Bill Miller - Miller Value Partners 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 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 Q2 2025, the filing reported:

New Buys - Easterly Government

Increases - American Axle & Manufacturing H, Build-A-Bear Workshop, Inc., Bread Financial Holdings, Inc., Conduent Incorporated, CTO Realty Growth, Inc., and 8 more

Reductions - TechnipFMC, Tutor Perini Corporation, United Natural Foods, Inc.

Complete Exits - Easterly Government Properties,, AT&T Inc.

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
Q2 2025	27616P301 Easterly Government	Easterly Government	Buy - Position Entry	+146,800	-	$3.26M	146,800
Q2 2025	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Buy	+444,230	+44.6%	$5.87M	1,439,920
Q2 2025	BBW Build-A-Bear Workshop, Inc.	Build-A-Bear Workshop, Inc.	Buy	+5,000	+5.0%	$5.41M	105,000
Q2 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+17,560	+5.7%	$18.70M	327,385
Q2 2025	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+879,845	+46.9%	$7.27M	2,755,225
Q2 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy	+15,245	+4.0%	$6.89M	399,145
Q2 2025	DEA Easterly Government Properties,	Easterly Government Properties,	Sell - Position Exit	-367,000	-100.0%	$0.00	-
Q2 2025	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Buy	+504,567	+17.0%	$5.14M	3,469,727
Q2 2025	G87110105 TechnipFMC	TechnipFMC	Sell	-70	-0.9%	$279.48K	8,115
Q2 2025	GCI Gannett Co., Inc.	Gannett Co., Inc.	Buy	+571,695	+21.1%	$11.76M	3,284,510
Q2 2025	GTN Gray Television, Inc.	Gray Television, Inc.	Buy	+70,015	+2.0%	$16.52M	3,647,805
Q2 2025	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy	+1,097,995	+141.4%	$7.35M	1,874,420
Q2 2025	JXN Jackson Financial Inc.	Jackson Financial Inc.	Buy	+4,045	+3.3%	$11.10M	124,995
Q2 2025	LNC Lincoln National Corporation	Lincoln National Corporation	Buy	+50,225	+9.7%	$19.70M	569,480
Q2 2025	NBR Nabors Industries	Nabors Industries	Buy	+235,355	+60.5%	$17.49M	624,100
Q2 2025	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Buy	+136,155	+5.3%	$15.31M	2,710,380
Q2 2025	T AT&T Inc.	AT&T Inc.	Sell - Position Exit	-116,000	-100.0%	$0.00	-
Q2 2025	TPC Tutor Perini Corporation	Tutor Perini Corporation	Sell	-77,660	-85.7%	$603.93K	12,910
Q2 2025	UNFI United Natural Foods, Inc.	United Natural Foods, Inc.	Sell	-51,550	-27.3%	$3.20M	137,405