Baltimore, MD (January 4, 2022) –Legendary investor Bill Miller of Miller Value Partners formally announced succession plans for Miller Value Partners and its two funds, the Miller Income Fund and the Miller Opportunity Trust and related strategies. Bill Miller’s long-time co-managers Bill Miller IV and Samantha McLemore will assume management of their respective Funds, along with majority ownership of the entities managing those Funds.
“Having passed my biblically allotted three score and ten years, it is both prudent and in the best interests of the Funds’ shareholders to begin the transition of the Funds’ management and the firm’s ownership from me to the next generation of portfolio managers and owners,” said Bill Miller.
Subject to the approval by the Funds’ Board of Trustees and their shareholders, which is expected to be requested in 2022, the following changes are proposed with respect to the Funds. Miller Value Partners will continue to manage the Miller Income Fund and firm ownership will transfer to Bill Miller IV, the current co-portfolio manager of the Miller Income Fund. Bill Miller will continue to serve as co-portfolio manager of the Miller Income Fund throughout 2022.
The investment advisory services for the Miller Opportunity Trust will shift to Patient Capital Management, a firm majority owned by Samantha McLemore. Bill Miller will continue to serve as co-portfolio manager of the Miller Opportunity Trust throughout 2022. Samantha McLemore has served as a portfolio manager of the Miller Opportunity Trust for over a decade and has worked side by side with Bill Miller for the past 20 years.
“I am incredibly excited to assume leadership of the Miller Opportunity Trust and our talented team of investment professionals,” said Samantha McLemore. “I’ve been extremely fortunate to work with and learn from Bill over the past two decades. I’ve found his mentorship and guidance invaluable. I enjoy every moment working with him on the markets and intend to preserve that relationship as far as the eye can see. Though our formal responsibilities will change, the essence of our passion for the markets and pursuit of investment excellence will not. We’ve developed an outstanding team who stand ready to continue to execute the very same investment process that has historically proven so successful for us.”
Bill Miller IV said, “This is an exciting time for Miller Value Partners and in addition to the Miller Income Fund, we look forward to offering an equity-oriented ETF to the marketplace in Separating the firm into two components allows Miller Value Partners to concentrate its efforts on offering publicly available investment products to a wide range of investors. As a family-owned firm, I am thrilled to carry on the Miller tradition of investment excellence.”
Bill Miller said of Samantha and Bill IV, “They are two of the most talented investors I know. Both exemplify the characteristics Warren Buffett highlighted as most essential for excellent investors: independent thinking, emotional stability and a keen understanding of individual and institutional behavior.”
When the transition is complete, Bill Miller will be a minority owner of both Miller Value Partners and Patient Capital Management. He will remain the largest individual investor in those firms’ products and will be senior advisor to the investment teams of Miller Value Partners and Patient Capital Management. Bill said, “I have utmost confidence in Samantha and Bill IV and their teams and look forward to a long and productive relationship as they build their firms.”
About Miller Value Partners LLC
Miller Value Partners, LLC is a registered investment adviser founded in 1999 by Bill Miller, who currently serves as the Firm’s CIO and Chairman. The Firm manages $3.09Bn in assets under management as of November 30, 2021 in US mutual funds, separate accounts and a UCITS fund. The Firm is located in Baltimore, Maryland. www.millervalue.com
About Patient Capital Management LLC
Patient Capital Management LLC is an SEC registered investment advisor founded in 2020 by Samantha McLemore, majority owner and Chief Investment Officer. Patient Capital Management manages $281M in assets under management as of November 30, 2021 for institutional and family office investors. The Firm is located in Baltimore, Maryland. www.patientcapitalmanagement.com
