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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Miller Wealth Management 2024 Q2 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q2 2024 Letter Analysis

Miller Wealth Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Miller Wealth Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Strong Q2 performance of +20.4% driven by technology growth positions including Uber, Sea Limited, and MercadoLibre. Manager added to Uber and InPost on continued execution strength."

Executive Summary

The Wolf of Harcourt Street portfolio delivered exceptional Q2 2025 performance of +20.4% versus S&P 500's +10.4%, marking the best quarterly return since Q4 2020. The manager added to high-conviction positions Uber and InPost during the quarter. Uber continues to demonstrate strong execution with strategic partnerships like Volkswagen's robotaxi integration, positioning the company as the operating layer for autonomous vehicle fragmentation. InPost is expanding its European e-commerce logistics network with major wins like the Debenhams Group partnership. Top contributors year-to-date include Uber (+55%), MercadoLibre (+54%), and Sea Limited (+51%). The manager maintains a cautious stance following strong performance, holding over 4% cash and being selective about new deployments. Despite near-term caution, the core thesis remains focused on undervalued growth companies with strong execution capabilities. The portfolio emphasizes technology-enabled businesses with network effects and clear reinvestment opportunities, particularly in e-commerce logistics, autonomous vehicles, and semiconductor equipment sectors.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The manager demonstrates high conviction through concentrated positions and specific sizing decisions, adding to Uber at $85 despite 55% gains and maintaining bullish views on core holdings. Named positions with clear thesis explanations and willingness to add on strength indicate strong conviction, though the diversified nature across multiple sectors prevents a higher score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager expresses mild caution about market conditions, noting that strong short-term returns have made them cautious and slow to deploy cash. While acknowledging good performance, there's an underlying wariness about current market levels.

Risk Appetite

10%

DefensiveAggressive

Defensive (10%)

The manager is maintaining over 4% cash position and being slow to deploy capital following strong performance, indicating a more defensive tilt. This represents a pullback from risk-taking despite having high-conviction positions.

Capital Deployment

38%

De-riskingDeploying

Net Neutral (38%)

The manager is explicitly maintaining over 4% cash and being slow to deploy capital following strong performance. While some additions were made to existing positions (Uber and InPost), the overall stance is one of capital preservation and cautious deployment.

Forward Guidance

0%

CautiousExpansionary

Cautious (0%)

The manager is explicitly cautious about deployment, stating they've been slow to deploy cash and are maintaining higher cash levels. No clear bias toward adding new positions, preferring to monitor existing holdings.

Language Signal

30%

BearishBullish

Bearish (30%)

Language is generally positive when discussing individual holdings with terms like 'conviction continues to grow' and 'attractive' valuations, but balanced by cautionary language about market conditions and deployment hesitancy.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges that strong short-term returns have created caution and notes the importance of outperforming in flat or down markets. There's moderate risk awareness around current market levels but no explicit systemic risk warnings.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The manager sees selective opportunities in existing holdings, stating that 'some of the best opportunities are already in the portfolio' and that many holdings remain reasonably valued. However, the cautious deployment stance suggests limited new opportunities at current levels.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The manager demonstrates a multi-year investment horizon, expecting InPost earnings to compound in the high teens over the next five years and discussing ASML's 2030 projections. The focus on long-term earnings power and business model understanding indicates a patient capital approach.