Miller Value Partners Q3 2025 Letter

Pawel Kacperek/iStock via Getty Images We May Have Seen This Movie Before The third quarter of 2025 was not unfamiliar, with several common themes in markets reemerging. Perhaps the most relevant for this investor letter is that active managers are, as a group, having an especially rough time of late. A chart published by Bloomberg citing Jefferies data shows that only 22% of active managers were outperforming their index through September of this year, which would represent the worst showing in decades ...