Breaking down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on August 14, 2025.
Who is Miller Value Partners?
Miller Value Partners is an investment firm founded by legendary investor Bill Miller, who gained fame for beating the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust. The firm employs Miller's unconventional value investing approach that embraces technology stocks and other growth-oriented investments that traditional value investors typically avoid. Miller's philosophy centers on identifying businesses trading at substantial discounts to intrinsic value regardless of sector or classification.
Millervalue.com
Wikipedia on Bill Miller
Q2 '25 13F filed with SEC
Portfolio Changes in Q2 2025
New positions
Miller Value Partners did not establish any new positions during Q2 2025.
Bought
Miller Value Partners significantly increased their stakes across most of their portfolio, with the largest additions being Jeld-Wen (JELD) (+1.1M shares), Conduent (CNDT) (+880K shares), Gannett (GCI) (+572K shares), Fossil Group (FOSL) (+505K shares), and American Axle (AXL) (+444K shares). The firm also added to positions in Nabors Industries (NBR), Quad/Graphics (QUAD), Gray Television (GTN), Lincoln National (LNC), Bread Financial (BFH), CTO Realty Growth (CTO), Build-A-Bear (BBW), and Jackson Financial (JXN).
Sold
Miller Value Partners completely liquidated their position in AT&T (T), selling all 116,000 shares worth $3.3 million. The firm also trimmed two existing positions, reducing their stakes in Tutor Perini (TPC) by 77,660 shares and United Natural Foods (UNFI) by 51,550 shares.
Holdings at the end of Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| LNC | Lincoln National | 8.7% | Added (+10%) | $19.7M |
| BFH | Bread Financial | 8.2% | Added (+6%) | $18.7M |
| NBR | Nabors Industries | 7.7% | Added (+61%) | $17.49M |
| GTN | Gray Television | 7.3% | Added (+2%) | $16.52M |
| QUAD | Quad/Graphics | 6.7% | Added (+5%) | $15.31M |
| GCI | Gannett | 5.2% | Added (+21%) | $11.76M |
| JXN | Jackson Financial | 4.9% | Added (+3%) | $11.1M |
| UGI | UGI | 4.7% | $10.63M | |
| VZ | Verizon | 3.8% | $8.57M | |
| OMF | OneMain | 3.7% | $8.49M | |
| JELD | Jeld-Wen | 3.2% | Added (+141%) | $7.35M |
| CNDT | Conduent | 3.2% | Added (+47%) | $7.27M |
| CTO | CTO Realty Growth | 3.0% | Added (+4%) | $6.89M |
| WAL | Western Alliance | 2.9% | $6.51M | |
| MSTR | MicroStrategy | 2.7% | $6.16M | |
| AXL | American Axle | 2.6% | Added (+45%) | $5.87M |
| VTRS | Viatris | 2.4% | $5.53M | |
| BBW | Build-A-Bear | 2.4% | Added (+5%) | $5.41M |
| FOSL | Fossil Group | 2.3% | Added (+17%) | $5.14M |
| CHRD | Chord Energy | 2.2% | $5.11M | |
| BMY | Bristol-Myers Squibb | 2.2% | $5M | |
| BKE | Buckle | 2.1% | $4.76M | |
| STLA | Stellantis | 1.7% | $3.91M | |
| CG | Carlyle Group | 1.6% | $3.6M | |
| BCC | Boise Cascade | 1.5% | $3.47M | |
| ARLP | Alliance Resource Partners | 1.5% | $3.32M | |
| UNFI | United Natural Foods | 1.4% | Trimmed (-27%) | $3.2M |
| TPC | Tutor Perini | 0.3% | Trimmed (-86%) | $603.93K |
| T | AT&T | 0.0% | Exited | $0 |
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
