20,159 $1.6M Reduce -0.5%
AMGN Amgen Inc. 0.18% 5,098 $1.6M No change
IWM iShares Russell 2000 ETF 0.17% 7,898 $1.6M No change
MMM 3M Co. 0.15% 9,490 $1.4M No change
ORCL Oracle Corp. 0.15% 9,823 $1.4M Reduce -6.8%
SWK Stanley Black & Decker Inc. 0.15% 17,845 $1.4M No change
MRP Millrose Properties 0.14% 49,442 $1.3M Reduce -0.6%
VOO Vanguard S&P 500 ETF 0.14% 2,529 $1.3M No change
DGX Quest Diagnostics Inc. 0.14% 7,586 $1.3M No change
HD Home Depot Inc. 0.14% 3,404 $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
DOV Dover Corp. 0.13% 6,542 $1.1M No change
STZ Constellation Brands Inc. Class A 0.12% 6,000 $1.1M No change
LLY Eli Lilly & Co. 0.11% 1,250 $1.0M No change
QQQ Invesco QQQ Trust Series 1 0.11% 2,084 $977K No change
ITW Illinois Tool Works 0.11% 3,885 $964K No change
MCD McDonald's Corp. 0.10% 2,826 $883K No change
COR Cencora Inc. 0.09% 3,045 $847K No change
VEA Vanguard Ftse Developed ETF 0.09% 16,342 $831K Reduce -1.1%
CTAS Cintas Corp. 0.09% 4,004 $823K No change
PSX Phillips 66 0.09% 6,500 $803K No change
ONIT Onity Group Inc. 0.09% 24,798 $801K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.09% 8,679 $796K No change
GPC Genuine Parts Co. 0.09% 6,570 $783K No change
ABBV Abbvie Inc. 0.08% 3,390 $710K No change
PEP Pepsico Inc. 0.08% 4,631 $694K No change
AMLP Alerian MLP ETF 0.08% 13,356 $694K No change
CCK Crown Holdings Inc. 0.07% 7,421 $662K No change
IWD iShares Russell 1000 Value E 0.07% 3,368 $634K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.06% 1,672 $577K No change
ACN Accenture PLC Class A 0.06% 1,833 $572K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,822 $453K No change
GD General Dynamics Corp. 0.05% 1,554 $424K No change
AVY Avery Dennison Corp. 0.04% 2,230 $397K No change
KO The Coca-Cola Co. 0.04% 5,275 $378K No change
AEG Aegon Ltd.-NY Reg SHR 0.04% 57,015 $376K No change
CARR Carrier Global Corp. 0.04% 5,840 $370K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 3,523 $348K No change
NKE Nike Inc. Class B 0.03% 4,771 $303K No change
PKW Invesco Buyback Achievers Et 0.03% 2,675 $301K No change
XOM Exxon Mobil Corp. 0.03% 2,390 $284K No change
XBI SS SPDR S&P Biotech ETF 0.03% 3,435 $279K No change
COWZ Pacer US Cash Cows 100 ETF 0.03% 4,753 $260K Reduce -80.0%
EFG iShares MSCI Eafe Growth ETF 0.02% 2,250 $225K Reduce -8.3%
QCOM Qualcomm Inc. 0.02% 1,448 $222K No change
GOOG Alphabet Inc. Class C 0.02% 1,320 $206K No change
CI The Cigna Group 0.02% 620 $204K New
DHR Danaher Corp. 0.02% 992 $203K No change
XLK SS Technology Select Sector 0.02% 970 $200K Reduce -19.0%

Portfolio Sells Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 19.60% −0.77
SMH Vaneck Semiconductor ETF Reduce -0.1% 2.78% −0.37
LEN Lennar Corp. Class A Reduce -0.1% 1.26% −0.22
MSFT Microsoft Corp. Reduce -0.8% 1.40% −0.17
NVR NVR Inc. Reduce -0.1% 1.27% −0.15
AMZN Amazon.com Inc. Reduce -0.1% 1.03% −0.15
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.14
QTEC First Trust Nasdq 100 Tech I Reduce -0.5% 1.59% −0.12
COWZ Pacer US Cash Cows 100 ETF Reduce -80.0% 0.03% −0.12
DHI D.R. Horton Inc. Reduce -0.2% 1.23% −0.11
URI United Rentals Inc. Reduce -0.3% 0.86% −0.10
XLB SS Materials Select Sector Reduce -17.2% 0.52% −0.09
IWR iShares Russell Mid-Cap ETF Reduce -0.4% 2.16% −0.07
GDXJ Vaneck Junior Gold Miners Sold out 0.00% −0.06
XLF SS Financial Select Sector Reduce -23.4% 0.20% −0.05
META Meta Platforms Inc. Class A Reduce -0.6% 3.92% −0.05
ORCL Oracle Corp. Reduce -6.8% 0.15% −0.04
IBB iShares Biotechnology ETF Reduce -0.5% 1.16% −0.03
UPS United Parcel Service Class B Reduce -0.9% 0.20% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -3.8% 0.34% −0.03
MOAT Vaneck Morningstar Wide Moat Sold out 0.00% −0.03
AAPL Apple Inc. Reduce -0.4% 0.23% −0.03
BLK BlackRock Inc. Sold out 0.00% −0.02
GSPY Gotham Enhanced 500 ETF Reduce -0.4% 0.41% −0.01
XLK SS Technology Select Sector Reduce -19.0% 0.02% −0.01
CDXS Codexis Inc. Sold out 0.00% −0.01
CNC Centene Corp. Reduce -2.8% 0.24% −0.00
EFG iShares MSCI Eafe Growth ETF Reduce -8.3% 0.02% −0.00
MRP Millrose Properties Reduce -0.6% 0.14% +0.00
VEA Vanguard Ftse Developed ETF Reduce -1.1% 0.09% +0.01
XLP SS Consumer Staples Sel Sect Reduce -0.5% 0.18% +0.01
XLC SS Comm Select Sector SPDR Reduce -0.2% 2.07% +0.01
VEU Vanguard Ftse All-World Ex-U Reduce -0.5% 0.20% +0.01
BBH Vaneck Biotech ETF Reduce -0.4% 1.60% +0.01
EWJ iShares MSCI Japan ETF Reduce -0.2% 2.88% +0.09
PPH Vaneck Pharmaceutical ETF Reduce -0.2% 1.91% +0.12
EFA iShares MSCI Eafe ETF Reduce -0.1% 7.50% +0.63
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.8% 9.82% +1.48

Portfolio Buys Q4 2024 → Q1 2025
BILS SS Spdrb B 3-12M T-Bill ETF Add +0.5% 12.19% +0.23
VGSH Vanguard Short-Term Treasury Add +0.3% 6.66% +0.15
XLV SS Health Care Select Sector Add +0.0% 2.02% +0.14
JNJ Johnson & Johnson Add +0.1% 0.39% +0.05
CI The Cigna Group New 0.02% +0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +0.1% 1.68% −0.06
GOOGL Alphabet Inc. Class A Add +4.7% 1.56% −0.25

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