Bill Miller Top Holdings Analysis: Portfolio Focus on Value Stocks

Bill Miller, the renowned investor at Miller Value Partners, maintains a diverse portfolio as of December 31, 2025, with a total value of approximately $283.8 million. His investment strategy focuses on value stocks, evident in the top holdings that constitute a significant portion of his portfolio. For a detailed look at Bill Miller's investment profile, you can visit his profile on Insiderset.

Nabors Industries Ltd (NBR) stands as the largest holding in Miller's portfolio, representing 11.53% of the total value. The stock saw a reduction in holdings during the prior period, with shares decreased by 10.45%. Investors can explore Nabors Industries Ltd's details here.

Lincoln National Corp Ind (LNC) is another major component, accounting for 7.92% of the portfolio. Miller's stake in LNC also experienced a decline, with a 3.06% reduction in shares. More information about Lincoln National Corp Ind is available here.

Gray Media Inc (GTN) holds a 6.8% allocation in the portfolio. Miller's investment in GTN saw substantial growth, with a 12.09% increase in shares during the prior period. Details on Gray Media Inc can be found here.

USA Today Co Inc (GCI) is positioned at 6.18% of the portfolio. Miller's stake in GCI remained unchanged in terms of percentage during the prior period. Further insights into USA Today Co Inc are available here.

Quad/Graphics Inc (QUAD) represents 6.05% of the portfolio. Miller's investment in QUAD increased by 4.36% in terms of shares during the prior period. More information about Quad/Graphics Inc can be found here.

Bread Financial Holdings Inc (BFH) is allocated 5.25% of the portfolio. Miller's position in BFH decreased significantly by 25.4% in shares during the prior period. Details on Bread Financial Holdings Inc are available here.

Fossil Group Inc (FOSL) holds a 4.22% allocation. Miller's stake in FOSL decreased by 4.27% in shares during the prior period. More information about Fossil Group Inc can be found here.

American Axle & Mfg Hldgs Inc (AXL) is positioned at 3.92% of the portfolio. Miller's investment in AXL saw a slight increase of 1.03% in shares during the prior period. Details on American Axle & Mfg Hldgs Inc are available here.

Conduent Inc (CNDT) represents 3.78% of the portfolio. Miller's stake in CNDT experienced a substantial increase of 38.52% in shares during the prior period. Further insights into Conduent Inc can be found here.

Jeld-Wen Hldg Inc (JELD) completes the top ten holdings with a 3.58% allocation. Miller's investment in JELD saw an extraordinary increase of 99.83% in shares during the prior period. More information about Jeld-Wen Hldg Inc can be found here.