Miller Value Partners 13F, Q1 2025
Bill Miller · quarter ending 31 March 2025 · filed 15 May 2025 · SEC CIK 1135778
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
The 25 largest of 34 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| LINCOLN NATL CORP IND | LNC | $18.65M | 8.5% | +5% shares |
| NABORS INDUSTRIES LTD | $16.21M | 7.4% | +38% shares | |
| BREAD FINANCIAL HOLDINGS INC | BFH | $15.52M | 7.1% | unchanged |
| GRAY MEDIA INC | GTN | $15.46M | 7.0% | +6% shares |
| QUAD / GRAPHICS INC | QUAD | $14.03M | 6.4% | +2% shares |
| JACKSON FINANCIAL INC | JXN | $10.13M | 4.6% | -12% shares |
| UGI CORP NEW | UGI | $9.66M | 4.4% | unchanged |
| VERIZON COMMUNICATIONS INC | VZ | $8.98M | 4.1% | new |
| GANNETT CO INC | TDAY | $7.84M | 3.6% | +13% shares |
| CTO RLTY GROWTH INC NEW | CTO | $7.41M | 3.4% | unchanged |
| ONEMAIN HLDGS INC | OMF | $7.28M | 3.3% | unchanged |
| BRISTOL-MYERS SQUIBB CO | BMY | $6.59M | 3.0% | unchanged |
| WESTERN ALLIANCE BANCORP | WAL | $6.41M | 2.9% | -41% shares |
| CHORD ENERGY CORPORATION | CHRD | $5.95M | 2.7% | unchanged |
| VIATRIS INC | VTRS | $5.39M | 2.5% | unchanged |
| UNITED NAT FOODS INC | UNFI | $5.18M | 2.4% | -54% shares |
| CONDUENT INC | CNDT | $5.06M | 2.3% | +21% shares |
| JELD-WEN HLDG INC | JELD | $4.64M | 2.1% | new |
| MICROSTRATEGY INC | MSTR | $4.40M | 2.0% | unchanged |
| STELLANTIS N.V | $4.37M | 2.0% | unchanged | |
| AMERICAN AXLE & MFG HLDGS IN | DCH | $4.05M | 1.9% | +88% shares |
| BUCKLE INC | BKE | $4.02M | 1.8% | unchanged |
| BOISE CASCADE CO DEL | BCC | $3.92M | 1.8% | unchanged |
| EASTERLY GOVT PPTYS INC | $3.89M | 1.8% | new | |
| BUILD-A-BEAR WORKSHOP INC | BBW | $3.72M | 1.7% | +5% shares |
What changed since Q4 2024
Against the Q4 2024 filing, Miller Value Partners opened 4 new positions, added to 11, trimmed 4, left 15 unchanged and exited 3. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001085146-25-003193, filed by MILLER VALUE PARTNERS, LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.