Bill Miller Portfolio Concentration: Top Holdings Analysis

Bill Miller, through Miller Value Partners, maintains a substantial portfolio worth approximately $283.8 million as of December 31, 2025. This portfolio exhibits significant concentration, with a limited number of stocks accounting for a large portion of the total value.

The largest position is Nabors Industries Ltd (NBR), holding 602,737 shares valued at $32.7 million, representing 11.53% of the portfolio. This position saw a reduction in shares (-10.45%) and value compared to the previous period.

Lincoln National Corp (LNC) is the second-largest holding, with 504,761 shares valued at $22.5 million (7.92% allocation). This position also experienced a decline in shares (-3.06%) and value.

Gray Media Inc (GTN) holds the third spot with 3,988,495 shares valued at $19.3 million (6.80% allocation). This position saw a significant increase in shares (+12.09%) and value.

USA Today Co Inc (GCI) follows with 3,403,345 shares valued at $17.5 million (6.18% allocation). There was virtually no change in shares (0.00%) or value for this holding.

Quad/Graphics Inc (QUAD) is the fifth-largest holding with 2,737,890 shares valued at $17.2 million (6.05% allocation). This position also saw an increase in shares (+4.36%) and value.

Bread Financial Holdings Inc (BFH) holds 201,415 shares valued at $14.9 million (5.25% allocation). This position experienced a substantial decrease in shares (-25.40%) and value.

Fossil Group Inc (FOSL) is positioned at $11.9 million (4.22% allocation). The holding saw a reduction in shares (-4.27%) and value.

American Axle & Manufacturing Holdings Inc (AXL) holds $11.1 million (3.92% allocation). This position saw a modest increase in shares (+1.03%) and value.

Conduent Inc (CNDT) is valued at $10.7 million (3.78% allocation). This position experienced a substantial increase in shares (+38.52%) and value.

Jeld-Wen Holding Inc (JELD) completes the top ten with $10.2 million (3.58% allocation). This position saw an enormous increase in shares (+99.83%) and value.

These top holdings represent the core of Bill Miller's investment strategy as of December 31, 2025. For more detailed information on Bill Miller's investment profile, please visit Miller Value Partners. For specific company information, please visit NBR, LNC, GTN, GCI, QUAD, BFH, FOSL, AXL, CNDT, and JELD.