Bill Miller - Miller Value Partners
Bill Miller - Miller Value Partners LLC Q4 2024 Portfolio
Miller Value Partners, a hedge fund managed by Bill Miller, disclosed 33 security holdings in their SEC 13F filing for the fourth quarter of 2024, with a total portfolio value of $234,152,578
Miller Value Partners Portfolio Analysis
Based on 13F filing for reporting period: Q4, 2024
Portfolio Manager
Bill Miller
Filing Date
February 14, 2025
Total Value
$234,152,578
Number of Positions
33
Portfolio Allocation
Holdings Breakdown
| Rank | Company Name | Ticker | Shares | Market Value ($) | % of Portfolio |
|---|
Bill Miller's Miller Value Partners
As of Q4 2024, Bill Miller's portfolio at Miller Value Partners reflects an ongoing emphasis on value-oriented opportunities across financial services, energy, and select consumer-facing businesses. The data reveals significant position increases across nearly all top holdings, demonstrating Miller's conviction in his contrarian approach.
Top Holdings
Portfolio Strategy Analysis
Significant additions to Nabors Industries (+99.48%) and Quad/Graphics (+33.67%) suggest Miller sees ongoing recovery or undervaluation in energy services and industrial printing/marketing sectors. These substantial increases demonstrate Miller's contrarian, value-driven approach to sectors that have faced structural challenges but may be poised for cyclical improvements. The nearly doubling of the Nabors position is particularly noteworthy, indicating strong conviction in the energy services recovery thesis.
Increases in Lincoln National (+28.83%), Jackson Financial (+5.40%), Bread Financial (+17.61%), and Western Alliance (+6.14%) underscore Miller's confidence in the financial sector's capacity for steady cash flow—particularly in insurance, annuities, consumer finance, and regional banking. This multi-faceted approach to financial services allows the portfolio to benefit from various subsectors while potentially mitigating risk through diversification across different financial business models.
Substantial additions to Gannett (+74.75%) and Gray Television (+132.11%) highlight Miller's willingness to invest in companies undergoing transformations or those poised to benefit from cyclical advertising revenue. Meanwhile, the large stake increase in United Natural Foods (+52.15%) taps into health-conscious consumer trends. These bold moves into out-of-favor sectors demonstrate Miller's classic contrarian approach, seeking value where others see decline and betting on business model evolution in traditional industries.
Conclusion
Bill Miller's Q4 2024 portfolio emphasizes value-oriented opportunities across financial services, energy, and niche consumer/industrial plays. By substantially increasing positions in companies like Nabors Industries, Gannett, and Gray Television—all of which saw additions exceeding 70%—Miller demonstrates a contrarian streak, aiming to capitalize on turnarounds or overlooked segments poised for rebound.
The consistent theme remains long-term growth and stable cash flows, reflecting Miller's enduring value-investing philosophy. With nearly every top position seeing significant increases, the portfolio reveals high conviction in these carefully selected companies, even as they operate in sectors that may be considered challenged by broader market sentiment.
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
