SEC 13F Intelligence

Notable Investors / Q1 2026

Bill Miller’s Portfolio — MILLER VALUE PARTNERS, LLC

Founder, Miller Value Partners

CIK 0001135778 · 50 S. LEMON AVE #302, SARASOTA, FL, 34236 · 410-454-3159

About Bill Miller

Bill Miller beat the S&P 500 for fifteen consecutive years running Legg Mason Value Trust — the longest such streak on record — with an expansive definition of value that let him own Amazon and Dell when orthodox value investors wouldn't. He was also one of the earliest institutional Bitcoin advocates.

Miller Value Partners' 13F carries that heterodox stamp: deep-value cyclicals and busted growth side by side, with concentrated positions in names the market has left for dead.

Portfolio data below is from MILLER VALUE PARTNERS, LLC’s SEC 13F filings. View the full filer page →

Reported Value
$383M
Q1 2026
Positions
55
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing

Summary

Miller Value Partners, LLC reported $383M in U.S.-listed holdings across 55 positions for Q1 2026.

Its largest position, Nabors Industries, represents 10.0% of the portfolio.

Compared with Q4 2025, the fund opened 22 new positions and exited 1.

Portfolio Metrics

Turnover
+8.8%
vs prior filed quarter
Top-10 Concentration
+51.9%
share of reported value
Largest Position
+10.0%
Nabors Industries
New / Exited
22 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.2BQ4 ’18Q1 ’19: $2.5BQ2 ’19: $2.6BQ3 ’19: $2.5BQ4 ’19: $2.8BQ4 ’19Q1 ’20: $1.6BQ2 ’20: $2.3BQ3 ’20: $2.8BQ4 ’20: $3.3BQ4 ’20Q1 ’21: $3.9BQ2 ’21: $4.2BQ3 ’21: $4.3BQ4 ’21: $3.7BQ4 ’21Q1 ’22: $3.1BQ2 ’22: $2.0BQ3 ’22: $1.6BQ4 ’22: $1.6BQ4 ’22Q1 ’23: $1.6BQ2 ’23: $152MQ3 ’23: $159MQ4 ’23: $168MQ4 ’23Q1 ’24: $156MQ2 ’24: $157MQ3 ’24: $177MQ4 ’24: $234MQ4 ’24Q1 ’25: $219MQ2 ’25: $236MQ3 ’25: $272MQ4 ’25: $284MQ4 ’25Q1 ’26: $383Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 74.7%Other: 13.6%REIT: 5.2%ETP: 5.1%MLP: 1.3%
  • Common Stock · 74.7% · $286M
  • Other · 13.6% · $52M
  • REIT · 5.2% · $20M
  • ETP · 5.1% · $20M
  • MLP · 1.3% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CRGYCRESCENT ENERGY COMPANYNEW+2.00M2.00M+$27M$27M
STATE STR SPDR S&P 500 ETF TNEW+30.0K30.0K+$20M$20M
BLMNBLOOMIN BRANDS INCNEW+2.04M2.04M+$11M$11M
ABRARBOR REALTY TRUST INCNEW+604.0K604.0K+$5M$5M
MLB1MERCADOLIBRE INCNEW+2.2K2.2K+$4M$4M
CROXCROCS INCNEW+38.5K38.5K+$3M$3M
FIGRFIGURE TECHNOLOGY SOLUTIONEW+91.0K91.0K+$3M$3M
JXC1ZIFF DAVIS INCNEW+68.1K68.1K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NABORS INDUSTRIES LTDSHS9.98%$38M444.4K
2CRGYCRESCENT ENERGY COMPANYhistory →CL A COM7.06%$27M2.00M
3GTNGRAY MEDIA INChistory →COM6.08%$23M5.37M
4LNCLINCOLN NATL CORP INDhistory →COM5.29%$20M570.7K
5STATE STR SPDR S&P 500 ETF TTR UNIT5.10%$20M30.0K
6QUADQUAD / GRAPHICS INChistory →COM CL A4.57%$18M2.65M
7BFHBREAD FINANCIAL HOLDINGS INChistory →COM3.79%$15M193.7K
8TDAYUSA TODAY CO INChistory →COM3.62%$14M1.97M
9CNDTCONDUENT INChistory →COM3.35%$13M10.02M
10UPSUNITED PARCEL SVCS INChistory →CL B3.06%$12M119.1K
11BLMNBLOOMIN BRANDS INChistory →COM2.87%$11M2.04M
12FOSLFOSSIL GROUP INChistory →COM2.73%$10M2.43M
13CTOCTO RLTY GROWTH INC NEWhistory →COM2.68%$10M556.1K
14ITURAN LOCATION AND CONTROLSHS2.61%$10M203.9K
15VTRSVIATRIS INChistory →COM2.58%$10M731.7K
16CHRDCHORD ENERGY CORPORATIONhistory →COM NEW2.57%$10M69.3K
17JXNJACKSON FINANCIAL INChistory →COM CL A2.23%$9M80.7K
18BACVERIZON COMMUNICATIONS INChistory →COM2.20%$8M168.0K
19DCHDAUCH CORPhistory →COM2.16%$8M1.40M
20JELDJELD-WEN HLDG INChistory →COM2.14%$8M6.62M
21MIGASTRATEGY INChistory →CL A NEW1.70%$6M52.1K
22ARLPALLIANCE RESOURCE PARTNERS Lhistory →UT LTD PART1.34%$5M185.3K
23MRPMILLROSE PPTYS INChistory →COM CL A1.32%$5M180.8K
24CALMCAL MAINE FOODS INChistory →COM NEW1.28%$5M62.0K
25ABRARBOR REALTY TRUST INChistory →COM1.22%$5M604.0K
26OMFONEMAIN HLDGS INChistory →COM1.16%$4M82.9K
27UGIUGI CORP NEWhistory →COM1.15%$4M121.0K
28BMYBRISTOL-MYERS SQUIBB COhistory →COM1.10%$4M69.5K
29WEAWESTERN ALLIANCE BANCORPhistory →COM1.02%$4M55.3K
30BBWBUILD-A-BEAR WORKSHOP INChistory →COM1.01%$4M103.7K
31MLB1MERCADOLIBRE INChistory →COM1.00%$4M2.2K
32CROXCROCS INChistory →COM0.84%$3M38.5K
33FIGRFIGURE TECHNOLOGY SOLUTIOhistory →COM CL A0.81%$3M91.0K
34LYONDELLBASELL INDUSTRIES NVSHS - A -0.80%$3M38.0K
35JXC1ZIFF DAVIS INChistory →COM0.75%$3M68.1K
36BCCBOISE CASCADE CO DELhistory →COM0.73%$3M37.0K
37REZIRESIDEO TECHNOLOGIES INChistory →COM0.61%$2M69.8K
38CTRNCITI TRENDS INChistory →COM0.61%$2M53.8K
39UPBDUPBOUND GROUP INChistory →COM0.57%$2M120.0K
40ABNBAIRBNB INChistory →COM CL A0.53%$2M16.1K
41CGCARLYLE GROUP INChistory →COM0.51%$2M40.0K
42CARTMAPLEBEAR INChistory →COM0.45%$2M45.6K
43BLDRBUILDERS FIRSTSOURCE INChistory →COM0.41%$2M18.9K
44PRDOPERDOCEO ED CORPhistory →COM0.39%$2M40.4K
45FOURSHIFT4 PMTS INChistory →CL A0.34%$1M30.0K
46CPNGCOUPANG INChistory →CL A0.31%$1M62.5K
47PINSPINTEREST INChistory →CL A0.29%$1M60.0K
48MBCMASTERBRAND INChistory →COMMON STOCK0.23%$871,337104.9K
49VRMVROOM INChistory →COM NEW0.20%$778,47558.5K
50PTLOPORTILLOS INChistory →COM CL A0.18%$684,119129.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$383M55May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$284M34Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$272M36Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$236M33Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$219M34May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$234M33Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$177M30Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$157M29Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$156M30May 7, 202413F-HRchanges · EDGAR ↗
Q4 2023$168M42Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$159M46Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$152M46Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.6B90May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.6B84Feb 14, 2023RESTATEMENTchanges · EDGAR ↗
Q3 2022$1.6B92Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.0B119Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$3.1B126May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.7B129Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$4.3B125Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$4.2B124Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$3.9B114May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$3.3B102Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$2.8B90Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$2.3B79Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.6B73May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.8B95Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.5B101Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.6B102Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.5B102May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.2B102Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • EXCHANGE TRADED CONCEPTS, LLC028-19670

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.