Miller Value Partners
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bill Miller's Miller Value Partners reported 36 stock positions worth $272.2 million. Its top holding was Nabors Industries (NBR) at 10.1% of the portfolio, followed by Lincoln National (LNC, 7.7%) and Gray Media (GTN, 7.6%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 6 and reduced 16. The biggest buy was a new position in Ituran Location and Control (ITRN) and the biggest sale Bread Financial (BFH, shares −18%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Miller
- Location
- SARASOTA, FL
- CIK
- 0001135778
- Portfolio Value
- $272.2M (Q3 2025)
- SEC Filing
- 0001135778-25-000003 ↗ filed Nov 14, 2025
Holdings Value
Holdings 36 stocks · $272.2M
| NBR Nabors Industries Ltd. | 10.11% | 673,095 | $27.5M | Add +7.8% |
| LNC Lincoln National Corp. | 7.72% | 520,676 | $21.0M | Reduce -8.6% |
| GTN Gray Media Inc. | 7.56% | 3,558,215 | $20.6M | Reduce -2.5% |
| QUAD Quad Graphics Inc. | 6.03% | 2,623,475 | $16.4M | Reduce -3.2% |
| BFH Bread Financial Holdings Inc. | 5.53% | 270,010 | $15.1M | Reduce -17.5% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 5.16% | 3,403,265 | $14.1M | Add +3.6% |
| CNDT Conduent Inc. | 4.15% | 4,030,825 | $11.3M | Add +46.3% |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 3.79% | 1,717,095 | $10.3M | Add +19.3% |
| JELD Jeld-Wen Holding Inc. | 3.73% | 2,068,840 | $10.2M | Add +10.4% |
| JXN Jackson Financial Inc. Class A | 3.49% | 93,825 | $9.5M | Reduce -24.9% |
| UGI Ugi Corp. | 3.20% | 262,000 | $8.7M | Reduce -10.3% |
| VZ Verizon Communications Inc. | 3.20% | 198,000 | $8.7M | No change |
| FOSL Fossil Group Inc. | 3.14% | 3,326,395 | $8.5M | Reduce -4.1% |
| ITRN Ituran Location and Control | 2.82% | 215,000 | $7.7M | New |
| UPS United Parcel Service Class B | 2.66% | 86,600 | $7.2M | New |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 2.57% | 429,145 | $7.0M | Add +7.5% |
| BBW Build-A-Bear Workshop Inc. | 2.35% | 98,000 | $6.4M | Reduce -6.7% |
| VTRS Viatris Inc. | 2.25% | 619,000 | $6.1M | No change |
| CALM Cal-Maine Foods Inc. | 2.14% | 62,000 | $5.8M | New |
| WAL Western Alliance Bancorp | 2.02% | 63,455 | $5.5M | Reduce -24.0% |
| CHRD Chord Energy Corp. | 1.93% | 52,766 | $5.2M | No change |
| OMF Onemain Holdings Inc. | 1.91% | 91,941 | $5.2M | Reduce -38.3% |
| MSTR Strategy Inc. | 1.81% | 15,250 | $4.9M | No change |
| BMY Bristol-Myers Squibb Co. | 1.79% | 108,000 | $4.9M | No change |
| BKE The Buckle Inc. | 1.55% | 72,000 | $4.2M | Reduce -31.4% |
| STLA Stellantis NV | 1.34% | 390,000 | $3.6M | No change |
| ARLP Alliance Resource Partners | 1.18% | 127,000 | $3.2M | No change |
| BCC Boise Cascade Co. | 1.05% | 37,000 | $2.9M | Reduce -7.5% |
| UNFI United Natural Foods Inc. | 1.02% | 73,445 | $2.8M | Reduce -46.5% |
| CG The Carlyle Group Inc. | 0.92% | 40,000 | $2.5M | Reduce -42.9% |
| LYB Lyondellbasell Indu Class A | 0.68% | 38,000 | $1.9M | No change |
| SMLR Semler Scientific Inc. | 0.58% | 53,000 | $1.6M | No change |
| UPBD Upbound Group Inc. | 0.17% | 20,000 | $473K | New |
| TTE Totalenergies SE -Spon ADR | 0.17% | 7,650 | $457K | No change |
| TPC Tutor Perini Corp. | 0.16% | 6,815 | $447K | Reduce -47.2% |
| FTI Technipfmc PLC | 0.11% | 7,510 | $296K | Reduce -7.5% |
Portfolio Sells Q2 2025 → Q3 2025
| BFH Bread Financial Holdings Inc. | Reduce -17.5% | 5.53% | −2.40 |
| OMF Onemain Holdings Inc. | Reduce -38.3% | 1.91% | −1.70 |
| DEA Easterly Government Properti | Sold out | 0.00% | −1.38 |
| UGI Ugi Corp. | Reduce -10.3% | 3.20% | −1.31 |
| JXN Jackson Financial Inc. Class A | Reduce -24.9% | 3.49% | −1.22 |
| WAL Western Alliance Bancorp | Reduce -24.0% | 2.02% | −0.74 |
| LNC Lincoln National Corp. | Reduce -8.6% | 7.72% | −0.65 |
| CG The Carlyle Group Inc. | Reduce -42.9% | 0.92% | −0.61 |
| BKE The Buckle Inc. | Reduce -31.4% | 1.55% | −0.47 |
| QUAD Quad Graphics Inc. | Reduce -3.2% | 6.03% | −0.46 |
| BCC Boise Cascade Co. | Reduce -7.5% | 1.05% | −0.42 |
| UNFI United Natural Foods Inc. | Reduce -46.5% | 1.02% | −0.34 |
| TPC Tutor Perini Corp. | Reduce -47.2% | 0.16% | −0.09 |
| FTI Technipfmc PLC | Reduce -7.5% | 0.11% | −0.01 |
| BBW Build-A-Bear Workshop Inc. | Reduce -6.7% | 2.35% | +0.05 |
| GTN Gray Media Inc. | Reduce -2.5% | 7.56% | +0.54 |
| FOSL Fossil Group Inc. | Reduce -4.1% | 3.14% | +0.96 |
Portfolio Buys Q2 2025 → Q3 2025
| ITRN Ituran Location and Control | New | 2.82% | +2.82 |
| NBR Nabors Industries Ltd. | Add +7.8% | 10.11% | +2.69 |
| UPS United Parcel Service Class B | New | 2.66% | +2.66 |
| CALM Cal-Maine Foods Inc. | New | 2.14% | +2.14 |
| DCH Dauch Corporation | Add +19.3% | 3.79% | +1.30 |
| CNDT Conduent Inc. | Add +46.3% | 4.15% | +1.06 |
| JELD Jeld-Wen Holding Inc. | Add +10.4% | 3.73% | +0.61 |
| TDAY USA Today Co. Inc. | Add +3.6% | 5.16% | +0.17 |
| UPBD Upbound Group Inc. | New | 0.17% | +0.17 |
| CTO Cto Realty Growth Inc. | Add +7.5% | 2.57% | −0.35 |
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 |