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Livermore
Livermore
ZHEN

Miller Investment Management, LP

SEC CIK
0001407382
Latest filing
Aug 13, 2026

The latest 13F from Miller Investment Management, LP covers Q2 2026 (filed Aug 13, 2026): 83 long positions worth $1.09B. The top 10 holdings make up 74.6% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 20.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
3
Est. +$691.3K
Added
18
Est. +$17.5M
Reduced
13
Est. −$21.9M
Sold out
6
Est. −$2.52M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    20.3%$222.3MHistory
  2. SPDR Series Trust78468R523
    11.1%$121.7M
  3. Vanguard Scottsdale FDS92206C102
    8.2%$89.5M
  4. BRK.BBerkshire Hathaway Inc
    7.3%$79.4MHistory
  5. Vanguard Scottsdale FDS92206C706
    7.0%$76.7M

Share of portfolio

Top 5 holdings and the other 78 positions, by share of portfolio value

  1. SPY20.3%
  2. SPDR Series Trust11.1%
  3. Vanguard Scottsdale FDS8.2%
  4. BRK.B7.3%
  5. Vanguard Scottsdale FDS7.0%
  6. Other 78 positions46.1%

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$4.12MAddedHistory
  2. Vanguard Ftse Developed Markets ETF921943858
    +$2.79MAdded
  3. BRK.BBerkshire Hathaway Inc
    +$2.22MAddedHistory
  4. Vanguard Morningstar Large-Cap ETF922908637
    +$1.29MAdded
  5. Vanguard Instl Index FD922040845
    +$1.27MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. VanEck Semiconductor ETF92189F676
    +2.11 pp3.6% → 5.7%
  2. SPYSPDR S&P 500 ETF Trust
    +1.44 pp18.9% → 20.3%History
  3. GOOGLAlphabet Inc.
    +0.41 pp2.5% → 2.9%History
  4. Vanguard Ftse Developed Markets ETF921943858
    +0.28 pp1.3% → 1.6%
  5. Vanguard Morningstar Large-Cap ETF922908637
    +0.27 pp2.6% → 2.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C102
    −$7.92MReduced
  2. VanEck ETF Trust92189F692
    −$3.68MReduced
  3. SPDR Series Trust78468R523
    −$3.53MReduced
  4. iShares Tr464287556
    −$1.91MReduced
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    −$1.67MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Vanguard Scottsdale FDS92206C102
    −1.55 pp9.7% → 8.2%
  2. SPDR Series Trust78468R523
    −1.33 pp12.4% → 11.1%
  3. Vanguard Scottsdale FDS92206C706
    −0.84 pp7.8% → 7.0%
  4. VanEck ETF Trust92189F692
    −0.38 pp1.4% → 1.0%
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    −0.17 pp3.0% → 2.8%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.09B
+$87.7M (+8.7%) vs. prior quarter
Positions
83
−3 vs. prior quarter
Top 10 concentration
74.6%
Top 10 as share of value
Turnover
1.7%
Q2 2026, one quarter
Average holding period
16.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.09B (Q2 2026)

Q1 2021: $540.9MQ2 2021: $574.5MQ3 2021: $582.0MQ4 2021: $699.0MQ1 2022: $634.8MQ2 2022: $486.2MQ3 2022: $479.0MQ4 2022: $587.0MQ1 2023: $605.7MQ2 2023: $655.7MQ3 2023: $635.4MQ4 2023: $702.9MQ1 2024: $782.7MQ2 2024: $836.9MQ3 2024: $960.4MQ4 2024: $913.6MQ1 2025: $904.0MQ2 2025: $952.4MQ3 2025: $995.1MQ4 2025: $1.02BQ1 2026: $1.01BQ2 2026: $1.09B
Q1 2021Q2 2026
13F filings of Miller Investment Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 202683$1.09BSPYSPDR Series TrustVanguard Scottsdale FDSvs. Q1 2026SEC
Q1 2026May 8, 202686$1.01BSPYSPDR Series TrustVanguard Scottsdale FDSvs. Q4 2025SEC
Q4 2025Feb 11, 202689$1.02BSPYSPDR Series TrustVanguard Scottsdale FDSvs. Q3 2025SEC
Q3 2025Nov 10, 202598$995.1MSPYSPDR Series TrustBRK.Bvs. Q2 2025SEC
Q2 2025Aug 6, 202596$952.4MSPYSPDR Series TrustBRK.Bvs. Q1 2025SEC
Q1 2025May 7, 202597$904.0MSPYSPDR Series TrustBRK.Bvs. Q4 2024SEC
Q4 2024Feb 13, 2025100$913.6MSPYSPDR Series TrustBRK.Bvs. Q3 2024SEC
Q3 2024Nov 14, 2024104$960.4MSPYSPDR Series TrustBRK.Bvs. Q2 2024SEC
Q2 2024Aug 13, 2024103$836.9MSPYBRK.BiShares MSCI Eafe ETFvs. Q1 2024SEC
Q1 2024May 14, 2024105$782.7MSPYBRK.BiShares MSCI Eafe ETFvs. Q4 2023SEC
Q4 2023Feb 12, 2024102$702.9MSPYBRK.BiShares MSCI Eafe ETFvs. Q3 2023SEC
Q3 2023Nov 13, 202397$635.4MSPYBRK.BiShares MSCI Eafe ETFvs. Q2 2023SEC
Q2 2023Aug 15, 202396$655.7MSPYBRK.BiShares MSCI Eafe ETFvs. Q1 2023SEC
Q1 2023May 15, 202395$605.7MSPYiShares MSCI Eafe ETFBRK.Bvs. Q4 2022SEC
Q4 2022Feb 13, 202394$587.0MSPYiShares MSCI Eafe ETFBRK.Bvs. Q3 2022SEC
Q3 2022Nov 14, 202290$479.0MSPYState Street Materials Select Sector SPDR ETFBRK.Bvs. Q2 2022SEC
Q2 2022Aug 15, 202290$486.2MSPYState Street Materials Select Sector SPDR ETFBRK.Bvs. Q1 2022SEC
Q1 2022May 13, 202296$634.8MSPYVanguard Scottsdale FDSState Street Materials Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Feb 11, 202296$699.0MSPYState Street Materials Select Sector SPDR ETFVanguard Ftse All-World Ex-US Index Fundvs. Q3 2021SEC
Q3 2021Nov 12, 202189$582.0MSPYState Street Materials Select Sector SPDR ETFVanguard Ftse All-World Ex-US Index Fundvs. Q2 2021SEC
Q2 2021Aug 6, 202180$574.5MSPYARK ETF TrState Street Materials Select Sector SPDR ETFvs. Q1 2021SEC
Q1 2021May 12, 202179$540.9MSPYARK ETF TrState Street Materials Select Sector SPDR ETF–SEC