Bill Miller

Miller Value Partners·contrarian·Concentrated / high-conviction

Accredited only

~15% since 1982

Portfolio value

$399M

Positions

Top 5 concentration

34%

New buys this quarter

Quarterly activity

What Bill Miller bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (12)

$SPUUETFNew buy6.2%$COTYNew buy2.1%$METANew buy0.9%$AMPNew buy0.5%$GTNAdded+34.9%$BLMNAdded+27%$LNCAdded+5.7%$CNDTAdded+29.6%$JELDAdded+7.8%$MRPAdded+26.8%$UPBDAdded+115%$BBWAdded+28.8%

Sold (14)

$AXLSold out$PTLOSold out$SPYUnitSold out$MBCSold out$ABNBTrimmed-44.7%$ITRNTrimmed-34.4%$BFHTrimmed-31.4%$ZDTrimmed-25.6%$CROXTrimmed-25.1%$WALTrimmed-24.4%$MELITrimmed-22.7%$TPCTrimmed-11.6%$FOSLTrimmed-11.6%$UNFITrimmed-10.4%

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%$REZINew buy0.6%$ABNBNew buy0.6%$CTRNNew buy0.6%$CARTNew buy0.5%$PRDONew buy0.4%$FOURNew buy0.4%$BLDRNew buy0.4%$PINSNew buy0.3%$CPNGNew buy0.3%$LADNew buy0.2%$SNNew buy0.2%$PTLONew buy0.2%$VRMNew buy0.2%$MBCNew 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%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$NBR NABORS INDUSTRIES LTD	Held	9.4%	$84.01	$90.84	+8.1%
$GTN GRAY MEDIA INC	Added	7.2%	$3.97	$4.95	+24.7%
$SPUUETF DIREXION SHARES ETF TRUST	New buy	6.2%	$215.61	$226.25	+4.9%
$BLMN BLOOMIN BRANDS INC	Added	5.9%	$9.14	$9.79	+7.1%
$QUAD QUAD / GRAPHICS INC	Held	5.4%	$8.43	$10.70	+26.9%
$LNC LINCOLN NATL CORP IND	Added	5.3%	$35.35	$45.47	+28.6%
$CRGY CRESCENT ENERGY COMPANY	Held	5.2%	$9.82	$13.77	+40.2%
$CNDT CONDUENT INC	Added	4.8%	$1.46	$1.94	+32.9%
$BFH BREAD FINANCIAL HOLDINGS INC	Trimmed	3.6%	$108.35	$110.87	+2.3%
$UPS UNITED PARCEL SVCS INC	Held	3.1%	$107.50	$102.30	-4.8%
$VTRS VIATRIS INC	Held	2.9%	$15.88	$16.88	+6.3%
$CTO CTO RLTY GROWTH INC NEW	Held	2.9%	$21.51	$21.49	-0.1%
$JELD JELD-WEN HLDG INC	Added	2.7%	$1.50	$2.30	+53.3%
$FOSL FOSSIL GROUP INC	Trimmed	2.2%	$4.14	$5.15	+24.4%
$COTY COTY INC	New buy	2.1%	$2.16	$2.93	+35.6%
$JXN JACKSON FINANCIAL INC	Held	2.1%	$102.39	$140.63	+37.3%
$ITRN ITURAN LOCATION AND CONTROL	Trimmed	2%	$61.01	$51.74	-15.2%
$CHRD CHORD ENERGY CORPORATION	Held	2%	$114.30	$146.39	+28.1%
$VZ VERIZON COMMUNICATIONS INC	Held	1.8%	$42.34	$50.14	+18.4%
$MRP MILLROSE PPTYS INC	Added	1.7%	$30.05	$32.02	+6.6%
$UPBD UPBOUND GROUP INC	Added	1.4%	$21.22	$18.98	-10.6%
$OMF ONEMAIN HLDGS INC	Held	1.3%	$60.97	$64.63	+6%
$CALM CAL MAINE FOODS INC	Held	1.3%	$80.56	$74.63	-7.4%
$ARLP ALLIANCE RESOURCE PARTNERS L	Held	1.1%	$23.98	$26.48	+10.4%
$MSTR STRATEGY INC	Held	1.1%	$86.93	$142.80	+64.3%
$UGI UGI CORP NEW	Held	1%	$34.54	$37.94	+9.8%
$BBW BUILD-A-BEAR WORKSHOP INC	Added	1%	$30.61	$29.43	-3.9%
$BMY BRISTOL-MYERS SQUIBB CO	Held	1%	$57.62	$66.82	+16%
$META META PLATFORMS INC	New buy	0.9%	$563.29	$616.77	+9.5%
$CROX CROCS INC	Trimmed	0.9%	$120.64	$117.53	-2.6%
$WAL WESTERN ALLIANCE BANCORP	Trimmed	0.9%	$82.20	$80.95	-1.5%
$ABR ARBOR REALTY TRUST INC	Held	0.8%	$5.42	$5.25	-3.1%
$CTRN CITI TRENDS INC	Held	0.8%	$57.84	$71.16	+23%
$MELI MERCADOLIBRE INC	Trimmed	0.7%	$1697.39	$1978.36	+16.6%
$BCC BOISE CASCADE CO DEL	Held	0.7%	$77.63	$79.21	+2%
$FIGR FIGURE TECHNOLOGY SOLUTIO	Held	0.7%	$30.71	$35.96	+17.1%
$ZD ZIFF DAVIS INC	Trimmed	0.7%	$52.37	$55.70	+6.4%
$CART MAPLEBEAR INC	Held	0.5%	$47.35	$51.07	+7.9%
$REZI RESIDEO TECHNOLOGIES INC	Held	0.5%	$31.10	$19.88	-36.1%
$AMP AMERIPRISE FINL INC	New buy	0.5%	$458.76	$560.56	+22.2%
$LYB LYONDELLBASELL INDUSTRIES NV	Held	0.5%	$52.65	$63.53	+20.7%
$BLDR BUILDERS FIRSTSOURCE INC	Held	0.4%	$89.48	$65.79	-26.5%
$CG CARLYLE GROUP INC	Held	0.4%	$42.11	$46.97	+11.5%
$FOUR SHIFT4 PMTS INC	Held	0.4%	$48.64	$45.94	-5.6%
$PRDO PERDOCEO ED CORP	Held	0.3%	$32.00	$33.20	+3.8%
$ABNB AIRBNB INC	Trimmed	0.3%	$143.10	$181.94	+27.1%
$PINS PINTEREST INC	Held	0.3%	$21.03	$20.40	-3%
$CPNG COUPANG INC	Held	0.3%	$17.37	$15.29	-12%
$SN SHARKNINJA INC	Held	0.2%	$152.27	$173.38	+13.9%
$LAD LITHIA MTRS INC	Held	0.2%	$290.49	$386.81	+33.2%
$VRM VROOM INC	Held	0.1%	$7.70	$10.83	+40.6%
$UNFI UNITED NAT FOODS INC	Trimmed	0.1%	$45.67	$43.93	-3.8%
$FTI TECHNIPFMC PLC	Held	0.1%	$66.30	$79.84	+20.4%
$TPC TUTOR PERINI CORP	Trimmed	0.1%	$82.97	$88.21	+6.3%

Notable sell-outs this quarter: $AXL, $PTLO, $SPY, $MBC

Track Bill Miller between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

Source: SEC 13F via FMP · holdings as of Jun 2026 · 45-day filing delay. Long equity positions only. Not financial advice.