Bill Miller - Miller Value Partners 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 14, 2025, the Miller Value Partners portfolio showed several notable changes in holdings as of quarter-end Sep 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 Q3 2025, the filing reported:

New Buys - Cal-Maine Foods, Inc., Ituran, Upbound Group, Inc., United Parcel Service, Inc.

Increases - American Axle & Manufacturing H, Conduent Incorporated, CTO Realty Growth, Inc., Gannett Co., Inc., JELD-WEN Holding, Inc., and 1 more

Reductions - Build-A-Bear Workshop, Inc., Boise Cascade, L.L.C., Bread Financial Holdings, Inc., Buckle, Inc. (The), The Carlyle Group Inc., and 11 more

Complete Exits - Easterly Government

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
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
Q3 2025	BKE Buckle, Inc. (The)	Buckle, Inc. (The)	Sell	-33,000	-31.4%	$4.22M	72,000
Q3 2025	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Buy - Position Entry	+62,000	-	$5.83M	62,000
Q3 2025	CG The Carlyle Group Inc.	The Carlyle Group Inc.	Sell	-30,000	-42.9%	$2.51M	40,000
Q3 2025	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+1,275,600	+46.3%	$11.29M	4,030,825
Q3 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy	+30,000	+7.5%	$7.00M	429,145
Q3 2025	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Sell	-143,332	-4.1%	$8.55M	3,326,395
Q3 2025	G87110105 TechnipFMC	TechnipFMC	Sell	-605	-7.5%	$296.27K	7,510
Q3 2025	GCI Gannett Co., Inc.	Gannett Co., Inc.	Buy	+118,755	+3.6%	$14.06M	3,403,265
Q3 2025	GTN Gray Television, Inc.	Gray Television, Inc.	Sell	-89,590	-2.5%	$20.57M	3,558,215
Q3 2025	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy	+194,420	+10.4%	$10.16M	2,068,840
Q3 2025	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell	-31,170	-24.9%	$9.50M	93,825
Q3 2025	LNC Lincoln National Corporation	Lincoln National Corporation	Sell	-48,804	-8.6%	$21.00M	520,676
Q3 2025	M6158M104 Ituran	Ituran	Buy - Position Entry	+215,000	-	$7.68M	215,000
Q3 2025	NBR Nabors Industries	Nabors Industries	Buy	+48,995	+7.9%	$27.51M	673,095
Q3 2025	OMF OneMain Holdings, Inc.	OneMain Holdings, Inc.	Sell	-57,059	-38.3%	$5.19M	91,941
Q3 2025	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Sell	-86,905	-3.2%	$16.42M	2,623,475
Q3 2025	TPC Tutor Perini Corporation	Tutor Perini Corporation	Sell	-6,095	-47.2%	$447.00K	6,815
Q3 2025	UGI UGI Corporation	UGI Corporation	Sell	-30,000	-10.3%	$8.71M	262,000
Q3 2025	UNFI United Natural Foods, Inc.	United Natural Foods, Inc.	Sell	-63,960	-46.5%	$2.76M	73,445
Q3 2025	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Buy - Position Entry	+20,000	-	$472.60K	20,000
Q3 2025	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Buy - Position Entry	+86,600	-	$7.23M	86,600
Q3 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Sell	-20,000	-24.0%	$5.50M	63,455