Miller Value Partners
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Bill Miller's Miller Value Partners reported 55 stock positions worth $383.2 million. Its top holding was Nabors Industries (NBR) at 10.0% of the portfolio, followed by Crescent Energy Class A (CRGY, 7.1%) and Gray Media (GTN, 6.1%). Compared with Q4 2025, it opened 22 new positions, sold out of 1, added to 13 and reduced 15. The biggest buy was a new position in Crescent Energy Class A (CRGY) and the biggest sale USA Today (TDAY, shares −42%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Miller
- Location
- SARASOTA, FL
- CIK
- 0001135778
- Portfolio Value
- $383.2M (Q1 2026)
- SEC Filing
- 0001135778-26-000011 ↗ filed May 15, 2026
Holdings Value
Holdings 55 stocks · $383.2M
| NBR Nabors Industries Ltd. | 9.98% | 444,430 | $38.2M | Reduce -26.3% |
| CRGY Crescent Energy Inc. Class A | 7.06% | 2,003,132 | $27.0M | New |
| GTN Gray Media Inc. | 6.08% | 5,370,100 | $23.3M | Add +34.6% |
| LNC Lincoln National Corp. | 5.29% | 570,690 | $20.3M | Add +13.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.10% | 30,044 | $19.5M | New |
| QUAD Quad Graphics Inc. | 4.57% | 2,651,039 | $17.5M | Reduce -3.2% |
| BFH Bread Financial Holdings Inc. | 3.79% | 193,697 | $14.5M | Reduce -3.8% |
| TDAY USA Today Co. Inc. | 3.62% | 1,969,280 | $13.9M | Reduce -42.1% |
| CNDT Conduent Inc. | 3.35% | 10,023,930 | $12.8M | Add +79.5% |
| UPS United Parcel Service Class B | 3.06% | 119,108 | $11.7M | Add +37.5% |
| BLMN Bloomin' Brands Inc. | 2.87% | 2,036,734 | $11.0M | New |
| FOSL Fossil Group Inc. | 2.73% | 2,425,185 | $10.5M | Reduce -23.8% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 2.68% | 556,053 | $10.3M | Add +28.1% |
| ITRN Ituran Location and Control | 2.61% | 203,900 | $10.0M | Reduce -5.2% |
| VTRS Viatris Inc. | 2.58% | 731,676 | $9.9M | Add +18.2% |
| CHRD Chord Energy Corp. | 2.57% | 69,330 | $9.9M | Add +20.0% |
| JXN Jackson Financial Inc. Class A | 2.23% | 80,680 | $8.5M | Reduce -6.3% |
| VZ Verizon Communications Inc. | 2.20% | 168,000 | $8.4M | Reduce -15.2% |
| DCH Dauch Corporation | 2.16% | 1,395,905 | $8.3M | Reduce -19.5% |
| JELD Jeld-Wen Holding Inc. | 2.14% | 6,619,885 | $8.2M | Add +60.1% |
| MSTR Strategy Inc. | 1.70% | 52,058 | $6.5M | Add +106.2% |
| ARLP Alliance Resource Partners | 1.34% | 185,256 | $5.1M | Add +40.4% |
| MRP Millrose Properties | 1.32% | 180,800 | $5.1M | Add +118.4% |
| CALM Cal-Maine Foods Inc. | 1.28% | 62,000 | $4.9M | No change |
| ABR Arbor Realty Trust Inc. | 1.22% | 604,000 | $4.7M | New |
| OMF Onemain Holdings Inc. | 1.16% | 82,941 | $4.4M | No change |
| UGI Ugi Corp. | 1.15% | 121,000 | $4.4M | Reduce -53.8% |
| BMY Bristol-Myers Squibb Co. | 1.10% | 69,500 | $4.2M | Reduce -35.6% |
| WAL Western Alliance Bancorp | 1.02% | 55,252 | $3.9M | Reduce -14.3% |
| BBW Build-A-Bear Workshop Inc. | 1.01% | 103,734 | $3.9M | Add +33.0% |
| MELI MercadoLibre Inc. | 1.00% | 2,215 | $3.8M | New |
| CROX Crocs Inc. | 0.84% | 38,548 | $3.2M | New |
| FIGR Figure Technology Solut Class A | 0.81% | 91,009 | $3.1M | New |
| LYB Lyondellbasell Indu Class A | 0.80% | 38,000 | $3.1M | No change |
| ZD Ziff Davis Inc. | 0.75% | 68,058 | $2.9M | New |
| BCC Boise Cascade Co. | 0.73% | 37,000 | $2.8M | No change |
| REZI Resideo Technologies Inc. | 0.61% | 69,762 | $2.4M | New |
| CTRN Citi Trends Inc. | 0.61% | 53,763 | $2.3M | New |
| UPBD Upbound Group Inc. | 0.57% | 120,000 | $2.2M | Add +71.4% |
| ABNB Airbnb Inc. Class A | 0.53% | 16,134 | $2.0M | New |
| CG The Carlyle Group Inc. | 0.51% | 40,000 | $1.9M | No change |
| CART Maplebear Inc. | 0.45% | 45,557 | $1.7M | New |
| BLDR Builders Firstsource Inc. | 0.41% | 18,893 | $1.6M | New |
| PRDO Perdoceo Education Corp. | 0.39% | 40,395 | $1.5M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.34% | 30,035 | $1.3M | New |
| CPNG Coupang Inc. | 0.31% | 62,528 | $1.2M | New |
| PINS Pinterest Inc. Class A | 0.29% | 59,990 | $1.1M | New |
| MBC Masterbrand Inc. | 0.23% | 104,854 | $871K | New |
| VRM Vroom Inc. | 0.20% | 58,488 | $778K | New |
| PTLO Portillo's Inc. Class A | 0.18% | 129,323 | $684K | New |
| LAD Lithia Motors Inc. | 0.17% | 2,654 | $663K | New |
| SN Sharkninja Inc. | 0.16% | 5,775 | $612K | New |
| UNFI United Natural Foods Inc. | 0.06% | 5,250 | $237K | Reduce -58.4% |
| FTI Technipfmc PLC | 0.06% | 3,170 | $219K | Reduce -57.8% |
| TPC Tutor Perini Corp. | 0.06% | 2,795 | $216K | Reduce -59.0% |
Portfolio Sells Q4 2025 → Q1 2026
| TDAY USA Today Co. Inc. | Reduce -42.1% | 3.62% | −2.55 |
| UGI Ugi Corp. | Reduce -53.8% | 1.15% | −2.31 |
| DCH Dauch Corporation | Reduce -19.5% | 2.16% | −1.76 |
| STLA Stellantis NV | Sold out | 0.00% | −1.65 |
| NBR Nabors Industries Ltd. | Reduce -26.3% | 9.98% | −1.55 |
| FOSL Fossil Group Inc. | Reduce -23.8% | 2.73% | −1.49 |
| QUAD Quad Graphics Inc. | Reduce -3.2% | 4.57% | −1.47 |
| BFH Bread Financial Holdings Inc. | Reduce -3.8% | 3.79% | −1.47 |
| JXN Jackson Financial Inc. Class A | Reduce -6.3% | 2.23% | −1.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -35.6% | 1.10% | −0.95 |
| WAL Western Alliance Bancorp | Reduce -14.3% | 1.02% | −0.89 |
| ITRN Ituran Location and Control | Reduce -5.2% | 2.61% | −0.65 |
| VZ Verizon Communications Inc. | Reduce -15.2% | 2.20% | −0.64 |
| TPC Tutor Perini Corp. | Reduce -59.0% | 0.06% | −0.10 |
| UNFI United Natural Foods Inc. | Reduce -58.4% | 0.06% | −0.09 |
| FTI Technipfmc PLC | Reduce -57.8% | 0.06% | −0.06 |
Portfolio Buys Q4 2025 → Q1 2026
| CRGY Crescent Energy Inc. Class A | New | 7.06% | +7.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 5.10% | +5.10 |
| BLMN Bloomin' Brands Inc. | New | 2.87% | +2.87 |
| ABR Arbor Realty Trust Inc. | New | 1.22% | +1.22 |
| MELI MercadoLibre Inc. | New | 1.00% | +1.00 |
| CROX Crocs Inc. | New | 0.84% | +0.84 |
| FIGR Figure Technology Solut Class A | New | 0.81% | +0.81 |
| ZD Ziff Davis Inc. | New | 0.75% | +0.75 |
| CHRD Chord Energy Corp. | Add +20.0% | 2.57% | +0.69 |
| REZI Resideo Technologies Inc. | New | 0.61% | +0.61 |
| CTRN Citi Trends Inc. | New | 0.61% | +0.61 |
| ABNB Airbnb Inc. Class A | New | 0.53% | +0.53 |
| MRP Millrose Properties | Add +118.4% | 1.32% | +0.45 |
| CART Maplebear Inc. | New | 0.45% | +0.45 |
| BLDR Builders Firstsource Inc. | New | 0.41% | +0.41 |
| PRDO Perdoceo Education Corp. | New | 0.39% | +0.39 |
| MSTR Strategy Inc. | Add +106.2% | 1.70% | +0.34 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.34% | +0.34 |
| CPNG Coupang Inc. | New | 0.31% | +0.31 |
| PINS Pinterest Inc. Class A | New | 0.29% | +0.29 |
| ARLP Alliance Resource Partners | Add +40.4% | 1.34% | +0.26 |
| MBC Masterbrand Inc. | New | 0.23% | +0.23 |
| VRM Vroom Inc. | New | 0.20% | +0.20 |
| PTLO Portillo's Inc. Class A | New | 0.18% | +0.18 |
| LAD Lithia Motors Inc. | New | 0.17% | +0.17 |
| SN Sharkninja Inc. | New | 0.16% | +0.16 |
| UPBD Upbound Group Inc. | Add +71.4% | 0.57% | +0.13 |
| UPS United Parcel Service Class B | Add +37.5% | 3.06% | +0.03 |
| CTO Cto Realty Growth Inc. | Add +28.1% | 2.68% | −0.13 |
| VTRS Viatris Inc. | Add +18.2% | 2.58% | −0.14 |
| CNDT Conduent Inc. | Add +79.5% | 3.35% | −0.43 |
| BBW Build-A-Bear Workshop Inc. | Add +33.0% | 1.01% | −0.67 |
| GTN Gray Media Inc. | Add +34.6% | 6.08% | −0.72 |
| JELD Jeld-Wen Holding Inc. | Add +60.1% | 2.14% | −1.44 |
| LNC Lincoln National Corp. | Add +13.1% | 5.29% | −2.63 |
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 |