Miller Value Partners

Bill Miller

Small

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

55

Market Value

$383.2M

Portfolio Analysis

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I. Institutional Overview

As of the first quarter of 2026, the investment landscape continues to be shaped by the strategic maneuvers of seasoned market veterans. Among them, Miller Value Partners, led by the legendary Bill Miller, remains a focal point for investors seeking to understand the nuances of deep-value investing and contrarian capital allocation. This analysis report...

The total reported market value of the Miller Value Partners portfolio stands at approximately $383.18 million. While this represents a boutique-scale operation compared to the multi-billion dollar "behemoths" of Wall Street, the firm’s influence far outweighs its assets under management (AUM). Bill Miller is famously known for his record-breaking streak of...

With 55 total holdings, the portfolio exhibits a balanced approach between concentration and diversification. However, a closer look at the weight distribution reveals a "heavy-top" structure. The largest holding alone accounts for nearly 10% of the total portfolio, and the top five positions represent a significant portion of the firm's capital. This...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$NBR

Nabors Industries Ltd.

10.0%

% of Portfolio

2

$CRGY

Crescent Energy Company

7.1%

% of Portfolio

3

$GTN

Gray Media, Inc.

6.1%

% of Portfolio

4

$LNC

Lincoln National Corporation

5.3%

% of Portfolio

5

$ETF-SPY

SPDR S&P 500 ETF Trust

5.1%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
NBR10.0%11.5%10.1%7.4%
CRGY7.1%---
GTN6.1%6.8%7.6%7.0%
LNC5.3%7.9%7.7%8.4%
ETF-SPY5.1%---
QUAD4.6%6.0%6.0%6.5%
BFH3.8%5.3%5.5%7.9%
GCI3.6%6.2%5.2%5.0%
CNDT3.4%3.8%4.2%-
UPS3.1%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

NBR+18.39%
BLMN+49.26%
VTRS+20.73%
MSTR-3.73%
ETF-SPY+13.44%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

CRGY-14.96%
GCI-9.36%
ABR-33.07%
GTN-6.45%
LNC+3.10%

Sector Analysis

Energy22.2%
Others1.2%
Materials1.6%
Financials15.6%
Healthcare3.9%
Technology9.0%
Industrials11.5%
Real Estate5.5%

Trading Summary

1

$CRGY

7.1%

2

$ETF-SPY

5.1%

3

$BLMN

2.9%

4

$ABR

1.2%

5

$MELI

1.0%

6

$CROX

0.8%

7

$FIGR

0.8%

8

$ZD

0.8%

9

$REZI

0.6%

10

$CTRN

0.6%

11

$ABNB

0.5%

12

$CART

0.5%

13

$BLDR

0.4%

14

$PRDO

0.4%

15

$FOUR

0.3%

16

$CPNG

0.3%

17

$PINS

0.3%

18

$MBC

0.2%

20

$PTLO

0.2%

All Holdings

1

$NBR

10.0%

2

$CRGY

7.1%

3

$GTN

6.1%

4

$LNC

5.3%

5

$ETF-SPY

5.1%

6

$QUAD

4.6%

7

$BFH

3.8%

8

$GCI

3.6%

9

$CNDT

3.4%

10

$UPS

3.1%

11

$BLMN

2.9%

12

$FOSL

2.7%

13

$CTO

2.7%

14

$ITRN

2.6%

15

$VTRS

2.6%

16

$CHRD

2.6%

17

$JXN

2.2%

18

$VZ

2.2%

19

$AXL

2.2%

20

$JELD

2.1%

21

$MSTR

1.7%

22

$ARLP

1.3%

23

$MRP

1.3%

24

$CALM

1.3%

25

$ABR

1.2%

26

$OMF

1.2%

27

$UGI

1.1%

28

$BMY

1.1%

29

$WAL

1.0%

30

$BBW

1.0%

31

$MELI

1.0%

32

$CROX

0.8%

33

$FIGR

0.8%

34

$LYB

0.8%

35

$ZD

0.8%

36

$BCC

0.7%

37

$REZI

0.6%

38

$CTRN

0.6%

39

$UPBD

0.6%

40

$ABNB

0.5%

41

$CG

0.5%

42

$CART

0.5%

43

$BLDR

0.4%

44

$PRDO

0.4%

45

$FOUR

0.3%

46

$CPNG

0.3%

47

$PINS

0.3%

48

$MBC

0.2%

50

$PTLO

0.2%