Miller Value Partners 13F, Q4 2025
Bill Miller · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1135778
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 34 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| NABORS INDUSTRIES LTD | $32.73M | 11.5% | -11% shares | |
| LINCOLN NATL CORP IND | LNC | $22.48M | 7.9% | -3% shares |
| GRAY MEDIA INC | GTN | $19.30M | 6.8% | +12% shares |
| USA TODAY CO INC | TDAY | $17.53M | 6.2% | unchanged |
| QUAD / GRAPHICS INC | QUAD | $17.17M | 6.0% | +4% shares |
| BREAD FINANCIAL HOLDINGS INC | BFH | $14.91M | 5.3% | -25% shares |
| FOSSIL GROUP INC | FOSL | $11.97M | 4.2% | -4% shares |
| AMERICAN AXLE & MFG HLDGS IN | DCH | $11.12M | 3.9% | unchanged |
| CONDUENT INC | CNDT | $10.72M | 3.8% | +39% shares |
| JELD-WEN HLDG INC | JELD | $10.17M | 3.6% | +100% shares |
| UGI CORP NEW | UGI | $9.81M | 3.5% | unchanged |
| ITURAN LOCATION AND CONTROL | $9.25M | 3.3% | unchanged | |
| JACKSON FINANCIAL INC | JXN | $9.19M | 3.2% | -8% shares |
| UNITED PARCEL SERVICE INC | UPS | $8.59M | 3.0% | unchanged |
| VERIZON COMMUNICATIONS INC | VZ | $8.06M | 2.8% | unchanged |
| CTO RLTY GROWTH INC NEW | CTO | $7.99M | 2.8% | unchanged |
| VIATRIS INC | VTRS | $7.71M | 2.7% | unchanged |
| BRISTOL-MYERS SQUIBB CO | BMY | $5.83M | 2.0% | unchanged |
| ONEMAIN HLDGS INC | OMF | $5.60M | 2.0% | -10% shares |
| WESTERN ALLIANCE BANCORP | WAL | $5.42M | 1.9% | unchanged |
| CHORD ENERGY CORPORATION | CHRD | $5.35M | 1.9% | +10% shares |
| CAL MAINE FOODS INC | CALM | $4.93M | 1.7% | unchanged |
| BUILD-A-BEAR WORKSHOP INC | BBW | $4.78M | 1.7% | -20% shares |
| STELLANTIS N.V | $4.67M | 1.6% | +10% shares | |
| STRATEGY INC | MSTR | $3.84M | 1.4% | +66% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Miller Value Partners opened 1 new position, added to 9, trimmed 8, left 16 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 0001135778-26-000003, 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.