Bill Miller's Portfolio Shifts: Key Purchases and Sales in Q4 2025

Bill Miller, through his investment firm Miller Value Partners, saw significant shifts in his portfolio during the fourth quarter of 2025, as indicated by the latest filing data. The analysis reveals a mix of strategic buying and selling activities across various sectors, reflecting the dynamic nature of his investment approach.

Among the most notable purchases during this period was Conduent Inc (CNDT), where Miller increased his stake by a substantial 38.52%. This significant allocation change highlights a strong conviction in the Technology sector. Similarly, Jeld-Wen Holdings Inc (JELD) saw a remarkable increase of 99.83% in Miller's position, further emphasizing his focus on the Industrials sector.

On the selling side, Miller reduced his position in Nabors Industries Ltd (NBR) by 10.45%, indicating a strategic exit or reduction from this stock. The reduction was also evident in Bread Financial Holdings Inc (BFH), where the position decreased by a significant 25.4%. Other notable decreases include Lincoln National Corp (LNC) down 3.06% and Fossil Group Inc (FOSL) down 4.27%.

Miller also increased his stake in Gray Media Inc (GTN) by 12.09%, USA Today Co Inc (GCI) by 0.0%, Quad/Graphics Inc (QUAD) by 4.36%, American Axle & Manufacturing Holdings Inc (AXL) by 1.03%, and Jeld-Wen Holdings Inc (JELD) by 99.83%. Conversely, he decreased positions in Nabors Industries Ltd (NBR), Lincoln National Corp (LNC), Fossil Group Inc (FOSL), Bread Financial Holdings Inc (BFH), and reduced his stake in Gray Media Inc (GTN) by 12.09%.

For a detailed view of Bill Miller's investment strategy and portfolio performance, visit his profile at https://www.insiderset.com/investor/bill-miller-miller-value-partners. You can explore his holdings in more detail by visiting the individual stock profiles, such as NBR, LNC, GTN, GCI, QUAD, BFH, FOSL, AXL, CNDT, and JELD.