Miller Value Partners Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The reported AUM of approximately $283.8M suggests that Miller Value Partners operates as a boutique, focused investment vehicle. Unlike "mega-funds" that manage hundreds of billions and are forced into "closet indexing" due to liquidity constraints, Miller’s scale allows for extreme nimbleness. This size is a double-edged sword: it permits the fund to take significant positions in small-to-mid-cap companies (like Gannett or Gray Media ) where a larger fund could not move the needle, but it also requires a higher degree of precision in stock selection, as there is less room for "index-hugging" to mask poor performance. The stability of the portfolio value, combined with the relatively low number of holdings, indicates a "quality over quantity" approach, where each position is expected to contribute meaningfully to the alpha generation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors— Financials, Communication Services, and Energy —account for 51.57% of the total portfolio. This is a highly focused layout. The heavy weighting in Financials (21.13%) is particularly telling. This suggests a belief that the financial sector is either undervalued relative to its earnings power or that the interest rate environment (likely a "higher for longer" or a "steepening yield curve" scenario) is beneficial for insurance companies and banks. Specifically, holdings like Lincoln National (LNC) and Jackson Financial (JXN) point toward a preference for life insurance and annuity providers, which are sensitive to long-term interest rates and equity market performance.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The Top 10 holdings of Miller Value Partners represent the "ballast" of the portfolio, accounting for a massive 64.38% of the total reported value. This level of concentration means that the fund's performance is almost entirely dictated by the success or failure of these ten companies.

The Top 10 holdings reveal a portfolio that is aggressive, contrarian, and value-centric . There is almost no overlap with popular institutional holdings. The portfolio is built on the "three pillars" of Miller’s philosophy: 1. Low Expectations: Buying stocks where the market expects the worst. 2. High Free Cash Flow: Ensuring the companies have the "oxygen" to survive until the turnaround. 3. Time Arbitrage: Being willing to wait 5+ years for the market to realize the value.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

A clear trend in the additions is "The Return of the Physical World." Between JELD-WEN (housing), Stellantis (autos), and Millrose Properties (real estate), Miller is moving capital into tangible, asset-heavy businesses. This is a direct contrast to the "asset-light" software-as-a-service (SaaS) trend. Miller is betting that in an inflationary or "higher-for-longer" environment, companies with physical assets and the ability to produce "real things" will eventually outshine overvalued digital platforms.

The total estimated addition amount across these top targets is approximately $16M - $18M . Where did this capital come from? As we will see in Section V, Miller exited The Buckle (BKE) and reduced Bread Financial (BFH) , recouping over $10M . This suggests an "inventory reallocation" strategy. He is selling "realized value" (BKE) to fund "potential value" (JELD, CNDT). This is the hallmark of a dynamic value manager: never letting capital sit idle in a stock that has reached its price target.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

There is a clear rotation happening. Miller is selling Retail (BKE, BBW) and Consumer Finance (BFH, OMF) —sectors that have already had their "run"—and moving that money into Housing/Construction (JELD) and Digital Assets/Software (MSTR, CNDT) . This suggests he believes the next leg of the market cycle will be driven by different factors than the post-COVID recovery.

The reduction in JXN and OMF (both financial/insurance names) suggests that while Miller is still "Overweight" Financials, he is becoming more selective. He is moving away from "generic" financial exposure and focusing more on specific turnaround stories. The massive sell-off in UNFI is a warning that the "grocery/distribution" space is facing structural headwinds that even a value veteran finds difficult to navigate.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Turnaround over Growth: The aggressive additions to JELD-WEN and Conduent highlight a belief that "internal improvement" (restructuring, debt paydown) is a more reliable driver of alpha than "external growth" in a high-interest-rate environment. 3. Selective Digital Exposure: The increase in MicroStrategy shows that Miller is not a "Luddite." He recognizes the value of digital scarcity (Bitcoin) but prefers to play it through a "Value" lens (a company with a depressed software business and a massive hidden asset) rather than buying overvalued tech stocks.

Retail investors can learn from Miller’s patience . The 5.5-year hold on Nabors is a masterclass in "ignoring the noise." However, his high concentration (64% in Top 10) is a "don't try this at home" warning for those without deep research capabilities. His move into JELD-WEN is a high-conviction signal for those looking for a play on the eventual recovery of the global housing market.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.