Miller Value Partners

Q1 2026 13F · by Bill Miller IV, CIO

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $383M · prev $284M
Positions: 55 · prev 34
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%

Moves51 since the prior filing

+20.3 pp in · −18.6 pp out

New 22 +24.53 pp
Added 13 −4.26 pp
Trimmed 15 −17.00 pp
Exited 1 −1.65 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions55 in this filing · 1 exited


NBRNabors Industries Ltd.	9.98%	444,430	$38M	trimmed−26%	−1.55 pp	36 q
CRGYCrescent Energy Company	7.06%	2,003,132	$27M	new	+7.06 pp	new
GTNGray Media, Inc.	6.08%	5,370,100	$23M	added+35%	−0.72 pp	12 q
LNCLincoln National Corp.	5.29%	570,690	$20M	added+13%	−2.63 pp	9 q
SPYState Street SPDR S&P 500 ETF Trust	5.10%	30,044	$20M	new	+5.10 pp	new
QUADQUAD/GRAPHICS, Inc.	4.57%	2,651,039	$18M	trimmed−3%	−1.48 pp	29 q
BFHBread Financial Holdings, Inc.	3.79%	193,697	$15M	trimmed−4%	−1.46 pp	12 q
TDAYUSA TODAY Co., Inc.	3.62%	1,969,280	$14M	trimmed−42%	−2.56 pp	23 q
CNDTConduent Incorporated	3.35%	10,023,930	$13M	added+80%	−0.43 pp	21 q
UPSUnited Parcel Service, Inc. Class B	3.06%	119,108	$12M	added+38%	+0.03 pp	3 q
BLMNBloomin' Brands, Inc.	2.87%	2,036,734	$11M	new	+2.87 pp	new
FOSLFossil Group, Inc.	2.73%	2,425,185	$10M	trimmed−24%	−1.49 pp	11 q
CTOCTO Realty Growth, Inc.	2.68%	556,053	$10M	added+28%	−0.14 pp	18 q
ITRNIturan Location and Control Ltd.	2.61%	203,900	$10M	trimmed−5%	−0.65 pp	3 q
VTRSViatris Inc.	2.58%	731,676	$10M	added+18%	−0.14 pp	21 q
CHRDChord Energy Corporation	2.57%	69,330	$10M	added+20%	+0.68 pp	9 q
JXNJackson Financial Inc.	2.23%	80,680	$9M	trimmed−6%	−1.01 pp	18 q
VZVerizon Communications	2.20%	168,000	$8M	trimmed−15%	−0.64 pp	5 q
DCHDauch Corporation	2.16%	1,395,905	$8M	trimmed−20%	−1.76 pp	17 q
JELDJELD-WEN Holding, Inc.	2.14%	6,619,885	$8M	added+60%	−1.44 pp	5 q
MSTRStrategy Inc Class A	1.70%	52,058	$6M	added×2.1	+0.35 pp	7 q
ARLPAlliance Resource Partners LP	1.34%	185,256	$5M	added+40%	+0.26 pp	22 q
MRPMillrose Properties, Inc.	1.32%	180,800	$5M	added×2.2	+0.45 pp	2 q
CALMCal-Maine Foods Inc	1.28%	62,000	$5M	held	—	3 q
ABRArbor Realty Trust, Inc.	1.22%	604,000	$5M	new	+1.22 pp	new
OMFOneMain Holdings, Inc.	1.16%	82,941	$4M	held	—	42 q
UGIUGI Corporation	1.15%	121,000	$4M	trimmed−54%	−2.31 pp	9 q
BMYBristol-Myers Squibb Co.	1.10%	69,500	$4M	trimmed−36%	−0.95 pp	9 q
WALWestern Alliance Bancorporation	1.02%	55,252	$4M	trimmed−14%	−0.89 pp	13 q
BBWBuild-A-Bear Workshop, Inc.	1.01%	103,734	$4M	added+33%	−0.67 pp	8 q
MELIMercado Libre, Inc	1.00%	2,215	$4M	new	+1.00 pp	new
CROXCrocs, Inc.	0.84%	38,548	$3M	new	+0.84 pp	new
FIGRFigure Technology Solutions, Inc. Class A	0.81%	91,009	$3M	new	+0.81 pp	new
LYBLyondellBasell Industries N.V. Class A	0.80%	38,000	$3M	held	—	5 q
ZDZiff Davis, Inc.	0.75%	68,058	$3M	new	+0.75 pp	new
BCCBoise Cascade Company	0.73%	37,000	$3M	held	—	10 q
CTRNCiti Trends, Inc.	0.61%	53,763	$2M	new	+0.61 pp	new
REZIResideo Technologies, Inc.	0.61%	69,762	$2M	new	+0.61 pp	new
UPBDUpbound Group, Inc.	0.57%	120,000	$2M	added+71%	+0.14 pp	3 q
ABNBAirbnb, Inc. Class A	0.53%	16,134	$2M	new	+0.53 pp	new
CGThe Carlyle Group Inc.	0.51%	40,000	$2M	held	—	6 q
CARTMaplebear Inc.	0.45%	45,557	$2M	new	+0.45 pp	new
BLDRBuilders FirstSource, Inc.	0.41%	18,893	$2M	new	+0.41 pp	new
PRDOPerdoceo Education Corporation	0.39%	40,395	$2M	new	+0.39 pp	new
FOURShift4 Payments, Inc.	0.34%	30,035	$1M	new	+0.34 pp	new
CPNGCoupang, Inc.	0.31%	62,528	$1M	new	+0.31 pp	new
PINSPinterest, Inc. Class A	0.29%	59,990	$1M	new	+0.29 pp	new
MBCMasterBrand, Inc.	0.23%	104,854	$871,337	new	+0.23 pp	new
VRMVroom, Inc.	0.20%	58,488	$778,475	new	+0.20 pp	new
PTLOPortillo's Inc. Class A	0.18%	129,323	$684,119	new	+0.18 pp	new
LADLithia Motors, Inc.	0.17%	2,654	$662,757	new	+0.17 pp	new
SNSharkNinja, Inc.	0.16%	5,775	$611,572	new	+0.16 pp	new
TPCTutor Perini Corporation	0.06%	2,795	$215,746	trimmed−59%	−0.10 pp	17 q
UNFIUnited Natural Foods Inc	0.06%	5,250	$236,565	trimmed−58%	−0.09 pp	8 q
FTITechnipFMC plc	0.06%	3,170	$219,142	trimmed−58%	−0.06 pp	17 q
STLAStellantis N.V.	—	−429,000	—	exited	−1.65 pp	—