Miller Value Partners, founded by a well known hedge fund manager Bill Miller in 1999, recently released its Market Highlights for Q2 2019, a copy of which can be downloaded below. The fund provides a value-driven, research-intensive investment process to their high net worth clients, institutions and private funds. Bill Miller is not only the Chairman of Miller Value Partners but also the Chief Investment Officer and co-Portfolio Manager for Opportunity Equity and Income Strategy.
Here is one part from the newly-released letter:
“The 2nd quarter of the year continued to be choppy following March with the market up in April and June but down in May for a total return of 4.30%. May was hurt by the China-USA trade talks falling apart followed by Trump increasing tariffs to 25% on $200B worth of Chinese imports with China retaliating by hiking duties on $60B in US goods to 25%. Hope was spurred by Trump and Xi agreeing to continue trade negations during their meeting at the G-20 Summit at the end of June which ended with an agreement to hold off on the increase of tariffs on an additional $300B of Chinese Goods…”
You can download a copy of Miller Value Partners’ Market Highlights Q2 2019 here:
You can also see the list of our 2019 Q2 investor letters and download them on this page.