Bill Miller Profile
LMM LLC is an investment management firm based out of Baltimore, Maryland. The company was established in 1999 by founder Bill Miller, who is still with the company today acting as its Chairman and CIO. LMM operated as the investment advisory to Opportunity Equity before separating from them and establishing LMM as an independent firm. LMM is currently partially owned by Legg Mason Inc., receiving operational support from Legg Mason and 1919 Investment Counsel. The company operates with 13 employees of which 4 are investment professionals. LMM currently has over $2.7 billion in total assets under management spread across 6 accounts, all of which are discretionary accounts. Although the company’s total number of accounts has been increasing in recent years, its total assets under management has been somewhat volatile, having once ben as high as $2.3 billion back in 2010 and as low as $1 billion back in 2012 prior to its current amount today. LMM conducts its research both internally, with Christy Siegal acting as the company’s Research Analyst, and externally. The company focuses on a value approach based on research, focusing on outperforming benchmarks with a long term horizon. LMM invests in a variety of sectors, focusing on the consumer discretionary sector which alone makes up over a third of its total asset allocations, and also invests in the information technology, making up another quarter of its allocations, finance, transports, health care, and other sectors, among others to a lesser degree, in order of decreasing allocation. The company, on average, holds its allocations for 10 quarters and has had a turnover rate of approximately 12.1% in the most recent quarter. LMM currently caters to charities, investment companies, high net worth individuals, and pooled investment vehicles. The company manages two investment strategies: the Opportunity strategy and the Income Opportunity strategy.