Bill Miller Top Holdings Analysis: Strategic Investments in 2026
Bill Miller's portfolio as of March 31, 2026, features significant holdings in companies like NBR, CRGY, and SPY, with notable share changes reflecting his investment strategy.
As of March 31, 2026, Bill Miller's portfolio at Miller Value Partners stands at a total value of approximately $380 million. His top holdings demonstrate a strategic focus on specific sectors and individual stocks, with significant changes in share counts from the previous period. This analysis delves into the key components of his portfolio, highlighting both substantial increases and decreases in holdings.
Miller's largest position by dollar value is in NABORS INDUSTRIES LTD (NBR), holding 444,430 shares valued at $38.25 million, representing 9.98% of the portfolio. Compared to the prior period, Miller reduced his stake by 26.26%, indicating a strategic shift or response to market conditions.
In the Energy sector, Crescent Energy Company (CRGY) is a significant holding with 2,003,132 shares valued at $27.04 million, accounting for 7.06% of the portfolio. Miller significantly increased his position in this stock by 100% from the previous period, showcasing a major conviction in this sector or company.
GRAY MEDIA INC (GTN) is another key holding, with 5,370,100 shares valued at $23.31 million, making up 6.08% of the portfolio. Miller added to this position, increasing his stake by 34.64% during the period.
Lincoln National Corp IND (LNC) features in Miller's portfolio with 570,690 shares valued at $20.26 million, representing 5.29% of assets. The investor also increased his position here by 13.06%.
The SPDR S&P 500 ETF Trust (SPY) is a major component of Miller's portfolio, holding 30,044 shares valued at $19.54 million, which accounts for 5.10% of the total. This position saw a substantial increase of 49.76% in shares during the period.
QUAD / GRAPHICS INC (QUAD) is held with 2,651,039 shares valued at $17.52 million, contributing 4.57% to the portfolio. Miller reduced his stake in this stock by 3.17%.
BREAD Financial Holdings Inc (BFH) is included in the top holdings with 193,697 shares valued at $14.51 million, representing 3.79% of the portfolio. The investor decreased his position by 3.83%.
USA TODAY CO Inc (GCI) holds a position of 1,969,280 shares valued at $13.88 million, making up 3.62% of the portfolio. Miller significantly reduced his stake in this stock by 42.14%.
CONDUENT INC (CNDT) is another significant holding with 10,023,930 shares valued at $12.83 million, accounting for 3.35% of the portfolio. This position saw a massive increase of 79.53% in shares during the period.
UNITED PARCEL SVCS INC (UPS) completes the list of top holdings with 119,108 shares valued at $11.72 million, representing 3.06% of the portfolio. Miller also increased his stake in this stock by 37.54%.
For more detailed information on Bill Miller's investment strategies and performance, you can visit the investor profile at https://www.insiderset.com/investor/bill-miller-miller-value-partners. Detailed analysis of each stock, including NBR, CRGY, GTN, LNC, SPY, QUAD, BFH, GCI, CNDT, and UPS, can be found at their respective pages: NBR, CRGY, GTN, LNC, SPY, QUAD, BFH, GCI, CNDT, and UPS.