Miller Value Partners Q1 2026 13F Holdings and Activity Report

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 dissects the institutional holdings of Miller Value Partners based on the portfolio snapshot as of March 31, 2026. By examining the shifts in sector weights, the introduction of new core positions, and the strategic reduction of long-term holdings, we can construct a comprehensive psychological and professional portrait of the institution’s current market stance.

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—Energy, Financials, and Consumer Discretionary—account for 51.78% of the total portfolio. This concentration indicates a highly focused investment strategy that is heavily tilted toward cyclical and "old economy" industries. A weight of over 22% in Energy is particularly striking. In a global economy that is supposedly transitioning toward "green" alternatives, Miller’s heavy allocation to Energy suggests a belief that traditional energy assets remain undervalued and essential. This is a classic contrarian play, likely based on the assumption that supply constraints and continued global demand will keep energy prices—and the cash flows of energy companies—higher for longer than the market expects.

From this sector distribution, we can infer that Miller Value Partners is skeptical of the "AI-driven" market euphoria and is instead focusing on the "reflation" trade. The heavy emphasis on Energy and Materials (though Materials is small, it is present) combined with Financials suggests a portfolio built to withstand inflation and benefit from a tangible, industrial-led economic cycle. The institution appears to be prioritizing "real" earnings and dividends over "speculative" future growth. This is a defensive posture against valuation contraction but an offensive posture regarding the underlying strength of the physical economy.

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

Nabors Industries remains the crown jewel of the portfolio, despite a 26.26% reduction in the number of shares held this quarter. This position is a classic "conviction holding" that Miller has maintained since mid-2020. Nabors is a global leader in drilling technology and rig services. The reduction this quarter should not be viewed as a lack of faith, but rather as a prudent "rebalancing" after a period of significant outperformance. Even after selling over 158,000 shares, Nabors still commands nearly 10% of the portfolio. The weight change of -1.55% suggests that the reduction was an active choice to harvest profits and manage the risk of over-concentration in a single, volatile energy name. Miller likely believes that the fundamental thesis for Nabors—improving rig rates and technological dominance—remains intact, but the "margin of safety" has narrowed as the stock price recovered.

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

Perhaps the most surprising additions are the 106% increase in MicroStrategy and the new position in MercadoLibre . MicroStrategy is essentially a proxy for Bitcoin, while MercadoLibre is the "Amazon of Latin America." These are not traditional "deep value" stocks in terms of low P/E ratios. Instead, these represent "growth-at-a-reasonable-price" or "optionality" plays. Miller has long been a proponent of Bitcoin, and increasing his stake in MicroStrategy shows a continued bullishness on digital assets as a hedge against currency debasement. MercadoLibre, on the other hand, is a bet on the long-term secular growth of e-commerce and fintech in emerging markets. These additions show that Miller’s "value" definition is broad—he is looking for "value" in future cash flows, even in high-growth sectors.

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

The reduction of Nabors Industries is the largest "cash retrieval" operation of the quarter, yielding an estimated $13.62 million. As the portfolio's top holding, this move is a "Major Strategic Contraction" aimed at risk management. After holding the stock for over five years and seeing it become a massive part of the portfolio, Miller is prudently "taking chips off the table." This is not a "logical clearing" of the thesis, but rather a way to lock in gains and ensure that a single stock's volatility doesn't overwhelm the entire portfolio. The funds retrieved here were likely used to fund the new entry into Crescent Energy, representing a "Sell A to Buy B" rotation within the same sector.

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

For retail investors, the primary takeaway is the importance of active rebalancing . Even a "legendary" value investor doesn't just "buy and hold" forever. Miller’s willingness to slash a 5-year holding like Gannett or exit Stellantis entirely shows that "value" is not a static state. Investors should look for "inflection points"—where a company’s internal improvements or industry tailwinds are about to be recognized by the market. However, Miller’s specific bets (like MicroStrategy) require a high risk tolerance and a deep understanding of non-traditional assets, which may not be suitable for all individual portfolios.

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.