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

According to the SEC 13F filed on Aug 14, 2025, the Miller Value Partners portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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