# Bill Miller — Miller Value Partners

Portfolio USD 423,069,000 · 56 positions · 2026 Q2 · history from 2016 Q1.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/LMM

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| NBR | Nabors Industries Ltd. | 8.9% | USD 37,423,000 | +0.23% |  |
| GTN | Gray Television Inc. | 6.8% | USD 28,756,000 | +34.88% |  |
| SPUU | Dir Dai S&P 500 Bu 2x ETF Us | 5.8% | USD 24,596,000 | new |  |
| BLMN | Bloomin Brands Inc. | 5.6% | USD 23,635,000 | +26.96% |  |
| QUAD | Quad/Graphics Inc. | 5.1% | USD 21,398,000 | -4.25% |  |
| LNC | Lincoln National | 5.0% | USD 21,322,000 | +5.69% |  |
| CRGY | Crescent Energy Inc A | 4.9% | USD 20,550,000 | +4.47% |  |
| CNDT | Conduent Inc. | 4.5% | USD 18,960,000 | +29.55% |  |
| BFH | Bread Financial Holdings Inc. | 3.4% | USD 14,389,000 | -31.44% |  |
| UPS | United Parcel Service | 3.0% | USD 12,470,000 | -2.61% |  |
| DCH | Dauch Corp. | 2.9% | USD 12,369,000 | +63.48% |  |
| TDAY | Gannett Co. | 2.8% | USD 11,979,000 | -28.85% |  |
| VTRS | Viatris Inc. | 2.8% | USD 11,643,000 | +0.2% |  |
| CTO | CTO Realty Growth Inc. | 2.7% | USD 11,613,000 | -2.9% |  |
| JELD | JELD-WEN Holding Inc. | 2.5% | USD 10,709,000 | +7.84% |  |
| FOSL | Fossil Inc. | 2.1% | USD 8,874,000 | -11.62% |  |
| COTY | Coty Inc. | 2.0% | USD 8,462,000 | new |  |
| JXN | Jackson Financial Inc. | 1.9% | USD 8,206,000 | -0.67% |  |
| ITRN | Ituran Location & Control Ltd. | 1.9% | USD 8,157,000 | -34.43% |  |
| CHRD | Chord Energy | 1.9% | USD 7,898,000 | -0.34% |  |
| VZ | Verizon Communications | 1.7% | USD 7,113,000 | hold |  |
| MRP | Millrose Properties | 1.6% | USD 6,890,000 | +26.83% |  |
| UPBD | Upbound Group Inc. | 1.3% | USD 5,475,000 | +115% |  |
| OMF | OneMain Holdings | 1.2% | USD 5,057,000 | hold |  |
| CALM | Cal-Maine Foods Inc. | 1.2% | USD 4,995,000 | hold |  |
| ARLP | Alliance Resource Partners LP | 1.1% | USD 4,484,000 | +0.93% |  |
| MSTR | MicroStrategy Inc. | 1.0% | USD 4,364,000 | -3.56% |  |
| UGI | UGI Corp. | 1.0% | USD 4,179,000 | hold |  |
| BBW | Build-A-Bear Workshop Inc. | 1.0% | USD 4,088,000 | +28.76% |  |
| BMY | Bristol-Myers Squibb | 1.0% | USD 4,005,000 | hold |  |
| META | Meta Platforms Inc. | 0.9% | USD 3,612,000 | new |  |
| CROX | Crocs Inc. | 0.8% | USD 3,481,000 | -25.14% |  |
| WAL | Western Alliance Bancorp | 0.8% | USD 3,432,000 | -24.43% |  |
| ABR | Arbor Realty Trust Inc. | 0.8% | USD 3,312,000 | +1.16% |  |
| CTRN | Citi Trends Inc. | 0.7% | USD 3,135,000 | +0.81% |  |
| MELI | Mercadolibre Inc. | 0.7% | USD 2,906,000 | -22.71% |  |
| BCC | Boise Cascade Company | 0.7% | USD 2,872,000 | hold |  |
| FIGR | Figure Technology Solut Cl A | 0.7% | USD 2,754,000 | -1.47% |  |
| ZD | Ziff Davis Inc. | 0.6% | USD 2,650,000 | -25.65% |  |
| CART | Maplebear Inc | 0.5% | USD 2,161,000 | +0.19% |  |
| REZI | Resideo Technologies Inc. | 0.5% | USD 2,144,000 | -1.19% |  |
| AMP | Ameriprise Financial Inc. | 0.5% | USD 2,031,000 | new |  |
| LYB | LyondellBasell Industries | 0.5% | USD 2,001,000 | hold |  |
| BLDR | Builders FirstSource Inc. | 0.4% | USD 1,710,000 | +1.18% |  |
| CG | Carlyle Group | 0.4% | USD 1,684,000 | hold |  |
| FOUR | Shift4 Payments Inc. CL A | 0.3% | USD 1,457,000 | -0.23% |  |
| PRDO | Perdoceo Education Corp. | 0.3% | USD 1,289,000 | -0.26% |  |
| ABNB | Airbnb Inc. | 0.3% | USD 1,277,000 | -44.71% |  |
| PINS | Pinterest Inc. | 0.3% | USD 1,217,000 | -3.55% |  |
| CPNG | Coupang Inc. | 0.3% | USD 1,114,000 | +2.55% |  |
| SN | Sharkninja Inc | 0.2% | USD 903,000 | +2.72% |  |
| LAD | Lithia Motors Inc. | 0.2% | USD 788,000 | +2.19% |  |
| VRM | Vroom Inc | 0.1% | USD 450,000 | hold |  |
| UNFI | United Natural Foods | 0.1% | USD 215,000 | -10.38% |  |
| FTI | TechnipFMC plc | 0.1% | USD 210,000 | hold |  |
| TPC | Tutor Perini Corp. | 0.1% | USD 205,000 | -11.63% |  |

## Moves this quarter (49)

- NBR Nabors Industries Ltd.: +0.23% (USD 37,423,000)
- GTN Gray Television Inc.: +34.88% (USD 28,756,000)
- SPUU Dir Dai S&P 500 Bu 2x ETF Us: new (USD 24,596,000)
- BLMN Bloomin Brands Inc.: +26.96% (USD 23,635,000)
- QUAD Quad/Graphics Inc.: -4.25% (USD 21,398,000)
- LNC Lincoln National: +5.69% (USD 21,322,000)
- CRGY Crescent Energy Inc A: +4.47% (USD 20,550,000)
- SPY SPDR S&P 500 ETF Trust: sold (USD 19,539,115)
- CNDT Conduent Inc.: +29.55% (USD 18,960,000)
- BFH Bread Financial Holdings Inc.: -31.44% (USD 14,389,000)
- UPS United Parcel Service: -2.61% (USD 12,470,000)
- DCH Dauch Corp.: +63.48% (USD 12,369,000)
- TDAY Gannett Co.: -28.85% (USD 11,979,000)
- VTRS Viatris Inc.: +0.2% (USD 11,643,000)
- CTO CTO Realty Growth Inc.: -2.9% (USD 11,613,000)
- JELD JELD-WEN Holding Inc.: +7.84% (USD 10,709,000)
- FOSL Fossil Inc.: -11.62% (USD 8,874,000)
- COTY Coty Inc.: new (USD 8,462,000)
- JXN Jackson Financial Inc.: -0.67% (USD 8,206,000)
- ITRN Ituran Location & Control Ltd.: -34.43% (USD 8,157,000)
- CHRD Chord Energy: -0.34% (USD 7,898,000)
- MRP Millrose Properties: +26.83% (USD 6,890,000)
- UPBD Upbound Group Inc.: +115% (USD 5,475,000)
- ARLP Alliance Resource Partners LP: +0.93% (USD 4,484,000)
- MSTR MicroStrategy Inc.: -3.56% (USD 4,364,000)
- BBW Build-A-Bear Workshop Inc.: +28.76% (USD 4,088,000)
- META Meta Platforms Inc.: new (USD 3,612,000)
- CROX Crocs Inc.: -25.14% (USD 3,481,000)
- WAL Western Alliance Bancorp: -24.43% (USD 3,432,000)
- ABR Arbor Realty Trust Inc.: +1.16% (USD 3,312,000)
- CTRN Citi Trends Inc.: +0.81% (USD 3,135,000)
- MELI Mercadolibre Inc.: -22.71% (USD 2,906,000)
- FIGR Figure Technology Solut Cl A: -1.47% (USD 2,754,000)
- ZD Ziff Davis Inc.: -25.65% (USD 2,650,000)
- CART Maplebear Inc: +0.19% (USD 2,161,000)
- REZI Resideo Technologies Inc.: -1.19% (USD 2,144,000)
- AMP Ameriprise Financial Inc.: new (USD 2,031,000)
- BLDR Builders FirstSource Inc.: +1.18% (USD 1,710,000)
- FOUR Shift4 Payments Inc. CL A: -0.23% (USD 1,457,000)
- PRDO Perdoceo Education Corp.: -0.26% (USD 1,289,000)
- ABNB Airbnb Inc.: -44.71% (USD 1,277,000)
- PINS Pinterest Inc.: -3.55% (USD 1,217,000)
- CPNG Coupang Inc.: +2.55% (USD 1,114,000)
- SN Sharkninja Inc: +2.72% (USD 903,000)
- MBC Masterbrand Inc: sold (USD 871,337)
- LAD Lithia Motors Inc.: +2.19% (USD 788,000)
- PTLO Portillo's Inc Cl A: sold (USD 684,119)
- UNFI United Natural Foods: -10.38% (USD 215,000)
- TPC Tutor Perini Corp.: -11.63% (USD 205,000)

## Portfolio value by quarter

- 2016 Q1: USD 2,010,263,795 (17 positions)
- 2016 Q2: USD 1,544,758,470 (17 positions)
- 2016 Q3: USD 1,752,971,896 (17 positions)
- 2016 Q4: USD 1,875,514,757 (15 positions)
- 2017 Q1: USD 1,920,766,350 (16 positions)
- 2017 Q2: USD 2,177,250,668 (24 positions)
- 2017 Q3: USD 2,145,460,356 (26 positions)
- 2017 Q4: USD 2,282,875,517 (27 positions)
- 2018 Q1: USD 2,281,267,377 (28 positions)
- 2018 Q2: USD 2,601,692,992 (30 positions)
- 2018 Q3: USD 3,001,925,045 (31 positions)
- 2018 Q4: USD 2,186,158,743 (31 positions)
- 2019 Q1: USD 2,507,342,513 (32 positions)
- 2019 Q2: USD 2,494,724,737 (34 positions)
- 2019 Q3: USD 2,462,651,226 (39 positions)
- 2019 Q4: USD 2,789,111,751 (42 positions)
- 2020 Q1: USD 1,553,916,061 (46 positions)
- 2020 Q2: USD 2,251,553,980 (52 positions)
- 2020 Q3: USD 2,525,361,095 (58 positions)
- 2020 Q4: USD 2,985,144,436 (68 positions)
- 2021 Q1: USD 3,524,168,554 (80 positions)
- 2021 Q2: USD 3,840,744,866 (91 positions)
- 2021 Q3: USD 2,939,145,461 (96 positions)
- 2021 Q4: USD 2,827,812,137 (94 positions)
- 2022 Q1: USD 2,632,897,092 (88 positions)
- 2022 Q2: USD 1,785,004,699 (82 positions)
- 2022 Q3: USD 1,643,407,048 (86 positions)
- 2022 Q4: USD 1,548,697,473 (79 positions)
- 2023 Q1: USD 1,599,301,565 (89 positions)
- 2023 Q2: USD 148,621,392 (45 positions)
- 2023 Q3: USD 155,796,216 (45 positions)
- 2023 Q4: USD 163,288,799 (41 positions)
- 2024 Q1: USD 145,033,000 (29 positions)
- 2024 Q2: USD 149,633,464 (28 positions)
- 2024 Q3: USD 177,168,453 (30 positions)
- 2024 Q4: USD 234,129,323 (33 positions)
- 2025 Q1: USD 219,476,700 (34 positions)
- 2025 Q2: USD 235,634,032 (33 positions)
- 2025 Q3: USD 272,184,872 (36 positions)
- 2025 Q4: USD 283,776,636 (34 positions)
- 2026 Q1: USD 383,026,354 (55 positions)
- 2026 Q2: USD 423,069,000 (56 positions)