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Bill Miller
Miller Value Partners
2026Q1 · filed May 15, 202655 positions · $383Mtop-5 34%
2026Q1 brief
Bill Miller's $380M, 55-position book continues to tilt toward deep value with a contrarian energy/media flavor. The largest new position is CRGY (Crescent Energy, 7.1%, ~$27M), pushing oil & gas exposure higher alongside existing NABORS (10.0%, trimmed -26%) and CHRD (2.6%, added +20%). A new SPY stake (5.1%) is unusual for Miller and may reflect tactical index exposure or hedging rather than a stock-specific view. GTN (Gray Television, 6.1%, added +35%) and CNDT (added +80%) suggest Miller is doubling down on beaten-down media and business services. The trim in NABORS (-26%) while maintaining it as the top holding points to risk management rather than conviction loss. New positions in BLMN (Bloomin' Brands, 2.9%) and CROX (0.8%) add consumer cyclical distress names consistent with his style. Miller's portfolio increasingly resembles a basket of out-of-favor, low-multiple businesses across energy, media, and consumer — contrarian even by super-investor standards. Watch whether the SPY position grows, which would signal a broader risk-off shift, or disappears as a one-quarter tactical trade.
AI-generated. Not investment advice.
Holdings (55) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | NBR | 10.0% | $38M | |||
| 2 | CRGY | 7.1% | $27M | |||
| 3 | GTN | 6.1% | $23M | |||
| 4 | LNC | 5.3% | $20M | |||
| 5 | SPY | 5.1% | $20M | |||
| 6 | QUAD | 4.6% | $18M | |||
| 7 | BFH | 3.8% | $15M | |||
| 8 | TDAY | 3.6% | $14M | |||
| 9 | CNDT | 3.3% | $13M | |||
| 10 | UPS | 3.1% | $12M | |||
| 11 | BLMN | 2.9% | $11M | |||
| 12 | FOSL | 2.7% | $10M | |||
| 13 | CTO | 2.7% | $10M | |||
| 14 | ITRN | 2.6% | $10M | |||
| 15 | VTRS | 2.6% | $10M | |||
| 16 | CHRD | 2.6% | $10M | |||
| 17 | JXN | 2.2% | $9M | |||
| 18 | VZ | 2.2% | $8M | |||
| 19 | DCH | 2.2% | $8M | |||
| 20 | JELD | 2.1% | $8M | |||
| 21 | MSTR | 1.7% | $6M | |||
| 22 | ARLP | 1.3% | $5M | |||
| 23 | MRP | 1.3% | $5M | |||
| 24 | CALM | 1.3% | $5M | |||
| 25 | ABR | 1.2% | $5M | |||
| 26 | OMF | 1.2% | $4M | |||
| 27 | UGI | 1.1% | $4M | |||
| 28 | BMY | 1.1% | $4M | |||
| 29 | WAL | 1.0% | $4M | |||
| 30 | BBW | 1.0% | $4M | |||
| 31 | MELI | 1.0% | $4M | |||
| 32 | CROX | 0.8% | $3M | |||
| 33 | FIGR | 0.8% | $3M | |||
| 34 | N53745100 | 0.8% | $3M | |||
| 35 | ZD | 0.7% | $3M | |||
| 36 | BCC | 0.7% | $3M | |||
| 37 | REZI | 0.6% | $2M | |||
| 38 | CTRN | 0.6% | $2M | |||
| 39 | UPBD | 0.6% | $2M | |||
| 40 | ABNB | 0.5% | $2M | |||
| 41 | CG | 0.5% | $2M | |||
| 42 | CART | 0.4% | $2M | |||
| 43 | BLDR | 0.4% | $2M | |||
| 44 | PRDO | 0.4% | $2M | |||
| 45 | FOUR | 0.3% | $1M | |||
| 46 | CPNG | 0.3% | $1M | |||
| 47 | PINS | 0.3% | $1M | |||
| 48 | MBC | 0.2% | $871K | |||
| 49 | VRM | 0.2% | $778K | |||
| 50 | PTLO | 0.2% | $684K | |||
| 51 | LAD | 0.2% | $663K | |||
| 52 | G8068L108 | 0.2% | $612K | |||
| 53 | UNFI | 0.1% | $237K | |||
| 54 | G87110105 | 0.1% | $219K | |||
| 55 | TPC | 0.1% | $216K |
Sort↑
- 1NBR10.0%$38MNabors Industries Ltdthis Q -26%·24q
- 2CRGY7.1%$27MCrescent Energy Inc-athis Q New·—1q
- 3GTN6.1%$23MGray Media Incthis Q +35%·12q
- 4LNC5.3%$20MLincoln National Corpthis Q hold·9q
- 5SPY5.1%$20MSS Spdr S&p 500 Etf Trust-usthis Q New·13q
- 6QUAD4.6%$18MQuad Graphics Incthis Q hold·29q
- 7BFH3.8%$15MBread Financial Holdings Incthis Q hold·12q
- 8TDAY3.6%$14MUsa Today CO Incthis Q -42%·25q
- 9CNDT3.3%$13MConduent Incthis Q +80%·21q
- 10UPS3.1%$12MUnited Parcel Service-cl Bthis Q +38%·3q
- 11BLMN2.9%$11MBloomin' Brands Incthis Q New·—1q
- 12FOSL2.7%$10MFossil Group Incthis Q -24%·14q
- 13CTO2.7%$10MCto Realty Growth Incthis Q +28%·18q
- 14ITRN2.6%$10MIturan Location And Controlthis Q hold·3q
- 15VTRS2.6%$10MViatris Incthis Q hold·21q
- 16CHRD2.6%$10MChord Energy Corpthis Q +20%·9q
- 17JXN2.2%$9MJackson Financial Inc-athis Q hold·18q
- 18VZ2.2%$8MVerizon Communications Incthis Q hold·5q
- 19DCH2.2%$8MDauch Corporationthis Q hold·17q
- 20JELD2.1%$8MJeld-wen Holding Incthis Q +60%·5q
- 21MSTR1.7%$6MStrategy Incthis Q +106%·12q
- 22ARLP1.3%$5MAlliance Resource Partnersthis Q +40%·22q
- 23MRP1.3%$5MMillrose Propertiesthis Q +118%·2q
- 24CALM1.3%$5MCal-maine Foods Incthis Q hold·3q
- 25ABR1.2%$5MArbor Realty Trust Incthis Q New·—1q
- 26OMF1.2%$4MOnemain Holdings Incthis Q hold·40q
- 27UGI1.1%$4MUgi Corpthis Q -54%·9q
- 28BMY1.1%$4MBristol-myers Squibb COthis Q -36%·9q
- 29WAL1.0%$4MWestern Alliance Bancorpthis Q hold·13q
- 30BBW1.0%$4MBuild-a-bear Workshop Incthis Q +33%·8q
- 31MELI1.0%$4MMercadolibre Incthis Q New·—1q
- 32CROX0.8%$3MCrocs Incthis Q New·8q
- 33FIGR0.8%$3MFigure Technology Solut-cl Athis Q New·—1q
- 34N537451000.8%$3MLyondellbasell Industries NVthis Q hold·10q
- 35ZD0.7%$3MZiff Davis Incthis Q New·5q
- 36BCC0.7%$3MBoise Cascade COthis Q hold·10q
- 37REZI0.6%$2MResideo Technologies Incthis Q New·—1q
- 38CTRN0.6%$2MCiti Trends Incthis Q New·—1q
- 39UPBD0.6%$2MUpbound Group Incthis Q +71%·7q
- 40ABNB0.5%$2MAirbnb Inc-class Athis Q New·5q
- 41CG0.5%$2MCarlyle Group Inc/thethis Q hold·15q
- 42CART0.4%$2MMaplebear Incthis Q New·—1q
- 43BLDR0.4%$2MBuilders Firstsource Incthis Q New·6q
- 44PRDO0.4%$2MPerdoceo Education Corpthis Q New·12q
- 45FOUR0.3%$1MShift4 Payments Inc-class Athis Q New·—1q
- 46CPNG0.3%$1MCoupang Incthis Q New·—1q
- 47PINS0.3%$1MPinterest Inc- Class Athis Q New·—1q
- 48MBC0.2%$871KMasterbrand Incthis Q New·5q
- 49VRM0.2%$778KVroom Incthis Q New·—1q
- 50PTLO0.2%$684KPortillo's Inc-cl Athis Q New·—1q
- 51LAD0.2%$663KLithia Motors Incthis Q New·6q
- 52G8068L1080.2%$612KSharkninja Incthis Q New·—1q
- 53UNFI0.1%$237KUnited Natural Foods Incthis Q -58%·8q
- 54G871101050.1%$219KTechnipfmc Plcthis Q -58%·17q
- 55TPC0.1%$216KTutor Perini Corpthis Q -59%·20q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| NBR | Nabors Industries Ltd | TRIM | 10.0% | -26% | $38M |
| CRGY | Crescent Energy Inc-a | NEW | 7.1% | +100% | $27M |
| GTN | Gray Media Inc | ADD | 6.1% | +35% | $23M |
| TDAY | Usa Today CO Inc | TRIM | 3.6% | -42% | $14M |
| SPY | SS Spdr S&p 500 Etf Trust-us | NEW | 5.1% | +100% | $20M |
| FOSL | Fossil Group Inc | TRIM | 2.7% | -24% | $10M |
| CNDT | Conduent Inc | ADD | 3.3% | +80% | $13M |
| JELD | Jeld-wen Holding Inc | ADD | 2.1% | +60% | $8M |
| UGI | Ugi Corp | TRIM | 1.1% | -54% | $4M |
| UPS | United Parcel Service-cl B | ADD | 3.1% | +38% | $12M |
| BLMN | Bloomin' Brands Inc | NEW | 2.9% | +100% | $11M |
| CTO | Cto Realty Growth Inc | ADD | 2.7% | +28% | $10M |
| CHRD | Chord Energy Corp | ADD | 2.6% | +20% | $10M |
| BMY | Bristol-myers Squibb CO | TRIM | 1.1% | -36% | $4M |
| MSTR | Strategy Inc | ADD | 1.7% | +106% | $6M |
| BBW | Build-a-bear Workshop Inc | ADD | 1.0% | +33% | $4M |
| STLA | Stellantis N.v | EXIT | 1.6% | -100% | $0 |
| ARLP | Alliance Resource Partners | ADD | 1.3% | +40% | $5M |
| MRP | Millrose Properties | ADD | 1.3% | +118% | $5M |
| ABR | Arbor Realty Trust Inc | NEW | 1.2% | +100% | $5M |
| MELI | Mercadolibre Inc | NEW | 1.0% | +100% | $4M |
| CROX | Crocs Inc | NEW | 0.8% | +100% | $3M |
| FIGR | Figure Technology Solut-cl A | NEW | 0.8% | +100% | $3M |
| ZD | Ziff Davis Inc | NEW | 0.7% | +100% | $3M |
| REZI | Resideo Technologies Inc | NEW | 0.6% | +100% | $2M |
| CTRN | Citi Trends Inc | NEW | 0.6% | +100% | $2M |
| UPBD | Upbound Group Inc | ADD | 0.6% | +71% | $2M |
| ABNB | Airbnb Inc-class A | NEW | 0.5% | +100% | $2M |
| CART | Maplebear Inc | NEW | 0.4% | +100% | $2M |
| BLDR | Builders Firstsource Inc | NEW | 0.4% | +100% | $2M |
| PRDO | Perdoceo Education Corp | NEW | 0.4% | +100% | $2M |
| FOUR | Shift4 Payments Inc-class A | NEW | 0.3% | +100% | $1M |
| CPNG | Coupang Inc | NEW | 0.3% | +100% | $1M |
| PINS | Pinterest Inc- Class A | NEW | 0.3% | +100% | $1M |
| MBC | Masterbrand Inc | NEW | 0.2% | +100% | $871K |
| VRM | Vroom Inc | NEW | 0.2% | +100% | $778K |
| PTLO | Portillo's Inc-cl A | NEW | 0.2% | +100% | $684K |
| LAD | Lithia Motors Inc | NEW | 0.2% | +100% | $663K |
| TPC | Tutor Perini Corp | TRIM | 0.1% | -59% | $216K |
| G8068L108 | Sharkninja Inc | NEW | 0.2% | +100% | $612K |
| UNFI | United Natural Foods Inc | TRIM | 0.1% | -58% | $237K |
| G87110105 | Technipfmc Plc | TRIM | 0.1% | -58% | $219K |
- TRIMNBR10.0%Nabors Industries LtdΔ -26%·$38M
- NEWCRGY7.1%Crescent Energy Inc-aΔ +100%·$27M
- ADDGTN6.1%Gray Media IncΔ +35%·$23M
- TRIMTDAY3.6%Usa Today CO IncΔ -42%·$14M
- NEWSPY5.1%SS Spdr S&p 500 Etf Trust-usΔ +100%·$20M
- TRIMFOSL2.7%Fossil Group IncΔ -24%·$10M
- ADDCNDT3.3%Conduent IncΔ +80%·$13M
- ADDJELD2.1%Jeld-wen Holding IncΔ +60%·$8M
- TRIMUGI1.1%Ugi CorpΔ -54%·$4M
- ADDUPS3.1%United Parcel Service-cl BΔ +38%·$12M
- NEWBLMN2.9%Bloomin' Brands IncΔ +100%·$11M
- ADDCTO2.7%Cto Realty Growth IncΔ +28%·$10M
- ADDCHRD2.6%Chord Energy CorpΔ +20%·$10M
- TRIMBMY1.1%Bristol-myers Squibb COΔ -36%·$4M
- ADDMSTR1.7%Strategy IncΔ +106%·$6M
- ADDBBW1.0%Build-a-bear Workshop IncΔ +33%·$4M
- EXITSTLA1.6%Stellantis N.vΔ -100%·$0
- ADDARLP1.3%Alliance Resource PartnersΔ +40%·$5M
- ADDMRP1.3%Millrose PropertiesΔ +118%·$5M
- NEWABR1.2%Arbor Realty Trust IncΔ +100%·$5M
- NEWMELI1.0%Mercadolibre IncΔ +100%·$4M
- NEWCROX0.8%Crocs IncΔ +100%·$3M
- NEWFIGR0.8%Figure Technology Solut-cl AΔ +100%·$3M
- NEWZD0.7%Ziff Davis IncΔ +100%·$3M
- NEWREZI0.6%Resideo Technologies IncΔ +100%·$2M
- NEWCTRN0.6%Citi Trends IncΔ +100%·$2M
- ADDUPBD0.6%Upbound Group IncΔ +71%·$2M
- NEWABNB0.5%Airbnb Inc-class AΔ +100%·$2M
- NEWCART0.4%Maplebear IncΔ +100%·$2M
- NEWBLDR0.4%Builders Firstsource IncΔ +100%·$2M
- NEWPRDO0.4%Perdoceo Education CorpΔ +100%·$2M
- NEWFOUR0.3%Shift4 Payments Inc-class AΔ +100%·$1M
- NEWCPNG0.3%Coupang IncΔ +100%·$1M
- NEWPINS0.3%Pinterest Inc- Class AΔ +100%·$1M
- NEWMBC0.2%Masterbrand IncΔ +100%·$871K
- NEWVRM0.2%Vroom IncΔ +100%·$778K
- NEWPTLO0.2%Portillo's Inc-cl AΔ +100%·$684K
- NEWLAD0.2%Lithia Motors IncΔ +100%·$663K
- TRIMTPC0.1%Tutor Perini CorpΔ -59%·$216K
- NEWG8068L1080.2%Sharkninja IncΔ +100%·$612K
- TRIMUNFI0.1%United Natural Foods IncΔ -58%·$237K
- TRIMG871101050.1%Technipfmc PlcΔ -58%·$219K
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001135778). Not investment advice.