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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Bullish on deeply mispriced small caps and perceived AI victims, initiating a new position in Concentrix at roughly two times earnings while capitalizing on historic market breadth divergence."
Miller Value Partners did not report net of fees performance returns for the strategy in the third-quarter 2026 commentary, focusing instead on broader index divergence and underlying market breadth. The S&P 500 rose 2.30% during the quarter but exhibited historically narrow market breadth, with four mega-cap technology leaders contributing 4.23% to the index while the remaining 496 constituents declined 1.92%. Concurrently, smaller capitalization equities faced acute headwinds, as reflected in the Russell 2000's -7.19% quarterly drop amid rising interest rates and shifting macroeconomic sentiment. The manager challenges the prevailing consensus that benchmark ten-year Treasury yields surpassing 5.0% present an insurmountable barrier for equity performance. Historical empirical evidence demonstrates that equity markets delivered positive 12-month returns in nine out of eleven historical episodes following a one-hundred-basis-point yield surge, averaging an 11.7% gain. While high-profile artificial intelligence infrastructure and mega-cap growth equities exhibit signs of speculative euphoria, widespread pessimism has depressed valuations across the broader market, opening up compelling risk-adjusted return profiles across out-of-favor cyclical and small-capitalization businesses. Portfolio activity reflected this contrarian philosophy with capital deployment into perceived generative AI disruption casualties. The strategy initiated a new long position in business process outsourcing provider Concentrix (CNXC) during the third quarter, capitalizing on compressed valuation multiples of approximately two times earnings. The manager highlights significant upside potential from operational margin expansion, multiple mean-reversion, and an expanding generative AI unit backlog that directly contradicts the market's terminal obsolescence narrative.
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