Miller Value Partners

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Bill Miller's Miller Value Partners reported 28 stock positions worth $149.7 million. Its top holding was Bread Financial (BFH) at 7.6% of the portfolio, followed by AT&T (T, 7.5%) and Jackson Financial Class A (JXN, 7.2%). Compared with Q1 2024, it opened 2 new positions, sold out of 3, added to 8 and reduced 10. The biggest buy was Lincoln National (LNC, shares +66%) and the biggest sale Stellantis (STLA, shares −2%).

Most Recent 13F
Q2 2026
Notable People
Bill Miller
Location
SARASOTA, FL
CIK
0001135778
Portfolio Value
$149.7M (Q2 2024)
SEC Filing
0001085146-24-003791 ↗ filed Aug 13, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $145.0M Q1 2024 Q2 2024: $149.7M $149.7M Q2 2024 Q3 2024: $177.2M Q3 2024 Q4 2024: $234.2M Q4 2024 Q1 2025: $219.4M Q1 2025 Q2 2025: $235.7M Q2 2025 Q3 2025: $272.2M Q3 2025 Q4 2025: $283.8M Q4 2025 Q1 2026: $383.2M Q1 2026 Q2 2026: $423.1M Q2 2026

Holdings 28 stocks · $149.7M
BFH Bread Financial Holdings Inc. 7.59% 254,785 $11.4M Add +0.0%
T AT&T Inc. 7.51% 588,000 $11.2M No change
JXN Jackson Financial Inc. Class A 7.24% 145,835 $10.8M Reduce -4.4%
LNC Lincoln National Corp. 6.85% 329,775 $10.3M Add +65.7%
WAL Western Alliance Bancorp 5.96% 142,105 $8.9M Reduce -1.5%
STLA Stellantis NV 5.57% 420,000 $8.3M Reduce -2.3%
QUAD Quad Graphics Inc. 5.27% 1,447,015 $7.9M Add +1.2%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 5.18% 443,900 $7.8M No change
CHRD Chord Energy Corp. 5.04% 44,970 $7.5M Add +29.7%
NBR Nabors Industries Ltd. 4.93% 103,620 $7.4M Add +48.5%
OMF Onemain Holdings Inc. 4.83% 149,000 $7.2M Reduce -2.6%
TDAY USA Today Co. Inc. filed as GANNETT CO INC 4.69% 1,523,110 $7.0M Reduce -38.3%
VTRS Viatris Inc. 4.40% 619,000 $6.6M No change
BKE The Buckle Inc. 3.70% 150,000 $5.5M No change
UGI Ugi Corp. 3.63% 237,000 $5.4M Add +41.9%
BCC Boise Cascade Co. 3.19% 40,000 $4.8M No change
GTN Gray Media Inc. filed as GRAY TELEVISION INC 2.68% 772,125 $4.0M Add +57.8%
ARLP Alliance Resource Partners 1.91% 117,000 $2.9M No change
UNFI United Natural Foods Inc. 1.79% 204,570 $2.7M New
BMY Bristol-Myers Squibb Co. 1.67% 60,000 $2.5M No change
CNDT Conduent Inc. 1.63% 747,375 $2.4M Add +4.0%
TPC Tutor Perini Corp. 1.26% 86,860 $1.9M Reduce -59.5%
BBW Build-A-Bear Workshop Inc. 1.18% 70,000 $1.8M New
FOSL Fossil Group Inc. 1.05% 1,088,625 $1.6M Reduce -0.3%
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 0.90% 192,130 $1.3M Reduce -3.1%
FTI Technipfmc PLC 0.14% 8,185 $214K No change
TEVA Teva Pharmaceutical-SP ADR 0.12% 10,950 $178K Reduce -5.6%
PBI Pitney Bowes Inc. 0.11% 31,434 $160K Reduce -22.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.9M (not counted above)
SecurityClassShares / PrincipalValueChange
MICROSTRATEGY INC (MSTR 0.75 12/15/25) NOTE 0.750%12/1 · principal 2,000,000$6.9MReduce -24.5%

Total filed on the 13F, all lines: $156.6M.

Portfolio Sells Q1 2024 → Q2 2024
STLA Stellantis NV Reduce -2.3% 5.57% −2.82
WIRE Encore Wire Corp. Sold out 0.00% −1.99
GEO The Geo Group Inc. Sold out 0.00% −1.41
TPC Tutor Perini Corp. Reduce -59.5% 1.26% −0.88
OMF Onemain Holdings Inc. Reduce -2.6% 4.83% −0.56
WAL Western Alliance Bancorp Reduce -1.5% 5.96% −0.42
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.14
DCH Dauch Corporation Reduce -3.1% 0.90% −0.11
PBI Pitney Bowes Inc. Reduce -22.6% 0.11% −0.01
TEVA Teva Pharmaceutical-SP ADR Reduce -5.6% 0.12% +0.01
JXN Jackson Financial Inc. Class A Reduce -4.4% 7.24% +0.28
FOSL Fossil Group Inc. Reduce -0.3% 1.05% +0.28
TDAY USA Today Co. Inc. Reduce -38.3% 4.69% +0.54

Portfolio Buys Q1 2024 → Q2 2024
LNC Lincoln National Corp. Add +65.7% 6.85% +2.47
UNFI United Natural Foods Inc. New 1.79% +1.79
BBW Build-A-Bear Workshop Inc. New 1.18% +1.18
BFH Bread Financial Holdings Inc. Add +0.0% 7.59% +1.04
UGI Ugi Corp. Add +41.9% 3.63% +0.80
NBR Nabors Industries Ltd. Add +48.5% 4.93% +0.78
CHRD Chord Energy Corp. Add +29.7% 5.04% +0.78
GTN Gray Media Inc. Add +57.8% 2.68% +0.55
QUAD Quad Graphics Inc. Add +1.2% 5.27% +0.03
CNDT Conduent Inc. Add +4.0% 1.63% −0.05

Notes & Other Activity Q1 2024 → Q2 2024
MICROSTRATEGY INC (MSTR 0.75 12/15/25) NOTE 0.750%12/1 · principal Reduce -24.5% 2,000,000 $6.9M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 56$423.1MNBR, GTN, SPUU, BLMN, QUAD
Q1 2026 55$383.2MNBR, CRGY, GTN, LNC, SPY
Q4 2025 34$283.8MNBR, LNC, GTN, TDAY, QUAD
Q3 2025 36$272.2MNBR, LNC, GTN, QUAD, BFH
Q2 2025 33$235.7MLNC, BFH, NBR, GTN, QUAD
Q1 2025 34$219.4MLNC, NBR, BFH, GTN, QUAD
Q4 2024 33$234.2MBFH, QUAD, NBR, LNC, T
Q3 2024 30$177.2MBFH, LNC, JXN, T, WAL
Q2 2024 28$149.7MBFH, T, JXN, LNC, WAL
Q1 2024 29$145.0MSTLA, T, JXN, BFH, WAL