Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Miller Wealth Management's Q4 2024 letter emphasizes maintaining steady positioning during periodic market volatility. The firm highlights that U.S. economic growth moderated but remained positive, with real GDP growth estimated at approximately 2.8% for 2024 and expectations near 2% for 2025. Equity markets finished 2024 with solid gains despite volatility, with the S&P 500 rising 26.24% and international markets outperforming U.S. stocks due to improving global conditions and attractive valuations. The Federal Reserve cut rates twice during Q4 by a total of 0.50%, supporting bond market returns of 1.28%. Looking ahead to 2025, the firm notes that markets are focused on future rate cuts, inflation trends, and economic growth. While acknowledging that equity valuations remain elevated, Miller Wealth Management emphasizes the importance of maintaining a diversified approach across asset classes to navigate ongoing market uncertainty. The firm remains committed to disciplined portfolio management aligned with clients' long-term goals.
Maintaining disciplined portfolio management through diversified asset allocation while navigating elevated equity valuations and market uncertainty in an environment of moderating but resilient economic growth.
Markets are focused on the pace of future rate cuts, inflation trends, and economic growth. While equity valuations remain elevated, a diversified approach across asset classes continues to be important in navigating market uncertainty.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 6 2026 | 2025 Q4 | BND, VOO, VXUS | diversification, growth, rates, Valuations, volatility | - | The update reviews a resilient economy, moderating growth, and improving fixed income returns following Federal Reserve rate cuts. Portfolio construction emphasizes diversified asset allocation across equities, bonds, and international exposure to navigate valuation risk. Allocation discipline is positioned as critical amid uncertain macro and policy conditions. |
| Oct 14 2025 | 2025 Q3 | BND, VOO, VXUS | Bonds, healthcare, international, rates, technology | - | |
| Jul 7 2025 | 2025 Q2 | - | - | - | |
| Jun 10 2025 | 2025 Q1 | - | - | - | |
| Jan 13 2025 | 2024 Q4 | - | - | - | |
| Aug 22 2024 | 2024 Q2 | - | - | - | |
| Apr 26 2024 | 2024 Q1 | - | - | - | |
| Oct 1 2023 | 2023 Q3 | - | - | - | |
| Jul 1 2023 | 2023 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| VOO | As measured by Vanguard Total Stock Market (VOO) |
| VXUS | VXUS (International Equity ETF) gained 4.6% in Q4 and delivered 40.0% for the full year. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||