What Miller Value Partners does

Miller Value Partners, LLC is a Baltimore-based, SEC-registered investment adviser founded in 2017 and operating with 1-10 employees. The firm is led by Chief Investment Officer Bill Miller IV, CFA, CMT, and offers three core strategies: the Deep Value Select concentrated portfolio of significantly mispriced small- and mid-cap companies undergoing multi-year transformations, the MVP Alpha Plus (MVPA) active ETF, and the Flexible Income fund available through millervaluefunds.com. Revenue is generated through investment advisory and management fees on AUM across these strategies, with distribution occurring through direct investor relationships, financial advisor intermediaries, and the firm's ETF and mutual fund platform.

The firm's core product architecture is concentrated active management rather than a technology platform: portfolios are built from high-conviction equity ideas identified through a proprietary valuation framework targeting companies at a fraction of intrinsic value. The Deep Value Select strategy has produced 21.89% annualized net returns since October 2018 and seven consecutive years of positive returns through 2025, with +8.39% net of fees in Q1 2026. The firm emphasizes alignment, stating that partners are the largest investors in their own strategies, and supports investor acquisition through a content-driven GTM motion including blog commentary, MVP LIVE webinars, YouTube video, and social channels. No proprietary technology platform, AI tooling, or app is disclosed, and the firm currently operates only in the United States with international investors restricted from website content.

Customer segments are horizontally defined around investor personas seeking active management, long-term wealth building, and educational transparency, rather than industry verticals. Pricing and fee schedules are not publicly disclosed. The firm has no parent company, no disclosed institutional investors, no open hiring roles as of the most recent careers page snapshot, and has not raised external funding, indicating organic, performance-led growth.

Name

Miller Value Partners

Legal name

Miller Value Partners, LLC

Website

https://millervalue.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Miller Value Partners is a Baltimore-based, SEC-registered investment adviser led by Bill Miller IV offering concentrated value-oriented strategies — Deep Value Select, MVPA active ETF, and Flexible Income — to individual and advisor-sourced investors seeking active alternatives to passive indexing.

Ownership category

akta.pro rank

Product category

Active Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Active investment management
• Value investing strategies
• Deep value equity
• Actively managed ETFs
• Flexible income funds

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Advisory Fees: Miller Value Partners generates revenue through investment advisory fees charged for managing client portfolios across their Deep Value, Active ETF, and Flexible Income strategies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Miller Value Partners is an SEC-registered investment adviser that sells three distinct value-oriented investment strategies to investors: the Deep Value Select concentrated equity strategy, a suite of actively managed ETFs (including MVP Alpha Plus/MVPA), and a Flexible Income strategy. The firm offers concentrated, fundamental-driven portfolios designed to deliver differentiated returns versus passive index investing, with partners co-investing alongside clients.

Product overview

Miller Value Partners is an investment management firm offering multiple distinct strategies: Deep Value Select (a concentrated portfolio of severely undervalued companies with multi-year transformation potential), Active ETFs (for investors seeking more return potential versus passive index investing), and Flexible Income Strategy (for long-term wealth goals). The firm's approach emphasizes aligned, transparent investing with partners eating their own cooking as the largest investors in their own strategies.

Differentiator

Problem solved

Functional benefit

Brands

• Deep Value Select: A concentrated deep value investment strategy focused on significantly mispriced cyclicals and companies undergoing multi-year transformations, with holdings typically having revenues exceeding $3B but temporarily depressed market caps.
• Flexible Income
• Active ETFs

Products and services

• Deep Value Select Strategy A concentrated investment strategy focused on significantly undervalued small- and mid-cap companies undergoing multi-year transformations, targeting exceptional long-term returns through fundamental analysis and active portfolio management. Holdings typically have revenues exceeding $3B but temporarily depressed market caps.
• Active ETFs Actively managed exchange-traded fund products, including MVP Alpha Plus (MVPA), offering investors differentiated return profiles versus passive index investing and active management exposure to targeted market segments.
• Flexible Income Strategy An income-focused investment strategy designed for investors with long-term wealth goals, offering flexible allocation to capitalize on changing market conditions.

Quantifiable outcome

• 21.89% annualized net returns since inception versus 10.94% for S&P 1500 Value Index
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Pzena Investment Management: Pzena is a publicly-traded classic value equity manager running concentrated portfolios of undervalued companies. Like MVP, Pzena focuses on fundamentally-driven, contrarian value investing and serves institutional and intermediary channels — making it one of the closest scaled comparables.
• Third Avenue Management: Third Avenue Management is a deep-value, concentrated equity manager historically led by Marty Whitman, with a philosophy centered on buying significantly mispriced securities. Like MVP's Deep Value Select, the firm targets asymmetric returns through fundamental analysis of undervalued companies.
• Royce Investment Partners: Royce specializes in small-cap and small/mid-cap value investing, running multiple mutual fund strategies with a value-tilted, fundamental approach. Its small/mid-cap value focus directly overlaps with MVP's Deep Value Select target universe of small- and mid-cap companies.
• Tweedy, Browne Company: Tweedy Browne is a long-tenured, value-oriented investment manager offering global and domestic value equity strategies. Its deep-value, contrarian, fundamentals-first approach is closely aligned with MVP's investment philosophy and target investor base.
• Longleaf Partners (Southeastern Asset Management): Longleaf Partners runs concentrated, value-oriented equity strategies focused on high-conviction, undervalued holdings with long investment horizons. Like MVP's Deep Value Select, the firm emphasizes concentration, long-term orientation, and alignment with investors.
• Vulcan Value Partners: Vulcan Value Partners is a concentrated, value-oriented investment manager applying a fundamental, long-term framework to identify undervalued companies. Its concentration, value discipline, and small-team structure closely mirror Miller Value Partners' operating model.
• Ariel Investments: Ariel Investments is a mid-sized value equity manager offering mutual fund strategies focused on small/mid-cap and large-cap value. Its value-driven, fundamentals-first approach and intermediary distribution model are comparable to MVP's Deep Value Select and Flexible Income strategies.
• Ruane, Cunniff & Goldfarb (Sequoia Fund): Ruane Cunniff & Goldfarb manages the Sequoia Fund using a classic value-investing approach with concentrated holdings of undervalued businesses. The long horizon, value discipline, and concentrated-portfolio philosophy parallel MVP's Deep Value Select.

Broad incumbents

• Dodge & Cox: Dodge & Cox is a larger, established value-oriented asset manager with multiple mutual funds spanning equity and fixed income. While broader and larger than MVP, its value bias and multi-product structure make it a relevant incumbent comparator for distribution dynamics.
• Oaktree Capital Management: Oaktree, led by Howard Marks, is a large global alternatives and credit manager with a deep-value investment philosophy. While much larger and broader than MVP, Oaktree's value-oriented, contrarian, fundamentals-driven philosophy and branded leadership make it a relevant scaled incumbent comparator.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MillerValue
• YouTubeyoutube.com/@MillerValuePartners
• LinkedInlinkedin.com/company/millervalue

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Miller Value Partners