Miller Value Partners
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Bill Miller's Miller Value Partners reported 34 stock positions worth $283.8 million. Its top holding was Nabors Industries (NBR) at 11.5% of the portfolio, followed by Lincoln National (LNC, 7.9%) and Gray Media (GTN, 6.8%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 13 and reduced 8. The biggest buy was USA Today (TDAY, shares −0%) and the biggest sale an exit from Buckle (BKE).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Miller
- Location
- SARASOTA, FL
- CIK
- 0001135778
- Portfolio Value
- $283.8M (Q4 2025)
- SEC Filing
- 0001135778-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 34 stocks · $283.8M
| NBR Nabors Industries Ltd. | 11.53% | 602,737 | $32.7M | Reduce -10.4% |
| LNC Lincoln National Corp. | 7.92% | 504,761 | $22.5M | Reduce -3.1% |
| GTN Gray Media Inc. | 6.80% | 3,988,495 | $19.3M | Add +12.1% |
| TDAY USA Today Co. Inc. | 6.18% | 3,403,345 | $17.5M | Add +0.0% |
| QUAD Quad Graphics Inc. | 6.05% | 2,737,890 | $17.2M | Add +4.4% |
| BFH Bread Financial Holdings Inc. | 5.25% | 201,415 | $14.9M | Reduce -25.4% |
| FOSL Fossil Group Inc. | 4.22% | 3,184,415 | $12.0M | Reduce -4.3% |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 3.92% | 1,734,780 | $11.1M | Add +1.0% |
| CNDT Conduent Inc. | 3.78% | 5,583,385 | $10.7M | Add +38.5% |
| JELD Jeld-Wen Holding Inc. | 3.58% | 4,134,210 | $10.2M | Add +99.8% |
| UGI Ugi Corp. | 3.46% | 262,000 | $9.8M | No change |
| ITRN Ituran Location and Control | 3.26% | 215,000 | $9.2M | No change |
| JXN Jackson Financial Inc. Class A | 3.24% | 86,150 | $9.2M | Reduce -8.2% |
| UPS United Parcel Service Class B | 3.03% | 86,600 | $8.6M | No change |
| VZ Verizon Communications Inc. | 2.84% | 198,000 | $8.1M | No change |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 2.82% | 434,145 | $8.0M | Add +1.2% |
| VTRS Viatris Inc. | 2.72% | 619,000 | $7.7M | No change |
| BMY Bristol-Myers Squibb Co. | 2.05% | 108,000 | $5.8M | No change |
| OMF Onemain Holdings Inc. | 1.97% | 82,941 | $5.6M | Reduce -9.8% |
| WAL Western Alliance Bancorp | 1.91% | 64,455 | $5.4M | Add +1.6% |
| CHRD Chord Energy Corp. | 1.89% | 57,766 | $5.4M | Add +9.5% |
| CALM Cal-Maine Foods Inc. | 1.74% | 62,000 | $4.9M | No change |
| BBW Build-A-Bear Workshop Inc. | 1.68% | 78,000 | $4.8M | Reduce -20.4% |
| STLA Stellantis NV | 1.65% | 429,000 | $4.7M | Add +10.0% |
| MSTR Strategy Inc. | 1.35% | 25,250 | $3.8M | Add +65.6% |
| ARLP Alliance Resource Partners | 1.08% | 132,000 | $3.1M | Add +3.9% |
| BCC Boise Cascade Co. | 0.96% | 37,000 | $2.7M | No change |
| MRP Millrose Properties | 0.87% | 82,800 | $2.5M | New |
| CG The Carlyle Group Inc. | 0.83% | 40,000 | $2.4M | No change |
| LYB Lyondellbasell Indu Class A | 0.58% | 38,000 | $1.6M | No change |
| UPBD Upbound Group Inc. | 0.43% | 70,000 | $1.2M | Add +250.0% |
| TPC Tutor Perini Corp. | 0.16% | 6,815 | $457K | No change |
| UNFI United Natural Foods Inc. | 0.15% | 12,625 | $425K | Reduce -82.8% |
| FTI Technipfmc PLC | 0.12% | 7,510 | $335K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BKE The Buckle Inc. | Sold out | 0.00% | −1.55 |
| UNFI United Natural Foods Inc. | Reduce -82.8% | 0.15% | −0.87 |
| BBW Build-A-Bear Workshop Inc. | Reduce -20.4% | 1.68% | −0.66 |
| SMLR Semler Scientific Inc. | Sold out | 0.00% | −0.58 |
| BFH Bread Financial Holdings Inc. | Reduce -25.4% | 5.25% | −0.28 |
| JXN Jackson Financial Inc. Class A | Reduce -8.2% | 3.24% | −0.25 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.17 |
| OMF Onemain Holdings Inc. | Reduce -9.8% | 1.97% | +0.07 |
| LNC Lincoln National Corp. | Reduce -3.1% | 7.92% | +0.20 |
| FOSL Fossil Group Inc. | Reduce -4.3% | 4.22% | +1.08 |
| NBR Nabors Industries Ltd. | Reduce -10.4% | 11.53% | +1.42 |
Portfolio Buys Q3 2025 → Q4 2025
| TDAY USA Today Co. Inc. | Add +0.0% | 6.18% | +1.01 |
| MRP Millrose Properties | New | 0.87% | +0.87 |
| STLA Stellantis NV | Add +10.0% | 1.65% | +0.31 |
| UPBD Upbound Group Inc. | Add +250.0% | 0.43% | +0.26 |
| CTO Cto Realty Growth Inc. | Add +1.2% | 2.82% | +0.25 |
| DCH Dauch Corporation | Add +1.0% | 3.92% | +0.13 |
| QUAD Quad Graphics Inc. | Add +4.4% | 6.05% | +0.01 |
| CHRD Chord Energy Corp. | Add +9.5% | 1.89% | −0.04 |
| ARLP Alliance Resource Partners | Add +3.9% | 1.08% | −0.10 |
| WAL Western Alliance Bancorp | Add +1.6% | 1.91% | −0.11 |
| JELD Jeld-Wen Holding Inc. | Add +99.8% | 3.58% | −0.15 |
| CNDT Conduent Inc. | Add +38.5% | 3.78% | −0.37 |
| MSTR Strategy Inc. | Add +65.6% | 1.35% | −0.45 |
| GTN Gray Media Inc. | Add +12.1% | 6.80% | −0.76 |
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 |