11 Financial

William H. Miller III serves as chairman and chief investment officer, continuing his career as a concentrated value investor after his record-setting tenure at Legg Mason. His son, Bill Miller IV, is a named portfolio manager and has assumed increasing responsibility for day-to-day investment decisions. The firm operates with a small senior investment team, maintaining unity of vision across the portfolio.

The firm relies on Bill Miller's four-decade network within institutional finance, corporate boardrooms, and special-situation advisory channels. Because the partnership invests in a highly concentrated portfolio of public equities and select private opportunities, sourcing is relationship-driven rather than auction-based. Miller's public reputation for buying into distressed and out-of-favor situations also generates reverse-inquiry deal flow from sell-side desks and direct company management teams.

The firm does not operate a traditional fund-of-funds program, but Miller has a history of opportunistic co-investments alongside other institutional investors and family offices, particularly in distressed credit and recapitalization situations. These co-investments are typically structured through separate accounts or side-by-side vehicles, aligning Miller's personal capital with that of his clients.

While 11 Financial itself is an investment partnership, Bill Miller's personal philanthropy operates through separate vehicles, including the William H. Miller III Charitable Foundation. His most prominent gift was $75 million to the Johns Hopkins University philosophy department in 2018 (per the university, 2018). These philanthropic activities are legally and operationally separate from the investment partnership and do not influence portfolio construction.

The fundamental value philosophy remains consistent, but the structural execution is dramatically different. At Legg Mason, Miller managed a diversified mutual fund subject to daily liquidity demands and broad regulatory constraints. At 11 Financial, he runs a concentrated partnership of 15 to 25 positions with patient, aligned capital — allowing for heavier conviction weighting, opportunistic private investments, and faster portfolio shifts without benchmark constraints.