Bill Miller portfolio

Miller Value Partners · 13F for Q2 2026, filed Aug 14, 2026

Miller Value Partners, the firm Bill Miller founded, reported 56 positions worth $423M as of Jun 30, 2026. The largest were Nabors Industries Ltd (8.8%), Gray Media, Inc (6.8%) and Dir Dai S&P 500 Bu 2x Etf-Us (5.8%). Against Q1 2026: 4 new, 20 added to, 22 reduced, 3 sold out.

The filing on sec.gov · Every fund · What a 13F shows

Reported value: $423Mas of Jun 30
Positions: 564 new, 3 sold out
Largest position: NBR8.8% of the portfolio
Top 10 positions: 53%of reported value

What Bill Miller bought

Largest 8 of 24

Position	Change	Value
Dir Dai S&P 500 Bu 2x Etf-Us	New	$24.6M
COTYCOTY Inc.	New	$8.5M
GTNGray Media, Inc	+34.9%	$7.4M
BLMNBloomin' Brands, Inc.	+27.0%	$5.0M
DCHDauch Corp	+63.5%	$4.8M
CNDTCONDUENT Inc	+29.6%	$4.3M
METAMETA Platforms, Inc.	New	$3.6M
UPBDUpbound Group, Inc.	+115.0%	$2.9M

What Bill Miller sold

Largest 8 of 25

Position	Change	Value
SPYSPDR S&P 500 Etf Trust	Sold out	$19.5M
BFHBread Financial Holdings, Inc.	−31.4%	$6.6M
TDAYUSA TODAY Co., Inc.	−28.9%	$4.9M
ITRNIturan Location & Control Ltd.	−34.4%	$4.3M
CROXCrocs, Inc.	−25.1%	$1.2M
FOSLFossil Group, Inc.	−11.6%	$1.2M
WALWestern Alliance Bancorporation	−24.4%	$1.1M
ABNBAirbnb, Inc.	−44.7%	$1.0M

Every position, largest first

56 positions, Q2 2026

#	Position	Portfolio	Value	Shares	Change
1	NBRNabors Industries Ltd	8.85%	$37.4M	445,460	+0.2%
2	GTNGray Media, Inc	6.80%	$28.8M	7,243,390	+34.9%
3	Dir Dai S&P 500 Bu 2x Etf-Us	5.81%	$24.6M	114,078	New
4	BLMNBloomin' Brands, Inc.	5.59%	$23.6M	2,585,909	+27.0%
5	QUADQuad/Graphics, Inc.	5.06%	$21.4M	2,538,299	−4.3%
6	LNCLincoln National Corp	5.04%	$21.3M	603,160	+5.7%
7	CRGYCrescent Energy Co	4.86%	$20.6M	2,092,679	+4.5%
8	CNDTCONDUENT Inc	4.48%	$19.0M	12,986,100	+29.6%
9	BFHBread Financial Holdings, Inc.	3.40%	$14.4M	132,798	−31.4%
10	UPSUnited Parcel Service Inc	2.95%	$12.5M	116,003	−2.6%
11	DCHDauch Corp	2.92%	$12.4M	2,282,090	+63.5%
12	TDAYUSA TODAY Co., Inc.	2.83%	$12.0M	1,401,080	−28.9%
13	VTRSViatris Inc	2.75%	$11.6M	733,164	+0.2%
14	CTOCTO Realty Growth, Inc.	2.74%	$11.6M	539,900	−2.9%
15	JELDJELD-WEN Holding, Inc.	2.53%	$10.7M	7,139,095	+7.8%
16	FOSLFossil Group, Inc.	2.10%	$8.9M	2,143,445	−11.6%
17	COTYCOTY Inc.	2.00%	$8.5M	3,917,705	New
18	JXNJackson Financial Inc.	1.94%	$8.2M	80,142	−0.7%
19	ITRNIturan Location & Control Ltd.	1.93%	$8.2M	133,700	−34.4%
20	CHRDChord Energy Corp	1.87%	$7.9M	69,096	−0.3%
21	VZVerizon Communications Inc	1.68%	$7.1M	168,000	No change
22	MRPMillrose Properties, Inc.	1.63%	$6.9M	229,300	+26.8%
23	UPBDUpbound Group, Inc.	1.29%	$5.5M	258,000	+115.0%
24	OMFOneMain Holdings, Inc.	1.20%	$5.1M	82,941	No change
25	CALMCal-Maine Foods Inc	1.18%	$5.0M	62,000	No change

31 more positions

#	Position	Portfolio	Value	Shares	Change
26	ARLPAlliance Resource Partners Lp	1.06%	$4.5M	186,981	+0.9%
27	MSTRStrategy Inc	1.03%	$4.4M	50,203	−3.6%
28	UGIUGI Corp	0.99%	$4.2M	121,000	No change
29	BBWBuild-A-Bear Workshop Inc	0.97%	$4.1M	133,567	+28.8%
30	BMYBristol Myers Squibb Co	0.95%	$4.0M	69,500	No change
31	METAMETA Platforms, Inc.	0.85%	$3.6M	6,412	New
32	CROXCrocs, Inc.	0.82%	$3.5M	28,856	−25.1%
33	WALWestern Alliance Bancorporation	0.81%	$3.4M	41,755	−24.4%
34	ABRArbor Realty Trust Inc	0.78%	$3.3M	611,000	+1.2%
35	CTRNCiti Trends Inc	0.74%	$3.1M	54,200	+0.8%
36	MELIMercadolibre Inc	0.69%	$2.9M	1,712	−22.7%
37	BCCBOISE CASCADE Co	0.68%	$2.9M	37,000	No change
38	FIGRFigure Technology Solutions, Inc.	0.65%	$2.8M	89,668	−1.5%
39	ZDZiff Davis, Inc.	0.63%	$2.7M	50,602	−25.6%
40	CARTMaplebear Inc.	0.51%	$2.2M	45,645	+0.2%
41	REZIResideo Technologies, Inc.	0.51%	$2.1M	68,931	−1.2%
42	AMPAmeriprise Financial Inc	0.48%	$2.0M	4,428	New
43	LYBLyondellBasell Industries N.V.	0.47%	$2.0M	38,000	No change
44	BLDRBuilders FirstSource, Inc.	0.40%	$1.7M	19,115	+1.2%
45	CGCarlyle Group Inc.	0.40%	$1.7M	40,000	No change
46	FOURShift4 Payments, Inc.	0.34%	$1.5M	29,965	−0.2%
47	PRDOPERDOCEO EDUCATION Corp	0.30%	$1.3M	40,288	−0.3%
48	ABNBAirbnb, Inc.	0.30%	$1.3M	8,921	−44.7%
49	PINSPinterest, Inc.	0.29%	$1.2M	57,860	−3.5%
50	CPNGCoupang, Inc.	0.26%	$1.1M	64,124	+2.5%
51	SNSharkNinja, Inc.	0.21%	$903K	5,932	+2.7%
52	LADLithia Motors Inc	0.19%	$788K	2,712	+2.2%
53	VRMVroom, Inc.	0.11%	$450K	58,488	No change
54	UNFIUnited Natural Foods Inc	0.05%	$215K	4,705	−10.4%
55	FTITechnipFMC plc	0.05%	$210K	3,170	No change
56	TPCTutor Perini Corp	0.05%	$205K	2,470	−11.6%

What a 13F shows

This is Miller Value Partners’s Form 13F for the quarter ended Jun 30, 2026, filed with the SEC on Aug 14, 2026 as Miller Value Partners, LLC. A 13F lists long positions in US-listed securities on the quarter’s last day: shares, convertible bonds, puts and calls. It does not list short positions, cash, private holdings or most securities listed abroad, and a position may have changed since.

Options are shown as options, never added to the shares of the stock they are written on. A change is the share count against the fund's filing for Q1 2026; the estimated value of a change uses the price the filing's own figures imply. Where a count moved with a stock split, no change is shown.