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Bill Miller - Miller Value Partners
Bill Miller is famous for beating the S&P 500 for a record 15 straight years at Legg Mason. He runs Miller Value Partners with a contrarian style and was an early backer of Amazon and Bitcoin.
Bill Miller - Miller Value Partners manages a $383M U.S. equity portfolio of 55 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$383M
Positions
55
Top 10 Weight
51.90%
Largest Position
9.98%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
NABORS INDUSTRIES LTD9.98%CRESCENT ENERGY COMPANY7.06%GRAY MEDIA INC6.08%LINCOLN NATL CORP IND5.29%SPDR S&P 500 ETF TR5.10%
Strategy Snapshot
- › Portfolio value rose 35.0% quarter-over-quarter to $383M.
- › Concentrated portfolio — the top 10 holdings make up 51.9% of assets.
- › This quarter: 22 new buys, 13 adds, 15 trims, 1 full exits — net buyer
- › Biggest new buy: CRESCENT ENERGY COMPANY (CRGY) ($27M)
- › Biggest exit: STELLANTIS N.V (STLA) ($4M position closed)
Changes since Q4 2025
New Buys
Added To / Trimmed
- NABORS INDUSTRIES LTD (NBR)−26.3%
- USA TODAY CO INC (TDAY)−42.1%
- GRAY MEDIA INC (GTN)++34.6%
- CONDUENT INC (CNDT)++79.5%
- UGI CORP NEW (UGI)−53.8%
- STRATEGY INC (MSTR)++106.2%
- FOSSIL GROUP INC (FOSL)−23.8%
- UNITED PARCEL SERVICE INC (UPS)++37.5%
- JELD-WEN HLDG INC (JELD)++60.1%
- MILLROSE PPTYS INC (MRP)++118.4%
Exited
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | NABORS INDUSTRIES LTD NBR | $38M | 9.98% | ~$45.88 | $89.15 | +94.3% | −21.0% | −26.3% | Sold Q1 2026 | Q2 2024 |
| 2 | CRESCENT ENERGY COMPANY CRGY | $27M | 7.06% | ~$13.50 | $10.78 | −20.1% | −24.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 3 | GRAY MEDIA INC GTN | $23M | 6.08% | ~$4.21 | $3.73 | −11.5% | −42.1% | +34.6% | Bought Q1 2026 | Q2 2024 |
| 4 | LINCOLN NATL CORP IND LNC | $20M | 5.29% | ~$32.21 | $37.39 | +16.1% | −20.1% | +13.1% | Bought Q1 2026 | Q2 2024 |
| 5 | SPDR S&P 500 ETF TR SPY | $19M | 5.10% | ~$650.34 | $740.96 | +13.9% | −2.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 6 | QUAD / GRAPHICS INC QUAD | $17M | 4.57% | ~$5.69 | $7.52 | +32.1% | −13.0% | −3.2% | Sold Q1 2026 | Q2 2024 |
| 7 | BREAD FINANCIAL HOLDINGS, INC. BFH | $14M | 3.79% | ~$47.66 | $101.43 | +112.8% | −3.6% | −3.8% | Sold Q1 2026 | Q2 2024 |
| 8 | USA TODAY CO INC TDAY | $13M | 3.62% | ~$4.40 | $7.92 | +80.2% | −4.3% | −42.1% | Sold Q1 2026 | Q2 2024 |
| 9 | CONDUENT INC CNDT | $12M | 3.35% | ~$2.11 | $1.43 | −32.1% | −52.0% | +79.5% | Bought Q1 2026 | Q2 2024 |
| 10 | UNITED PARCEL SERVICE INC UPS | $11M | 3.06% | ~$87.58 | $105.13 | +20.0% | −14.1% | +37.5% | Bought Q1 2026 | Q3 2025 |
| 11 | BLOOMIN BRANDS INC BLMN | $10M | 2.87% | ~$5.40 | $7.68 | +42.2% | −28.2% | NEW | Bought Q1 2026 | Q1 2026 |
| 12 | FOSSIL GROUP INC FOSL | $10M | 2.73% | ~$1.48 | $4.18 | +183.2% | −27.3% | −23.8% | Sold Q1 2026 | Q2 2024 |
| 13 | CTO RLTY GROWTH INC NEW CTO | $10M | 2.68% | ~$17.63 | $20.66 | +17.2% | −2.0% | +28.1% | Bought Q1 2026 | Q2 2024 |
| 14 | ITURAN LOCATION AND CONTROL | $9M | 2.61% | ~$35.72 | — | — | — | −5.2% | Sold Q1 2026 | Q3 2025 |
| 15 | VIATRIS INC VTRS | $9M | 2.58% | ~$11.07 | $15.73 | +42.1% | −10.3% | +18.2% | Bought Q1 2026 | Q2 2024 |
| 16 | CHORD ENERGY CORPORATION CHRD | $9M | 2.57% | ~$153.81 | $126.97 | −17.4% | −16.4% | +20.0% | Bought Q1 2026 | Q2 2024 |
| 17 | JACKSON FINANCIAL INC JXN | $8M | 2.23% | ~$75.37 | $108.39 | +43.8% | −12.3% | −6.3% | Sold Q1 2026 | Q2 2024 |
| 18 | VERIZON COMMUNICATIONS INC VZ | $8M | 2.20% | ~$45.36 | $45.84 | +1.1% | −11.3% | −15.2% | Sold Q1 2026 | Q1 2025 |
| 19 | DAUCH CORP DCH | $8M | 2.16% | ~$5.08 | $6.17 | +21.4% | −33.3% | −19.5% | Sold Q1 2026 | Q2 2024 |
| 20 | JELD-WEN HLDG INC JELD | $8M | 2.14% | ~$2.73 | $1.67 | −38.8% | −76.1% | +60.1% | Bought Q1 2026 | Q1 2025 |
| 21 | STRATEGY INC MSTR | $6M | 1.70% | ~$142.85 | $116.56 | −18.4% | −74.5% | +106.2% | Bought Q1 2026 | Q3 2024 |
| 22 | ALLIANCE RESOURCE PARTNERS LP ARLP | $5M | 1.34% | ~$25.44 | $24.30 | −4.5% | −17.5% | +40.3% | Bought Q1 2026 | Q2 2024 |
| 23 | MILLROSE PPTYS INC MRP | $5M | 1.32% | ~$28.86 | $28.06 | −2.8% | −22.1% | +118.4% | Bought Q1 2026 | Q4 2025 |
| 24 | CAL MAINE FOODS INC CALM | $4M | 1.28% | ~$94.10 | $78.30 | −16.8% | −38.1% | UNCH | Bought Q3 2025 | Q3 2025 |
| 25 | ARBOR REALTY TRUST INC ABR | $4M | 1.22% | ~$7.71 | $5.10 | −33.9% | −59.5% | NEW | Bought Q1 2026 | Q1 2026 |
| 26 | ONEMAIN HLDGS INC OMF | $4M | 1.16% | ~$48.49 | $57.61 | +18.8% | −19.9% | UNCH | Sold Q4 2025 | Q2 2024 |
| 27 | UGI CORP NEW UGI | $4M | 1.15% | ~$24.54 | $33.62 | +37.0% | −18.7% | −53.8% | Sold Q1 2026 | Q2 2024 |
| 28 | BRISTOL-MYERS SQUIBB CO BMY | $4M | 1.10% | ~$47.32 | $55.28 | +16.8% | −12.1% | −35.6% | Sold Q1 2026 | Q2 2024 |
| 29 | WESTERN ALLIANCE BANCORP WAL | $3M | 1.02% | ~$64.33 | $78.43 | +21.9% | −19.3% | −14.3% | Sold Q1 2026 | Q2 2024 |
| 30 | BUILD-A-BEAR WORKSHOP INC BBW | $3M | 1.01% | ~$32.96 | $31.60 | −4.1% | −58.3% | +33.0% | Bought Q1 2026 | Q2 2024 |
| 31 | MERCADOLIBRE INC MELI | $3M | 1.00% | ~$1729.02 | $1631.82 | −5.6% | −38.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 32 | CROCS INC CROX | $3M | 0.84% | ~$83.02 | $124.53 | +50.0% | −4.1% | NEW | Bought Q1 2026 | Q1 2026 |
| 33 | Figure Technology Solutio FIGR | $3M | 0.81% | ~$33.95 | $27.40 | −19.3% | −64.9% | NEW | Bought Q1 2026 | Q1 2026 |
| 34 | Lyondellbasell Industries Nv LYB | $3M | 0.80% | ~$70.40 | $61.81 | −12.2% | −26.4% | UNCH | Bought Q1 2025 | Q1 2025 |
| 35 | ZIFF DAVIS INC ZD | $2M | 0.75% | ~$41.96 | $44.32 | +5.6% | −12.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 36 | BOISE CASCADE CO DEL BCC | $2M | 0.73% | ~$119.22 | $70.81 | −40.6% | −25.5% | UNCH | Sold Q3 2025 | Q2 2024 |
| 37 | RESIDEO TECHNOLOGIES INC REZI | $2M | 0.61% | ~$33.71 | $30.41 | −9.8% | −32.9% | NEW | Bought Q1 2026 | Q1 2026 |
| 38 | CITI TRENDS INC CTRN | $2M | 0.61% | ~$43.32 | $56.84 | +31.2% | −2.4% | NEW | Bought Q1 2026 | Q1 2026 |
| 39 | UPBOUND GROUP INC UPBD | $2M | 0.57% | ~$18.78 | $17.46 | −7.0% | −37.7% | +71.4% | Bought Q1 2026 | Q3 2025 |
| 40 | AIRBNB INC ABNB | $2M | 0.53% | ~$126.28 | $140.54 | +11.3% | −4.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 41 | CARLYLE GROUP INC CG | $1M | 0.51% | ~$50.49 | $45.69 | −9.5% | −34.6% | UNCH | Sold Q3 2025 | Q4 2024 |
| 42 | MAPLEBEAR INC CART | $1M | 0.45% | ~$37.46 | $42.82 | +14.3% | −20.0% | NEW | Bought Q1 2026 | Q1 2026 |
| 43 | Builders Firstsource Inc BLDR | $1M | 0.41% | ~$82.33 | $76.14 | −7.5% | −49.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 44 | PERDOCEO ED CORP PRDO | $1M | 0.39% | ~$37.21 | $31.77 | −14.6% | −17.5% | NEW | Bought Q1 2026 | Q1 2026 |
| 45 | SHIFT4 PMTS INC FOUR | $1M | 0.34% | ~$43.73 | $39.17 | −10.4% | −63.9% | NEW | Bought Q1 2026 | Q1 2026 |
| 46 | Coupang Inc CPNG | $1M | 0.31% | ~$18.88 | $18.83 | −0.3% | −44.7% | NEW | Bought Q1 2026 | Q1 2026 |
| 47 | PINTEREST INC PINS | $1M | 0.29% | ~$18.34 | $20.36 | +11.0% | −49.0% | NEW | Bought Q1 2026 | Q1 2026 |
| 48 | MASTERBRAND INC MBC | $871K | 0.23% | ~$8.31 | $8.62 | +3.7% | −39.4% | NEW | Bought Q1 2026 | Q1 2026 |
| 49 | VROOM INC VRM | $778K | 0.20% | ~$13.31 | $10.70 | −19.6% | −69.4% | NEW | Bought Q1 2026 | Q1 2026 |
| 50 | PORTILLOS INC PTLO | $684K | 0.18% | ~$5.29 | $4.22 | −20.2% | −65.9% | NEW | Bought Q1 2026 | Q1 2026 |
| 51 | LITHIA MTRS INC LAD | $662K | 0.17% | ~$249.72 | $293.02 | +17.3% | −18.7% | NEW | Bought Q1 2026 | Q1 2026 |
| 52 | SHARKNINJA INC SN | $611K | 0.16% | ~$105.90 | $133.56 | +26.1% | −4.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 53 | UNITED NAT FOODS INC UNFI | $236K | 0.06% | ~$18.57 | $49.65 | +167.4% | −12.9% | −58.4% | Sold Q1 2026 | Q2 2024 |
| 54 | TECHNIPFMC PLC FTI | $219K | 0.06% | ~$26.15 | $67.01 | +156.3% | −13.8% | −57.8% | Sold Q1 2026 | Q2 2024 |
| 55 | TUTOR PERINI CORP TPC | $215K | 0.06% | ~$22.57 | $77.89 | +245.1% | −22.1% | −59.0% | Sold Q1 2026 | Q2 2024 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $383M | +35.0% | 55 | May 15, 2026 |
| Q4 2025 | $283M | +4.3% | 34 | Feb 17, 2026 |
| Q3 2025 | $272M | +15.5% | 36 | Nov 14, 2025 |
| Q2 2025 | $235M | +7.4% | 33 | Aug 14, 2025 |
| Q1 2025 | $219M | −6.3% | 34 | May 15, 2025 |
| Q4 2024 | $234M | +32.2% | 33 | Feb 14, 2025 |
| Q3 2024 | $177M | +13.1% | 30 | Nov 14, 2024 |
| Q2 2024 | $156M | — | 29 | Aug 13, 2024 |
Frequently Asked Questions
What stocks does Bill Miller - Miller Value Partners own?
As of Q1 2026, Bill Miller - Miller Value Partners held 55 U.S.-listed positions worth $383M. The largest is NABORS INDUSTRIES LTD (NBR) (9.98% of the portfolio). The full holdings list is in the table above.
What is Bill Miller - Miller Value Partners's largest holding?
NABORS INDUSTRIES LTD (NBR) — about 9.98% of the equity portfolio as of Q1 2026.
What did Bill Miller - Miller Value Partners buy recently?
Their biggest new position last quarter was CRESCENT ENERGY COMPANY (CRGY) ($27M).
Do these holdings reflect Bill Miller - Miller Value Partners's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.