Aside from the overall view, the firm's portfolio managers have worked to align their interests with investors' by taking a personal stake and investing alongside them. Almost 33% of the firm’s assets are covered by invested managers. Open-end and exchange-traded fund fees are a weakness at the firm, contributing negatively to the rating. On average, the firm charges fees on its funds that are in the second most-expensive quintile of category peers. With the current market environment of fee compression, this is cause for concern, as investors may flock to alternate asset managers over time to get a better deal. Miller Value has presented a reliable and stable portfolio management culture over the past five years, as evidenced by lower-than-average turnover, strengthening the assessment of the firm's stewardship.
In an increasingly competitive industry, Miller Value falls behind on a number of key metrics, resulting in a Below Average Parent Pillar rating.