Miller Value Partners, LLC
Long book
$383.2M
Q1 2026
Positions
55
Top-10 weight
52%
concentration
Last quarter
+5.3%
SPY +14.8%
Turnover
41%
of book per quarter
Strategy in plain words
auto-generated from filingsMiller Value Partners, LLC is a concentrated fundamental stock-picker, running a $383.2M US long book across 55 positions.
The portfolio is concentrated: the top 10 names carry 52% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NABORS INDUSTRIES LTD, CRESCENT ENERGY INC-A, GRAY MEDIA INC, LINCOLN NATIONAL CORP, SS SPDR S&P 500 ETF TRUST-US.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+8.0%
Q3 2024
+9.5%
Q4 2024
-7.6%
Q1 2025
+2.2%
Q2 2025
+15.0%
Q3 2025
+6.5%
Q4 2025
+6.2%
Q1 2026
+5.3%
Sector allocation
Energy 22%
Financials 18%
Other 17%
Consumer discretionary 11%
Communications 10%
Services media 7%
Industrials 6%
Healthcare 4%
Long book by quarter
What does Miller Value own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NBR NABORS INDUSTRIES LTD | Energy | 444.4K | $38.2M | 10.0% | -26.3% |
| CRGY CRESCENT ENERGY INC-A | Energy | 2.0M | $27.0M | 7.1% | New |
| GTN GRAY MEDIA INC | Communications | 5.4M | $23.3M | 6.1% | +34.6% |
| LNC LINCOLN NATIONAL CORP | Financials | 570.7K | $20.3M | 5.3% | +13.1% |
| QUAD QUAD GRAPHICS INC | Other | 2.7M | $17.5M | 4.6% | -3.2% |
| BFH BREAD FINANCIAL HOLDINGS INC | Financials | 193.7K | $14.5M | 3.8% | -3.8% |
| TDAY USA TODAY CO INC | Other | 2.0M | $13.9M | 3.6% | -42.1% |
| CNDT CONDUENT INC | Services media | 10.0M | $12.8M | 3.3% | +79.5% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 119.1K | $11.7M | 3.1% | +37.5% |
| BLMN BLOOMIN' BRANDS INC | Consumer discretionary | 2.0M | $11.0M | 2.9% | New |
| FOSL FOSSIL GROUP INC | Other | 2.4M | $10.5M | 2.7% | -23.8% |
| ITRN ITURAN LOCATION AND CONTROL | Consumer discretionary | 203.9K | $10.0M | 2.6% | -5.2% |
| VTRS VIATRIS INC | Healthcare | 731.7K | $9.9M | 2.6% | +18.2% |
| CHRD CHORD ENERGY CORP | Energy | 69.3K | $9.9M | 2.6% | +20.0% |
| JXN JACKSON FINANCIAL INC-A | Financials | 80.7K | $8.5M | 2.2% | -6.3% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 168.0K | $8.4M | 2.2% | -15.2% |
| DCH DAUCH CORPORATION | Industrials | 1.4M | $8.3M | 2.2% | -19.5% |
| JELD JELD-WEN HOLDING INC | Other | 6.6M | $8.2M | 2.1% | +60.1% |
| MSTR STRATEGY INC | Financials | 52.1K | $6.5M | 1.7% | +106.2% |
| ARLP ALLIANCE RESOURCE PARTNERS | Materials | 185.3K | $5.1M | 1.3% | +40.3% |
| CALM CAL-MAINE FOODS INC | Consumer staples | 62.0K | $4.9M | 1.3% | Held |
| OMF ONEMAIN HOLDINGS INC | Financials | 82.9K | $4.4M | 1.2% | Held |
| UGI UGI CORP | Utilities | 121.0K | $4.4M | 1.2% | -53.8% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 69.5K | $4.2M | 1.1% | -35.6% |
| WAL WESTERN ALLIANCE BANCORP | Financials | 55.3K | $3.9M | 1.0% | -14.3% |
| BBW BUILD-A-BEAR WORKSHOP INC | Consumer discretionary | 103.7K | $3.9M | 1.0% | +33.0% |
| MELI MERCADOLIBRE INC | Services media | 2.2K | $3.8M | 1.0% | New |
| CROX CROCS INC | Other | 38.5K | $3.2M | 0.8% | New |
| FIGR FIGURE TECHNOLOGY SOLUT-CL A | Financials | 91.0K | $3.1M | 0.8% | New |
| LYB LYONDELLBASELL INDU-CL A | Other | 38.0K | $3.1M | 0.8% | Held |
| ZD ZIFF DAVIS INC | Communications | 68.1K | $2.9M | 0.7% | New |
| BCC BOISE CASCADE CO | Consumer discretionary | 37.0K | $2.8M | 0.7% | Held |
| REZI RESIDEO TECHNOLOGIES INC | Consumer discretionary | 69.8K | $2.4M | 0.6% | New |
| CTRN CITI TRENDS INC | Consumer discretionary | 53.8K | $2.3M | 0.6% | New |
| UPBD UPBOUND GROUP INC | Services media | 120.0K | $2.2M | 0.6% | +71.4% |
| ABNB AIRBNB INC-CLASS A | Services media | 16.1K | $2.0M | 0.5% | New |
| CG CARLYLE GROUP INC/THE | Financials | 40.0K | $1.9M | 0.5% | Held |
| CART MAPLEBEAR INC | Services media | 45.6K | $1.7M | 0.4% | New |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 18.9K | $1.6M | 0.4% | New |
| PRDO PERDOCEO EDUCATION CORP | Services media | 40.4K | $1.5M | 0.4% | New |
| FOUR SHIFT4 PAYMENTS INC-CLASS A | Services media | 30.0K | $1.3M | 0.3% | New |
| CPNG COUPANG INC | Consumer discretionary | 62.5K | $1.2M | 0.3% | New |
| PINS PINTEREST INC- CLASS A | Technology | 60.0K | $1.1M | 0.3% | New |
| MBC MASTERBRAND INC | Other | 104.9K | $871K | 0.2% | New |
| VRM VROOM INC | Consumer discretionary | 58.5K | $778K | 0.2% | New |
| PTLO PORTILLO'S INC-CL A | Consumer discretionary | 129.3K | $684K | 0.2% | New |
| LAD LITHIA MOTORS INC | Consumer discretionary | 2.7K | $663K | 0.2% | New |
| SN SHARKNINJA INC | Industrials | 5.8K | $612K | 0.2% | New |
| UNFI UNITED NATURAL FOODS INC | Consumer discretionary | 5.3K | $237K | 0.1% | -58.4% |
| FTI TECHNIPFMC PLC | Industrials | 3.2K | $219K | 0.1% | -57.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 55 | $383.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 34 | $283.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 36 | $272.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 33 | $235.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 34 | $219.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 33 | $234.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 30 | $177.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 29 | $156.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 30 | $156.4M | canonical | SEC ↗ |
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