Miller Value Partners Deep Value Strategy’s Q1 2026 Investor Letter

Miller Value Partners, an investment management company, released its “Deep Value Strategy” first-quarter 2026 investor letter. The Strategy started the year on a strong note, returning +8.39% (net of fees) compared to the S&P 1500 Value Index’s +0.19% and the S&P 600 Value Index’s +4.32% returns. The strategy gained from ongoing rotation to small-cap value stocks and investments made in the energy sector. The year began with broadening market trends favoring lower-valued, smaller-capitalization equities, though this Value outperformance cycle remains overlooked by investors focused on AI and tech firms. The February onset of war in Iran led to increased energy prices, rising bond yields, and market volatility. The firm believes attractive investment opportunities persist in lower-valued securities and smaller market caps, highlighting companies with robust earnings and cash-flow yields. In addition, please check the Strategy’s top five holdings to know its best picks in 2026.

A copy of Miller Value Partners Deep Value Strategy’s Q1 2026 investor letter can be downloaded here.