What if you had copied Miller Value Partners?
Bill Miller's firm
The verdict
Copying Miller Value Partners's 13F filings from Feb 2020 would have turned $10,000 into $21,975, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +12.4% a year against +14.4% for the S&P 500, 1.9 points a year behind. Its worst fall was 45.3%, from Feb 19, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Miller Value Partners$21,975
- S&P 500$24,639
- Bought their first portfolio and never traded$19,966
If you had bought their first portfolio and never traded, you would have ended at $19,966, so following every move earned $2,009 more.
- $10,000 copied
- $21,975
- +119.8%, +12.4% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $19,966
- Bought their first portfolio and never traded
- Worst fall
- −45.3%
- Feb 19, 2020 to Mar 23, 2020
- Trades
- 286
- 168 buys, 118 sales over 28 filings; about 73% of the copy traded a year
The moves that made the most
- JXNJackson Financial+$1,229
Held since May 2022, the stock up 386%
- BFHBread Financial+$1,221
Held since Aug 2023, the stock up 171%
- FOSLFossil+$1,190
Held since Nov 2023, the stock up 535%
- NBRNabors Industries+$1,172
Held since Nov 2021
- TDAYUSA Today+$846
Held since May 2020, the stock up 166%
- TAT&T+$707
Held from Aug 2023 to Aug 2025, the stock up 128%
The moves that cost the most
- BHCBausch Health Cos−$534
Held from Feb 2020 to Feb 2023, the stock down 68%
- BABAAlibaba−$513
Held from Feb 2020 to Aug 2023, the stock down 58%
- JELDJeld-Wen−$422
Held since May 2025, the stock down 71%
- CNDTConduent−$416
Held since Aug 2023, the stock down 57%
- RILYBrc Group−$379
Held from Aug 2023 to Feb 2024, the stock down 64%
- STLAStellantis−$372
Held from Aug 2023 to May 2026, the stock down 53%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +37.8% | +13.1% | +24.7 |
| 2021 | +7.5% | +28.7% | −21.2 |
| 2022 | −32.6% | −18.2% | −14.4 |
| 2023 | +27.6% | +26.2% | +1.4 |
| 2024 | +24.3% | +24.9% | −0.6 |
| 2025 | +17.0% | +17.7% | −0.8 |
| 2026to Nov 2026 | +18.6% | +11.5% | +7.1 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.