BILL MILLER – MILLER VALUE PARTNERS LLC Q1 2025 PORTFOLIO

Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 34 security holdings in its Q1 2025 13F filing, with a total portfolio value of $219,410,716.

Bill Miller’s Miller Value Partners

Q1 2025 Holdings and Strategic Analysis

As of Q1 2025, Bill Miller’s portfolio at Miller Value Partners continues to showcase his value-oriented approach with significant shifts from the previous quarter. The data reveals a strategic realignment, with substantial increases in certain long-held positions alongside selective reductions and several new additions that signal an evolving investment thesis.

Top Holdings

LNC

Lincoln National Corp

Added 5.18%

Portfolio: 8.50%

Shares: 519,255

Reported Price: $35.91

Value: $18,646,447

Lincoln National, a provider of insurance and retirement products, continues to be Miller’s largest position with a modest increase in shares. The position now represents 8.5% of the portfolio, underscoring Miller’s confidence in the financial sector’s recovery potential.

NBR

Nabors Industries Ltd

Added 38.25%

Portfolio: 7.39%

Shares: 388,745

Reported Price: $41.71

Value: $16,214,554

Nabors Industries, an oil and gas drilling contractor, saw another substantial increase in position size this quarter. This significant addition highlights Miller’s continued conviction in the energy sector’s potential amid evolving global demand dynamics.

ADS

Alliance Data Systems Corp

Added 1.90%

Portfolio: 7.07%

Shares: 309,825

Reported Price: $50.08

Value: $15,516,036

Alliance Data Systems, which provides marketing, loyalty, and credit solutions, is a new top-three holding following a slight position increase. Miller appears to be betting on the company’s role in digital payments and financial technology evolution.

GTN

Gray Television Inc

Added 5.71%

Portfolio: 7.04%

Shares: 3,577,790

Reported Price: $4.32

Value: $15,456,053

Gray Television continues to receive Miller’s vote of confidence with a further increase in position. Despite the challenges facing traditional media, Miller maintains his contrarian belief in local broadcasting’s enduring value and cash flow generation.

QUAD

Quad Graphics Inc

Added 2.23%

Portfolio: 6.39%

Shares: 2,574,225

Reported Price: $5.45

Value: $14,029,526

Quad Graphics, a printing and marketing services provider, saw a modest position increase. Miller continues to back this traditional business which is navigating the digital transition while maintaining strong cash flow generation capabilities.

JXN

Jackson Financial Inc-A

Reduced 11.95%

Portfolio: 4.62%

Shares: 120,950

Reported Price: $83.78

Value: $10,133,191

Jackson Financial, specializing in retirement products and annuities, saw a reduction this quarter. Despite the trimming, it remains a significant holding, suggesting Miller may be taking some profits while maintaining exposure to the insurance and retirement space.

UGI

UGI Corp

No Change

Portfolio: 4.40%

Shares: 292,000

Reported Price: $33.07

Value: $9,656,440

UGI, a utility and energy distribution company, remains unchanged in the portfolio. This position likely serves as a stable anchor providing dividend income and relatively predictable cash flows in an otherwise dynamic portfolio.

Verizon Communications Inc

New Position

Portfolio: 4.09%

Shares: 198,000

Reported Price: $45.36

Value: $8,981,280

Verizon is a significant new addition to the portfolio, immediately becoming a top 10 holding. This move signals Miller’s interest in telecom’s stable cash flows and dividend income, possibly as a replacement for the dramatically reduced AT&T position.

GCI

Gannett Co Inc Com New

Added 13.19%

Portfolio: 3.57%

Shares: 2,712,815

Reported Price: $2.89

Value: $7,840,035

Gannett, a major newspaper publisher, saw a significant position increase. Miller continues to back this traditional media company in its digital transformation efforts, reinforcing his contrarian approach to sectors facing structural challenges.

CTO

CTO Realty Growth Inc

No Change

Portfolio: 3.38%

Shares: 383,900

Reported Price: $19.31

Value: $7,413,109

CTO Realty Growth, a real estate investment trust, rounds out the top 10 holdings. This position gives the portfolio exposure to commercial real estate and potential income from property dividends, diversifying away from the financial and industrial emphasis.

Portfolio Strategy Analysis

Continued Energy Sector Conviction

Miller has significantly increased the Nabors Industries (+38.25%) position for the second consecutive quarter, demonstrating exceptional conviction in the oil services sector. This substantial addition has propelled Nabors to the second-largest portfolio position at 7.39%. Alongside the continued holding in Chord Energy (formerly Oasis Petroleum) at 2.71%, the portfolio maintains substantial exposure to energy, suggesting Miller sees ongoing value in this sector despite broader market concerns about long-term fossil fuel demand.

Strategic Telecom Rotation

One of the most notable shifts is Miller’s dramatic reduction in AT&T (-78.24%) coinciding with a new substantial position in Verizon, which immediately becomes the 8th largest holding. This telecom rotation appears to be a strategic repositioning rather than sector abandonment, with Miller potentially favoring Verizon’s network infrastructure and dividend policy. The introduction of Verizon at 4.09% of the portfolio while maintaining a smaller AT&T position suggests Miller continues to value telecom’s cash generation capabilities.

Aggressive Bets on Beaten-Down Industrial Names

Miller has made dramatic increases to positions in several out-of-favor industrial names, most notably American Axle (+88.01%) and continues to back Quad Graphics with a 2.23% increase. The new position in JELD-WEN, a building products manufacturer, further emphasizes this industrial theme. These moves showcase Miller’s classic contrarian approach, identifying businesses with potential turnaround value that may be overlooked by growth-oriented investors. Combined with increased positions in Semler Scientific (+23.26%) and Tutor Perini (+19.11%), Miller is placing substantial bets on cyclical recovery in industrial and construction-adjacent sectors.

Selective Financial Sector Rebalancing

The financial sector continues to dominate the portfolio but shows evidence of tactical repositioning. While Lincoln National received additional capital (+5.18%) and remains the top position, Western Alliance Bancorp saw a significant reduction (-40.86%). Similarly, Jackson Financial was trimmed (-11.95%) while Conduent was substantially increased (+21.05%). This selective approach to financial stocks suggests Miller is refining his thesis within the sector rather than making a wholesale sector rotation.

Conclusion

Bill Miller’s Q1 2025 portfolio reflects a refined value investment approach with several notable strategic shifts. Energy exposure continues to increase, particularly through the significant addition to Nabors Industries, while financial stocks remain core holdings despite selective rebalancing. The dramatic telecom rotation from AT&T to Verizon stands out as a tactical repositioning rather than a sector exit.

Miller’s contrarian instincts remain evident in substantial increases to beaten-down industrial names like American Axle (+88.01%) and continued exposure to traditional media through Gray Television and Gannett. The portfolio’s overall construction suggests Miller continues to seek overlooked value opportunities while potentially preparing for economic shifts through increased diversification, as evidenced by new positions in telecom, building products, and real estate sectors.

Miller Value Partners Portfolio Analysis

Based on 13F filing for reporting period: Q1, 2025

Portfolio Manager

Bill Miller

Filing Date

May 15, 2025

Total Value

$219,410,716

Number of Positions

Portfolio Allocation

Loading Chart.js…

Holdings Breakdown

Rank	Company Name	% of Portfolio	Q1 Activity	Ticker	Shares	Market Value ($)

Bill Miller’s Career Journey

From Philosophy Student to Legendary Investor

1950

Early Life

Bill Miller is born in Laurinburg, North Carolina, beginning a journey that would lead him to become one of the most celebrated value investors of his generation.

1968

Education Begins

Graduates from Miami Palmetto Senior High School, setting the foundation for his academic journey that would later influence his unique approach to investing.

1972

Academic Excellence and Military Service

Graduates with honors from Washington and Lee University with a degree in economics. Joins the U.S. Army, serving until 1975, and attains the rank of Captain. His military experience helped shape his disciplined approach to market analysis.

Late 1970s

Philosophical Foundations

Pursues graduate studies in philosophy at Johns Hopkins University while working part-time in accounting. This unusual combination of philosophy and finance would later become a hallmark of his investment approach.

1981

Entry into Investment Management

Joins Legg Mason Capital Management as a security analyst, beginning his professional journey in the investment world where he would eventually make his mark.

1986

Professional Certification

Receives his Chartered Financial Analyst (CFA) designation, adding formal credentials to his already developing unique investment philosophy.

1991-2005

Legendary Performance

Manages a portfolio that beats the S&P 500 Index for 15 consecutive years, an unprecedented achievement in modern investment management that solidified his reputation as one of the greatest investors of his time.

2007

Leadership Role

Elected chairman and chief investment officer of Legg Mason Capital Management, formalizing his leadership position after years of outstanding performance.

2012

New Chapter

Turns over the Legg Mason Value Trust to Sam Peters, marking the end of an era for one of the most successful mutual funds in history.

2016

Independent Path

Ends his relationship with Legg Mason after decades of service, setting the stage for his next chapter in investment management through Miller Value Partners.

2018

Philanthropic Legacy

Makes a $75 million donation to the philosophy department of Johns Hopkins University, the largest-ever gift to a philosophy department, demonstrating his lifelong commitment to philosophical inquiry.

2021

Continued Philanthropy

Donates $50 million to support Johns Hopkins’s physics and astronomy department, further expanding his legacy beyond finance to support scientific advancement.

2022

Personal Milestone

Marries fellow Johns Hopkins University Trustee Heather Miller in June, adding a personal chapter to his storied career.

Notable Investment Insights

Bill Miller is known as an early investor in Amazon, demonstrating his ability to identify disruptive businesses with long-term growth potential before the market consensus.
He was among the first mainstream fund managers to recognize the value proposition of Bitcoin, taking positions well before institutional adoption became widespread.
His contrarian investment in Valeant Pharmaceuticals showcases his willingness to make bold bets based on his independent analysis, even when they diverge from popular opinion.
Miller’s investment philosophy combines traditional value investing with a philosophical approach to market inefficiencies, creating a unique methodology that defies simple categorization.