Miller Value Partners 13F, Q2 2025
Bill Miller · quarter ending 30 June 2025 · filed 14 August 2025 · SEC CIK 1135778
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 33 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| LINCOLN NATL CORP IND | LNC | $19.70M | 8.4% | +10% shares |
| BREAD FINANCIAL HOLDINGS INC | BFH | $18.70M | 7.9% | +6% shares |
| NABORS INDUSTRIES LTD | $17.49M | 7.4% | +61% shares | |
| GRAY MEDIA INC | GTN | $16.52M | 7.0% | unchanged |
| QUAD / GRAPHICS INC | QUAD | $15.31M | 6.5% | +5% shares |
| GANNETT CO INC | TDAY | $11.76M | 5.0% | +21% shares |
| JACKSON FINANCIAL INC | JXN | $11.10M | 4.7% | +3% shares |
| UGI CORP NEW | UGI | $10.63M | 4.5% | unchanged |
| VERIZON COMMUNICATIONS INC | VZ | $8.57M | 3.6% | unchanged |
| ONEMAIN HLDGS INC | OMF | $8.49M | 3.6% | unchanged |
| JELD-WEN HLDG INC | JELD | $7.35M | 3.1% | +141% shares |
| CONDUENT INC | CNDT | $7.27M | 3.1% | +47% shares |
| CTO RLTY GROWTH INC NEW | CTO | $6.89M | 2.9% | +4% shares |
| WESTERN ALLIANCE BANCORP | WAL | $6.51M | 2.8% | unchanged |
| MICROSTRATEGY INC | MSTR | $6.16M | 2.6% | unchanged |
| AMERICAN AXLE & MFG HLDGS IN | DCH | $5.87M | 2.5% | +45% shares |
| VIATRIS INC | VTRS | $5.53M | 2.4% | unchanged |
| BUILD-A-BEAR WORKSHOP INC | BBW | $5.41M | 2.3% | +5% shares |
| FOSSIL GROUP INC | FOSL | $5.14M | 2.2% | +17% shares |
| CHORD ENERGY CORPORATION | CHRD | $5.11M | 2.2% | unchanged |
| BRISTOL-MYERS SQUIBB CO | BMY | $5.00M | 2.1% | unchanged |
| BUCKLE INC | BKE | $4.76M | 2.0% | unchanged |
| STELLANTIS N.V | $3.91M | 1.7% | unchanged | |
| CARLYLE GROUP INC | CG | $3.60M | 1.5% | unchanged |
| BOISE CASCADE CO DEL | BCC | $3.47M | 1.5% | unchanged |
What changed since Q1 2025
Against the Q1 2025 filing, Miller Value Partners opened 1 new position, added to 12, trimmed 2, left 18 unchanged and exited 2. 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 0001085146-25-005135, 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.