In a notable portfolio shift, legendary investor Bill Miller's firm, Miller Value Partners, completely sold off its stake in the SPDR S&P 500 ETF Trust (SPY). According to quarterly securities filings, the firm disposed of its entire position of 30,040 shares, which was valued at approximately $19.54 million at the end of the first quarter. This disclosure, made in a 13F filing with the SEC, reflects trades made during the second quarter of 2026 and was filed on August 14, 2026.
While Miller Value Partners has not issued a specific statement regarding this trade, their Q2 2026 commentary highlighted that "risks continue to grow for passive indexes". This perspective may offer some context for their decision to exit the broad market ETF. Investors should remember that 13F filings are delayed and represent a snapshot of a firm's holdings at the end of a quarter, and do not necessarily reflect their current positions.