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 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.