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

As of Sep 30, 2025, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 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