Bill Miller - Miller Value Partners
Bill Miller - Miller Value Partners LLC Q1 2025 Portfolio
Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 34 security holdings in their SEC 13F filing for the first quarter of 2025, with a total portfolio value of $219,410,716
Bill Miller's Miller Value Partners
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
Portfolio Strategy Analysis
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.
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.
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.
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
$219,410,716
Number of Positions
34
Portfolio Allocation
Holdings Breakdown
| Rank | Company Name | % of Portfolio | Q1 Activity | Ticker | Shares | Market Value ($) |
|---|
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.
Bill Miller's Investing Principles
The world changes. This is the biggest problem in markets.
Bill Miller
Our approach can be summarized with the phrase “lowest average cost wins.
Bill Miller
Almost every value trap is the result of people extrapolating past returns on capital and past valuations onto a different situation today.
Bill Miller
The more things people worry about the better for an investor, because those worries are already instantiated in the overall market.
Bill Miller
People often say there’s lots of uncertainty, but when was there ever certainty in the markets, the economy, or the future? I’m just trying to understand the present.
Bill Miller
I think that most individual investors make great mistakes when they try and time the market, and try and think about what’s the best stock to buy now.
Bill Miller
If you have a valuation discipline, then you know that stock prices change more rapidly than business value. You also know that rising stock prices mean lower future rates of return and falling stock prices mean higher rates of return.
Bill Miller
