Bill Miller's Top Holdings in Q4 2025: Focus on Significant Share Changes
Bill Miller's portfolio as of December 31, 2025, highlights significant share changes in top holdings like NBR and BFH, alongside strong performers such as GTN and QUAD.
As of December 31, 2025, Bill Miller's portfolio at Miller Value Partners totals approximately $283.8 million, with a focus on select top holdings that represent the bulk of the allocation. The largest position is in NABORS INDUSTRIES LTD (NBR), which accounts for 11.53% of the portfolio. However, Miller reduced his stake in NBR by 10.45%, indicating a significant decrease in shares during the period. For more details on Bill Miller's investment profile, visit insiderset.com. For stock-specific information, refer to the links provided below each holding.
Other notable changes include LINCOLN NATL CORP IND (LNC), a Financial Services stock at 7.92% allocation, which saw a slight reduction of 3.06% in shares. Conversely, GRAY MEDIA INC (GTN) in Communication Services increased its position by 12.09%, while USA TODAY CO INC (GCI) remained stable with no change in shares.
Among the significant increases, QUAD / GRAPHICS INC (QUAD) in Industrials grew its allocation by 4.36%, and CONDUENT INC (CNDT) in Technology saw an impressive 38.52% jump. JELD-WEN HLDG INC (JELD) in Industrials also experienced a massive 99.83% increase, suggesting a major new investment or position buildup.
For detailed stock performance and company profiles, you can explore the following links on insiderset.com:
These changes reflect Miller's strategic adjustments in the fourth quarter, balancing reductions in underperforming positions with significant additions to growth-oriented sectors.