Should You Add United Natural Food Holdings (UNFI) to Your Portfolio?
Miller Value Partners, an investment management company, released its “Deep Value Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here.
Established in 2015, Miller Value Partners, formerly LMM LLC, is a Maryland-based hedge fund manager formed as a joint venture between Bill Miller and Legg Mason, Inc. By August 2016, Bill Miller acquired full ownership of the firm from Legg Mason. The majority stake is held by Bill Miller, with additional ownership by members of the Miller family. MVP specializes in buying and holding undervalued securities across three distinct investment strategies: opportunity strategy, income opportunity strategy, and value strategy, catering to mutual fund investors and separate account clients.
Bill Miller has been managing the Income Strategy at Miller Value Partners since April 2009. Before focusing exclusively on Miller Value Partners, Bill was with Legg Mason Capital Management from 2008, specializing in specialty finance and consumer sectors with an emphasis on high-yielding securities. He earned his MBA from the Tuck School of Business at Dartmouth after starting his career as an analyst at McKinsey & Company. Bill graduated Phi Beta Kappa and magna cum laude from Tufts University with a degree in economics. He obtained his CFA designation in 2011 and his CMT designation in 2018. Bill Miller IV is a recognized speaker at prominent industry conferences including the CMT Association Conference, the NDR conference, and CNBC’s Closing Bell and Squawk Box, among others.
Miller Value Partners is a hedge fund managing discretionary assets totaling $227,415,848, according to their Form ADV filed on March 2024. Serving 13 clients, their most recent 13F filing for Q1 2024 disclosed $156,370,801 in managed 13F securities, with a top ten holdings concentration of 59.5%. The fund's largest holding is in Stellantis NV, with 430,000 shares held.
