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Bill Miller Miller Value Partners

AUM $423M
1-Year Est. Return 49.14%
 

Bill Miller is a legendary value-oriented investor best known for a long streak of beating the S&P 500 while managing Legg Mason Value Trust, and later for Miller Value Partners. His process has always been flexible, incorporating both traditional value and growth-at-a-reasonable-price ideas when fundamentals support them. Miller remains a closely followed voice for contrarian equity ideas.

This Fund
S&P 500
This Quarter Est. Return
+9.46%
1 Year Est. Return
+49.14%
3 Year Est. Return
+132.73%
5 Year Est. Return
+100.12%
10 Year Est. Return
+859.21%
AUM
$423M
AUM Growth
+$39.9M
Cap. Flow
+$25.6M
Cap. Flow %
6.06%
Top 10 Hldgs %
52.83%
Holding
59
New
4
Increased
20
Reduced
22
Closed
3

Top Buys

Rank Stock Value
1
SPUU icon
Direxion Daily S&P 500 Bull 2X ETF
SPUU
+$23.3M
2
GTN icon
Gray Television
GTN
+$8.62M
3
COTY icon
Coty
COTY
+$8.45M
4
DCH
Dauch Corp
DCH
+$5.39M
5
CNDT icon
Conduent
CNDT
+$4.6M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$19.5M
2
BFH icon
Bread Financial
BFH
+$5.47M
3
TDAY
USA Today Co
TDAY
+$4.29M
4
ITRN icon
Ituran Location and Control
ITRN
+$4.17M
5
FOSL icon
Fossil Group
FOSL
+$1.26M

Sector Composition

Rank Sector Weight
1 Energy 16.68%
2 Consumer Discretionary 15.3%
3 Financials 14.02%
4 Communication Services 13.08%
5 Industrials 11.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NBR icon
1
Nabors Industries
NBR
$1.37B
$37.4M 8.85%
445,460
+1,030
+0.2% +$95.8K
GTN icon
2
Gray Television
GTN
$509M
$28.8M 6.8%
7,243,390
+1,873,290
+35% +$8.62M
SPUU icon
3
Direxion Daily S&P 500 Bull 2X ETF
SPUU
$288M
$24.6M 5.81%
+114,078
New +$23.3M
BLMN icon
4
Bloomin' Brands
BLMN
$996M
$23.6M 5.59%
2,585,909
+549,175
+27% +$4M
QUAD icon
5
Quad
QUAD
$532M
$21.4M 5.06%
2,538,299
-112,740
-4% -$848K
LNC icon
6
Lincoln National
LNC
$8.07B
$21.3M 5.04%
603,160
+32,470
+6% +$1.17M
CRGY icon
7
Crescent Energy
CRGY
$4.65B
$20.6M 4.86%
2,092,679
+89,547
+4% +$1.09M
CNDT icon
8
Conduent
CNDT
$250M
$19M 4.48%
12,986,100
+2,962,170
+30% +$4.6M
BFH icon
9
Bread Financial
BFH
$4.07B
$14.4M 3.4%
132,798
-60,899
-31% -$5.47M
UPS icon
10
United Parcel Service
UPS
$86.8B
$12.5M 2.95%
116,003
-3,105
-3% -$323K
DCH
11
Dauch Corp
DCH
$1.63B
$12.4M 2.92%
2,282,090
+886,185
+63% +$5.39M
TDAY
12
USA Today Co
TDAY
$950M
$12M 2.83%
1,401,080
-568,200
-29% -$4.29M
VTRS icon
13
Viatris
VTRS
$18.7B
$11.6M 2.75%
733,164
+1,488
+0.2% +$23.1K
CTO
14
CTO Realty Growth
CTO
$817M
$11.6M 2.75%
539,900
-16,153
-3% -$327K
JELD icon
15
JELD-WEN Holding
JELD
$200M
$10.7M 2.53%
7,139,095
+519,210
+8% +$800K
FOSL icon
16
Fossil Group
FOSL
$332M
$8.87M 2.1%
2,143,445
-281,740
-12% -$1.26M
COTY icon
17
Coty
COTY
$2.41B
$8.46M 2%
+3,917,705
New +$8.45M
JXN icon
18
Jackson Financial
JXN
$8.8B
$8.21M 1.94%
80,142
-538
-0.7% -$58.3K
ITRN icon
19
Ituran Location and Control
ITRN
$1.01B
$8.16M 1.93%
133,700
-70,200
-34% -$4.17M
CHRD icon
20
Chord Energy
CHRD
$8.09B
$7.9M 1.87%
69,096
-234
-0.3% -$31.7K
VZ icon
21
Verizon
VZ
$205B
$7.11M 1.68%
168,000
– –
MRP
22
Millrose Properties Inc
MRP
$5.05B
$6.89M 1.63%
229,300
+48,500
+27% +$1.4M
UPBD icon
23
Upbound Group
UPBD
$1.1B
$5.47M 1.29%
258,000
+138,000
+115% +$2.58M
OMF icon
24
OneMain Financial
OMF
$7.27B
$5.06M 1.2%
82,941
– –
CALM icon
25
Cal-Maine
CALM
$3.87B
$4.99M 1.18%
62,000
– –
1
2 3

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Bill Miller's Q2 2026 Portfolio in Review

As of Q2 2026, Bill Miller held 59 positions worth $423M, up 10% from $383M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Bill Miller deployed $25.6M of net new capital in Q2 2026, opening 4 new positions and adding to 20 existing holdings. Its largest new stake was Direxion Daily S&P 500 Bull 2X ETF: 114,078 shares worth $24.6M.

By sector, the portfolio is most concentrated in Energy at 17% of assets, down from 21% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Bread Financial, an estimated $5.47M trimmed.

  • Bill Miller's largest Q2 2026 buy was Direxion Daily S&P 500 Bull 2X ETF: 114,078 shares worth $24.6M.
  • Bill Miller added most to Gray Television in Q2 2026, an estimated $8.62M increase.
  • Bill Miller's biggest Q2 2026 reduction was Bread Financial, cutting an estimated $5.47M.
  • Bill Miller fully exited State Street SPDR S&P 500 ETF Trust in Q2 2026, selling an estimated $19.5M.
  • Bill Miller's ten largest holdings make up 53% of its $423M portfolio in Q2 2026.
  • Bill Miller opened 4 new positions and closed 3 in Q2 2026.
  • Bill Miller's portfolio value rose 10% quarter-over-quarter to $423M.

Based on Miller Value Partners's 13F filing for Q2 2026, filed 14 Aug 2026.