Bill Miller - Miller Value Partners 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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 Q1 2026, the filing reported:

New Buys - Airbnb, Inc., Arbor Realty Trust, Builders FirstSource, Inc., Bloomin' Brands, Inc., Maplebear Inc., and 15 more

Increases - Alliance Resource Partners, L.P, Build-A-Bear Workshop, Inc., Chord Energy Corporation, Conduent Incorporated, CTO Realty Growth, Inc., and 8 more

Reductions - American Axle & Manufacturing H, Bread Financial Holdings, Inc., Bristol-Myers Squibb Company, Fossil Group, Inc., TechnipFMC, and 10 more

Complete Exits - Stellantis

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 2026	ABNB Airbnb, Inc.	Airbnb, Inc.	Buy - Position Entry	+16,134	-	$2.04M	16,134
Q1 2026	ABR Arbor Realty Trust	Arbor Realty Trust	Buy - Position Entry	+604,000	-	$4.66M	604,000
Q1 2026	ARLP Alliance Resource Partners, L.P	Alliance Resource Partners, L.P	Buy	+53,256	+40.3%	$5.12M	185,256
Q1 2026	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Sell	-338,875	-19.5%	$8.28M	1,395,905
Q1 2026	BBW Build-A-Bear Workshop, Inc.	Build-A-Bear Workshop, Inc.	Buy	+25,734	+33.0%	$3.88M	103,734
Q1 2026	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-7,718	-3.8%	$14.51M	193,697
Q1 2026	BLDR Builders FirstSource, Inc.	Builders FirstSource, Inc.	Buy - Position Entry	+18,893	-	$1.56M	18,893
Q1 2026	BLMN Bloomin' Brands, Inc.	Bloomin' Brands, Inc.	Buy - Position Entry	+2,036,734	-	$11.00M	2,036,734
Q1 2026	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-38,500	-35.6%	$4.22M	69,500
Q1 2026	CART Maplebear Inc.	Maplebear Inc.	Buy - Position Entry	+45,557	-	$1.71M	45,557
Q1 2026	CHRD Chord Energy Corporation	Chord Energy Corporation	Buy	+11,564	+20.0%	$9.86M	69,330
Q1 2026	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+4,440,545	+79.5%	$12.83M	10,023,930
Q1 2026	CPNG Coupang, Inc.	Coupang, Inc.	Buy - Position Entry	+62,528	-	$1.18M	62,528
Q1 2026	CRGY Crescent Energy Company	Crescent Energy Company	Buy - Position Entry	+2,003,132	-	$27.04M	2,003,132
Q1 2026	CROX Crocs, Inc.	Crocs, Inc.	Buy - Position Entry	+38,548	-	$3.20M	38,548
Q1 2026	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy	+121,908	+28.1%	$10.28M	556,053
Q1 2026	CTRN Citi Trends, Inc.	Citi Trends, Inc.	Buy - Position Entry	+53,763	-	$2.33M	53,763
Q1 2026	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Sell	-759,230	-23.8%	$10.45M	2,425,185
Q1 2026	FOUR Shift4 Payments, Inc.	Shift4 Payments, Inc.	Buy - Position Entry	+30,035	-	$1.31M	30,035
Q1 2026	G87110105 TechnipFMC	TechnipFMC	Sell	-4,340	-57.8%	$219.14K	3,170
Q1 2026	GCI Gannett Co., Inc.	Gannett Co., Inc.	Sell	-1,434,065	-42.1%	$13.88M	1,969,280
Q1 2026	GTN Gray Television, Inc.	Gray Television, Inc.	Buy	+1,381,605	+34.6%	$23.31M	5,370,100
Q1 2026	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy	+2,485,675	+60.1%	$8.21M	6,619,885
Q1 2026	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell	-5,470	-6.3%	$8.53M	80,680
Q1 2026	LAD Lithia Motors, Inc.	Lithia Motors, Inc.	Buy - Position Entry	+2,654	-	$662.76K	2,654
Q1 2026	LNC Lincoln National Corporation	Lincoln National Corporation	Buy	+65,929	+13.1%	$20.26M	570,690
Q1 2026	M6158M104 Ituran	Ituran	Sell	-11,100	-5.2%	$9.99M	203,900
Q1 2026	MBC MasterBrand, Inc.	MasterBrand, Inc.	Buy - Position Entry	+104,854	-	$871.34K	104,854
Q1 2026	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy - Position Entry	+2,215	-	$3.83M	2,215
Q1 2026	MRP Millrose Properties	Millrose Properties	Buy	+98,000	+118.4%	$5.06M	180,800

Page 1 of 2