Miller Value Partners 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Miller Value Partners disclosed 34 US equity positions worth $283.8m in its Q4 2025 13F filing. The largest position was NBR at 11.5% of the reported book, followed by LNC and GTN. Against the Q3 2025 filing, it opened 1 new position, added to 12 and reduced 8 among the top 34 holdings.
What did Miller Value Partners own in Q4 2025? Top 34 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | NBR NABORS INDUSTRIES LTD | Energy | 11.5% | $32.7m | 602,737 | -10% | reduced |
| 2 | LNC LINCOLN NATL CORP IND | Financial Services | 7.9% | $22.5m | 504,761 | -3% | reduced |
| 3 | GTN GRAY MEDIA INC | Communication Services | 6.8% | $19.3m | 3,988,495 | 12% | added |
| 4 | TDAY USA TODAY CO INC | Communication Services | 6.2% | $17.5m | 3,403,345 | 0% | held |
| 5 | QUAD QUAD / GRAPHICS INC | Industrials | 6.0% | $17.2m | 2,737,890 | 4% | added |
| 6 | BFH BREAD FINANCIAL HOLDINGS INC | Financial Services | 5.3% | $14.9m | 201,415 | -25% | reduced |
| 7 | FOSL FOSSIL GROUP INC | Consumer Cyclical | 4.2% | $12.0m | 3,184,415 | -4% | reduced |
| 8 | DCH AMERICAN AXLE & MFG HLDGS IN | Consumer Cyclical | 3.9% | $11.1m | 1,734,780 | 1% | added |
| 9 | CNDT CONDUENT INC | Technology | 3.8% | $10.7m | 5,583,385 | 39% | added |
| 10 | JELD JELD-WEN HLDG INC | Industrials | 3.6% | $10.2m | 4,134,210 | 100% | added |
| 11 | UGI UGI CORP NEW | Utilities | 3.5% | $9.8m | 262,000 | 0% | held |
| 12 | ITRN ITURAN LOCATION AND CONTROL | Technology | 3.3% | $9.2m | 215,000 | 0% | held |
| 13 | JXN JACKSON FINANCIAL INC | Financial Services | 3.2% | $9.2m | 86,150 | -8% | reduced |
| 14 | UPS UNITED PARCEL SERVICE INC | Industrials | 3.0% | $8.6m | 86,600 | 0% | held |
| 15 | VZ VERIZON COMMUNICATIONS INC | Communication Services | 2.8% | $8.1m | 198,000 | 0% | held |
| 16 | CTO RLTY GROWTH INC NEW | 2.8% | $8.0m | 434,145 | 1% | added | |
| 17 | VTRS VIATRIS INC | Healthcare | 2.7% | $7.7m | 619,000 | 0% | held |
| 18 | BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 2.1% | $5.8m | 108,000 | 0% | held |
| 19 | OMF ONEMAIN HLDGS INC | Financial Services | 2.0% | $5.6m | 82,941 | -10% | reduced |
| 20 | WAL WESTERN ALLIANCE BANCORP | Financial Services | 1.9% | $5.4m | 64,455 | 2% | added |
| 21 | CHRD CHORD ENERGY CORPORATION | Energy | 1.9% | $5.4m | 57,766 | 9% | added |
| 22 | CALM CAL MAINE FOODS INC | Consumer Defensive | 1.7% | $4.9m | 62,000 | 0% | held |
| 23 | BBW BUILD-A-BEAR WORKSHOP INC | Consumer Cyclical | 1.7% | $4.8m | 78,000 | -20% | reduced |
| 24 | STLA STELLANTIS N.V | Consumer Cyclical | 1.6% | $4.7m | 429,000 | 10% | added |
| 25 | MSTR STRATEGY INC | Technology | 1.4% | $3.8m | 25,250 | 66% | added |
| 26 | ARLP ALLIANCE RESOURCE PARTNERS L | 1.1% | $3.1m | 132,000 | 4% | added | |
| 27 | BCC BOISE CASCADE CO DEL | Basic Materials | 1.0% | $2.7m | 37,000 | 0% | held |
| 28 | MRP MILLROSE PPTYS INC | Real Estate | 0.9% | $2.5m | 82,800 | – | new |
| 29 | CG CARLYLE GROUP INC | Financial Services | 0.8% | $2.4m | 40,000 | 0% | held |
| 30 | LYONDELLBASELL INDUSTRIES N | 0.6% | $1.6m | 38,000 | 0% | held | |
| 31 | UPBD UPBOUND GROUP INC | Technology | 0.4% | $1.2m | 70,000 | 250% | added |
| 32 | TPC TUTOR PERINI CORP | Industrials | 0.2% | $456.7k | 6,815 | 0% | held |
| 33 | UNFI UNITED NAT FOODS INC | Consumer Defensive | 0.1% | $425.1k | 12,625 | -83% | reduced |
| 34 | FTI TECHNIPFMC PLC | Energy | 0.1% | $334.6k | 7,510 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.