Miller Value Partners

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MercadoLibre ($MELI): • 28 consecutive quarters of 30%+ revenue growth • 100M+ active buyers • Dominant platform across Latin America’s commerce + fintech ecosystem Yet the stock trades around ~2x forward EV/Sales….a level seen previously during the Global Financial Crisis. Sometimes the most important businesses develop outside crowded markets. millervaluefunds.com/mercadolibre-m… #MercadoLibre #MELI #RevenueGrowth #Ecommerce #Fintech #LatinAmerica #StockMarket #FinancialCrisis #HiddenGems #MarketTrends #InvestmentOpportunity Not investment advice. Holdings subject to change.

Long-term value often comes from quietly rebuilding the plumbing of markets. $FIGR #LongTermValue #MarketPlumbing #SustainableGrowth #FinancialStrategy #InvestingWisely #EconomicResilience For informational purposes only. Not investment advice or a recommendation. Holdings subject to change.

Markets are mostly efficient. And yet some investors outperform for long periods of time. Why? Because investing isn’t just about picking stocks... It’s about solving an optimization problem. Thread ↓

Most investors don’t realize this: One of the most powerful digital platforms in the world isn’t in the U.S. or China. It’s in Latin America. MercadoLibre ($MELI) now connects: • 100M+ active buyers • 18 countries • Commerce + payments + credit + logistics + advertising It’s becoming the commerce and financial infrastructure for a 500M+ person region. Meanwhile, e-commerce penetration in Latin America is still only ~14% (vs. ~27–32% in developed markets). #longrunway Why we own it: millervaluefunds.com/mercadolibre-m… #MercadoLibre #LatinAmerica #Ecommerce #Investing #FinancialInfrastructure #DigitalMarket #Growth #EmergingMarkets Not investment advice. Holdings subject to change.

FIGR’s scalable loan origination system and on-chain transparency could matter to investors eyeing fintech disruption. ​Read our investment thesis: millervaluefunds.com/figure-technol… ​ ​#FIGR #Fintech #Blockchain #TokenizedCredit #HomeEquity #MortgageInnovation #DigitalFinance #InvestmentOpportunity #FinancialDisruption #PrivateCredit #MarketGrowth #CAGR #AdjustedEBITDA #LoanOrigination #TransparentFinance ​For informational purposes only. Not investment advice or a recommendation. References to specific securities are illustrative. Holdings subject to change. ​Metrics cited above are based on company materials and/or third-party sources as of the stated periods and may change.

Big ambition: $FIGR recently launched the OPEN network—aimed at modernizing aspects of the Depository Trust & Clearing Corporation infrastructure with blockchain tech. A large market opportunity if adoption expands.

Why we own it: $FIGR operates in massive markets. Management sees a $185B opportunity, with HELOCs alone tied to a $36T home equity market.

One of the largest inefficiencies in finance today is loan origination. Manual underwriting. Paper documentation. Multiple intermediaries. Figure Technology Solutions ($FIGR) is trying to rebuild that system using automation and blockchain. A short thread 🧵

We think of portfolio management as an optimization problem. And constraints can limit outcomes. That is why flexibility is such an important part of our process. #PortfolioManagement #Optimization #InvestmentStrategy #FlexibilityMatters #limitations #OutcomeMaximization #WealthManagement #SmartInvesting

Historic Valuation Gaps Are Pointing to a Major Market Shift youtu.be/BKI47jk7vAI?si… on our YouTube channel

Markets don’t reward insight when everything moves together. They reward insight when outcomes diverge. #MarketInsights #DivergingOutcomes #InvestmentStrategy #FinancialWisdom #StockMarketTrends #EconomicInsights #TradingTips #MarketAnalysis

Small caps represent <3% of total U.S. equity market cap, while the top 5 U.S. stocks are worth >5x the entire Russell 2000 (as of the end of 2025). Even modest reallocations could have an outsized impact. millervalue.com/early-innings/ #SmallCaps #USEquityMarket #Russell2000 #MarketReallocation #InvestmentStrategy #StockMarketTrends #FinanceInsights

The Fed's Most Important Shift Isn't in the Headlines bit.ly/4b6Uq on our YouTube page

Small caps trade at a ~30% forward P/E discount to large caps—nearly 2 standard deviations below historical norms. (as of 12/31/25) Similar valuation gaps last appeared around the 2000 cycle trough. millervalue.com/historic-valua… #SmallCaps #LargeCaps #MarketTrends #ValuationGap #InvestmentStrategy #FinanceInsights #PEratio #StockMarketAnalysis

Early signs of leadership rotation are emerging. Recent market action shows value and small caps beginning to outperform growth and large caps, consistent with the early stages of a new cycle. #LeadershipRotation #MarketTrends #ValueInvesting #SmallCaps #GrowthStocks #NewCycle #InvestSmart

Small cap earnings outgrew large caps last quarter for the first time in 13 quarters—a development investors may want to monitor as market participation broadens. #SmallCap #Earnings #LargeCap #MarketTrends #InvestmentOpportunities #StockMarket #MarketParticipation #InvestorInsights

We think multiple catalysts support a rotation: Rate cuts, improving liquidity, earnings re-acceleration, deregulation, and expected fiscal stimulus provide a supportive backdrop for small-cap profitability and valuation normalization. #MarketRotation #RateCuts #Liquidity #EarningsGrowth #Deregulation #FiscalStimulus #SmallCapStocks #Profitability #ValuationNormalization