Bill Miller

Net selling

Miller Value Partners, Llc — managed by Bill Miller; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-14) · Source: SEC EDGAR

Portfolio value$423.1M (+10%)

Holdings56 (+1)

Top holdingNabors Industries Ltd

Below band7

New

Added

Exited

By what price implies: 15 demand a demanding growth rate, 12 modest.

13F × valuation

Valuation posture

Of 18 valued US positions, 7 trade below a conservative value band (2 in the strike zone) (as of 2026-08-26):

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Nabors Industries LtdNBR	$37.4M	—	1	445,460	8.8%	Big new
Gray Media IncGTN	$28.8M	—	1	7,243,390	6.8%	Adding 3q
Direxion Shares Etf TrustSPUU	$24.6M	—	1	114,078	5.8%	Big new
Bloomin Brands IncBLMN	$23.6M	—	1	2,585,909	5.6%	Big new
Quad / Graphics IncQUAD	$21.4M	—	1	2,538,299	5.1%	Core 8q
Lincoln Natl Corp IndLNC	$21.3M	Strike zone	3	603,160	5.0%	Big new
Crescent Energy CompanyCRGY	$20.6M	—	3	2,092,679	4.9%	Big new
Conduent IncCNDT	$19.0M	—	1	12,986,100	4.5%	Adding 7q
Bread Financial Holdings IncBFH	$14.4M	—	4	132,798	3.4%	—
United Parcel Svcs IncUPS	$12.5M	—	9	116,003	2.9%	—
Dauch CorpDCH	$12.4M	—	4	2,282,090	2.9%	—
Usa Today Co IncTDAY	$12.0M	—	2	1,401,080	2.8%	—
Viatris IncVTRS	$11.6M	—	4	733,164	2.8%	—
Cto Rlty Growth IncCTO	$11.6M	—	1	539,900	2.7%	—
Jeld-Wen Hldg IncJELD	$10.7M	—	2	7,139,095	2.5%	Adding 6q
Fossil Group IncFOSL	$8.9M	—	1	2,143,445	2.1%	—
Coty IncCOTY	$8.5M	—	2	3,917,705	2.0%	—
Jackson Financial IncJXN	$8.2M	—	4	80,142	1.9%	—
Ituran Location And ControlITRN	$8.2M	—	3	133,700	1.9%	—
Chord Energy CorporationCHRD	$7.9M	Below value	3	69,096	1.9%	—
Verizon Communications IncVZ	$7.1M	—	9	168,000	1.7%	—
Millrose Pptys IncMRP	$6.9M	—	2	229,300	1.6%	Adding 3q
Upbound Group IncUPBD	$5.5M	—	1	258,000	1.3%	Adding 4q
Onemain Hldgs IncOMF	$5.1M	—	5	82,941	1.2%	—
Cal Maine Foods IncCALM	$5.0M	—	3	62,000	1.2%	—

Nabors Industries LtdNBRBig new
Value$37.4MValuation—Holders1Weight8.8%
Gray Media IncGTNAdding 3q
Value$28.8MValuation—Holders1Weight6.8%
Direxion Shares Etf TrustSPUUBig new
Value$24.6MValuation—Holders1Weight5.8%
Bloomin Brands IncBLMNBig new
Value$23.6MValuation—Holders1Weight5.6%
Quad / Graphics IncQUADCore 8q
Value$21.4MValuation—Holders1Weight5.1%
Lincoln Natl Corp IndLNCBig new
Value$21.3MValuationStrike zoneHolders3Weight5.0%
Crescent Energy CompanyCRGYBig new
Value$20.6MValuation—Holders3Weight4.9%
Conduent IncCNDTAdding 7q
Value$19.0MValuation—Holders1Weight4.5%
Bread Financial Holdings IncBFH—
Value$14.4MValuation—Holders4Weight3.4%
United Parcel Svcs IncUPS—
Value$12.5MValuation—Holders9Weight2.9%
Dauch CorpDCH—
Value$12.4MValuation—Holders4Weight2.9%
Usa Today Co IncTDAY—
Value$12.0MValuation—Holders2Weight2.8%
Viatris IncVTRS—
Value$11.6MValuation—Holders4Weight2.8%
Cto Rlty Growth IncCTO—
Value$11.6MValuation—Holders1Weight2.7%
Jeld-Wen Hldg IncJELDAdding 6q
Value$10.7MValuation—Holders2Weight2.5%
Fossil Group IncFOSL—
Value$8.9MValuation—Holders1Weight2.1%
Coty IncCOTY—
Value$8.5MValuation—Holders2Weight2.0%
Jackson Financial IncJXN—
Value$8.2MValuation—Holders4Weight1.9%
Ituran Location And ControlITRN—
Value$8.2MValuation—Holders3Weight1.9%
Chord Energy CorporationCHRD—
Value$7.9MValuationBelow valueHolders3Weight1.9%
Verizon Communications IncVZ—
Value$7.1MValuation—Holders9Weight1.7%
Millrose Pptys IncMRPAdding 3q
Value$6.9MValuation—Holders2Weight1.6%
Upbound Group IncUPBDAdding 4q
Value$5.5MValuation—Holders1Weight1.3%
Onemain Hldgs IncOMF—
Value$5.1MValuation—Holders5Weight1.2%
Cal Maine Foods IncCALM—
Value$5.0MValuation—Holders3Weight1.2%

Showing top 25 of 56 positions

Exited this quarter (3)State Str Spdr S&P 500 Etf T、Masterbrand Inc、Portillos Inc

What is a superinvestor

About this investor

Portfolio overview

Miller Value Partners, Llc's most recent 13F filing, for the quarter ended 2026-06-30, reports 56 positions worth $423.1M. The top 5 holdings represent 32% of that value, a broadly diversified portfolio.

The single largest position is Nabors Industries Ltd at 8.8% of the portfolio, followed by Gray Media Inc at 6.8% and Direxion Shares Etf Trust at 5.8%.

Against the prior quarter, Bill Miller opened 4 new positions, exited 3, added to 20, and trimmed 22. The largest new buy was Direxion Shares Etf Trust. The most notable sale was the full exit from Portillos Inc.

Across all 8 quarters on file, Nabors Industries Ltd has appeared in every filing, as has Gray Media Inc. Nabors Industries Ltd currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Bill Miller holds 2 positions now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

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