Bill Miller Q2 2026 Investment Activity: Significant Buys & Sells at Miller Value Partners

For Q2 2026, Bill Miller's investment strategy at Miller Value Partners saw notable shifts across various sectors. The portfolio experienced significant buying activity in several stocks while simultaneously exiting others.

Prominent Purchases This Quarter

The most striking addition to Miller's portfolio this quarter was the DIREXION SHARES ETF TRUST (SPUU). He acquired shares worth a substantial portion of his total holdings, representing an increase that is 100% from the previous period. Similarly, investments in other companies like DIREXION SHARES ETF TRUST (SPUU) and DAUCH CORP (AXL) show significant growth, with the latter increasing by 63.48%.

Miller also demonstrated strong interest in technology sector companies through his purchases. He added a considerable position to UPBOUND GROUP INC (UPBD), acquiring shares at a time when the company's stock was experiencing significant appreciation, with a 115% increase reported.

Strategic Sector Shifts

The data suggests Miller is allocating capital towards specific sectors. His investments in Communication Services and Consumer Cyclical stocks like CONDUENT INC (CNDT), GRAY MEDIA INC (GTN), BLOOMIN BRANDS INC (BLMN), and others indicate a focus on these areas.

Conversely, the portfolio shows reduced exposure to certain sectors. The exit of Communication Services stock META PLATFORMS INC (META) is particularly noteworthy, as it represents one of the largest sell actions in this quarter's activity.

Notable Sales and Exits

The second quarter witnessed significant reductions or exits from some holdings. The most prominent sale was META PLATFORMS INC (META), where Miller sold shares representing a nearly complete exit, with the position decreasing by 97.78%.

Other stocks saw substantial decreases in allocation, including USA TODAY CO INC (GCI) which experienced an almost 29% reduction (-28.85%) and JELD-WEN HLDG INC (JELD) with a significant drop of over 16%. Additionally, the position in FOSSIL GROUP INC (FOSL) was reduced by nearly 12%.

Diversification and Holding Count

Maintaining a diverse portfolio, Miller holds investments in 54 different stocks as of June 30th. This high number suggests ongoing diversification efforts across various industries and sectors.

The top five holdings account for approximately 32% of the total portfolio value, indicating that while significant concentration exists, there are still substantial resources allocated to other positions outside this core group.