Miller Value Partners
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Bill Miller's Miller Value Partners reported 34 stock positions worth $219.4 million. Its top holding was Lincoln National (LNC) at 8.5% of the portfolio, followed by Nabors Industries (NBR, 7.4%) and Bread Financial (BFH, 7.1%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 12 and reduced 4. The biggest buy was a new position in Verizon Communications (VZ) and the biggest sale AT&T (T, shares −78%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Miller
- Location
- SARASOTA, FL
- CIK
- 0001135778
- Portfolio Value
- $219.4M (Q1 2025)
- SEC Filing
- 0001085146-25-003193 ↗ filed May 15, 2025
Holdings Value
Holdings 34 stocks · $219.4M
| LNC Lincoln National Corp. | 8.50% | 519,255 | $18.6M | Add +5.2% |
| NBR Nabors Industries Ltd. | 7.39% | 388,745 | $16.2M | Add +38.3% |
| BFH Bread Financial Holdings Inc. | 7.07% | 309,825 | $15.5M | Add +1.9% |
| GTN Gray Media Inc. | 7.04% | 3,577,790 | $15.5M | Add +5.7% |
| QUAD Quad Graphics Inc. | 6.39% | 2,574,225 | $14.0M | Add +2.2% |
| JXN Jackson Financial Inc. Class A | 4.62% | 120,950 | $10.1M | Reduce -11.9% |
| UGI Ugi Corp. | 4.40% | 292,000 | $9.7M | No change |
| VZ Verizon Communications Inc. | 4.09% | 198,000 | $9.0M | New |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 3.57% | 2,712,815 | $7.8M | Add +13.2% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 3.38% | 383,900 | $7.4M | No change |
| OMF Onemain Holdings Inc. | 3.32% | 149,000 | $7.3M | No change |
| BMY Bristol-Myers Squibb Co. | 3.00% | 108,000 | $6.6M | No change |
| WAL Western Alliance Bancorp | 2.92% | 83,455 | $6.4M | Reduce -40.9% |
| CHRD Chord Energy Corp. | 2.71% | 52,766 | $5.9M | No change |
| VTRS Viatris Inc. | 2.46% | 619,000 | $5.4M | No change |
| UNFI United Natural Foods Inc. | 2.36% | 188,955 | $5.2M | Reduce -54.2% |
| CNDT Conduent Inc. | 2.31% | 1,875,380 | $5.1M | Add +21.1% |
| JELD Jeld-Wen Holding Inc. | 2.11% | 776,425 | $4.6M | New |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 2.00% | 15,250 | $4.4M | No change |
| STLA Stellantis NV | 1.99% | 390,000 | $4.4M | No change |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 1.85% | 995,690 | $4.1M | Add +88.0% |
| BKE The Buckle Inc. | 1.83% | 105,000 | $4.0M | No change |
| BCC Boise Cascade Co. | 1.79% | 40,000 | $3.9M | No change |
| DEA Easterly Govt Pptys Inc. | 1.77% | 367,000 | $3.9M | New |
| BBW Build-A-Bear Workshop Inc. | 1.69% | 100,000 | $3.7M | Add +5.3% |
| ARLP Alliance Resource Partners | 1.58% | 127,000 | $3.5M | No change |
| FOSL Fossil Group Inc. | 1.55% | 2,965,160 | $3.4M | Add +15.3% |
| T AT&T Inc. | 1.50% | 116,000 | $3.3M | Reduce -78.2% |
| CG The Carlyle Group Inc. | 1.39% | 70,000 | $3.1M | No change |
| LYB Lyondellbasell Indu Class A | 1.22% | 38,000 | $2.7M | New |
| TPC Tutor Perini Corp. | 0.96% | 90,570 | $2.1M | Add +19.1% |
| SMLR Semler Scientific Inc. | 0.87% | 53,000 | $1.9M | Add +23.3% |
| TTE Totalenergies SE -Spon ADR | 0.23% | 7,650 | $495K | No change |
| FTI Technipfmc PLC | 0.12% | 8,185 | $259K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| T AT&T Inc. | Reduce -78.2% | 1.50% | −3.69 |
| UNFI United Natural Foods Inc. | Reduce -54.2% | 2.36% | −2.45 |
| WAL Western Alliance Bancorp | Reduce -40.9% | 2.92% | −2.11 |
| ATKR Atkore Inc. | Sold out | 0.00% | −1.32 |
| JXN Jackson Financial Inc. Class A | Reduce -11.9% | 4.62% | −0.49 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.10 |
| PBI Pitney Bowes Inc. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| VZ Verizon Communications Inc. | New | 4.09% | +4.09 |
| GTN Gray Media Inc. | Add +5.7% | 7.04% | +2.49 |
| JELD Jeld-Wen Holding Inc. | New | 2.11% | +2.11 |
| LNC Lincoln National Corp. | Add +5.2% | 8.50% | +1.81 |
| DEA Easterly Govt Pptys Inc. | New | 1.77% | +1.77 |
| LYB Lyondellbasell Indu Class A | New | 1.22% | +1.22 |
| DCH Dauch Corporation | Add +88.0% | 1.85% | +0.53 |
| NBR Nabors Industries Ltd. | Add +38.3% | 7.39% | +0.52 |
| TPC Tutor Perini Corp. | Add +19.1% | 0.96% | +0.17 |
| SMLR Semler Scientific Inc. | Add +23.3% | 0.87% | −0.12 |
| BBW Build-A-Bear Workshop Inc. | Add +5.3% | 1.69% | −0.17 |
| FOSL Fossil Group Inc. | Add +15.3% | 1.55% | −0.28 |
| CNDT Conduent Inc. | Add +21.1% | 2.31% | −0.37 |
| BFH Bread Financial Holdings Inc. | Add +1.9% | 7.07% | −0.86 |
| QUAD Quad Graphics Inc. | Add +2.2% | 6.39% | −1.10 |
| TDAY USA Today Co. Inc. | Add +13.2% | 3.57% | −1.61 |
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 |