Bill Miller's Portfolio Shows Significant Shifts in Top Holdings During Q4 2025

Bill Miller's portfolio, as of December 31, 2025, reflects significant quarterly adjustments in his top holdings, showcasing both strategic additions and reductions across various sectors.

Among the most pronounced changes, Bill Miller increased his stake in QUAD / GRAPHICS INC (QUAD) by 4.36%, indicating renewed confidence in this Industrials stock. Similarly, CONDUENT INC (CNDT) saw a substantial 38.52% increase in holdings, highlighting Technology as a focus area.

Perhaps the most noteworthy addition was JELD-WEN HLDG INC (JELD), where Bill Miller's position surged by an impressive 99.83%, making it one of the largest share increases in the portfolio during the quarter. This Industrials stock warrants close attention for its significant allocation growth.

On the reduction side, BREAD FINANCIAL HOLDINGS INC (BFH) experienced the most substantial decrease, with a 25.4% reduction in shares, impacting its portfolio allocation. FOSSIL GROUP INC (FOSL) also saw a notable decline of 4.27%, while NABORS INDUSTRIES LTD (NBR) decreased by 10.45%.

Lincoln National Corp Ind (LNC) and Gray Media Inc (GTN) also registered decreases of 3.06% and 12.09% respectively, though their positions remain significant at 7.92% and 6.8% of the total portfolio. Meanwhile, USA Today Co Inc (GCI) maintained an unchanged position at 6.18%.

For a comprehensive view of Bill Miller's investment strategy and performance, readers can explore his full profile at insiderset.com. Detailed analysis of each stock, including QUAD, CNDT, JELD, and others, is available by visiting the respective company pages on the platform.