Miller Value Partners Income Strategy 2Q 2020 Letter


Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.

In the second quarter of 2020, the Miller Income Strategy gained 21.7% versus 9.6% for the unmanaged benchmark.

GEO previously traded at a valuation discount to its publicly traded peer but now trades at a premium, despite more debt, perhaps because the equity market is less concerned about principal-agent issues with GEO.

TTop Contributors Apollo Global Management (APO), The Chemours Co (CC) and Diebold Nixdorf 8.5% unsecured bond due 2024.





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