Bill Miller's Miller Value Partners sold its entire State Street SPDR S&P 500 ETF Trust (SPY) position in 2026 Q2, according to the 13F-HR filed with the SEC on August 14, 2026. The prior filing listed 30K shares worth about $19.5M, 5.1% of the portfolio; the 2026 Q2 filing lists none. SPY had been in the portfolio for 1 quarter, since the quarter ended March 31, 2026.
What did the 2026 Q2 filing report for SPY?
As of June 30, 2026, from the 13F-HR filed August 14, 2026.
| Before | After | |
|---|---|---|
| Shares | 30K | 0 |
| Reported value | $19.5M | $0 |
| Portfolio weight | 5.1% | 0% |
| Held since | 2026 Q1 | sold out in 2026 Q2 |
| Quarters held | 1 |
What did Bill Miller sell?
Bill Miller sold 30K shares of SPY between the quarter ended March 31, 2026 and June 30, 2026. The SPY exit was the 2nd largest of the quarter's 49 position changes by percent change to portfolio.
Where does SPY sit in the Bill Miller portfolio?
Before the sale, SPY carried 5.1% of the Bill Miller portfolio, above the fund's average stock position of 2%. The largest stock position is NBR at 8.85%. Next come GTN at 6.8% and SPUU at 5.81%. The three largest stocks together are 21.46% of the book. Across the 2026 Q2 portfolio, Bill Miller reported 56 stock positions, with 4 opened and 3 closed. The total portfolio value is about $423.1M, up 10% from the prior quarter.
How long has Bill Miller held SPY?
Bill Miller held SPY for 1 quarter, from the quarter ended March 31, 2026 to March 31, 2026. The fund sold out of the name in 2023 Q1 and came back in 2026 Q1. The weight peaked at 5.1% in 2026 Q1. Every reported trade is on the Bill Miller SPY trade history page.
Did other funds buy or sell SPY in 2026 Q2?
Among the other tracked funds that had filed for 2026 Q2 as of August 14, 2026, 5 still hold SPY. One other tracked fund sold out of it this quarter as well. The largest buyers of SPY this quarter were Eagle Capital Management and Polen Capital Management. The largest sellers were Lewis Sanders, Nathaniel Simons and Donald Yacktman. Every tracked holder of SPY is on the SPY ownership page.
FAQ
How many SPY shares did Bill Miller sell?
Bill Miller sold all 30K shares of SPY it reported a quarter earlier, worth about $19.5M.
When did Bill Miller first buy SPY?
Bill Miller first reported SPY in the quarter ended December 31, 2015.
How much of the Bill Miller portfolio was SPY?
SPY was 5.1% of the Bill Miller portfolio at the prior quarter-end, and 0% after the sale.
Did other funds sell SPY in 2026 Q2?
One other tracked fund sold out of SPY in 2026 Q2 and 3 trimmed it; 5 still hold it.