Miller Value Partners Information

Fundamentals shape value. Expectations create opportunity. Markets don’t simply price businesses. They price what investors believe about them. When expectations and reality diverge, we want to understand why. At Miller Value Partners, our approach to value investing is deliberately flexible. We’re less interested in traditional definitions of “value” and more interested in the relationship between price, expectations and underlying economics. We look past the headline. Ask questions. Follow the economics. We focus on: • Identifying businesses we believe are mispriced • Understanding expectations embedded in market prices • Seeking alignment among management, investors and shareholders • Understanding what can close the gap between price and value We bring that same thinking to what we share here. Not another market recap. We explore why markets behave as they do, what investors believe, what’s already priced in and where opportunity may emerge. Markets aren’t always rational. Asking why is where curiosity meets opportunity. Follow Miller Value Partners for market perspectives and company analysis that go beyond the headline. Miller Value Partners is led by Bill Miller IV, CFA, Owner, Chairman and Chief Investment Officer. For informational purposes only. Not investment advice. Holdings subject to change. Views and forward-looking statements reflect current beliefs, involve risks and may change without notice. Third-party information is believed reliable but is not guaranteed to be accurate or complete. Investing involves risk, including possible loss of principal. Visit millervaluefunds.com for fund prospectuses. Miller Value Funds are distributed by Quasar Distributors LLC.