Income Strategy Weekly Update for 03/15/2024 – 03/22/2024

Boise Cascade Rises on Technical Momentum, While MicroStrategy Falls as Bitcoin Cools Off After New All-Time High

Last week, the Income Strategy’s representative account rose 0.52% (net of fees), underperforming the ICE BofA Merrill Lynch High Yield Master II Index’s 0.64% gain and underperforming the S&P 500’s 2.31% gain. (Exhibit 1). The strategy ended the week up 9.28% YTD, or 785 basis points ahead of the high yield index and 84 basis points behind the S&P 500.

Exhibit 1: Performance of Income Strategy Representative Account Net of Fees Versus High Yield, Equity Indices, Through 3/22/2024¹

Time Period	Income Strategy Representative Account	ICE BofA Master High Yield II Index	S&P 500 Index
Last Week (3/15- 3/22)	0.52%	0.64%	2.31%
MTD	6.15%	1.11%	2.81%
QTD	9.28%	1.43%	10.12%
YTD	9.28%	1.43%	10.12%
1 Year	32.19%	12.63%	35.06%
5 Year	6.56%	4.13%	15.24%
10 Year	4.71%	4.40%	12.95%
Inception (annualized since 2/28/2014)	4.62%	4.37%	12.93%

Source: Bloomberg, Miller Value Partners.

Five equities comprised last week’s top 5 contributors. Shares of Boise Cascade (BCC) advanced above the stock’s 50-day moving average last week. There was no price-changing news for Western Alliance Bancorp (WAL), Jackson Financial (JXN), Stellantis (STLA) or OneMain Holdings (OMF) last week.

Exhibit 2: Significant Contributors to Income Strategy Representative Account Performance, 03/15/24 – 03/22/24

Name	Type
Boise Cascade Co	Equity
Western Alliance Bancorp	Equity
Jackson Financial Inc	Equity
Stellantis NV	Equity
OneMain Holdings Inc	Equity

Source: Miller Value Partners.

Four equities and one bond comprised last week’s top 5 detractors. MicroStrategy Inc 0.75% 12/15/2025 fell as Bitcoin pared some of its recent gains last week after it reached a new all-time high on 3/13/24. Shares of Bread Financial Holdings (BFH) declined below the stock’s 50-day moving average. There was no price-changing news for Viatris (VTRS) or Buckle (BKE) last week.

Exhibit 3: Significant Detractors From Income Strategy Representative Account Performance, 03/15/24 – 03/22/24

Name	Type
MicroStrategy Inc 0.75% 12/15/2025	Bond
Bread Financial Holdings	Equity
Viatris Inc	Equity
*RECENTLY ADDED SECURITY*	Equity
The Buckle Inc	Equity

Source: Miller Value Partners.

As of prior week’s market close unless otherwise stated.

¹The performance figures for the representative Income Strategy account reflect the deduction of investment management fees and certain other expenses. Returns greater than 1 year are annualized.

For additional information about Income Strategy performance, please click on the Income Strategy Composite Performance Disclosure. Past performance is no guarantee of future results.

Significant Contributors and Significant Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.

Any views expressed are subject to change at any time, and Miller Value Partners disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. Content may not be reprinted, republished or used in any manner without written consent from Miller Value Partners. Portfolio composition is shown as of a point in time and is subject to change without notice.