Bill Miller - Miller Value Partners
Miller Value Partners
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$283.83M
Positions
34
Top 10 concentration
59.2%
QoQ change
+4.3%
+$11.68M
Activity vs. Q3 2025
1
New positions
13
Added to
12
Unchanged
8
Reduced
28
Exited
Portfolio composition — Q4 2025
- NBRNABORS INDUSTRIES LTD11.5%
- LNCLINCOLN NATL CORP IND7.9%
- GTNGRAY MEDIA INC6.8%
- TDAYUSA TODAY CO INC6.2%
- QUADQUAD / GRAPHICS INC6.0%
- BFHBREAD FINANCIAL HOLDINGS INC5.3%
- FOSLFOSSIL GROUP INC4.2%
- DCHAMERICAN AXLE & MFG HLDGS IN3.9%
- CNDTCONDUENT INC3.8%
- JELDJELD-WEN HLDG INC3.6%
- Other24 more positions40.8%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | NBR | NABORS INDUSTRIES LTD | 602,737 | $32.73M | 11.53% | $54.30 | REDUCE | -10.5% |
| 2 | LNC | LINCOLN NATL CORP IND | 504,761 | $22.48M | 7.92% | $44.53 | REDUCE | -3.1% |
| 3 | GTN | GRAY MEDIA INC | 3,988,495 | $19.30M | 6.80% | $4.84 | ADD | +12.1% |
| 4 | TDAY | USA TODAY CO INC | 3,403,345 | $17.53M | 6.18% | $5.15 | ADD | +0.0% |
| 5 | QUAD | QUAD / GRAPHICS INC | 2,737,890 | $17.17M | 6.05% | $6.27 | ADD | +4.4% |
| 6 | BFH | BREAD FINANCIAL HOLDINGS INC | 201,415 | $14.91M | 5.25% | $74.03 | REDUCE | -25.4% |
| 7 | FOSL | FOSSIL GROUP INC | 3,184,415 | $11.97M | 4.22% | $3.76 | REDUCE | -4.3% |
| 8 | DCH | AMERICAN AXLE & MFG HLDGS IN | 1,734,780 | $11.12M | 3.92% | $6.41 | ADD | +1.0% |
| 9 | CNDT | CONDUENT INC | 5,583,385 | $10.72M | 3.78% | $1.92 | ADD | +38.5% |
| 10 | JELD | JELD-WEN HLDG INC | 4,134,210 | $10.17M | 3.58% | $2.46 | ADD | +99.8% |
| 11 | UGI | UGI CORP NEW | 262,000 | $9.81M | 3.46% | $37.43 | — | 0% |
| 12 | ITRN | ITURAN LOCATION AND CONTROL | 215,000 | $9.25M | 3.26% | $43.01 | — | 0% |
| 13 | JXN | JACKSON FINANCIAL INC | 86,150 | $9.19M | 3.24% | $106.65 | REDUCE | -8.2% |
| 14 | UPS | UNITED PARCEL SERVICE INC | 86,600 | $8.59M | 3.03% | $99.19 | — | 0% |
| 15 | VZ | VERIZON COMMUNICATIONS INC | 198,000 | $8.06M | 2.84% | $40.73 | — | 0% |
| 16 | CTO | CTO RLTY GROWTH INC NEW | 434,145 | $7.99M | 2.82% | $18.41 | ADD | +1.2% |
| 17 | VTRS | VIATRIS INC | 619,000 | $7.71M | 2.72% | $12.45 | — | 0% |
| 18 | BMY | BRISTOL-MYERS SQUIBB CO | 108,000 | $5.83M | 2.05% | $53.94 | — | 0% |
| 19 | OMF | ONEMAIN HLDGS INC | 82,941 | $5.60M | 1.97% | $67.55 | REDUCE | -9.8% |
| 20 | WAL | WESTERN ALLIANCE BANCORP | 64,455 | $5.42M | 1.91% | $84.07 | ADD | +1.6% |
| 21 | CHRD | CHORD ENERGY CORPORATION | 57,766 | $5.35M | 1.89% | $92.70 | ADD | +9.5% |
| 22 | CALM | CAL MAINE FOODS INC | 62,000 | $4.93M | 1.74% | $79.57 | — | 0% |
| 23 | BBW | BUILD-A-BEAR WORKSHOP INC | 78,000 | $4.78M | 1.68% | $61.27 | REDUCE | -20.4% |
| 24 | STLA | STELLANTIS N.V | 429,000 | $4.67M | 1.65% | $10.89 | ADD | +10.0% |
| 25 | MSTR | STRATEGY INC | 25,250 | $3.84M | 1.35% | $151.95 | ADD | +65.6% |
| 26 | ARLP | ALLIANCE RESOURCE PARTNERS L | 132,000 | $3.07M | 1.08% | $23.23 | ADD | +3.9% |
| 27 | BCC | BOISE CASCADE CO DEL | 37,000 | $2.72M | 0.96% | $73.60 | — | 0% |
| 28 | MRP | MILLROSE PPTYS INC | 82,800 | $2.47M | 0.87% | $29.87 | NEW | — |
| 29 | CG | CARLYLE GROUP INC | 40,000 | $2.36M | 0.83% | $59.11 | — | 0% |
| 30 | LYB | LYONDELLBASELL INDUSTRIES N | 38,000 | $1.65M | 0.58% | $43.30 | — | 0% |
| 31 | UPBD | UPBOUND GROUP INC | 70,000 | $1.23M | 0.43% | $17.56 | ADD | +250.0% |
| 32 | TPC | TUTOR PERINI CORP | 6,815 | $456.74K | 0.16% | $67.02 | — | 0% |
| 33 | UNFI | UNITED NAT FOODS INC | 12,625 | $425.08K | 0.15% | $33.67 | REDUCE | -82.8% |
| 34 | FTI | TECHNIPFMC PLC | 7,510 | $334.65K | 0.12% | $44.56 | — | 0% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| RICK | RCI HOSPITALITY HLDGS INC | 0 |
| T | AT&T INC | 0 |
| GEO | GEO GROUP INC NEW | 0 |
| BKE | BUCKLE INC | 72,000 |
| CNC | CENTENE CORP DEL | 0 |
| DEA | EASTERLY GOVT PPTYS INC | 0 |
| — | EASTERLY GOVT PPTYS INC | 0 |
| ATKR | ATKORE INC | 0 |
| PBI | PITNEY BOWES INC | 0 |
| MSTR 0.75 12/15/25 | MICROSTRATEGY INC | 0 |
| CLF | CLEVELAND-CLIFFS INC NEW | 0 |
| WIREEUR | ENCORE WIRE CORP | 0 |
| HRB | BLOCK H & R INC | 0 |
| BLDR | BUILDERS FIRSTSOURCE INC | 0 |
| SMLR | SEMLER SCIENTIFIC INC | 53,000 |
| TTEN | TOTALENERGIES SE | 7,650 |
| CROX | CROCS INC | 0 |
| EXPE | EXPEDIA GROUP INC | 0 |
| LAD | LITHIA MTRS INC | 0 |
| MBC | MASTERBRAND INC | 0 |
| MTCH | MATCH GROUP INC NEW | 0 |
| TEVA | TEVA PHARMACEUTICAL INDS LTD | 0 |
| MPT | MEDICAL PPTYS TRUST INC | 0 |
| MED | MEDIFAST INC | 0 |
| PRDO | PERDOCEO ED CORP | 0 |
| UPRO | PROSHARES TR | 0 |
| ABNB | AIRBNB INC | 0 |
| BZH | BEAZER HOMES USA INC | 0 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001135778.