With the retail sector struggling, value investor Bill Miller IV sees an opportunity in shopping centers.
"We think that the actual resistance to the retail downturns is much higher than what the stocks are pricing in," Miller told CNBC's "Closing Bell" on Friday.
Miller manages the $116 million fund with his father, who rose to prominence through Legg Mason Capital Management before founding Miller Value Partners.
"People have just thrown the baby out with the bathwater here and they're selling everything retail-oriented. They're selling it on a narrative and now the valuations are so far out of whack with what's actually going to occur. We think we can put patient money to work here and sit around for a while," Miller noted.