Deep Value Select Gains 5.45% as Miller Flags Small-Cap Value
Miller Value Partners’ Deep Value Select strategy returned 5.45% in the third quarter of 2026, outperforming the S&P 1500 Value Index’s 0.31% gain and the S&P 600 Value Index’s 5.88% decline. Year to date, the strategy was up 20.93%.
The firm argues that US equities are unusually concentrated in large technology and AI stocks. The 30 largest US companies represented a record 50% of total market capitalisation, while small-cap shares lagged large caps by 8.8 percentage points during the quarter. Miller sees potentially attractive valuations and earnings growth among smaller companies, though it cautions that volatility and liquidity risks remain.
Fossil Group and Gray Media were the strategy’s strongest contributors, rising 58.7% and 13.4%, respectively. USA Today and Nabors Industries were the biggest detractors, falling 26.4% and 7%. The portfolio also initiated a position in Concentrix, which the firm described as undervalued and positioned to benefit from its AI-related services.
The commentary reflects the manager’s investment views, not a direct market forecast. Deep Value Select’s results and its case for small-cap value stocks do not guarantee future performance.
Neutral
The article is a quarterly commentary on an equity investment strategy and names no cryptocurrencies, crypto projects or digital-asset market developments. It therefore has no direct catalyst for crypto prices, trading volumes or market stability.
Indirect effects are possible but uncertain. The manager highlights inflation concerns, higher interest rates, geopolitical risks and concentration in large AI stocks. If those themes prompt a broad risk-off move, crypto assets could face pressure alongside other risk-sensitive markets; historically, sharp equity sell-offs have sometimes coincided with crypto declines as traders reduce leverage and seek liquidity. Conversely, a rotation into undervalued small-cap equities would not necessarily translate into crypto inflows.
In the short term, traders may monitor interest rates, energy prices, equity volatility and crypto-specific indicators such as funding rates and open interest, rather than treat this fund commentary as a trading signal. Over the longer term, the article’s discussion of market concentration and capital allocation may inform general risk sentiment, but it offers no evidence of a sustained change in crypto demand or fundamentals. The appropriate classification is neutral.