Breaking down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on November 14, 2025.
Who are Bill Miller and 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NBR | Nabors Industries | 10.2% | Added (+8%) | $27.51M |
| LNC | Lincoln National | 7.8% | Trimmed (-9%) | $21M |
| GTN | Gray Television | 7.6% | Trimmed (-2%) | $20.57M |
| QUAD | Quad/Graphics | 6.1% | Trimmed (-3%) | $16.42M |
| BFH | Bread Financial | 5.6% | Trimmed (-18%) | $15.06M |
| GCI | Gannett | 5.2% | Added (+4%) | $14.06M |
| CNDT | Conduent | 4.2% | Added (+46%) | $11.29M |
| AXL | American Axle | 3.8% | Added (+19%) | $10.32M |
| JELD | Jeld-Wen | 3.8% | Added (+10%) | $10.16M |
| JXN | Jackson Financial | 3.5% | Trimmed (-25%) | $9.5M |
| UGI | UGI | 3.2% | Trimmed (-10%) | $8.71M |
| VZ | Verizon | 3.2% | $8.7M | |
| FOSL | Fossil Group | 3.2% | Trimmed (-4%) | $8.55M |
| ITRN | Ituran | 2.9% | NEW | $7.68M |
| UPS | UPS | 2.7% | NEW | $7.23M |
| CTO | CTO Realty Growth | 2.6% | Added (+8%) | $7M |
| BBW | Build-A-Bear | 2.4% | Trimmed (-7%) | $6.39M |
| VTRS | Viatris | 2.3% | $6.13M | |
| CALM | Cal-Maine Foods | 2.2% | NEW | $5.83M |
| WAL | Western Alliance | 2.0% | Trimmed (-24%) | $5.5M |
| CHRD | Chord Energy | 1.9% | $5.24M | |
| OMF | OneMain | 1.9% | Trimmed (-38%) | $5.19M |
| MSTR | MicroStrategy | 1.8% | $4.91M | |
| BMY | Bristol-Myers Squibb | 1.8% | $4.87M | |
| BKE | Buckle | 1.6% | Trimmed (-31%) | $4.22M |
| STLA | Stellantis | 1.4% | $3.64M | |
| ARLP | Alliance Resource Partners | 1.2% | $3.21M | |
| UNFI | United Natural Foods | 1.0% | Trimmed (-47%) | $2.76M |
| CG | Carlyle Group | 0.9% | Trimmed (-43%) | $2.51M |
| LYB | LyondellBasell | 0.7% | $1.86M | |
| SMLR | Semler Scientific | 0.6% | $1.59M | |
| RCII | Upbound Group | 0.2% | NEW | $472.6K |
| TTE | TotalEnergies | 0.2% | $456.63K | |
| TPC | Tutor Perini | 0.2% | Trimmed (-47%) | $447K |
| DEA | Easterly Government Properties | 0.0% | Exited | $-3.26M |
Current Investment Strategy
Miller Value Partners continued its contrarian deep-value approach in Q3 2025, concentrating capital in businesses trading at steep discounts to intrinsic value across traditional sectors including telecom (Verizon), pharmaceuticals (Bristol-Myers Squibb, Viatris), energy (Chord Energy, TotalEnergies, Alliance Resource Partners), and automotive (Stellantis), while adding new positions in logistics (UPS) and consumer companies (Cal-Maine Foods, Upbound Group). The firm maintained its unconventional willingness to embrace Bitcoin exposure through corporate treasury proxies MicroStrategy and Semler Scientific, treating these as deeply discounted ways to access digital assets within its value framework rather than direct cryptocurrency investments.
New Investments
Ituran ITRN
Bill Miller bought $7.68M of Ituran in Q3 2025. Ituran showed strong earnings through Q1 2025 with a $0.73 EPS beat, but momentum faltered in Q2 2025 with a $0.67 miss on $0.73 guidance and revenue declining to $86.79M versus $89.17M. The company's Q3 2025 results on November 18 will indicate if Q2 softness is temporary or part of a deteriorating trend. Strong dividend history and net cash position provide downside protection.
- EPS declined 8.22% in Q2 2025 to $0.67 versus $0.73 consensus estimate.
- Q1 2025 outperformed with 4.29% beat, posting $0.73 EPS versus $0.70 forecast.
- Revenue missed by 2.67% in Q2 2025 at $86.79M versus $89.17M expected.
UPS UPS
Bill Miller bought $7.23M of UPS in Q3 2025. UPS delivered a strong Q3 2025 performance with diluted EPS of $1.74 beating estimates by 33.85% and revenue of $21.4 billion surpassing consensus, driving an immediate 12.08% stock gain. The company's strategic shift toward revenue quality is yielding results, with U.S. revenue per piece up 9.8% and international segment revenue growing 5.9% despite planned domestic volume declines from the Amazon glide-down and targeted reduction in lower-yielding e-commerce. Management expects this momentum to continue into Q4 with guidance for consolidated revenue of approximately $24 billion and improved operating margins of 11-11.5%, supported by $2.2 billion in YTD expense reductions and strong international growth.
- Q3 2025 EPS beat estimates by 33.85% at $1.74, with revenue beating consensus by 2.69% at $21.4 billion.
- YTD free cash flow reached $2.7 billion with $2.2 billion in expense reductions, while international segment operating margin expanded to 14.8% with 5.9% revenue growth.
- Q4 2025 guidance projects $24 billion in revenue and 11-11.5% operating margin expansion, reflecting improved profitability trajectory versus Q3's 10.0% adjusted operating margin.
Cal-Maine Foods CALM
Bill Miller bought $5.83M of Cal-Maine Foods in Q3 2025. Cal-Maine Foods has experienced declining profitability over the last two quarters, with EPS declining 22.1% from $5.29 to $4.12, as egg prices normalize from the avian flu-driven surge that peaked in spring 2025. The company missed earnings expectations in both recent quarters, with the most recent quarter falling 23% below EPS estimates of $5.35, though revenue still grew 17.4% year-over-year to $922.6 million. Despite near-term pressure, management has demonstrated confidence in the long-term outlook through strategic capital allocation, including a $500 million share repurchase program and the $258 million acquisition of Echo Lake Foods to diversify into value-added egg products.
- EPS contracted 22.1% over the last two quarters from $5.29 to $4.12, with both periods missing analyst estimates by approximately 24%.
- Revenue growth of 17.4% year-over-year indicates underlying demand remains solid despite pricing normalization from earlier 2025 peaks.
- Echo Lake Foods acquisition ($258 million, expected mid-single-digit accretive earnings in fiscal 2026) positions the company in the higher-margin value-added egg segment.
Upbound Group RCII
Bill Miller bought $472.6K of Upbound Group in Q3 2025. Upbound Group delivered strong Q3 2025 results with 9% revenue growth to $1.2 billion, driven by exceptional performance from digital segments Acima and Brigit while Rent-A-Center stabilized its sales trajectory. Acima achieved 10.4% revenue growth with 11% GMV increase, while Brigit accelerated with 40.2% revenue growth fueled by subscriber expansion and pricing power, indicating successful execution across diverse consumer lending channels. The company's strong cash flow generation and new leadership position it favorably heading into Q4, though technical indicators suggest near-term volatility risks.
- Q3 2025 revenue increased 9% year-over-year to $1.2 billion.
- Brigit delivered 40.2% revenue growth driven by subscriber and ARPU increases.
- Acima posted 11% GMV growth and 10.4% revenue expansion.
Added, Trimmed, and Exited
Added
Miller Value Partners significantly increased six existing positions, led by a massive 1,275,600 share addition to Conduent (CNDT), followed by American Axle (AXL) (+277,175 shares), Jeld-Wen (JELD) (+194,420 shares), Gannett (GCI) (+118,755 shares), Nabors Industries (NBR) (+48,995 shares), and CTO Realty Growth (CTO) (+30,000 shares).
What it means: Miller is doubling down on cyclical value plays that delivered strong Q3 performance, with all six additions showing positive returns ranging from 1.5% to 75.7%. The aggressive add to Conduent is particularly notable—increasing the position by 46% after it returned 55% in the quarter—suggesting conviction that the business process services company's turnaround has further room to run. The concentration in industrials (American Axle, Jeld-Wen), energy (Nabors Industries), and media (Gannett) reflects continued belief in economic normalization and potential recovery in manufacturing and advertising-dependent sectors.
Trimmed
Miller Value Partners trimmed fourteen positions, with the largest reductions in Fossil Group (FOSL) (-143,332 shares despite a 66% return), Gray Television (GTN) (-89,590 shares), Quad/Graphics (QUAD) (-86,905 shares), and significant cuts to financial services holdings including United Natural Foods (UNFI) (-63,960 shares), Bread Financial (BFH) (-57,375 shares), OneMain (OMF) (-57,059 shares), Lincoln National (LNC) (-48,804 shares), Jackson Financial (JXN) (-31,170 shares), Carlyle Group (CG) (-30,000 shares), and Western Alliance (WAL) (-20,000 shares). Additional trims included UGI (UGI) (-30,000 shares), Buckle (BKE) (-33,000 shares), Build-A-Bear (BBW) (-7,000 shares), and Tutor Perini (TPC) (-6,095 shares).
What it means: The trimming activity reveals a clear pattern of profit-taking and risk reduction across financials, suggesting Miller may be growing cautious about consumer credit quality and insurance sector headwinds. The reduction in financial services holdings—despite some showing positive returns—indicates concerns about potential deterioration in lending conditions or compressed margins. The trim in Fossil Group despite its 66% surge appears to be prudent portfolio rebalancing after an outsized gain in a challenged retail category. The broad-based nature of these trims (14 positions) versus concentrated adds (6 positions) suggests a shift toward higher-conviction positioning while reducing tail risks in the portfolio.
Exited
Miller Value Partners fully liquidated its 146,800 share position in Easterly Government Properties (DEA).
What it means: The complete exit from Easterly Government Properties, a government-leased REIT, likely reflects concerns about the commercial real estate environment and uncertain federal government space requirements. With office REITs facing structural headwinds from remote work and potential government efficiency initiatives, Miller appears to have lost conviction in the government properties niche despite its historically stable cash flows. This exit aligns with a broader pattern of reducing exposure to yield-oriented defensive positions in favor of more cyclical, operationally-driven value opportunities.
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.
