Miller Investment Management, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Miller Investment Management, LP reported 96 stock positions worth $952.4 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, 11.6%) and Berkshire Hathaway Class B (BRK.B, 8.4%). Compared with Q1 2025, it opened 2 new positions, sold out of 3, added to 6 and reduced 25. The biggest buy was Vaneck Semiconductor ETF (SMH, shares +0%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −1%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$952.4M (Q2 2025)
SEC Filing
0001407382-25-000009 ↗ filed Aug 6, 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 Q1 2025 Q2 2025: $952.4M $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 96 stocks · $952.4M
SPY SS SPDR S&P 500 ETF Trust-US 20.45% 315,237 $194.8M Reduce -0.5%
BILS SS Spdrb B 3-12M T-Bill ETF 11.57% 1,108,066 $110.2M Add +0.0%
BRK.B Berkshire Hathaway Inc. Class B 8.43% 165,240 $80.3M Reduce -0.9%
EFA iShares MSCI Eafe ETF 7.70% 820,370 $73.3M Reduce -1.1%
VGSH Vanguard Short-Term Treasury 6.39% 1,034,743 $60.8M Add +0.9%
META Meta Platforms Inc. Class A 4.74% 61,110 $45.1M Reduce -0.5%
SMH Vaneck Semiconductor ETF 3.49% 119,031 $33.2M Add +0.1%
EWJ iShares MSCI Japan ETF 2.91% 369,351 $27.7M Reduce -2.8%
IWR iShares Russell Mid-Cap ETF 2.19% 226,917 $20.9M Reduce -1.1%
XLC SS Comm Select Sector SPDR 2.18% 191,160 $20.7M Reduce -1.5%
XLV SS Health Care Select Sector 1.96% 138,216 $18.6M Add +10.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.86% 62,225 $17.8M Add +5.2%
MSFT Microsoft Corp. 1.74% 33,410 $16.6M Reduce -0.8%
GOOGL Alphabet Inc. Class A 1.72% 92,881 $16.4M Add +1.6%
PPH Vaneck Pharmaceutical ETF 1.68% 181,536 $16.0M Reduce -4.3%
QTEC First Trust Nasdq 100 Tech I 1.55% 69,393 $14.8M Reduce -16.2%
BBH Vaneck Biotech ETF 1.31% 81,432 $12.5M Reduce -11.3%
NVR NVR Inc. 1.22% 1,577 $11.6M Reduce -0.6%
DHI D.R. Horton Inc. 1.17% 86,693 $11.2M Reduce -1.0%
LEN Lennar Corp. Class A 1.14% 98,536 $10.9M Reduce -0.9%
AMZN Amazon.com Inc. 1.12% 48,655 $10.7M Reduce -0.5%
IBB iShares Biotechnology ETF 1.09% 81,949 $10.4M Reduce -0.1%
URI United Rentals Inc. 0.96% 12,082 $9.1M Reduce -2.6%
JPM JPMorgan Chase & Co. 0.58% 18,935 $5.5M No change
VIG Vanguard Dividend Apprec ETF 0.51% 23,831 $4.9M No change
WMT Walmart Inc. 0.50% 48,450 $4.7M No change
EMR Emerson Electric Co. 0.43% 30,375 $4.0M No change
PNC PNC Financial Services Group 0.42% 21,260 $4.0M No change
CAH Cardinal Health Inc. 0.41% 23,453 $3.9M No change
XLB SS Materials Select Sector 0.36% 39,060 $3.4M Reduce -27.9%
VTI VG Morningstar TS MKT ETF-US 0.36% 11,232 $3.4M Reduce -0.2%
GSPY Gotham Enhanced 500 ETF 0.35% 97,540 $3.3M Reduce -19.1%
JNJ Johnson & Johnson 0.34% 21,304 $3.3M No change
MDY State Street SPDR S&P Midcap 0.31% 5,201 $2.9M No change
WFC Wells Fargo & Co. 0.29% 34,082 $2.7M No change
RTX RTX Corp. 0.27% 17,500 $2.6M No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.26% 5,717 $2.5M No change
DE Deere & Co. 0.26% 4,945 $2.5M No change
MDT Medtronic PLC 0.24% 26,165 $2.3M No change
ORCL Oracle Corp. 0.23% 9,823 $2.1M No change
VEU Vanguard Ftse All-World Ex-U 0.21% 30,290 $2.0M No change
XLF SS Financial Select Sector 0.20% 37,042 $1.9M No change
AAPL Apple Inc. 0.20% 9,418 $1.9M Reduce -0.5%
CNC Centene Corp. 0.20% 35,295 $1.9M No change
KMB Kimberly-Clark Corp. 0.20% 14,626 $1.9M No change
CMCSA Comcast Corp. Class A 0.19% 49,535 $1.8M No change
IWM iShares Russell 2000 ETF 0.18% 7,898 $1.7M No change
UPS United Parcel Service Class B 0.18% 16,707 $1.7M No change
CVX Chevron Corp. 0.15% 10,220 $1.5M No change
MMM 3M Co. 0.15% 9,490 $1.4M No change
VOO Vanguard S&P 500 ETF 0.15% 2,529 $1.4M No change
AMGN Amgen Inc. 0.15% 5,098 $1.4M No change
DGX Quest Diagnostics Inc. 0.14% 7,586 $1.4M No change
HD Home Depot Inc. 0.13% 3,404 $1.2M No change
SWK Stanley Black & Decker Inc. 0.13% 17,845 $1.2M No change
MRP Millrose Properties 0.13% 42,152 $1.2M Reduce -14.7%
DOV Dover Corp. 0.13% 6,542 $1.2M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.12% 9,534 $1.2M No change
QQQ Invesco QQQ Trust Series 1 0.12% 2,084 $1.1M No change
XLP SS Consumer Staples Sel Sect 0.11% 12,727 $1.0M Reduce -36.9%
STZ Constellation Brands Inc. Class A 0.10% 6,000 $976K No change
LLY Eli Lilly & Co. 0.10% 1,250 $974K No change
ITW Illinois Tool Works 0.10% 3,885 $961K No change
ONIT Onity Group Inc. 0.10% 24,798 $947K No change
COR Cencora Inc. 0.10% 3,045 $913K No change
VEA Vanguard Ftse Developed ETF 0.09% 15,842 $903K Reduce -3.1%
CTAS Cintas Corp. 0.09% 4,004 $892K No change
BDX Becton Dickinson and Co. 0.09% 5,087 $876K No change
MCD McDonald's Corp. 0.09% 2,826 $826K No change
GPC Genuine Parts Co. 0.08% 6,570 $797K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.08% 8,679 $796K No change
PSX Phillips 66 0.08% 6,500 $775K No change
CCK Crown Holdings Inc. 0.08% 7,421 $764K No change
IWD iShares Russell 1000 Value E 0.07% 3,368 $654K No change
AMLP Alerian MLP ETF 0.07% 13,356 $653K No change
ABBV Abbvie Inc. 0.07% 3,390 $629K No change
PEP Pepsico Inc. 0.06% 4,631 $611K No change
ACN Accenture PLC Class A 0.06% 1,833 $548K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,822 $537K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.06% 1,672 $535K No change
GD General Dynamics Corp. 0.05% 1,554 $453K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 3,523 $437K No change
CARR Carrier Global Corp. 0.04% 5,840 $427K No change
AEG Aegon Ltd.-NY Reg SHR 0.04% 57,015 $413K No change
AVY Avery Dennison Corp. 0.04% 2,230 $391K No change
KO The Coca-Cola Co. 0.04% 5,275 $373K No change
NKE Nike Inc. Class B 0.04% 4,771 $339K No change
PKW Invesco Buyback Achievers Et 0.03% 2,675 $331K No change
XBI SS SPDR S&P Biotech ETF 0.03% 3,435 $285K No change
XOM Exxon Mobil Corp. 0.03% 2,390 $258K No change
EFG iShares MSCI Eafe Growth ETF 0.03% 2,250 $252K No change
GOOG Alphabet Inc. Class C 0.02% 1,320 $234K No change
QCOM Qualcomm Inc. 0.02% 1,448 $231K No change
BLK BlackRock Inc. 0.02% 211 $221K New
PAWZ Proshares Pet Care ETF 0.02% 3,533 $205K New
XLK SS Technology Select Sector 0.02% 793 $201K Reduce -18.3%

Portfolio Sells Q1 2025 → Q2 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 8.43% −1.39
BBH Vaneck Biotech ETF Reduce -11.3% 1.31% −0.29
PPH Vaneck Pharmaceutical ETF Reduce -4.3% 1.68% −0.24
XLB SS Materials Select Sector Reduce -27.9% 0.36% −0.15
LEN Lennar Corp. Class A Reduce -0.9% 1.14% −0.12
XLP SS Consumer Staples Sel Sect Reduce -36.9% 0.11% −0.07
IBB iShares Biotechnology ETF Reduce -0.1% 1.09% −0.07
GSPY Gotham Enhanced 500 ETF Reduce -19.1% 0.35% −0.06
DHI D.R. Horton Inc. Reduce -1.0% 1.17% −0.06
NVR NVR Inc. Reduce -0.6% 1.22% −0.05
QTEC First Trust Nasdq 100 Tech I Reduce -16.2% 1.55% −0.04
AAPL Apple Inc. Reduce -0.5% 0.20% −0.03
COWZ Pacer US Cash Cows 100 ETF Sold out 0.00% −0.03
CI The Cigna Group Sold out 0.00% −0.02
DHR Danaher Corp. Sold out 0.00% −0.02
MRP Millrose Properties Reduce -14.7% 0.13% −0.02
XLK SS Technology Select Sector Reduce -18.3% 0.02% −0.00
VEA Vanguard Ftse Developed ETF Reduce -3.1% 0.09% +0.00
VTI VG Morningstar TS MKT ETF-US Reduce -0.2% 0.36% +0.02
EWJ iShares MSCI Japan ETF Reduce -2.8% 2.91% +0.02
IWR iShares Russell Mid-Cap ETF Reduce -1.1% 2.19% +0.03
AMZN Amazon.com Inc. Reduce -0.5% 1.12% +0.09
URI United Rentals Inc. Reduce -2.6% 0.96% +0.10
XLC SS Comm Select Sector SPDR Reduce -1.5% 2.18% +0.11
EFA iShares MSCI Eafe ETF Reduce -1.1% 7.70% +0.20
MSFT Microsoft Corp. Reduce -0.8% 1.74% +0.35
META Meta Platforms Inc. Class A Reduce -0.5% 4.74% +0.82
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.5% 20.45% +0.85

Portfolio Buys Q1 2025 → Q2 2025
SMH Vaneck Semiconductor ETF Add +0.1% 3.49% +0.70
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +5.2% 1.86% +0.18
GOOGL Alphabet Inc. Class A Add +1.6% 1.72% +0.16
BLK BlackRock Inc. New 0.02% +0.02
PAWZ Proshares Pet Care ETF New 0.02% +0.02
XLV SS Health Care Select Sector Add +10.5% 1.96% −0.06
VGSH Vanguard Short-Term Treasury Add +0.9% 6.39% −0.27
BILS SS Spdrb B 3-12M T-Bill ETF Add +0.0% 11.57% −0.62

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