Miller Value Partners, LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| NABORS INDUSTRIES LTD | NBR | $37.4M | 445,460 | -1.14pp | 25q | HELD | |
| GRAY MEDIA INC | GTN | $28.8M | 7,243,390 | +0.71pp | 13q | +34.9%+$7.4M | |
| DIREXION SHARES ETF TRUST | SPUU | $24.6M | 114,078 | - | new | NEW | |
| BLOOMIN BRANDS INC | BLMN | $23.6M | 2,585,909 | +2.72pp | 2q | +27.0%+$5.0M | |
| QUAD / GRAPHICS INC | QUAD | $21.4M | 2,538,299 | +0.48pp | 30q | -4.3%-$950.4K | |
| LINCOLN NATL CORP IND | LNC | $21.3M | 603,160 | -0.25pp | 10q | +5.7%+$1.1M | |
| CRESCENT ENERGY COMPANY | CRGY | $20.6M | 2,092,679 | -2.20pp | 2q | +4.5%+$879.4K | |
| CONDUENT INC | CNDT | $19.0M | 12,986,100 | +1.13pp | 22q | +29.6%+$4.3M | |
| BREAD FINANCIAL HOLDINGS INC | BFH | $14.4M | 132,798 | -0.38pp | 13q | -31.4%-$6.6M | |
| UNITED PARCEL SVCS INC | UPS | $12.5M | 116,003 | -0.11pp | 4q | -2.6%-$333.8K | |
| DAUCH CORP | DCH | $12.4M | 2,282,090 | +0.76pp | 18q | +63.5%+$4.8M | |
| USA TODAY CO INC | TDAY | $12.0M | 1,401,080 | -0.79pp | 24q | -28.9%-$4.9M | |
| VIATRIS INC | VTRS | $11.6M | 733,164 | +0.17pp | 23q | HELD | |
| CTO RLTY GROWTH INC NEW | CTO | $11.6M | 539,900 | +0.06pp | 19q | -2.9%-$347.5K | |
| JELD-WEN HLDG INC | JELD | $10.7M | 7,139,095 | +0.39pp | 6q | +7.8%+$778.8K | |
| Fossil Group Inc | FOSL | $8.9M | 2,143,445 | -0.63pp | 12q | -11.6%-$1.2M | |
| COTY INC | COTY | $8.5M | 3,917,705 | - | new | NEW | |
| JACKSON FINANCIAL INC | JXN | $8.2M | 80,142 | -0.29pp | 19q | -0.7%-$55.1K | |
| ITURAN LOCATION AND CONTROL | ITRN | $8.2M | 133,700 | -0.68pp | 4q | -34.4%-$4.3M | |
| CHORD ENERGY CORPORATION | CHRD | $7.9M | 69,096 | -0.71pp | 10q | HELD | |
| VERIZON COMMUNICATIONS INC | VZ | $7.1M | 168,000 | -0.52pp | 6q | HELD | |
| MILLROSE PPTYS INC | MRP | $6.9M | 229,300 | +0.31pp | 3q | +26.8%+$1.5M | |
| UPBOUND GROUP INC | UPBD | $5.5M | 258,000 | +0.73pp | 4q | +115.0%+$2.9M | |
| ONEMAIN HLDGS INC | OMF | $5.1M | 82,941 | +0.04pp | 31q | HELD | |
| CAL MAINE FOODS INC | CALM | $5.0M | 62,000 | -0.10pp | 4q | HELD | |
| ALLIANCE RESOURCE PARTNERS L | ARLP | $4.5M | 186,981 | -0.28pp | 23q | +0.9%+$41.4K | |
| STRATEGY INC | MSTR | $4.4M | 50,203 | -0.66pp | 8q | -3.6%-$161.3K | |
| UGI CORP NEW | UGI | $4.2M | 121,000 | -0.16pp | 10q | HELD | |
| BUILD-A-BEAR WORKSHOP INC | BBW | $4.1M | 133,567 | -0.05pp | 9q | +28.8%+$913.2K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $4.0M | 69,500 | -0.15pp | 10q | HELD | |
| META PLATFORMS INC | META | $3.6M | 6,412 | - | new | NEW | |
| CROCS INC | CROX | $3.5M | 28,856 | -0.01pp | 2q | -25.1%-$1.2M | |
| WESTERN ALLIANCE BANCORP | WAL | $3.4M | 41,755 | -0.21pp | 14q | -24.4%-$1.1M | |
| ARBOR REALTY TRUST INC | ABR | $3.3M | 611,000 | -0.43pp | 2q | +1.2%+$37.9K | |
| CITI TRENDS INC | CTRN | $3.1M | 54,200 | +0.13pp | 2q | +0.8%+$25.3K | |
| nan | MELI | $2.9M | 1,712 | -0.31pp | 2q | -22.7%-$853.8K | |
| BOISE CASCADE CO DEL | BCC | $2.9M | 37,000 | -0.05pp | 11q | HELD | |
| FIGURE TECHNOLOGY SOLUTIO | FIGR | $2.8M | 89,668 | -0.16pp | 2q | -1.5%-$41.2K | |
| ZIFF DAVIS INC | ZD | $2.7M | 50,602 | -0.12pp | 2q | -25.6%-$914.2K | |
| MAPLEBEAR INC | CART | $2.2M | 45,645 | +0.07pp | 2q | HELD | |
| RESIDEO TECHNOLOGIES INC | REZI | $2.1M | 68,931 | -0.11pp | 2q | -1.2%-$25.8K | |
| AMERIPRISE FINL INC | AMP | $2.0M | 4,428 | - | new | NEW | |
| LYONDELLBASELL INDUSTRIES NV | LYB | $2.0M | 38,000 | -0.33pp | 6q | HELD | |
| BUILDERS FIRSTSOURCE INC | BLDR | $1.7M | 19,115 | flat | 2q | +1.2%+$19.9K | |
| CARLYLE GROUP INC | CG | $1.7M | 40,000 | -0.11pp | 7q | HELD | |
| SHIFT4 PMTS INC | FOUR | $1.5M | 29,965 | flat | 2q | HELD | |
| PERDOCEO ED CORP | PRDO | $1.3M | 40,288 | -0.09pp | 2q | HELD | |
| AIRBNB INC | ABNB | $1.3M | 8,921 | -0.23pp | 2q | -44.7%-$1.0M | |
| PINTEREST INC | PINS | $1.2M | 57,860 | flat | 2q | -3.6%-$44.8K | |
| COUPANG INC | CPNG | $1.1M | 64,124 | -0.04pp | 2q | +2.6%+$27.7K | |
| SHARKNINJA INC | SN | $903.3K | 5,932 | +0.05pp | 2q | +2.7%+$23.9K | |
| LITHIA MTRS INC | LAD | $787.8K | 2,712 | +0.01pp | 2q | +2.2%+$16.8K | |
| VROOM INC | VRM | $450.4K | 58,488 | -0.10pp | 2q | HELD | |
| UNITED NAT FOODS INC | UNFI | $214.9K | 4,705 | -0.01pp | 9q | -10.4%-$24.9K | |
| TECHNIPFMC PLC | FTI | $210.2K | 3,170 | -0.01pp | 18q | HELD | |
| TUTOR PERINI CORP | TPC | $204.9K | 2,470 | -0.01pp | 18q | -11.6%-$27.0K |
Q2 2026 in brief
Miller Value Partners, Llc reported 56 positions worth $423.1M for Q2 2026, filed 45 days after the quarter ended. Its five largest holdings made up 32.1% of the portfolio. It added most to Gray Media Inc (about $7.4M), Bloomin Brands Inc (about $5.0M) and Dauch Corp (about $4.8M). It cut Bread Financial Holdings Inc (about $6.6M), Usa Today Co Inc (about $4.9M) and Ituran Location And Control (about $4.3M). New positions: Direxion Shares Etf Trust ($24.6M), Coty Inc ($8.5M) and Meta Platforms Inc ($3.6M). Sold out of: State Str Spdr S&P 500 Etf T, Masterbrand Inc and Portillos Inc. Longest held of its top ten: Quad / Graphics Inc, 30 quarters in a row.
Dollar amounts for buying and selling are estimates: the change in shares at the quarter-end price implied by the filing. A 13F shows long US stock positions only, at quarter end.
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Telecom & Media | $71.9M | 17.0% |
| Energy | $65.9M | 15.6% |
| Retail & Consumer | $34.9M | 8.3% |
| Business Services | $33.5M | 7.9% |
| Banks & Lending | $30.0M | 7.1% |
| Insurance | $29.5M | 7.0% |
| Real Estate | $21.8M | 5.2% |
| Biotech & Pharma | $15.6M | 3.7% |
| Chemicals | $13.9M | 3.3% |
| Wholesale & Distribution | $13.4M | 3.2% |
| Transport & Logistics | $12.5M | 2.9% |
| Autos & Aerospace | $12.4M | 2.9% |
| Other sectors | $43.1M | 10.2% |
| Not classified | $24.6M | 5.8% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +5.1% | +14.8% | -9.8% | 100% |
| Q1 2026 | +5.4% | -4.6% | +10.0% | 100% |
| Q4 2025 | +5.4% | +2.4% | +3.0% | 100% |
| Q3 2025 | +13.8% | +7.8% | +6.0% | 100% |
| Q2 2025 | +1.5% | +10.5% | -8.9% | 100% |
| Q1 2025 | -8.7% | -4.6% | -4.2% | 100% |
| Q4 2024 | +8.6% | +2.1% | +6.5% | 100% |
| Q3 2024 | +6.8% | +5.4% | +1.4% | 96% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $423.1M | 56 | 4 | 17 | 19 | 3 | 52.8% | 45 |
| Q1 2026 | $383.2M | 55 | 22 | 13 | 15 | 1 | 51.9% | 45 |
| Q4 2025 | $283.8M | 34 | 1 | 12 | 8 | 3 | 59.2% | 48 |
| Q3 2025 | $272.2M | 36 | 4 | 6 | 16 | 1 | 57.3% | 45 |
| Q2 2025 | $235.7M | 33 | 1 | 13 | 3 | 2 | 58.7% | 45 |
| Q1 2025 | $219.4M | 34 | 4 | 12 | 4 | 3 | 56.5% | 45 |
| Q4 2024 | $234.2M | 33 | 3 | 16 | 3 | 0 | 58.8% | 45 |
| Q3 2024 | $177.2M | 30 | 2 | 12 | 10 | 1 | 57.1% | 45 |
| Q2 2024 | $156.6M | 29 | 2 | 7 | 10 | 3 | 58.4% | 44 |
| Q1 2024 | $156.4M | 30 | 5 | 6 | 19 | 17 | 59.5% | 37 |
| Q4 2023 | $168.4M | 42 | 2 | 10 | 10 | 6 | 56.5% | 45 |
| Q3 2023 | $159.1M | 46 | 4 | 6 | 19 | 4 | 48.9% | 45 |
| Q2 2023 | $152.0M | 46 | 4 | 15 | 16 | 48 | 49.0% | 45 |
| Q1 2023 | $1.6B | 90 | 19 | 20 | 39 | 9 | 40.3% | 45 |
| Q4 2022 | $1.6B | 80 | 9 | 15 | 44 | 16 | 39.5% | 45 |
| Q3 2022 | $1.6B | 87 | 10 | 29 | 31 | 31 | 41.7% | 45 |
| Q2 2022 | $2.0B | 108 | 14 | 19 | 40 | 16 | 43.8% | 46 |
| Q1 2022 | $3.1B | 110 | 16 | 23 | 33 | 21 | 40.8% | 46 |
| Q4 2021 | $3.7B | 115 | 15 | 34 | 31 | 12 | 43.9% | 45 |
| Q3 2021 | $4.3B | 112 | 14 | 20 | 45 | 14 | 50.0% | 46 |
| Q2 2021 | $4.2B | 112 | 17 | 31 | 32 | 10 | 38.5% | 47 |
| Q1 2021 | $3.9B | 105 | 20 | 25 | 42 | 9 | 38.4% | 47 |
| Q4 2020 | $3.3B | 94 | 23 | 22 | 37 | 14 | 42.7% | 47 |
| Q3 2020 | $2.8B | 85 | 10 | 24 | 37 | 3 | 44.0% | 47 |
| Q2 2020 | $2.3B | 78 | 12 | 29 | 30 | 7 | 41.3% | 45 |
| Q1 2020 | $1.6B | 73 | 11 | 25 | 30 | 28 | 39.2% | 45 |
| Q4 2019 | $2.8B | 90 | 7 | 32 | 34 | 13 | 36.6% | 45 |
| Q3 2019 | $2.5B | 96 | 12 | 26 | 28 | 11 | 37.9% | 45 |
| Q2 2019 | $2.6B | 95 | 11 | 26 | 27 | 16 | 39.3% | 45 |
| Q1 2019 | $2.5B | 100 | 13 | 27 | 18 | 13 | 36.7% | 45 |
| Q4 2018 | $2.2B | 100 | 0 | 0 | 0 | 0 | 38.7% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.