Miller Value Partners

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Bill Miller's Miller Value Partners reported 33 stock positions worth $235.7 million. Its top holding was Lincoln National (LNC) at 8.4% of the portfolio, followed by Bread Financial (BFH, 7.9%) and Nabors Industries (NBR, 7.4%). Compared with Q1 2025, it sold out of 1, added to 13 and reduced 3. The biggest buy was USA Today (TDAY, shares +21%) and the biggest sale an exit from AT&T (T).

Most Recent 13F
Q2 2026
Notable People
Bill Miller
Location
SARASOTA, FL
CIK
0001135778
Portfolio Value
$235.7M (Q2 2025)
SEC Filing
0001085146-25-005135 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $145.0M Q1 2024 Q2 2024: $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 $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 33 stocks · $235.7M

LNC Lincoln National Corp. 8.36% 569,480 $19.7M Add +9.7%
BFH Bread Financial Holdings Inc. 7.94% 327,385 $18.7M Add +5.7%
NBR Nabors Industries Ltd. 7.42% 624,100 $17.5M Add +60.5%
GTN Gray Media Inc. 7.01% 3,647,805 $16.5M Add +2.0%
QUAD Quad Graphics Inc. 6.50% 2,710,380 $15.3M Add +5.3%
TDAY USA Today Co. Inc. filed as GANNETT CO INC 4.99% 3,284,510 $11.8M Add +21.1%
JXN Jackson Financial Inc. Class A 4.71% 124,995 $11.1M Add +3.3%
UGI Ugi Corp. 4.51% 292,000 $10.6M No change
VZ Verizon Communications Inc. 3.64% 198,000 $8.6M No change
OMF Onemain Holdings Inc. 3.60% 149,000 $8.5M No change
JELD Jeld-Wen Holding Inc. 3.12% 1,874,420 $7.3M Add +141.4%
CNDT Conduent Inc. 3.09% 2,755,225 $7.3M Add +46.9%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 2.92% 399,145 $6.9M Add +4.0%
WAL Western Alliance Bancorp 2.76% 83,455 $6.5M No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC 2.62% 15,250 $6.2M No change
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 2.49% 1,439,920 $5.9M Add +44.6%
VTRS Viatris Inc. 2.35% 619,000 $5.5M No change
BBW Build-A-Bear Workshop Inc. 2.30% 105,000 $5.4M Add +5.0%
FOSL Fossil Group Inc. 2.18% 3,469,727 $5.1M Add +17.0%
CHRD Chord Energy Corp. 2.17% 52,766 $5.1M No change
BMY Bristol-Myers Squibb Co. 2.12% 108,000 $5.0M No change
BKE The Buckle Inc. 2.02% 105,000 $4.8M No change
STLA Stellantis NV 1.66% 390,000 $3.9M No change
CG The Carlyle Group Inc. 1.53% 70,000 $3.6M No change
BCC Boise Cascade Co. 1.47% 40,000 $3.5M No change
ARLP Alliance Resource Partners 1.41% 127,000 $3.3M No change
DEA Easterly Government Properti 1.38% 146,800 $3.3M No change
UNFI United Natural Foods Inc. 1.36% 137,405 $3.2M Reduce -27.3%
LYB Lyondellbasell Indu Class A 0.93% 38,000 $2.2M No change
SMLR Semler Scientific Inc. 0.87% 53,000 $2.1M No change
TPC Tutor Perini Corp. 0.26% 12,910 $604K Reduce -85.8%
TTE Totalenergies SE -Spon ADR 0.20% 7,650 $470K No change
FTI Technipfmc PLC 0.12% 8,115 $279K Reduce -0.9%

Portfolio Sells Q1 2025 → Q2 2025

T AT&T Inc. Sold out 0.00% −1.50
UNFI United Natural Foods Inc. Reduce -27.3% 1.36% −1.00
TPC Tutor Perini Corp. Reduce -85.8% 0.26% −0.70
FTI Technipfmc PLC Reduce -0.9% 0.12% +0.00

Portfolio Buys Q1 2025 → Q2 2025

TDAY USA Today Co. Inc. Add +21.1% 4.99% +1.42
JELD Jeld-Wen Holding Inc. Add +141.4% 3.12% +1.01
BFH Bread Financial Holdings Inc. Add +5.7% 7.94% +0.86
CNDT Conduent Inc. Add +46.9% 3.09% +0.78
DCH Dauch Corporation Add +44.6% 2.49% +0.65
FOSL Fossil Group Inc. Add +17.0% 2.18% +0.63
BBW Build-A-Bear Workshop Inc. Add +5.0% 2.30% +0.60
QUAD Quad Graphics Inc. Add +5.3% 6.50% +0.10
JXN Jackson Financial Inc. Class A Add +3.3% 4.71% +0.09
NBR Nabors Industries Ltd. Add +60.5% 7.42% +0.03
GTN Gray Media Inc. Add +2.0% 7.01% −0.03
LNC Lincoln National Corp. Add +9.7% 8.36% −0.14
CTO Cto Realty Growth Inc. Add +4.0% 2.92% −0.46

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