Miller Value Partners 13F, Q3 2025
Bill Miller · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1135778
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 36 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| NABORS INDUSTRIES LTD | $27.51M | 10.1% | +8% shares | |
| LINCOLN NATL CORP IND | LNC | $21.00M | 7.7% | -9% shares |
| GRAY MEDIA INC | GTN | $20.57M | 7.6% | -3% shares |
| QUAD / GRAPHICS INC | QUAD | $16.42M | 6.0% | -3% shares |
| BREAD FINANCIAL HOLDINGS INC | BFH | $15.06M | 5.5% | -18% shares |
| GANNETT CO INC | TDAY | $14.06M | 5.2% | +4% shares |
| CONDUENT INC | CNDT | $11.29M | 4.2% | +46% shares |
| AMERICAN AXLE & MFG HLDGS IN | DCH | $10.32M | 3.8% | +19% shares |
| JELD-WEN HLDG INC | JELD | $10.16M | 3.7% | +10% shares |
| JACKSON FINANCIAL INC | JXN | $9.50M | 3.5% | -25% shares |
| UGI CORP NEW | UGI | $8.71M | 3.2% | -10% shares |
| VERIZON COMMUNICATIONS INC | VZ | $8.70M | 3.2% | unchanged |
| FOSSIL GROUP INC | FOSL | $8.55M | 3.1% | -4% shares |
| ITURAN LOCATION AND CONTROL | $7.68M | 2.8% | new | |
| UNITED PARCEL SERVICE INC | UPS | $7.23M | 2.7% | new |
| CTO RLTY GROWTH INC NEW | CTO | $7.00M | 2.6% | +8% shares |
| BUILD-A-BEAR WORKSHOP INC | BBW | $6.39M | 2.4% | -7% shares |
| VIATRIS INC | VTRS | $6.13M | 2.3% | unchanged |
| CAL MAINE FOODS INC | CALM | $5.83M | 2.1% | new |
| WESTERN ALLIANCE BANCORP | WAL | $5.50M | 2.0% | -24% shares |
| CHORD ENERGY CORPORATION | CHRD | $5.24M | 1.9% | unchanged |
| ONEMAIN HLDGS INC | OMF | $5.19M | 1.9% | -38% shares |
| STRATEGY INC | MSTR | $4.91M | 1.8% | unchanged |
| BRISTOL-MYERS SQUIBB CO | BMY | $4.87M | 1.8% | unchanged |
| BUCKLE INC | BKE | $4.22M | 1.6% | -31% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Miller Value Partners opened 4 new positions, added to 6, trimmed 16, left 10 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Exited
- DEAwas $3.26M
Added to
Other quarters
Source: SEC Form 13F-HR, accession 0001135778-25-000003, 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.