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BM

Bill Miller

Miller Value Partners·contrarian·Concentrated / activist
Accredited only

~15% since 1982

Portfolio value

$369M

Positions

54

Top 5 concentration

35%

New buys this quarter

22

Quarterly activity

What Bill Miller bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (25)

$CRGYNew buy7.3%$SPYUnitNew buy5.3%$BLMNNew buy3%$ABRNew buy1.3%$MELINew buy1%$CROXNew buy0.9%$FIGRNew buy0.8%$ZDNew buy0.8%$ABNBNew buy0.6%$CTRNNew buy0.6%$REZINew buy0.6%$CARTNew buy0.5%$BLDRNew buy0.4%$PRDONew buy0.4%$FOURNew buy0.4%$CPNGNew buy0.3%$PINSNew buy0.3%$LADNew buy0.2%$MBCNew buy0.2%$PTLONew buy0.2%$SNNew buy0.2%$VRMNew buy0.2%$GTNAdded+34.6%$LNCAdded+13.1%$CNDTAdded+79.5%

Sold (14)

$STLASold out$GCISold out$TPCTrimmed-59%$UNFITrimmed-58.4%$FTITrimmed-57.8%$UGITrimmed-53.8%$BMYTrimmed-35.6%$NBRTrimmed-26.3%$FOSLTrimmed-23.8%$AXLTrimmed-19.5%$VZTrimmed-15.2%$WALTrimmed-14.3%$JXNTrimmed-6.3%$ITRNTrimmed-5.2%
Dec 2025vs Sep 2025

Bought (8)

$MRPNew buy0.9%$GTNAdded+12.1%$CNDTAdded+38.5%$JELDAdded+99.8%$CHRDAdded+9.5%$STLAAdded+10%$MSTRAdded+65.6%$UPBDAdded+250%

Sold (9)

$BKESold out$SMLRSold out$TTEADRSold out$UNFITrimmed-82.8%$BFHTrimmed-25.4%$BBWTrimmed-20.4%$NBRTrimmed-10.5%$OMFTrimmed-9.8%$JXNTrimmed-8.2%
Sep 2025vs Jun 2025

Bought (9)

$ITRNNew buy2.8%$UPSNew buy2.7%$CALMNew buy2.1%$UPBDNew buy0.2%$NBRAdded+7.9%$CNDTAdded+46.3%$AXLAdded+19.2%$JELDAdded+10.4%$CTOAdded+7.5%

Sold (14)

$DEASold out$TPCTrimmed-47.2%$UNFITrimmed-46.5%$CGTrimmed-42.9%$OMFTrimmed-38.3%$BKETrimmed-31.4%$JXNTrimmed-24.9%$WALTrimmed-24%$BFHTrimmed-17.5%$UGITrimmed-10.3%$LNCTrimmed-8.6%$BCCTrimmed-7.5%$FTITrimmed-7.5%$BBWTrimmed-6.7%
Jun 2025vs Mar 2025

Bought (9)

$LNCAdded+9.7%$BFHAdded+5.7%$NBRAdded+60.5%$QUADAdded+5.3%$GCIAdded+21.1%$CNDTAdded+46.9%$JELDAdded+141.4%$AXLAdded+44.6%$FOSLAdded+17%

Sold (4)

$TSold out$TPCTrimmed-85.7%$DEATrimmed-60%$UNFITrimmed-27.3%
Mar 2025vs Dec 2024

Bought (14)

$VZNew buy4.1%$JELDNew buy2.1%$DEANew buy1.8%$LYBNew buy1.2%$LNCAdded+5.2%$NBRAdded+38.2%$GTNAdded+5.7%$GCIAdded+13.2%$CNDTAdded+21.1%$AXLAdded+88%$BBWAdded+5.3%$FOSLAdded+15.3%$TPCAdded+19.1%$SMLRAdded+23.3%

Sold (7)

$PBISold out$TEVAADRSold out$ATKRSold out$TTrimmed-78.2%$UNFITrimmed-54.2%$WALTrimmed-40.9%$JXNTrimmed-12%
Dec 2024vs Sep 2024

Bought (19)

$CGNew buy1.5%$ATKRNew buy1.3%$SMLRNew buy1%$BFHAdded+17.6%$QUADAdded+33.7%$NBRAdded+99.5%$LNCAdded+28.8%$GCIAdded+74.8%$JXNAdded+5.4%$WALAdded+6.1%$UNFIAdded+52.1%$GTNAdded+132.1%$UGIAdded+44.6%$CNDTAdded+72%$BMYAdded+35%$FOSLAdded+92.9%$ARLPAdded+8.5%$AXLAdded+126.7%$TPCAdded+38.8%

Sold (3)

$MSTRTrimmed-69.7%$BBWTrimmed-36.7%$BKETrimmed-16%
Sep 2024vs Jun 2024

Bought (13)

$MSTRNew buy4.8%$TTEADRNew buy0.3%$LNCAdded+16.2%$NBRAdded+36%$QUADAdded+30.2%$GTNAdded+88.8%$CHRDAdded+17.3%$BBWAdded+114.3%$UNFIAdded+32.5%$BMYAdded+33.3%$CNDTAdded+20.5%$FOSLAdded+22.5%$AXLAdded+21.6%

Sold (10)

$TPCTrimmed-36.9%$PBITrimmed-22.8%$BKETrimmed-16.7%$UGITrimmed-14.8%$CTOTrimmed-13.5%$JXNTrimmed-10.6%$GCITrimmed-10%$TTrimmed-9.4%$STLATrimmed-7.1%$WALTrimmed-6.4%
Jun 2024vs Mar 2024

Bought (7)

$UNFINew buy1.8%$BBWNew buy1.2%$LNCAdded+65.7%$CHRDAdded+29.7%$NBRAdded+48.5%$UGIAdded+41.9%$GTNAdded+57.8%

Sold (7)

$CLFSold out$WIRESold out$GEOSold out$TPCTrimmed-59.5%$GCITrimmed-38.3%$PBITrimmed-22.5%$TEVAADRTrimmed-5.6%

Quarter-over-quarter change in disclosed positions.

Holdings

StockMove% of portfolioSince report

NABORS INDUSTRIES LTD

Trimmed
10.4%
-6.7%

CRESCENT ENERGY COMPANY

New buy
7.3%
-29.5%

GRAY MEDIA INC

Added
6.3%
-13.1%

LINCOLN NATL CORP IND

Added
5.5%
+11.3%
$SPYUnit

STATE STR SPDR S&P 500 ETF T

New buy
5.3%
+15.6%

QUAD / GRAPHICS INC

Held
4.7%
+24.8%

BREAD FINANCIAL HOLDINGS INC

Held
3.9%
+27.6%

CONDUENT INC

Added
3.5%
+17.2%

UNITED PARCEL SVCS INC

Added
3.2%
+12.6%

BLOOMIN BRANDS INC

New buy
3%
+49.3%

FOSSIL GROUP INC

Trimmed
2.8%
-5.3%

CTO RLTY GROWTH INC NEW

Added
2.8%
+15.9%

ITURAN LOCATION AND CONTROL

Trimmed
2.7%
+14.8%

VIATRIS INC

Added
2.7%
+20.9%

CHORD ENERGY CORPORATION

Added
2.7%
-16.7%

JACKSON FINANCIAL INC

Trimmed
2.3%
+4.8%

VERIZON COMMUNICATIONS INC

Trimmed
2.3%
-15.9%

DAUCH CORP

Trimmed
2.2%
+45.4%

JELD-WEN HLDG INC

Added
2.2%
+0%

STRATEGY INC

Added
1.8%
-24.8%

ALLIANCE RESOURCE PARTNERS L

Added
1.4%
-11.6%

MILLROSE PPTYS INC

Added
1.4%
+1.1%

CAL MAINE FOODS INC

Held
1.3%
+7.8%

ARBOR REALTY TRUST INC

New buy
1.3%
-35.7%

ONEMAIN HLDGS INC

Held
1.2%
+10%

UGI CORP NEW

Trimmed
1.2%
-1%

BRISTOL-MYERS SQUIBB CO

Trimmed
1.1%
-4.5%

WESTERN ALLIANCE BANCORP

Trimmed
1.1%
+12.9%

BUILD-A-BEAR WORKSHOP INC

Added
1.1%
-16.8%

MERCADOLIBRE INC

New buy
1%
+4.6%

CROCS INC

New buy
0.9%
+53.1%

FIGURE TECHNOLOGY SOLUTIO

New buy
0.8%
-3.4%

LYONDELLBASELL INDUSTRIES NV

Held
0.8%
-31.2%

ZIFF DAVIS INC

New buy
0.8%
+26%

BOISE CASCADE CO DEL

Held
0.8%
-4.8%

RESIDEO TECHNOLOGIES INC

New buy
0.6%
-7.9%

CITI TRENDS INC

New buy
0.6%
+33.2%

UPBOUND GROUP INC

Added
0.6%
+12.6%

AIRBNB INC

New buy
0.6%
+16.3%

CARLYLE GROUP INC

Held
0.5%
-8.7%

MAPLEBEAR INC

New buy
0.5%
+28.9%

BUILDERS FIRSTSOURCE INC

New buy
0.4%
-9.5%

PERDOCEO ED CORP

New buy
0.4%
-4.2%

SHIFT4 PMTS INC

New buy
0.4%
+12.7%

COUPANG INC

New buy
0.3%
+1.5%

PINTEREST INC

New buy
0.3%
+23.7%

MASTERBRAND INC

New buy
0.2%
+8.4%

VROOM INC

New buy
0.2%
-45.9%

PORTILLOS INC

New buy
0.2%
-13%

LITHIA MTRS INC

New buy
0.2%
+24.9%

SHARKNINJA INC

New buy
0.2%
+40.5%

UNITED NAT FOODS INC

Trimmed
0.1%
+6.4%

TECHNIPFMC PLC

Trimmed
0.1%
+2%

TUTOR PERINI CORP

Trimmed
0.1%
-2.9%

Notable sell-outs this quarter: $STLA, $GCI

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.