Bill Miller's March Portfolio: Energy & Media Dominance
Bill Miller's portfolio as of March 31, 2026, shows significant concentration in Energy and Communication Services sectors, with notable changes in holdings like Crescent Energy and Gray Media.
Introduction
Bill Miller's portfolio, managed by Miller Value Partners, as of March 31, 2026, reflects a focused investment strategy with significant allocations to specific sectors and individual stocks. The portfolio's structure highlights a preference for undervalued opportunities in the Energy and Communication Services sectors, while also including exposure to other industries and ETFs.
Top Holdings by Value
The largest position by value in the portfolio is Nabors Industries Ltd. (NBR), representing approximately 9.98% of the total. This is followed by Crescent Energy Company (CRGY) at 7.06% and Gray Media Inc. (GTN) at 6.08%. Collectively, these top five holdings account for a substantial portion of the portfolio's value, emphasizing the importance of these specific investments to Miller's strategy.
Sector Concentration
The portfolio demonstrates notable concentration in certain sectors. Energy holds a significant allocation of 10.03% (NBR and CRGY combined), highlighting a core theme in Miller's approach. Communication Services is another heavily weighted sector, with Gray Media Inc. (GTN) alone accounting for 6.08% and USA Today Co. Inc. (GCI) adding another 3.62%, bringing the total Communication Services allocation to 9.70%. Industrials also feature prominently with Quad/Graphics Inc. (QUAD) at 4.57% and United Parcel Service Inc. (UPS) at 3.06%. Financial Services is represented by Lincoln National Corp Ind (LNC) at 5.29% and Bread Financial Holdings Inc. (BFH) at 3.79%. Technology holds a smaller but still notable position with Conduent Inc. (CNDT) at 3.35%. The remaining allocation is held by the SPDR S&P 500 ETF Trust (SPY) at 5.10%.
Recent Changes in Holdings
Several holdings show significant changes from the previous period. Crescent Energy Company (CRGY) experienced a 100.0% increase in shares, indicating a substantial new investment or position build-up. Gray Media Inc. (GTN) saw a significant increase of 34.64% in its share count. Conversely, Nabors Industries Ltd. (NBR) experienced a notable decrease of 26.26% in its share count. Quad/Graphics Inc. (QUAD) saw a reduction of 3.17% in its allocation, while USA Today Co Inc. (GCI) experienced a substantial decrease of 42.14% in its share count. Bread Financial Holdings Inc. (BFH) also saw a decrease of 3.83%.
Investment Strategy Analysis
Miller's strategy appears to center on value investing, seeking out undervalued companies, particularly in the Energy and Communication Services sectors. The high concentration in these sectors, especially Energy, suggests a conviction in the long-term prospects of these industries or specific companies within them. The inclusion of the SPDR S&P 500 ETF Trust (SPY) at 5.10% indicates a strategic allocation to the broader market or S&P 500 for diversification or exposure to market growth. The portfolio also includes exposure to Industrials (UPS, QUAD) and Technology (CNDT), suggesting a diversified approach beyond the core sectors. The significant changes in holdings, such as the large increase in CRGY and the decrease in NBR, reflect ongoing adjustments to capture value opportunities and manage risk based on changing market conditions and company fundamentals.