Bill Miller - Miller Value Partners 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Miller Value Partners portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2025. 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 Q1 2025, the filing reported:

New Buys - Easterly Government Properties,, JELD-WEN Holding, Inc., LyondellBasell, Verizon Communications Inc.

Increases - American Axle & Manufacturing H, Build-A-Bear Workshop, Inc., Bread Financial Holdings, Inc., Conduent Incorporated, Fossil Group, Inc., and 7 more

Reductions - Jackson Financial Inc., AT&T Inc., United Natural Foods, Inc., Western Alliance Bancorporation

Complete Exits - Atkore Inc., Pitney Bowes Inc., Teva Pharmaceutical Industries

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
Q1 2025	ATKR Atkore Inc.	Atkore Inc.	Sell - Position Exit	-37,000	-100.0%	$0.00	-
Q1 2025	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Buy	+466,100	+88.0%	$4.05M	995,690
Q1 2025	BBW Build-A-Bear Workshop, Inc.	Build-A-Bear Workshop, Inc.	Buy	+5,000	+5.3%	$3.72M	100,000
Q1 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+5,775	+1.9%	$15.52M	309,825
Q1 2025	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+326,120	+21.1%	$5.06M	1,875,380
Q1 2025	DEA Easterly Government Properties,	Easterly Government Properties,	Buy - Position Entry	+367,000	-	$3.89M	367,000
Q1 2025	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Buy	+394,080	+15.3%	$3.41M	2,965,160
Q1 2025	GCI Gannett Co., Inc.	Gannett Co., Inc.	Buy	+316,190	+13.2%	$7.84M	2,712,815
Q1 2025	GTN Gray Television, Inc.	Gray Television, Inc.	Buy	+193,340	+5.7%	$15.46M	3,577,790
Q1 2025	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy - Position Entry	+776,425	-	$4.64M	776,425
Q1 2025	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell	-16,420	-12.0%	$10.13M	120,950
Q1 2025	LNC Lincoln National Corporation	Lincoln National Corporation	Buy	+25,570	+5.2%	$18.65M	519,255
Q1 2025	LYB LyondellBasell	LyondellBasell	Buy - Position Entry	+38,000	-	$2.68M	38,000
Q1 2025	NBR Nabors Industries	Nabors Industries	Buy	+107,550	+38.2%	$16.21M	388,745
Q1 2025	PBI Pitney Bowes Inc.	Pitney Bowes Inc.	Sell - Position Exit	-24,259	-100.0%	$0.00	-
Q1 2025	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Buy	+56,095	+2.2%	$14.03M	2,574,225
Q1 2025	SMLR Semler Scientific, Inc.	Semler Scientific, Inc.	Buy	+10,000	+23.3%	$1.92M	53,000
Q1 2025	T AT&T Inc.	AT&T Inc.	Sell	-417,000	-78.2%	$3.28M	116,000
Q1 2025	TEVA Teva Pharmaceutical Industries	Teva Pharmaceutical Industries	Sell - Position Exit	-10,950	-100.0%	$0.00	-
Q1 2025	TPC Tutor Perini Corporation	Tutor Perini Corporation	Buy	+14,530	+19.1%	$2.10M	90,570
Q1 2025	UNFI United Natural Foods, Inc.	United Natural Foods, Inc.	Sell	-223,545	-54.2%	$5.18M	188,955
Q1 2025	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy - Position Entry	+198,000	-	$8.98M	198,000
Q1 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Sell	-57,655	-40.9%	$6.41M	83,455