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.
Introduction
Bill Miller's portfolio, managed by Miller Value Partners, as of March 31, 2026, exhibits a distinct investment approach focused on specific sectors and individual stocks. The portfolio's structure highlights concentration in certain areas while also including some ETF exposure.
Top Holdings Analysis
The portfolio's largest position is NABORS Industries (NBR), representing approximately 9.98% of the total value. This is followed by Crescent Energy Company (CRGY) at 7.06% and Gray Media (GTN) at 6.08%. Other significant holdings include Lincoln National Corp (LNC) at 5.29%, SPDR S&P 500 ETF Trust (SPY) at 5.10%, Quad/Graphics (QUAD) at 4.57%, and USA Today (GCI) at 3.62%.
Sector Concentration
The portfolio demonstrates a clear tilt towards specific sectors. Energy is the most concentrated sector, with holdings in Crescent Energy (CRGY) and Quad/Graphics (QUAD), totaling approximately 11.63% of the portfolio value. Communication Services is another heavily represented sector, featuring Gray Media (GTN) and USA Today (GCI), contributing about 9.70% to the portfolio. Financial Services is also significant, holding Lincoln National Corp (LNC) and Bread Financial Holdings (BFH), totaling roughly 8.68%.
Recent Changes in Holdings
Several holdings show significant changes from the previous period. Crescent Energy (CRGY) saw a substantial increase, with a 100.0% jump in shares and a corresponding increase in its portfolio allocation. Conversely, NABORS Industries (NBR) experienced a notable decrease, with a 26.26% reduction in its portfolio percentage allocation. Other changes include a significant increase in Quad/Graphics (QUAD) shares (+79.53%) and a decrease in USA Today (GCI) shares (-42.14%).
Investment Strategy and Outlook
Miller Value Partners' strategy appears to involve concentrated investing in specific sectors like Energy and Communication Services, focusing on individual stock selection. The inclusion of the SPY ETF suggests a strategic allocation to the broader market, possibly for diversification or tactical reasons. The portfolio's performance and future direction will likely be influenced by the performance of these key holdings and the evolving dynamics within the Energy, Communication Services, and Financial Services sectors.
Conclusion
In summary, Bill Miller's portfolio as of March 31, 2026, is characterized by significant concentration in Energy and Communication Services, supported by major holdings like NBR, CRGY, and GTN. Recent changes indicate active management, with notable increases in some positions and decreases in others. The strategy involves targeted stock selection within specific sectors, complemented by a tactical ETF allocation.