BILL MILLER – MILLER VALUE PARTNERS LLC Q2 2025 PORTFOLIO
Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 33 security holdings in its Q2 2025 13F filing, with a total portfolio value of $235,656,860.
Bill Miller’s Miller Value Partners
As of Q2 2025, Bill Miller’s portfolio at Miller Value Partners shows dramatic expansion and strategic evolution. The portfolio has grown significantly to over $235 million across 33 positions, representing a substantial increase from Q1’s 25 holdings. This quarter reveals Miller’s aggressive pursuit of value opportunities with several massive position increases and numerous new additions across diverse sectors.
Top Holdings
Portfolio Strategy Analysis
Q2 2025 represents Miller’s most aggressive expansion period in recent memory, with the portfolio growing from 25 to 33 positions and total value exceeding $235 million. Notable new additions include OneMain Holdings (3.60%), MicroStrategy (2.62%), Bristol-Myers Squibb (2.12%), and Stellantis (1.66%). This diversification strategy suggests Miller is deploying capital aggressively across multiple value opportunities while maintaining concentrated positions in his highest-conviction names. The addition of Build-A-Bear Workshop (+5.00%) and Fossil Group (+17.02%) demonstrates his willingness to invest in deeply discounted retail and consumer brands.
Miller’s energy conviction reaches new heights with Nabors Industries receiving another massive 60.54% increase (+235,355 shares), bringing the total position to 7.42% of the portfolio. Combined with the addition of TotalEnergies (0.20%) and TechnipFMC (0.12%), plus the existing Oasis Petroleum position (2.17%), energy exposure now represents over 10% of the total portfolio. This aggressive sector allocation reflects Miller’s contrarian view that energy assets remain undervalued despite ESG pressures and renewable energy transitions.
The most dramatic individual position change comes from JELD-WEN, which saw a staggering 141.42% increase (+1,097,995 shares), now representing 3.12% of the portfolio. American Axle continues its upward trajectory with another 44.62% increase (+444,230 shares), reaching 2.49% allocation. These massive position increases in beaten-down industrial and building products companies exemplify Miller’s value approach of backing management teams executing turnaround strategies in cyclical businesses. The addition of Boise Cascade (1.47%) further emphasizes this building materials thesis.
Financial services continues to dominate the portfolio with Lincoln National (+9.67%) maintaining its top position, Alliance Data Systems growing to second place (+5.67%), and Jackson Financial recovering with additional investment (+3.34%). The significant addition of OneMain Holdings as a top-10 position and Western Alliance Bancorp (2.76%) maintaining its presence demonstrates Miller’s continued confidence in financial sector normalization. However, the dramatic 85.75% reduction in Tutor Perini (-77,660 shares) suggests selective profit-taking in construction-related financials.
A notable development is Miller’s entry into MicroStrategy (2.62%), the business intelligence company known for its significant Bitcoin holdings. This position, along with continued exposure to Semler Scientific (0.87%) and technology components within other holdings, suggests Miller is selectively adding technology exposure while maintaining his value discipline. The MicroStrategy position particularly indicates potential indirect cryptocurrency exposure through a fundamentally-driven equity investment approach.
Conclusion
Q2 2025 marks a transformational period for Bill Miller’s portfolio, characterized by aggressive capital deployment and strategic diversification across 33 positions totaling over $235 million. The quarter’s most striking feature is Miller’s willingness to make massive position increases in his highest-conviction names, particularly Nabors Industries (+60.54%) and JELD-WEN (+141.42%), while simultaneously adding eight new positions across diverse sectors.
Miller’s investment philosophy remains firmly rooted in contrarian value principles, evidenced by substantial commitments to beaten-down industrial names, continued media sector exposure through Gray Television and Gannett, and significant energy sector allocation. The addition of quality names like Bristol-Myers Squibb, OneMain Holdings, and MicroStrategy demonstrates his ability to identify value opportunities across market capitalizations and sectors. This quarter’s portfolio construction suggests Miller is positioning for multiple economic scenarios while maintaining concentrated exposure to his highest-conviction turnaround and recovery stories.
Miller Value Partners Portfolio Analysis
Based on 13F filing for reporting period: Q2, 2025
Portfolio Manager
Bill Miller
Filing Date
August 14, 2025
Total Value
$235,000,000+
Number of Positions
33
Portfolio Allocation
Holdings Breakdown
| Rank | Company Name | % of Portfolio | Q2 Activity | Ticker | Shares | Market Value ($) |
|---|
Bill Miller’s Career Journey
- 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.
