Bill Miller – Miller Value Partners Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys – Millrose Properties
Increases – Alliance Resource Partners, L.P, American Axle & Manufacturing H, Chord Energy Corporation, Conduent Incorporated, CTO Realty Growth, Inc., and 8 more
Reductions – Build-A-Bear Workshop, Inc., Bread Financial Holdings, Inc., Fossil Group, Inc., Jackson Financial Inc., Lincoln National Corporation, and 3 more
Complete Exits – Buckle, Inc. (The), Semler Scientific, Inc., TotalEnergies SE
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | ARLP Alliance Resource Partners, L.P | Alliance Resource Partners, L.P | Buy | +5,000 | +3.9% | $3.07M | 132,000 |
Q4 2025 | AXL American Axle & Manufacturing H | American Axle & Manufacturing H | Buy | +17,685 | +1.0% | $11.12M | 1,734,780 |
Q4 2025 | BBW Build-A-Bear Workshop, Inc. | Build-A-Bear Workshop, Inc. | Sell | -20,000 | -20.4% | $4.78M | 78,000 |
Q4 2025 | BFH Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Sell | -68,595 | -25.4% | $14.91M | 201,415 |
Q4 2025 | BKE Buckle, Inc. (The) | Buckle, Inc. (The) | Sell - Position Exit | -72,000 | -100.0% | $0.00 | - |
Q4 2025 | CHRD Chord Energy Corporation | Chord Energy Corporation | Buy | +5,000 | +9.5% | $5.35M | 57,766 |
Q4 2025 | CNDT Conduent Incorporated | Conduent Incorporated | Buy | +1,552,560 | +38.5% | $10.72M | 5,583,385 |
Q4 2025 | CTO CTO Realty Growth, Inc. | CTO Realty Growth, Inc. | Buy | +5,000 | +1.2% | $7.99M | 434,145 |
Q4 2025 | FOSL Fossil Group, Inc. | Fossil Group, Inc. | Sell | -141,980 | -4.3% | $11.97M | 3,184,415 |
Q4 2025 | GCI Gannett Co., Inc. | Gannett Co., Inc. | Buy | +80 | +0.0% | $17.53M | 3,403,345 |
Q4 2025 | GTN Gray Television, Inc. | Gray Television, Inc. | Buy | +430,280 | +12.1% | $19.30M | 3,988,495 |
Q4 2025 | JELD JELD-WEN Holding, Inc. | JELD-WEN Holding, Inc. | Buy | +2,065,370 | +99.8% | $10.17M | 4,134,210 |
Q4 2025 | JXN Jackson Financial Inc. | Jackson Financial Inc. | Sell | -7,675 | -8.2% | $9.19M | 86,150 |
Q4 2025 | LNC Lincoln National Corporation | Lincoln National Corporation | Sell | -15,915 | -3.1% | $22.48M | 504,761 |
Q4 2025 | MRP Millrose Properties | Millrose Properties | Buy - Position Entry | +82,800 | - | $2.47M | 82,800 |
Q4 2025 | MSTR MicroStrategy Incorporated | MicroStrategy Incorporated | Buy | +10,000 | +65.6% | $3.84M | 25,250 |
Q4 2025 | NBR Nabors Industries | Nabors Industries | Sell | -70,358 | -10.5% | $32.73M | 602,737 |
Q4 2025 | OMF OneMain Holdings, Inc. | OneMain Holdings, Inc. | Sell | -9,000 | -9.8% | $5.60M | 82,941 |
Q4 2025 | QUAD Quad Graphics, Inc | Quad Graphics, Inc | Buy | +114,415 | +4.4% | $17.17M | 2,737,890 |
Q4 2025 | SMLR Semler Scientific, Inc. | Semler Scientific, Inc. | Sell - Position Exit | -53,000 | -100.0% | $0.00 | - |
Q4 2025 | STLA Stellantis | Stellantis | Buy | +39,000 | +10.0% | $4.67M | 429,000 |
Q4 2025 | TTE TotalEnergies SE | TotalEnergies SE | Sell - Position Exit | -7,650 | -100.0% | $0.00 | - |
Q4 2025 | UNFI United Natural Foods, Inc. | United Natural Foods, Inc. | Sell | -60,820 | -82.8% | $425.08K | 12,625 |
Q4 2025 | UPBD Upbound Group, Inc. | Upbound Group, Inc. | Buy | +50,000 | +250.0% | $1.23M | 70,000 |
Q4 2025 | WAL Western Alliance Bancorporation | Western Alliance Bancorporation | Buy | +1,000 | +1.6% | $5.42M | 64,455 |
Q3 2025 | 27616P301 Easterly Government | Easterly Government | Sell - Position Exit | -146,800 | -100.0% | $0.00 | - |
Q3 2025 | AXL American Axle & Manufacturing H | American Axle & Manufacturing H | Buy | +277,175 | +19.2% | $10.32M | 1,717,095 |
Q3 2025 | BBW Build-A-Bear Workshop, Inc. | Build-A-Bear Workshop, Inc. | Sell | -7,000 | -6.7% | $6.39M | 98,000 |
Q3 2025 | BCC Boise Cascade, L.L.C. | Boise Cascade, L.L.C. | Sell | -3,000 | -7.5% | $2.86M | 37,000 |
Q3 2025 | BFH Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Sell | -57,375 | -17.5% | $15.06M | 270,010 |