Deep Value Strategy
A pure deep value approach to equities as an actively managed strategy for long-term investors seeking a differentiated perspective.

Value-driven, long-term approach: Identify and exploit short-to mid-term market inefficiencies that temporarily depress a company’s share price below its long-term intrinsic value and aim to hold investments for a minimum of 3 years
High Active Share: Consistently differentiated from the benchmark, as active share tends to be 80%-90%+
All Cap Flexibility: Investing in companies of all market capitalizations allows us to go where the opportunities are greatest
Concentrated Positions: Focuses on the most deeply mispriced companies with what we believe have the most opportunistic long-term outlook
Portfolio Manager Perspective from our Q2 2023 Webinar
Read
3Q 2023 Letter: Too Low Expectations = Long-term Opportunity
2Q 2023 Letter: The Market Is a Weighing Machine in the Long Term
1Q 2023 Letter: Don’t forget Value and Small
Annualized Trailing 10-Year Relative Total Return sourced from Strategas
S&P 500 Index Composition sourced from Piper Sandler & Co.
Price to Sales Multiple by Decile and Trailing 90-Day Absolute Return Sourced from Kailash Capital, LLC
Source for Relative Forward P/E: Russell 2000 vs. Russell 1000, 1985-3/31/2023 is Bank of America Corporation. Reprinted by permission. Copyright ©2023 Bank of America Corporation (“BAC”). The use of the above in no way implies that BAC or any of its affiliates endorses the views or interpretation or the use of such information or acts as any endorsement of the use of such information. The information is provided “as is” and none of BAC or any of its affiliates warrants the accuracy or completeness of the information.
References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. The S&P 1500 Value Index draws constituents from the S&P 1500 Index. Value is measured on three factors: the ratios of book value, earnings, and sales to price. The S&P 1500 Pure Value Index draws constituents from the S&P 1500 Index. Value is measured on three factors: the ratios of book value, earnings, and sales to price. S&P Pure Value Indices include only those components of the parent index that exhibit strong value characteristics, and weights them by value score. The S&P 600 SmallCap Value Index tracks the value stocks in the S&P 600 SmallCap Index, identified by three factors: book value, earnings and sales to price. The S&P Composite 1500 Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 1500® which combines the S&P 500®, S&P MidCap 400® and the S&P SmallCap 600®. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.
Any views expressed are subject to change at any time, and Miller Value Partners disclaims any responsibility to update such views. 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.
©2023 Miller Value Partners, LLC