Miller Value Partners
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Bill Miller's Miller Value Partners reported 33 stock positions worth $234.2 million. Its top holding was Bread Financial (BFH) at 7.9% of the portfolio, followed by Quad Graphics (QUAD, 7.5%) and Nabors Industries (NBR, 6.9%). Compared with Q3 2024, it opened 3 new positions, added to 16 and reduced 3. The biggest buy was Quad Graphics (QUAD, shares +34%) and the biggest sale Strategy (MSTR, shares −70%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Miller
- Location
- SARASOTA, FL
- CIK
- 0001135778
- Portfolio Value
- $234.2M (Q4 2024)
- SEC Filing
- 0001085146-25-001536 ↗ filed Feb 14, 2025
Holdings Value
Holdings 33 stocks · $234.2M
| BFH Bread Financial Holdings Inc. | 7.93% | 304,050 | $18.6M | Add +17.6% |
| QUAD Quad Graphics Inc. | 7.50% | 2,518,130 | $17.6M | Add +33.7% |
| NBR Nabors Industries Ltd. | 6.87% | 281,195 | $16.1M | Add +99.5% |
| LNC Lincoln National Corp. | 6.69% | 493,685 | $15.7M | Add +28.8% |
| T AT&T Inc. | 5.18% | 533,000 | $12.1M | No change |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 5.18% | 2,396,625 | $12.1M | Add +74.8% |
| JXN Jackson Financial Inc. Class A | 5.11% | 137,370 | $12.0M | Add +5.4% |
| WAL Western Alliance Bancorp | 5.03% | 141,110 | $11.8M | Add +6.1% |
| UNFI United Natural Foods Inc. | 4.81% | 412,500 | $11.3M | Add +52.1% |
| GTN Gray Media Inc. filed as GRAY TELEVISION INC | 4.55% | 3,384,450 | $10.7M | Add +132.1% |
| UGI Ugi Corp. | 3.52% | 292,000 | $8.2M | Add +44.5% |
| OMF Onemain Holdings Inc. | 3.32% | 149,000 | $7.8M | No change |
| VTRS Viatris Inc. | 3.29% | 619,000 | $7.7M | No change |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 3.23% | 383,900 | $7.6M | No change |
| CNDT Conduent Inc. | 2.67% | 1,549,260 | $6.3M | Add +72.0% |
| CHRD Chord Energy Corp. | 2.63% | 52,766 | $6.2M | No change |
| BMY Bristol-Myers Squibb Co. | 2.61% | 108,000 | $6.1M | Add +35.0% |
| BKE The Buckle Inc. | 2.28% | 105,000 | $5.3M | Reduce -16.0% |
| STLA Stellantis NV | 2.17% | 390,000 | $5.1M | No change |
| BCC Boise Cascade Co. | 2.03% | 40,000 | $4.8M | No change |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 1.89% | 15,250 | $4.4M | Reduce -69.7% |
| BBW Build-A-Bear Workshop Inc. | 1.87% | 95,000 | $4.4M | Reduce -36.7% |
| FOSL Fossil Group Inc. | 1.83% | 2,571,080 | $4.3M | Add +92.8% |
| CG The Carlyle Group Inc. | 1.51% | 70,000 | $3.5M | New |
| ARLP Alliance Resource Partners | 1.43% | 127,000 | $3.3M | Add +8.6% |
| ATKR Atkore Inc. | 1.32% | 37,000 | $3.1M | New |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 1.32% | 529,590 | $3.1M | Add +126.7% |
| SMLR Semler Scientific Inc. | 0.99% | 43,000 | $2.3M | New |
| TPC Tutor Perini Corp. | 0.79% | 76,040 | $1.8M | Add +38.8% |
| TTE Totalenergies SE -Spon ADR | 0.18% | 7,650 | $417K | No change |
| TEVA Teva Pharmaceutical-SP ADR | 0.10% | 10,950 | $241K | No change |
| FTI Technipfmc PLC | 0.10% | 8,185 | $237K | No change |
| PBI Pitney Bowes Inc. | 0.07% | 24,259 | $176K | No change |
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
| QUAD Quad Graphics Inc. | Add +33.7% | 7.50% | +2.67 |
| UNFI United Natural Foods Inc. | Add +52.1% | 4.81% | +2.24 |
| NBR Nabors Industries Ltd. | Add +99.5% | 6.87% | +1.74 |
| CG The Carlyle Group Inc. | New | 1.51% | +1.51 |
| ATKR Atkore Inc. | New | 1.32% | +1.32 |
| SMLR Semler Scientific Inc. | New | 0.99% | +0.99 |
| BFH Bread Financial Holdings Inc. | Add +17.6% | 7.93% | +0.98 |
| FOSL Fossil Group Inc. | Add +92.8% | 1.83% | +0.95 |
| TDAY USA Today Co. Inc. | Add +74.8% | 5.18% | +0.83 |
| UGI Ugi Corp. | Add +44.5% | 3.52% | +0.67 |
| CNDT Conduent Inc. | Add +72.0% | 2.67% | +0.62 |
| DCH Dauch Corporation | Add +126.7% | 1.32% | +0.50 |
| BMY Bristol-Myers Squibb Co. | Add +35.0% | 2.61% | +0.27 |
| GTN Gray Media Inc. | Add +132.1% | 4.55% | +0.14 |
| TPC Tutor Perini Corp. | Add +38.8% | 0.79% | −0.05 |
| LNC Lincoln National Corp. | Add +28.8% | 6.69% | −0.13 |
| ARLP Alliance Resource Partners | Add +8.6% | 1.43% | −0.23 |
| WAL Western Alliance Bancorp | Add +6.1% | 5.03% | −1.46 |
| JXN Jackson Financial Inc. Class A | Add +5.4% | 5.11% | −1.60 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 56 | $423.1M | NBR, GTN, SPUU, BLMN, QUAD |
| Q1 2026 | 55 | $383.2M | NBR, CRGY, GTN, LNC, SPY |
| Q4 2025 | 34 | $283.8M | NBR, LNC, GTN, TDAY, QUAD |
| Q3 2025 | 36 | $272.2M | NBR, LNC, GTN, QUAD, BFH |
| Q2 2025 | 33 | $235.7M | LNC, BFH, NBR, GTN, QUAD |
| Q1 2025 | 34 | $219.4M | LNC, NBR, BFH, GTN, QUAD |
| Q4 2024 | 33 | $234.2M | BFH, QUAD, NBR, LNC, T |
| Q3 2024 | 30 | $177.2M | BFH, LNC, JXN, T, WAL |
| Q2 2024 | 28 | $149.7M | BFH, T, JXN, LNC, WAL |
| Q1 2024 | 29 | $145.0M | STLA, T, JXN, BFH, WAL |