Bill Miller - Miller Value Partners 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 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 Q4 2025, the filing reported:

New Buys - Millrose Properties

Increases - Alliance Resource Partners, L.P, American Axle & Manufacturing H, Chord Energy Corporation, Conduent Incorporated, CTO Realty Growth, Inc., and 8 more

Reductions - Build-A-Bear Workshop, Inc., Bread Financial Holdings, Inc., Fossil Group, Inc., Jackson Financial Inc., Lincoln National Corporation, and 3 more

Complete Exits - Buckle, Inc. (The), Semler Scientific, Inc., TotalEnergies SE

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
Q4 2025	ARLP Alliance Resource Partners, L.P	Alliance Resource Partners, L.P	Buy	+5,000	+3.9%	$3.07M	132,000
Q4 2025	AXL American Axle & Manufacturing H	American Axle & Manufacturing H	Buy	+17,685	+1.0%	$11.12M	1,734,780
Q4 2025	BBW Build-A-Bear Workshop, Inc.	Build-A-Bear Workshop, Inc.	Sell	-20,000	-20.4%	$4.78M	78,000
Q4 2025	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-68,595	-25.4%	$14.91M	201,415
Q4 2025	BKE Buckle, Inc. (The)	Buckle, Inc. (The)	Sell - Position Exit	-72,000	-100.0%	$0.00	-
Q4 2025	CHRD Chord Energy Corporation	Chord Energy Corporation	Buy	+5,000	+9.5%	$5.35M	57,766
Q4 2025	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+1,552,560	+38.5%	$10.72M	5,583,385
Q4 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy	+5,000	+1.2%	$7.99M	434,145
Q4 2025	FOSL Fossil Group, Inc.	Fossil Group, Inc.	Sell	-141,980	-4.3%	$11.97M	3,184,415
Q4 2025	GCI Gannett Co., Inc.	Gannett Co., Inc.	Buy	+80	+0.0%	$17.53M	3,403,345
Q4 2025	GTN Gray Television, Inc.	Gray Television, Inc.	Buy	+430,280	+12.1%	$19.30M	3,988,495
Q4 2025	JELD JELD-WEN Holding, Inc.	JELD-WEN Holding, Inc.	Buy	+2,065,370	+99.8%	$10.17M	4,134,210
Q4 2025	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell	-7,675	-8.2%	$9.19M	86,150
Q4 2025	LNC Lincoln National Corporation	Lincoln National Corporation	Sell	-15,915	-3.1%	$22.48M	504,761
Q4 2025	MRP Millrose Properties	Millrose Properties	Buy - Position Entry	+82,800	-	$2.47M	82,800
Q4 2025	MSTR MicroStrategy Incorporated	MicroStrategy Incorporated	Buy	+10,000	+65.6%	$3.84M	25,250
Q4 2025	NBR Nabors Industries	Nabors Industries	Sell	-70,358	-10.5%	$32.73M	602,737
Q4 2025	OMF OneMain Holdings, Inc.	OneMain Holdings, Inc.	Sell	-9,000	-9.8%	$5.60M	82,941
Q4 2025	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Buy	+114,415	+4.4%	$17.17M	2,737,890
Q4 2025	SMLR Semler Scientific, Inc.	Semler Scientific, Inc.	Sell - Position Exit	-53,000	-100.0%	$0.00	-
Q4 2025	STLA Stellantis	Stellantis	Buy	+39,000	+10.0%	$4.67M	429,000
Q4 2025	TTE TotalEnergies SE	TotalEnergies SE	Sell - Position Exit	-7,650	-100.0%	$0.00	-
Q4 2025	UNFI United Natural Foods, Inc.	United Natural Foods, Inc.	Sell	-60,820	-82.8%	$425.08K	12,625
Q4 2025	UPBD Upbound Group, Inc.	Upbound Group, Inc.	Buy	+50,000	+250.0%	$1.23M	70,000
Q4 2025	WAL Western Alliance Bancorporation	Western Alliance Bancorporation	Buy	+1,000	+1.6%	$5.42M	64,455