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Miller Value Partners, an investment management company, released its “Deep Value Select Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, Strategy returned 4.6% (net of fees) behind the S&P 1500 Value Index’s 9.1% return and the S&P 600 Value Index’s +11.3% returns. The strategy returned 20.13% (net of fees) year to date, well ahead of +14.8% and +6.1% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Miller Deep Value Select Strategy highlighted stocks like Quad/Graphics, Inc. (NYSE:QUAD), in the third quarter 2024 investor letter. Quad/Graphics, Inc. (NYSE:QUAD) offers marketing solutions that operates through United States Print and Related Services, and International segments. The one-month return of Quad/Graphics, Inc. (NYSE:QUAD) was 22.15%, and its shares gained 57.58% of their value over the last 52 weeks. On November 26, 2024, Quad/Graphics, Inc. (NYSE:QUAD) stock closed at $7.17 per share with a market capitalization of $373.693 million.
Miller Deep Value Select Strategy stated the following regarding Quad/Graphics, Inc. (NYSE:QUAD) in its Q3 2024 investor letter:
"Our two largest detractors during the quarter were Nabors Industries (NBR) and Quad/Graphics, Inc. (NYSE:QUAD) that were down 8% and 16% during the quarter. Both companies’ share prices are at deep discounts to their long-term fundamental value in our estimation and we have recently increased our positions in both holdings. Nabors became the strategy’s largest holding during the third quarter.