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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
+15.51%
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
$272M
AUM Growth
+$36.5M
Cap. Flow
+$6.27M
Cap. Flow %
2.3%
Top 10 Hldgs %
57.27%
Holding
37
New
4
Increased
6
Reduced
16
Closed
1

Top Buys

Rank Stock Value
1
ITRN icon
Ituran Location and Control
ITRN
+$8.12M
2
UPS icon
United Parcel Service
UPS
+$7.84M
3
CALM icon
Cal-Maine
CALM
+$6.62M
4
CNDT icon
Conduent
CNDT
+$3.45M
5
NBR icon
Nabors Industries
NBR
+$1.74M

Top Sells

Rank Stock Value
1
BFH icon
Bread Financial
BFH
+$3.54M
2
OMF icon
OneMain Financial
OMF
+$3.37M
3
DEA
Easterly Government Properties
DEA
+$3.26M
4
JXN icon
Jackson Financial
JXN
+$2.91M
5
LNC icon
Lincoln National
LNC
+$1.89M

Sector Composition

Rank Sector Weight
1 Financials 21.59%
2 Communication Services 15.92%
3 Energy 13.49%
4 Industrials 12.59%
5 Consumer Discretionary 12.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NBR icon
1
Nabors Industries
NBR
$1.37B
$27.5M 10.11%
673,095
+48,995
+8% +$1.74M
LNC icon
2
Lincoln National
LNC
$8.07B
$21M 7.72%
520,676
-48,804
-9% -$1.89M
GTN icon
3
Gray Television
GTN
$509M
$20.6M 7.56%
3,558,215
-89,590
-2% -$486K
QUAD icon
4
Quad
QUAD
$532M
$16.4M 6.03%
2,623,475
-86,905
-3% -$535K
BFH icon
5
Bread Financial
BFH
$4.07B
$15.1M 5.53%
270,010
-57,375
-18% -$3.54M
TDAY
6
USA Today Co
TDAY
$950M
$14.1M 5.16%
3,403,265
+118,755
+4% +$477K
CNDT icon
7
Conduent
CNDT
$250M
$11.3M 4.15%
4,030,825
+1,275,600
+46% +$3.45M
DCH
8
Dauch Corp
DCH
$1.63B
$10.3M 3.79%
1,717,095
+277,175
+19% +$1.48M
JELD icon
9
JELD-WEN Holding
JELD
$200M
$10.2M 3.73%
2,068,840
+194,420
+10% +$1.04M
JXN icon
10
Jackson Financial
JXN
$8.8B
$9.5M 3.49%
93,825
-31,170
-25% -$2.91M
UGI icon
11
UGI
UGI
$8.06B
$8.71M 3.2%
262,000
-30,000
-10% -$1.05M
VZ icon
12
Verizon
VZ
$205B
$8.7M 3.2%
198,000
– –
FOSL icon
13
Fossil Group
FOSL
$332M
$8.55M 3.14%
3,326,395
-143,332
-4% -$338K
ITRN icon
14
Ituran Location and Control
ITRN
$1.01B
$7.68M 2.82%
+215,000
New +$8.12M
UPS icon
15
United Parcel Service
UPS
$86.8B
$7.23M 2.66%
+86,600
New +$7.84M
CTO
16
CTO Realty Growth
CTO
$817M
$7M 2.57%
429,145
+30,000
+8% +$506K
BBW icon
17
Build-A-Bear
BBW
$488M
$6.39M 2.35%
98,000
-7,000
-7% -$413K
VTRS icon
18
Viatris
VTRS
$18.7B
$6.13M 2.25%
619,000
– –
CALM icon
19
Cal-Maine
CALM
$3.87B
$5.83M 2.14%
+62,000
New +$6.62M
WAL icon
20
Western Alliance Bancorporation
WAL
$8.69B
$5.5M 2.02%
63,455
-20,000
-24% -$1.7M
CHRD icon
21
Chord Energy
CHRD
$8.09B
$5.24M 1.93%
52,766
– –
OMF icon
22
OneMain Financial
OMF
$7.27B
$5.19M 1.91%
91,941
-57,059
-38% -$3.37M
MSTR icon
23
Strategy Inc
MSTR
$47.4B
$4.91M 1.81%
15,250
– –
BMY icon
24
Bristol-Myers Squibb
BMY
$137B
$4.87M 1.79%
108,000
– –
BKE icon
25
Buckle
BKE
$2.26B
$4.22M 1.55%
72,000
-33,000
-31% -$1.78M
1
2

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Bill Miller's Q3 2025 Portfolio in Review

As of Q3 2025, Bill Miller held 37 positions worth $272M, up 15% from $236M the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Bill Miller's Q3 2025 filing shows 4 new, 6 increased, 16 reduced and 1 closed positions. Its largest new stake was Ituran Location and Control: 215,000 shares worth $7.68M. The largest sale was Bread Financial, an estimated $3.54M.

By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 29% a quarter earlier, followed by Communication Services and Energy.

  • Bill Miller's largest Q3 2025 buy was Ituran Location and Control: 215,000 shares worth $7.68M.
  • Bill Miller added most to Conduent in Q3 2025, an estimated $3.45M increase.
  • Bill Miller's biggest Q3 2025 reduction was Bread Financial, cutting an estimated $3.54M.
  • Bill Miller fully exited Easterly Government Properties in Q3 2025, selling an estimated $3.26M.
  • Bill Miller's ten largest holdings make up 57% of its $272M portfolio in Q3 2025.
  • Bill Miller opened 4 new positions and closed 1 in Q3 2025.
  • Bill Miller's portfolio value rose 15% quarter-over-quarter to $272M.

Based on Miller Value Partners's 13F filing for Q3 2025, filed 14 Nov 2025.