Miller Investment Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Miller Investment Management, LP reported 89 stock positions worth $1.0 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 19.4% of the portfolio, followed by SS Spdrb B 3-12M T-Bill ETF (BILS, 9.8%) and Vanguard Short-Term Treasury (VGSH, 8.5%). Compared with Q3 2025, it opened 1 new position, sold out of 10, added to 10 and reduced 27. The biggest buy was Vanguard Intermediate-Term T (VGIT, shares +5236%) and the biggest sale SS Spdrb B 3-12M T-Bill ETF (BILS, shares −15%).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001407382
Portfolio Value
$1.0B (Q4 2025)
SEC Filing
0001407382-26-000002 ↗ filed Feb 11, 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 $1.0B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 89 stocks · $1.0B
SPY SS SPDR S&P 500 ETF Trust-US 19.38% 290,954 $198.4M Reduce -2.9%
BILS SS Spdrb B 3-12M T-Bill ETF 9.78% 1,009,090 $100.1M Reduce -14.9%
VGSH Vanguard Short-Term Treasury 8.51% 1,483,390 $87.1M Add +39.7%
BRK.B Berkshire Hathaway Inc. Class B 7.56% 154,072 $77.4M Reduce -7.0%
VGIT Vanguard Intermediate-Term T 6.97% 1,190,950 $71.4M Add +5236.3%
EFA iShares MSCI Eafe ETF 6.71% 715,962 $68.8M Reduce -12.5%
META Meta Platforms Inc. Class A 3.65% 56,593 $37.4M Reduce -7.0%
SMH Vaneck Semiconductor ETF 3.40% 96,645 $34.8M Reduce -17.5%
XLV SS Health Care Select Sector 3.00% 198,322 $30.7M Add +28.5%
EWJ iShares MSCI Japan ETF 2.73% 345,720 $27.9M Reduce -5.7%
GOOGL Alphabet Inc. Class A 2.67% 87,372 $27.3M Reduce -5.9%
XLC SS Comm Select Sector SPDR 1.94% 168,967 $19.9M Reduce -9.4%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.93% 62,851 $19.8M Add +1.2%
IWR iShares Russell Mid-Cap ETF 1.83% 194,565 $18.7M Reduce -13.9%
MSFT Microsoft Corp. 1.64% 34,755 $16.8M Add +3.0%
PPH Vaneck Pharmaceutical ETF 1.54% 152,936 $15.8M Reduce -15.9%
VBIL Vanguard 0-3M T-Bill ETF 1.33% 180,900 $13.6M Add +382.4%
DHI D.R. Horton Inc. 1.21% 86,119 $12.4M Reduce -1.7%
AMZN Amazon.com Inc. 1.17% 51,797 $12.0M Add +5.0%
NVR NVR Inc. 1.13% 1,582 $11.5M Reduce -1.6%
LEN Lennar Corp. Class A 0.97% 96,724 $9.9M Reduce -4.0%
VEA Vanguard Ftse Developed ETF 0.96% 157,476 $9.8M Add +148.6%
URI United Rentals Inc. 0.93% 11,707 $9.5M No change
BBH Vaneck Biotech ETF 0.72% 38,925 $7.4M Reduce -51.8%
IBB iShares Biotechnology ETF 0.62% 37,446 $6.3M Reduce -51.2%
CAH Cardinal Health Inc. 0.47% 23,553 $4.8M Add +0.4%
JPM JPMorgan Chase & Co. 0.36% 11,410 $3.7M No change
VTI VG Morningstar TS MKT ETF-US 0.36% 10,904 $3.7M Reduce -2.9%
VIG Vanguard Dividend Apprec ETF 0.35% 16,293 $3.6M No change
WMT Walmart Inc. 0.33% 30,585 $3.4M No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.27% 5,717 $2.7M No change
JNJ Johnson & Johnson 0.26% 12,849 $2.7M Reduce -0.1%
PNC PNC Financial Services Group 0.26% 12,580 $2.6M No change
AAPL Apple Inc. 0.25% 9,320 $2.5M Reduce -0.2%
EMR Emerson Electric Co. 0.25% 18,970 $2.5M No change
DE Deere & Co. 0.22% 4,945 $2.3M No change
ORCL Oracle Corp. 0.21% 10,899 $2.1M Reduce -0.2%
RTX RTX Corp. 0.19% 10,350 $1.9M No change
WFC Wells Fargo & Co. 0.19% 20,342 $1.9M No change
AMGN Amgen Inc. 0.16% 5,098 $1.7M No change
MDT Medtronic PLC 0.15% 15,885 $1.5M No change
IWM iShares Russell 2000 ETF 0.15% 6,138 $1.5M Reduce -22.3%
GSPY Gotham Enhanced 500 ETF 0.15% 40,578 $1.5M Reduce -57.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.14% 9,534 $1.5M No change
CNC Centene Corp. 0.14% 35,295 $1.5M No change
LLY Eli Lilly & Co. 0.13% 1,250 $1.3M No change
DGX Quest Diagnostics Inc. 0.13% 7,586 $1.3M No change
QQQ Invesco QQQ Trust Series 1 0.13% 2,084 $1.3M No change
HD Home Depot Inc. 0.11% 3,404 $1.2M No change
ONIT Onity Group Inc. 0.11% 24,798 $1.1M No change
COR Cencora Inc. 0.10% 3,045 $1.0M No change
UPS United Parcel Service Class B 0.10% 9,947 $987K No change
KMB Kimberly-Clark Corp. 0.09% 9,321 $940K No change
CVX Chevron Corp. 0.09% 6,045 $921K No change
CMCSA Comcast Corp. Class A 0.09% 30,755 $919K No change
MMM 3M Co. 0.09% 5,615 $899K No change
MCD McDonald's Corp. 0.08% 2,826 $864K No change
PSX Phillips 66 0.08% 6,500 $839K No change
VOO Vanguard S&P 500 ETF 0.08% 1,256 $788K Reduce -50.3%
SWK Stanley Black & Decker Inc. 0.08% 10,555 $784K No change
ABBV Abbvie Inc. 0.08% 3,390 $775K No change
CCK Crown Holdings Inc. 0.07% 7,421 $764K No change
CTAS Cintas Corp. 0.07% 4,004 $753K No change
IWD iShares Russell 1000 Value E 0.07% 3,368 $708K No change
BDX Becton Dickinson and Co. 0.07% 3,488 $677K Add +0.3%
PEP Pepsico Inc. 0.06% 4,631 $665K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.06% 7,179 $656K Reduce -17.3%
VEU Vanguard Ftse All-World Ex-U 0.06% 8,685 $639K Reduce -71.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 5,590 $636K No change
AMLP Alerian MLP ETF 0.06% 13,079 $615K Reduce -2.1%
ITW Illinois Tool Works 0.06% 2,305 $568K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,822 $540K No change
GD General Dynamics Corp. 0.05% 1,554 $523K No change
ACN Accenture PLC Class A 0.05% 1,833 $492K No change
STZ Constellation Brands Inc. Class A 0.05% 3,550 $490K No change
AEG Aegon Ltd.-NY Reg SHR 0.04% 57,015 $440K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.04% 1,672 $433K No change
XBI SS SPDR S&P Biotech ETF 0.04% 3,435 $419K No change
GOOG Alphabet Inc. Class C 0.04% 1,320 $414K No change
AVY Avery Dennison Corp. 0.04% 2,230 $406K No change
KO The Coca-Cola Co. 0.04% 5,200 $364K Reduce -1.4%
PKW Invesco Buyback Achievers Et 0.04% 2,675 $359K No change
CARR Carrier Global Corp. 0.03% 5,840 $309K No change
NKE Nike Inc. Class B 0.03% 4,771 $304K No change
APH Amphenol Corp. Class A 0.03% 2,178 $294K No change
XOM Exxon Mobil Corp. 0.03% 2,390 $288K No change
NVDA Nvidia Corp. 0.03% 1,495 $279K No change
QCOM Qualcomm Inc. 0.02% 1,448 $248K No change
DHR Danaher Corp. 0.02% 992 $227K New

Portfolio Sells Q3 2025 → Q4 2025
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -14.9% 9.78% −2.09
QTEC First Trust Nasdq 100 Tech I Sold out 0.00% −1.34
EFA iShares MSCI Eafe ETF Reduce -12.5% 6.71% −0.96
META Meta Platforms Inc. Class A Reduce -7.0% 3.65% −0.84
BRK.B Berkshire Hathaway Inc. Class B Reduce -7.0% 7.56% −0.81
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.9% 19.38% −0.68
BBH Vaneck Biotech ETF Reduce -51.8% 0.72% −0.63
IBB iShares Biotechnology ETF Reduce -51.2% 0.62% −0.50
SMH Vaneck Semiconductor ETF Reduce -17.5% 3.40% −0.44
IWR iShares Russell Mid-Cap ETF Reduce -13.9% 1.83% −0.36
XLB SS Materials Select Sector Sold out 0.00% −0.34
MDY State Street SPDR S&P Midcap Sold out 0.00% −0.31
LEN Lennar Corp. Class A Reduce -4.0% 0.97% −0.31
DHI D.R. Horton Inc. Reduce -1.7% 1.21% −0.28
XLC SS Comm Select Sector SPDR Reduce -9.4% 1.94% −0.28
EWJ iShares MSCI Japan ETF Reduce -5.7% 2.73% −0.23
GSPY Gotham Enhanced 500 ETF Reduce -57.6% 0.15% −0.21
XLF SS Financial Select Sector Sold out 0.00% −0.20
NVR NVR Inc. Reduce -1.6% 1.13% −0.17
VEU Vanguard Ftse All-World Ex-U Reduce -71.3% 0.06% −0.15
MRP Millrose Properties Sold out 0.00% −0.12
PPH Vaneck Pharmaceutical ETF Reduce -15.9% 1.54% −0.11
DOV Dover Corp. Sold out 0.00% −0.11
ORCL Oracle Corp. Reduce -0.2% 0.21% −0.10
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.10
VOO Vanguard S&P 500 ETF Reduce -50.3% 0.08% −0.08
IWM iShares Russell 2000 ETF Reduce -22.3% 0.15% −0.04
EFG iShares MSCI Eafe Growth ETF Sold out 0.00% −0.03
XLK SS Technology Select Sector Sold out 0.00% −0.02
TDY Teledyne Technologies Inc. Sold out 0.00% −0.02
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -17.3% 0.06% −0.02
VTI VG Morningstar TS MKT ETF-US Reduce -2.9% 0.36% −0.01
AMLP Alerian MLP ETF Reduce -2.1% 0.06% −0.00
KO The Coca-Cola Co. Reduce -1.4% 0.04% +0.00
AAPL Apple Inc. Reduce -0.2% 0.25% +0.01
JNJ Johnson & Johnson Reduce -0.1% 0.26% +0.02
GOOGL Alphabet Inc. Class A Reduce -5.9% 2.67% +0.40

Portfolio Buys Q3 2025 → Q4 2025
VGIT Vanguard Intermediate-Term T Add +5236.3% 6.97% +6.84
VGSH Vanguard Short-Term Treasury Add +39.7% 8.51% +2.23
VBIL Vanguard 0-3M T-Bill ETF Add +382.4% 1.33% +1.05
XLV SS Health Care Select Sector Add +28.5% 3.00% +0.84
VEA Vanguard Ftse Developed ETF Add +148.6% 0.96% +0.58
CAH Cardinal Health Inc. Add +0.4% 0.47% +0.10
AMZN Amazon.com Inc. Add +5.0% 1.17% +0.08
DHR Danaher Corp. New 0.02% +0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +1.2% 1.93% +0.01
BDX Becton Dickinson and Co. Add +0.3% 0.07% +0.00
MSFT Microsoft Corp. Add +3.0% 1.64% −0.12

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