Miller Value Partners

Q3 2025 13F · by Bill Miller IV, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $272M · prev $236M
Positions: 36 · prev 33
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves27 since the prior filing

+13.3 pp in · −10.2 pp out

New 4 +7.79 pp
Added 6 +5.48 pp
Trimmed 16 −8.87 pp
Exited 1 −1.38 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions37% of US stock

NBR Nabors Industries Ltd. added+2.69 pp added+2.6910.1%
LNC Lincoln National Corp. trimmed−0.64 pp trimmed−0.647.7%
GTN Gray Media, Inc. trimmed+0.55 pp trimmed+0.557.6%
QUAD QUAD/GRAPHICS, Inc. trimmed−0.47 pp trimmed−0.476.0%
BFH Bread Financial Holdings, Inc. trimmed−2.41 pp trimmed−2.415.5%

Positions36 in this filing · 1 exited


NBRNabors Industries Ltd.	10.11%	673,095	$28M	added+8%	+2.69 pp	34 q
LNCLincoln National Corp.	7.72%	520,676	$21M	trimmed−9%	−0.64 pp	7 q
GTNGray Media, Inc.	7.56%	3,558,215	$21M	trimmed−2%	+0.55 pp	10 q
QUADQUAD/GRAPHICS, Inc.	6.03%	2,623,475	$16M	trimmed−3%	−0.47 pp	27 q
BFHBread Financial Holdings, Inc.	5.53%	270,010	$15M	trimmed−18%	−2.41 pp	10 q
TDAYUSA TODAY Co., Inc.	5.16%	3,403,265	$14M	added+4%	+0.17 pp	21 q
CNDTConduent Incorporated	4.15%	4,030,825	$11M	added+46%	+1.06 pp	19 q
DCHDauch Corporation	3.79%	1,717,095	$10M	added+19%	+1.30 pp	15 q
JELDJELD-WEN Holding, Inc.	3.73%	2,068,840	$10M	added+10%	+0.61 pp	3 q
JXNJackson Financial Inc.	3.49%	93,825	$9M	trimmed−25%	−1.22 pp	16 q
UGIUGI Corporation	3.20%	262,000	$9M	trimmed−10%	−1.31 pp	7 q
VZVerizon Communications	3.20%	198,000	$9M	held	—	3 q
FOSLFossil Group, Inc.	3.14%	3,326,395	$9M	trimmed−4%	+0.96 pp	9 q
ITRNIturan Location and Control Ltd.	2.82%	215,000	$8M	new	+2.82 pp	new
UPSUnited Parcel Service, Inc. Class B	2.66%	86,600	$7M	new	+2.66 pp	new
CTOCTO Realty Growth, Inc.	2.57%	429,145	$7M	added+8%	−0.35 pp	16 q
BBWBuild-A-Bear Workshop, Inc.	2.35%	98,000	$6M	trimmed−7%	+0.05 pp	6 q
VTRSViatris Inc.	2.25%	619,000	$6M	held	—	19 q
CALMCal-Maine Foods Inc	2.14%	62,000	$6M	new	+2.14 pp	new
WALWestern Alliance Bancorporation	2.02%	63,455	$6M	trimmed−24%	−0.74 pp	11 q
CHRDChord Energy Corporation	1.93%	52,766	$5M	held	—	7 q
OMFOneMain Holdings, Inc.	1.91%	91,941	$5M	trimmed−38%	−1.69 pp	40 q
MSTRStrategy Inc Class A	1.81%	15,250	$5M	held	—	5 q
BMYBristol-Myers Squibb Co.	1.79%	108,000	$5M	held	—	7 q
BKEThe Buckle, Inc.	1.55%	72,000	$4M	trimmed−31%	−0.47 pp	14 q
STLAStellantis N.V.	1.34%	390,000	$4M	held	—	10 q
ARLPAlliance Resource Partners LP	1.18%	127,000	$3M	held	—	20 q
BCCBoise Cascade Company	1.05%	37,000	$3M	trimmed−8%	−0.42 pp	8 q
UNFIUnited Natural Foods Inc	1.02%	73,445	$3M	trimmed−47%	−0.34 pp	6 q
CGThe Carlyle Group Inc.	0.92%	40,000	$3M	trimmed−43%	−0.61 pp	4 q
LYBLyondellBasell Industries N.V. Class A	0.68%	38,000	$2M	held	—	3 q
SMLRSemler Scientific, Inc.	0.58%	53,000	$2M	held	—	4 q
UPBDUpbound Group, Inc.	0.17%	20,000	$472,600	new	+0.17 pp	new
TTENTotalenergies SE -spon ADR	0.17%	7,650	$456,628	held	—	5 q
TPCTutor Perini Corporation	0.16%	6,815	$446,996	trimmed−47%	−0.10 pp	15 q
FTITechnipFMC plc	0.11%	7,510	$296,269	trimmed−7%	−0.01 pp	15 q
DEAEasterly Government Properties, Inc.	—	−146,800	—	exited	−1.38 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001135778-25-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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