Miller Investment Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Miller Investment Management, LP reported 98 stock positions worth $995.1 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.1% of the portfolio, followed by SS Spdrb B 3-12M T-Bill ETF (BILS, 11.9%) and Berkshire Hathaway Class B (BRK.B, 8.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 13 and reduced 36. The biggest buy was D.R. Horton (DHI, shares +1%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −5%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$995.1M (Q3 2025)
SEC Filing
0001407382-25-000013 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $995.1M $995.1M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 98 stocks · $995.1M
SPY SS SPDR S&P 500 ETF Trust-US 20.06% 299,673 $199.6M Reduce -4.9%
BILS SS Spdrb B 3-12M T-Bill ETF 11.87% 1,186,377 $118.1M Add +7.1%
BRK.B Berkshire Hathaway Inc. Class B 8.37% 165,733 $83.3M Add +0.3%
EFA iShares MSCI Eafe ETF 7.67% 817,940 $76.4M Reduce -0.3%
VGSH Vanguard Short-Term Treasury 6.28% 1,062,022 $62.5M Add +2.6%
META Meta Platforms Inc. Class A 4.49% 60,854 $44.7M Reduce -0.4%
SMH Vaneck Semiconductor ETF 3.84% 117,189 $38.2M Reduce -1.6%
EWJ iShares MSCI Japan ETF 2.95% 366,542 $29.4M Reduce -0.8%
GOOGL Alphabet Inc. Class A 2.27% 92,848 $22.6M Reduce -0.0%
XLC SS Comm Select Sector SPDR 2.22% 186,521 $22.1M Reduce -2.4%
IWR iShares Russell Mid-Cap ETF 2.19% 226,018 $21.8M Reduce -0.4%
XLV SS Health Care Select Sector 2.16% 154,305 $21.5M Add +11.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.92% 62,115 $19.1M Reduce -0.2%
MSFT Microsoft Corp. 1.76% 33,759 $17.5M Add +1.0%
PPH Vaneck Pharmaceutical ETF 1.65% 181,918 $16.4M Add +0.2%
DHI D.R. Horton Inc. 1.49% 87,627 $14.9M Add +1.1%
BBH Vaneck Biotech ETF 1.34% 80,758 $13.4M Reduce -0.8%
QTEC First Trust Nasdq 100 Tech I 1.34% 58,036 $13.3M Reduce -16.4%
NVR NVR Inc. 1.30% 1,607 $12.9M Add +1.9%
LEN Lennar Corp. Class A 1.28% 100,803 $12.7M Add +2.3%
URI United Rentals Inc. 1.12% 11,707 $11.2M Reduce -3.1%
IBB iShares Biotechnology ETF 1.11% 76,667 $11.1M Reduce -6.5%
AMZN Amazon.com Inc. 1.09% 49,351 $10.8M Add +1.4%
VEA Vanguard Ftse Developed ETF 0.38% 63,339 $3.8M Add +299.8%
VTI VG Morningstar TS MKT ETF-US 0.37% 11,232 $3.7M No change
CAH Cardinal Health Inc. 0.37% 23,453 $3.7M No change
JPM JPMorgan Chase & Co. 0.36% 11,410 $3.6M Reduce -39.7%
VIG Vanguard Dividend Apprec ETF 0.35% 16,293 $3.5M Reduce -31.6%
GSPY Gotham Enhanced 500 ETF 0.35% 95,681 $3.5M Reduce -1.9%
XLB SS Materials Select Sector 0.34% 37,774 $3.4M Reduce -3.3%
WMT Walmart Inc. 0.32% 30,585 $3.2M Reduce -36.9%
MDY State Street SPDR S&P Midcap 0.31% 5,201 $3.1M No change
ORCL Oracle Corp. 0.31% 10,924 $3.1M Add +11.2%
VBIL Vanguard 0-3M T-Bill ETF 0.28% 37,500 $2.8M New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.27% 5,717 $2.7M No change
PNC PNC Financial Services Group 0.25% 12,580 $2.5M Reduce -40.8%
EMR Emerson Electric Co. 0.25% 18,970 $2.5M Reduce -37.5%
JNJ Johnson & Johnson 0.24% 12,859 $2.4M Reduce -39.6%
AAPL Apple Inc. 0.24% 9,339 $2.4M Reduce -0.8%
DE Deere & Co. 0.23% 4,945 $2.3M No change
VEU Vanguard Ftse All-World Ex-U 0.22% 30,290 $2.2M No change
XLF SS Financial Select Sector 0.20% 37,042 $2.0M No change
IWM iShares Russell 2000 ETF 0.19% 7,898 $1.9M No change
RTX RTX Corp. 0.17% 10,350 $1.7M Reduce -40.9%
WFC Wells Fargo & Co. 0.17% 20,342 $1.7M Reduce -40.3%
VOO Vanguard S&P 500 ETF 0.16% 2,529 $1.5M No change
MDT Medtronic PLC 0.15% 15,885 $1.5M Reduce -39.3%
DGX Quest Diagnostics Inc. 0.15% 7,586 $1.4M No change
AMGN Amgen Inc. 0.14% 5,098 $1.4M No change
HD Home Depot Inc. 0.14% 3,404 $1.4M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.14% 9,534 $1.4M No change
VGIT Vanguard Intermediate-Term T 0.13% 22,318 $1.3M New
CNC Centene Corp. 0.13% 35,295 $1.3M No change
QQQ Invesco QQQ Trust Series 1 0.13% 2,084 $1.3M No change
MRP Millrose Properties 0.12% 35,951 $1.2M Reduce -14.7%
KMB Kimberly-Clark Corp. 0.12% 9,321 $1.2M Reduce -36.3%
DOV Dover Corp. 0.11% 6,542 $1.1M No change
ONIT Onity Group Inc. 0.10% 24,798 $991K No change
CMCSA Comcast Corp. Class A 0.10% 30,755 $966K Reduce -37.9%
XLP SS Consumer Staples Sel Sect 0.10% 12,233 $959K Reduce -3.9%
LLY Eli Lilly & Co. 0.10% 1,250 $954K No change
COR Cencora Inc. 0.10% 3,045 $952K No change
CVX Chevron Corp. 0.09% 6,045 $939K Reduce -40.9%
PSX Phillips 66 0.09% 6,500 $884K No change
MMM 3M Co. 0.09% 5,615 $871K Reduce -40.8%
MCD McDonald's Corp. 0.09% 2,826 $859K No change
UPS United Parcel Service Class B 0.08% 9,947 $831K Reduce -40.5%
CTAS Cintas Corp. 0.08% 4,004 $822K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.08% 8,679 $796K No change
ABBV Abbvie Inc. 0.08% 3,390 $785K No change
SWK Stanley Black & Decker Inc. 0.08% 10,555 $785K Reduce -40.9%
CCK Crown Holdings Inc. 0.07% 7,421 $717K No change
IWD iShares Russell 1000 Value E 0.07% 3,368 $686K No change
BDX Becton Dickinson and Co. 0.07% 3,477 $651K Reduce -31.6%
PEP Pepsico Inc. 0.07% 4,631 $650K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 5,590 $640K Add +58.7%
AMLP Alerian MLP ETF 0.06% 13,356 $627K No change
ITW Illinois Tool Works 0.06% 2,305 $601K Reduce -40.7%
GD General Dynamics Corp. 0.05% 1,554 $530K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 1,672 $518K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,822 $514K No change
STZ Constellation Brands Inc. Class A 0.05% 3,550 $478K Reduce -40.8%
AEG Aegon Ltd.-NY Reg SHR 0.05% 57,015 $456K No change
ACN Accenture PLC Class A 0.05% 1,833 $452K No change
AVY Avery Dennison Corp. 0.04% 2,230 $362K No change
PKW Invesco Buyback Achievers Et 0.04% 2,675 $354K No change
KO The Coca-Cola Co. 0.04% 5,275 $350K No change
CARR Carrier Global Corp. 0.04% 5,840 $349K No change
XBI SS SPDR S&P Biotech ETF 0.03% 3,435 $344K No change
NKE Nike Inc. Class B 0.03% 4,771 $333K No change
GOOG Alphabet Inc. Class C 0.03% 1,320 $321K No change
NVDA Nvidia Corp. 0.03% 1,495 $279K New
APH Amphenol Corp. Class A 0.03% 2,178 $270K New
XOM Exxon Mobil Corp. 0.03% 2,390 $269K No change
EFG iShares MSCI Eafe Growth ETF 0.03% 2,250 $256K No change
QCOM Qualcomm Inc. 0.02% 1,448 $241K No change
XLK SS Technology Select Sector 0.02% 793 $224K No change
TDY Teledyne Technologies Inc. 0.02% 381 $223K New

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.9% 20.06% −0.39
META Meta Platforms Inc. Class A Reduce -0.4% 4.49% −0.24
JPM JPMorgan Chase & Co. Reduce -39.7% 0.36% −0.21
QTEC First Trust Nasdq 100 Tech I Reduce -16.4% 1.34% −0.21
WMT Walmart Inc. Reduce -36.9% 0.32% −0.18
EMR Emerson Electric Co. Reduce -37.5% 0.25% −0.18
PNC PNC Financial Services Group Reduce -40.8% 0.25% −0.16
VIG Vanguard Dividend Apprec ETF Reduce -31.6% 0.35% −0.16
WFC Wells Fargo & Co. Reduce -40.3% 0.17% −0.12
JNJ Johnson & Johnson Reduce -39.6% 0.24% −0.10
RTX RTX Corp. Reduce -40.9% 0.17% −0.09
UPS United Parcel Service Class B Reduce -40.5% 0.08% −0.09
CMCSA Comcast Corp. Class A Reduce -37.9% 0.10% −0.09
MDT Medtronic PLC Reduce -39.3% 0.15% −0.09
GPC Genuine Parts Co. Sold out 0.00% −0.08
KMB Kimberly-Clark Corp. Reduce -36.3% 0.12% −0.08
MMM 3M Co. Reduce -40.8% 0.09% −0.06
CVX Chevron Corp. Reduce -40.9% 0.09% −0.06
STZ Constellation Brands Inc. Class A Reduce -40.8% 0.05% −0.05
SWK Stanley Black & Decker Inc. Reduce -40.9% 0.08% −0.05
ITW Illinois Tool Works Reduce -40.7% 0.06% −0.04
BDX Becton Dickinson and Co. Reduce -31.6% 0.07% −0.03
EFA iShares MSCI Eafe ETF Reduce -0.3% 7.67% −0.02
BLK BlackRock Inc. Sold out 0.00% −0.02
PAWZ Proshares Pet Care ETF Sold out 0.00% −0.02
XLB SS Materials Select Sector Reduce -3.3% 0.34% −0.02
XLP SS Consumer Staples Sel Sect Reduce -3.9% 0.10% −0.01
MRP Millrose Properties Reduce -14.7% 0.12% −0.00
IWR iShares Russell Mid-Cap ETF Reduce -0.4% 2.19% +0.00
GSPY Gotham Enhanced 500 ETF Reduce -1.9% 0.35% +0.00
IBB iShares Biotechnology ETF Reduce -6.5% 1.11% +0.02
BBH Vaneck Biotech ETF Reduce -0.8% 1.34% +0.03
AAPL Apple Inc. Reduce -0.8% 0.24% +0.04
XLC SS Comm Select Sector SPDR Reduce -2.4% 2.22% +0.04
EWJ iShares MSCI Japan ETF Reduce -0.8% 2.95% +0.05
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -0.2% 1.92% +0.06
URI United Rentals Inc. Reduce -3.1% 1.12% +0.17
SMH Vaneck Semiconductor ETF Reduce -1.6% 3.84% +0.36
GOOGL Alphabet Inc. Class A Reduce -0.0% 2.27% +0.55

Portfolio Buys Q2 2025 → Q3 2025
DHI D.R. Horton Inc. Add +1.1% 1.49% +0.32
BILS SS Spdrb B 3-12M T-Bill ETF Add +7.1% 11.87% +0.30
VEA Vanguard Ftse Developed ETF Add +299.8% 0.38% +0.29
VBIL Vanguard 0-3M T-Bill ETF New 0.28% +0.28
XLV SS Health Care Select Sector Add +11.6% 2.16% +0.20
VGIT Vanguard Intermediate-Term T New 0.13% +0.13
LEN Lennar Corp. Class A Add +2.3% 1.28% +0.13
ORCL Oracle Corp. Add +11.2% 0.31% +0.08
NVR NVR Inc. Add +1.9% 1.30% +0.07
NVDA Nvidia Corp. New 0.03% +0.03
APH Amphenol Corp. Class A New 0.03% +0.03
TDY Teledyne Technologies Inc. New 0.02% +0.02
DIS The Walt Disney Co. Add +58.7% 0.06% +0.02
MSFT Microsoft Corp. Add +1.0% 1.76% +0.01
PPH Vaneck Pharmaceutical ETF Add +0.2% 1.65% −0.02
AMZN Amazon.com Inc. Add +1.4% 1.09% −0.03
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 8.37% −0.05
VGSH Vanguard Short-Term Treasury Add +2.6% 6.28% −0.11

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