Last week, the Opportunity Equity strategy gained 0.62%, outperforming the S&P 500’s -0.39% decline (Exhibit 1). The strategy ended the week up 15.25% YTD, 396 basis points ahead of the S&P 500.
Exhibit 1: Preliminary Performance of Opportunity Equity Strategy Versus S&P 500, Through 5/21/211
| Time Period | Opportunity Equity | S&P 500 |
| Last Week (5/14 - 5/21) | 0.62% | -0.39% |
| MTD | -4.69% | -0.49% |
| QTD | -1.21% | 4.82% |
| YTD | 15.25% | 11.29% |
| Inception (annualized since 6/26/00) | 9.40% | 7.21% |
Source: Bloomberg, Miller Value Partners
ADT Inc. (ADT) rose as Greenlight Capital, David Einhorn’s shop, disclosed that they had boosted their stake in the company, which they began buying in the fourth quarter. Teva Pharmaceitical (TEVA) rose through the 50-day moving average as the company announced the US launch of a generic version of Thiola, a drug to prevent kidney stones in adults. Stitch Fix (SFIX) and Bausch Health Companies (BHC) rose above the 50-day moving average while Vroom, Inc. (VRM) crossed above the 50-day and 100-day moving averages on limited news.
Exhibit 2: Significant Contributors to Performance, 5/14/21 - 5/21/21
| Name | Type | Return |
| Vroom, Inc. | Equity | 13.5% |
| ADT Inc. | Equity | 9.6% |
| Bausch Health Companies Inc. | Equity | 7.2% |
| Stitch Fix, Inc. | Equity | 8.6% |
| Teva Pharmaceutical SP-ADR | Equity | 4.3% |
Source: Miller Value Partners
Acuity brands, Inc (AYI) fell after acquiring Rockpile Ventures, and announcing that that Co-Founder Peter Han will become President of the newly formed Intelligent Spaces Group, formerly known as Intelligent Buildings. Rockpile Ventures is an accelerator of early stage artificial intelligence enterprises, and the acquisition will help Acuity build out their intelligent spaces business. There was limited news on Quotient Technology Inc. (QUOT) and Farfetch Ltd. (FTCH).
Exhibit 3: Significant Detractors from Performance, 5/14/21 - 5/21/21
| Name | Type | Return |
| *New Security* | Currency | -22.6% |
| Quotient Technology Inc. | Equity | -9.3% |
| *New Security* | Equity | -12.9% |
| Acuity Brands, Inc. | Equity | -4.3% |
| Farfetch Ltd. | Equity | -4.1% |
-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.
©2020 Miller Value Partners, LLC
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