Last week, the Opportunity Equity strategy lost 4.11%, underperforming the S&P 500’s -2.18% return. (Exhibit 1). The strategy ended the week up 2.38% YTD, 2,153 basis points behind the S&P 500.
Exhibit 1: Preliminary Performance of Opportunity Equity Strategy Versus S&P 500, Through 11/26/211
| Time Period | Opportunity Equity | S&P 500 |
| Last Week (11/19 - 11/26) | -4.11% | -2.18% |
| MTD | -3.97% | -0.11% |
| QTD | -1.97% | 6.89% |
| YTD | 2.38% | 23.91% |
| Inception (annualized since 6/26/00) | 8.56% | 7.57% |
Source: Bloomberg, Miller Value Partners
Diamondback Energy (FANG) rose above its 50-day moving average on Morgan Stanley and Wells Fargo maintaining their overweight ratings and raising their respective price targets. Morgan Stanley increased their price target to $150 from $122, upside of 39.6% while Wells Fargo increased their price target to $137 from $112, upside of 27.5%. Tupperware Brands (TUP) gained after announcing it had successfully raised $880M in a new credit facility in order to refinance its existing credit facility lowering the interest rate on their term loans by over 6 percentage points. The RealReal (REAL) gained after Citron research reiterated their $30 price target for the stock (upside of 89.0%) highlighting strong credit card data for the month as well as the potential to be an acquisition target for eBay. There was limited news on Green Thumb Industries (GTBIF) and Energy Transfer (ET).
Exhibit 2: Significant Contributors to Performance, 11/19/21 - 11/26/21
| Name | Type | Return |
| Green Thumb Industries Inc. | Equity | 7.4% |
| Diamondback Energy Inc | Equity | 5.2% |
| Tupperware Brands Inc | Equity | 3.5% |
| The RealReal, Inc. | Equity | 2.9% |
| Energy Transfer LP | Equity | 1.6% |
Source: Miller Value Partners
Norwegian Cruise Lines (NCLH) and Uber Technologies Inc. (UBER) fell in sympathy with the larger travel market as the new COVID variant, known as Omicron, was discovered in South Africa with many countries beginning to impose new travel restrictions. Uber was also hit by the news that the company must shut down services in Brussels following a court ruling. Amazon (AMZN) and Apple (AAPL) were ordered to pay a total of $225M by Italy’s antitrust regulatory for alleged collusion in relation to which resellers were allowed to sell Apple and Beats products on Amazon. Coinbase (COIN) fell in sympathy with the larger crypto market in addition to experiencing multiple connectivity issues during the week. The company also announced the acquisition of crypto wallet firm BRD. There was minimal news Canada Goose Holdings (GOOS).
Exhibit 3: Significant Detractors from Performance, 11/19/21 - 11/26/21
| Name | Type | Return |
| Norwegian Cruise Line Holdings Ltd. | Equity | -12.6% |
| Canada Goose Holdings | Equity | -10.4% |
| UBER C32 1/22 | Derivative | -26.7% |
| AMZN C3050 1/23 | Derivative | -13.6% |
| Coinbase Global Inc Ordinary Shares | Equity | -8.8% |
-Source: Miller Value Partners
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1The performance figures reflect the results of a representative account net of management fee and certain other expenses. For important additional information about Opportunity Equity performance, please click on the Opportunity Equity Composite Performance Disclosure. The performance returns shown in this report are preliminary and are subject to revision. Past performance is no guarantee of future results.
Significant Contributors and Significant Detractors are the Strategy holdings that had the greatest effect on Strategy performance for the week. Holdings that have been in the Strategy since the end of the most recent calendar quarter are identified by name. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy's weekly performance of each investment held at such quarter end, contact us.
Any views expressed are subject to change at any time, and Miller Value Partners disclaims any responsibility to update such views. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. Content may not be reprinted, republished or used in any manner without written consent from Miller Value Partners.
©2021 Miller Value Partners, LLC
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