Miller Value Partners

Q2 2026 13F · by Bill Miller IV, CIO

As of: Jun 30, 2026
Filed: Aug 14, 2026
US stock: $423M · prev $383M
Positions: 56 · prev 55
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%

Moves49 since the prior filing

+11.9 pp in · −10.5 pp out

New 4 +9.14 pp
Added 20 +2.78 pp
Trimmed 22 −4.97 pp
Exited 3 −5.51 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions56 in this filing · 3 exited


NBRNabors Industries Ltd.	8.85%	445,460	$37M	added0%	−1.13 pp	37 q
GTNGray Media, Inc.	6.80%	7,243,390	$29M	added+35%	+0.72 pp	13 q
SPUUDirexion Daily S&P 500 Bull 2X ETF	5.81%	114,078	$25M	new	+5.81 pp	new
BLMNBloomin' Brands, Inc.	5.59%	2,585,909	$24M	added+27%	+2.72 pp	2 q
QUADQUAD/GRAPHICS, Inc.	5.06%	2,538,299	$21M	trimmed−4%	+0.49 pp	30 q
LNCLincoln National Corp.	5.04%	603,160	$21M	added+6%	−0.25 pp	10 q
CRGYCrescent Energy Company	4.86%	2,092,679	$21M	added+4%	−2.20 pp	2 q
CNDTConduent Incorporated	4.48%	12,986,100	$19M	added+30%	+1.13 pp	22 q
BFHBread Financial Holdings, Inc.	3.40%	132,798	$14M	trimmed−31%	−0.39 pp	13 q
UPSUnited Parcel Service, Inc. Class B	2.95%	116,003	$12M	trimmed−3%	−0.11 pp	4 q
DCHDauch Corporation	2.92%	2,282,090	$12M	added+63%	+0.76 pp	18 q
TDAYUSA TODAY Co., Inc.	2.83%	1,401,080	$12M	trimmed−29%	−0.79 pp	24 q
VTRSViatris Inc.	2.75%	733,164	$12M	added0%	+0.17 pp	22 q
CTOCTO Realty Growth, Inc.	2.74%	539,900	$12M	trimmed−3%	+0.06 pp	19 q
JELDJELD-WEN Holding, Inc.	2.53%	7,139,095	$11M	added+8%	+0.39 pp	6 q
FOSLFossil Group, Inc.	2.10%	2,143,445	$9M	trimmed−12%	−0.63 pp	12 q
COTYCoty Inc	2.00%	3,917,705	$8M	new	+2.00 pp	new
JXNJackson Financial Inc.	1.94%	80,142	$8M	trimmed−1%	−0.29 pp	19 q
ITRNIturan Location and Control Ltd.	1.93%	133,700	$8M	trimmed−34%	−0.68 pp	4 q
CHRDChord Energy Corporation	1.87%	69,096	$8M	trimmed−0%	−0.70 pp	10 q
VZVerizon Communications	1.68%	168,000	$7M	held	—	6 q
MRPMillrose Properties, Inc.	1.63%	229,300	$7M	added+27%	+0.31 pp	3 q
UPBDUpbound Group, Inc.	1.29%	258,000	$5M	added×2.1	+0.72 pp	4 q
OMFOneMain Holdings, Inc.	1.20%	82,941	$5M	held	—	43 q
CALMCal-Maine Foods Inc	1.18%	62,000	$5M	held	—	4 q
ARLPAlliance Resource Partners LP	1.06%	186,981	$4M	added+1%	−0.28 pp	23 q
MSTRStrategy Inc Class A	1.03%	50,203	$4M	trimmed−4%	−0.67 pp	8 q
UGIUGI Corporation	0.99%	121,000	$4M	held	—	10 q
BBWBuild-A-Bear Workshop, Inc.	0.97%	133,567	$4M	added+29%	−0.04 pp	9 q
BMYBristol-Myers Squibb Co.	0.95%	69,500	$4M	held	—	10 q
METAMeta Platforms, Inc. Class A	0.85%	6,412	$4M	new	+0.85 pp	new
CROXCrocs, Inc.	0.82%	28,856	$3M	trimmed−25%	−0.02 pp	2 q
WALWestern Alliance Bancorporation	0.81%	41,755	$3M	trimmed−24%	−0.21 pp	14 q
ABRArbor Realty Trust, Inc.	0.78%	611,000	$3M	added+1%	−0.44 pp	2 q
CTRNCiti Trends, Inc.	0.74%	54,200	$3M	added+1%	+0.13 pp	2 q
MELIMercado Libre, Inc	0.69%	1,712	$3M	trimmed−23%	−0.31 pp	2 q
BCCBoise Cascade Company	0.68%	37,000	$3M	held	—	11 q
FIGRFigure Technology Solutions, Inc. Class A	0.65%	89,668	$3M	trimmed−1%	−0.16 pp	2 q
ZDZiff Davis, Inc.	0.63%	50,602	$3M	trimmed−26%	−0.12 pp	2 q
CARTMaplebear Inc.	0.51%	45,645	$2M	added0%	+0.06 pp	2 q
REZIResideo Technologies, Inc.	0.51%	68,931	$2M	trimmed−1%	−0.10 pp	2 q
AMPAmeriprise Financial, Inc.	0.48%	4,428	$2M	new	+0.48 pp	new
LYBLyondellBasell Industries N.V. Class A	0.47%	38,000	$2M	held	—	6 q
BLDRBuilders FirstSource, Inc.	0.40%	19,115	$2M	added+1%	−0.01 pp	2 q
CGThe Carlyle Group Inc.	0.40%	40,000	$2M	held	—	7 q
FOURShift4 Payments, Inc.	0.34%	29,965	$1M	trimmed−0%	0.00 pp	2 q
ABNBAirbnb, Inc. Class A	0.30%	8,921	$1M	trimmed−45%	−0.23 pp	2 q
PRDOPerdoceo Education Corporation	0.30%	40,288	$1M	trimmed−0%	−0.09 pp	2 q
PINSPinterest, Inc. Class A	0.29%	57,860	$1M	trimmed−4%	0.00 pp	2 q
CPNGCoupang, Inc.	0.26%	64,124	$1M	added+3%	−0.05 pp	2 q
SNSharkNinja, Inc.	0.21%	5,932	$903,266	added+3%	+0.05 pp	2 q
LADLithia Motors, Inc.	0.19%	2,712	$787,809	added+2%	+0.02 pp	2 q
VRMVroom, Inc.	0.11%	58,488	$450,358	held	—	2 q
TPCTutor Perini Corporation	0.05%	2,470	$204,936	trimmed−12%	−0.01 pp	18 q
UNFIUnited Natural Foods Inc	0.05%	4,705	$214,877	trimmed−10%	−0.01 pp	9 q
FTITechnipFMC plc	0.05%	3,170	$210,171	held	—	18 q
SPYState Street SPDR S&P 500 ETF Trust	—	−30,044	—	exited	−5.10 pp	—
MBCMasterBrand, Inc.	—	−104,854	—	exited	−0.23 pp	—
PTLOPortillo's Inc. Class A	—	−129,323	—	exited	−0.18 pp	—