Miller Value Partners Portfolio in 2026: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Bill Miller, the legendary value investor and founder of Miller Value Partners, continues to demonstrate why deep value investing remains a viable strategy for patient capital. His Q3 2025 portfolio reveals a disciplined approach to finding undervalued opportunities across cyclical and overlooked sectors, with $272.2 million deployed across 36 carefully selected positions. The portfolio's recent moves signal a strategic pivot toward specific value opportunities while maintaining the conviction-based positioning that has defined Miller's career.
Portfolio Overview: Concentrated Value in Cyclical Opportunities
Portfolio Highlights (Q3 2025): - Market Value: $272.2M - Top 10 Holdings: 57.3% - Portfolio Size: 36 positions (+3 new additions) - Average Holding Period: 10 quarters - Turnover: 13.9%
Miller Value Partners' portfolio demonstrates a classic deep value approach with meaningful concentration in the top 10 holdings representing 57.3% of total assets. The addition of three new positions in Q3 2025 suggests active portfolio management and identification of fresh opportunities in the current market environment. With an average holding period of 10 quarters, Miller's strategy emphasizes patience and conviction—investors in this fund should expect to hold positions through multiple market cycles rather than chase short-term momentum.
The 13.9% turnover rate reflects a balanced approach between maintaining core positions and opportunistically adjusting the portfolio. This moderate turnover suggests Miller is neither a buy-and-hold purist nor an active trader, but rather a disciplined value investor willing to make meaningful changes when the risk-reward calculus shifts. The portfolio's focus on overlooked and cyclical sectors indicates a contrarian positioning that could benefit significantly if market sentiment shifts toward value stocks.
Top Holdings Analysis: Cyclical Bargains and Turnaround Opportunities
Miller's Q3 2025 portfolio reveals a fascinating mix of deeply discounted cyclical stocks and potential turnaround situations. The portfolio is anchored by Nabors Industries at 10.1%, with a notable 7.85% addition signaling increased conviction in the offshore drilling contractor. Lincoln National Corporation 7.7% saw an 8.57% reduction, suggesting Miller is taking some profits or reassessing the insurance company's valuation. Gray Television 7.6% experienced a modest 2.46% reduction despite remaining a core holding, reflecting the challenges facing traditional broadcast media.
Quad/Graphics 6.0% was trimmed by 3.21%, while Bread Financial Holdings 5.5% saw a more significant 17.53% reduction—the largest cut in the top 10. This substantial trim suggests Miller may be concerned about valuation or fundamentals at the financial services company. Conversely, Gannett 5.2% received a 3.62% addition, indicating continued belief in the media company's turnaround potential.
The portfolio also includes aggressive additions in smaller positions: Conduent Incorporated 4.1% saw a dramatic 46.30% increase, American Axle & Manufacturing 3.8% was boosted by 19.25%, and JELD-WEN Holding 3.7% received a 10.37% addition. These aggressive builds suggest Miller has identified compelling value in industrial and manufacturing names. Finally, Jackson Financial 3.5% experienced the portfolio's largest percentage reduction at 24.94%, indicating a significant reassessment of this financial services position.
What the Portfolio Reveals About Miller's Current Strategy
Miller's Q3 2025 positioning reveals several key strategic themes:
Cyclical Value Conviction: The heavy weighting toward energy (Nabors), media (Gray Television, Gannett), and industrial stocks reflects a bet that cyclical sectors are oversold relative to their intrinsic value. Miller appears to be positioning for either a cyclical recovery or a revaluation of these beaten-down sectors.
Selective Profit-Taking: The reductions in Lincoln National and Bread Financial suggest Miller is willing to harvest gains when valuations become less attractive, even in positions he previously favored. This disciplined approach prevents the portfolio from becoming overweighted in positions that have appreciated significantly.
Aggressive Accumulation in Specific Names: The 46% addition to Conduent and 19% boost to American Axle suggest Miller has identified specific opportunities where the risk-reward has become particularly compelling. These are not casual positions but rather meaningful bets on turnarounds or value realization.
Media and Communications Exposure: With three media holdings in the top 10 (Gray Television, Gannett, and Quad/Graphics), Miller is clearly betting on a sector that has been decimated by digital disruption but may offer deep value for patient investors willing to hold through restructuring.
Manufacturing and Industrial Focus: The additions to American Axle and JELD-WEN suggest Miller sees value in companies exposed to housing and automotive cycles, potentially positioning for an economic environment where these cyclicals outperform.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Nabors Industries Ltd. | $27.5M | 10.1% | Add 7.85% |
| Lincoln National Corporation | $21.0M | 7.7% | Reduce 8.57% |
| Gray Television, Inc. | $20.6M | 7.6% | Reduce 2.46% |
| Quad/Graphics, Inc. | $16.4M | 6.0% | Reduce 3.21% |
| Bread Financial Holdings, Inc. | $15.1M | 5.5% | Reduce 17.53% |
| Gannett Co., Inc. | $14.1M | 5.2% | Add 3.62% |
| Conduent Incorporated | $11.3M | 4.1% | Add 46.30% |
| American Axle & Manufacturing Holdings, Inc. | $10.3M | 3.8% | Add 19.25% |
| JELD-WEN Holding, Inc. | $10.2M | 3.7% | Add 10.37% |
| Jackson Financial Inc. | $9.5M | 3.5% | Reduce 24.94% |
The top 10 holdings represent 57.3% of the portfolio, indicating meaningful concentration but not extreme concentration. This level of concentration is typical for value investors who have conviction in their best ideas but maintain diversification across 36 total positions. The concentration is particularly notable given that the portfolio includes 26 positions outside the top 10, suggesting Miller has identified a broader opportunity set beyond just his highest-conviction bets.
The recent changes reveal an active manager making meaningful adjustments. The largest additions (Conduent +46%, American Axle +19%, JELD-WEN +10%) suggest Miller is building positions where he sees significant upside, while the largest reductions (Jackson Financial -25%, Bread Financial -18%) indicate he's exiting or trimming positions where valuations have become less attractive or fundamentals have deteriorated.
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
Investment Lessons from Miller Value Partners' Approach
Miller's Q3 2025 portfolio demonstrates several timeless value investing principles:
Deep Value Requires Patience and Conviction: Miller's willingness to hold positions for 10 quarters on average reflects the reality that deep value investing is not a short-term strategy. The market often takes years to recognize the value in deeply discounted stocks, requiring investors to maintain conviction through periods of underperformance.
Concentration in Your Best Ideas: While maintaining a 36-position portfolio, Miller concentrates 57.3% of assets in his top 10 holdings. This reflects the principle that you should size positions based on conviction—your best ideas deserve larger allocations than your marginal ideas.
Cyclical Sectors Offer the Deepest Value: Miller's focus on media, energy, and industrial stocks reflects the reality that cyclical sectors often trade at the deepest discounts to intrinsic value. While these sectors carry higher volatility, patient investors can capture significant returns when cycles turn.
Disciplined Profit-Taking: The reductions in Lincoln National and Bread Financial demonstrate that value investing isn't about holding forever—it's about buying at a discount and selling when valuations normalize. Taking profits when positions appreciate is a key component of long-term success.
Opportunistic Accumulation: The aggressive additions to Conduent, American Axle, and JELD-WEN show that the best value investors are willing to increase position sizes when they identify particularly compelling opportunities. This requires having dry powder and the discipline to deploy it when valuations are most attractive.
Diversification Across Opportunities: With 36 positions, Miller avoids over-concentration in any single idea while maintaining meaningful positions in his best opportunities. This approach reduces idiosyncratic risk while allowing for meaningful upside from his highest-conviction bets.
Looking Ahead: What Comes Next?
Miller's Q3 2025 positioning suggests several potential scenarios for the portfolio's evolution:
Cyclical Recovery Play: If economic conditions stabilize or improve, Miller's heavy weighting toward cyclical sectors could deliver significant outperformance. Energy, media, and industrial stocks would likely benefit from a cyclical recovery, potentially validating his current positioning.
Continued Sector Rotation: The additions to manufacturing and industrial names suggest Miller may continue rotating toward sectors that benefit from housing and automotive cycles. If these sectors begin to outperform, the portfolio could see meaningful gains.
Turnaround Realization: Several positions (Conduent, Gannett, Gray Television) are potential turnaround situations. If management teams successfully execute restructuring plans, these deeply discounted stocks could appreciate significantly.
Opportunistic Deployment: With a 13.9% turnover rate and active position adjustments, Miller appears to have dry powder for additional opportunities. If market volatility increases or valuations become more attractive, expect further portfolio adjustments.
Potential Headwinds: The media holdings face structural challenges from digital disruption, and cyclical stocks could underperform if economic growth slows. Miller's positioning is a bet that these challenges are already priced into current valuations.
FAQ About Miller Value Partners Portfolio
Q: Why is Miller adding to Conduent when it's such a deeply troubled company?
A: Miller's 46% addition to Conduent suggests he believes the market has overestimated the company's problems and underestimated its intrinsic value. Deep value investors often find their best opportunities in companies that have fallen out of favor. If Conduent can stabilize operations or execute a turnaround, the stock could appreciate significantly from current levels. This is a high-risk, high-reward bet typical of deep value investing.
Q: What does the 24.94% reduction in Jackson Financial signal?
A: The significant trim in Jackson Financial suggests Miller has reassessed the company's valuation or fundamentals. This could indicate that the stock has appreciated to fair value, fundamentals have deteriorated, or Miller has identified better opportunities elsewhere. It's a reminder that value investors are willing to exit positions when the risk-reward calculus changes, even if they were previously bullish.
Q: How can I track Miller Value Partners' portfolio changes?
A: ValueSense provides real-time tracking of Miller Value Partners' 13F filings, allowing you to monitor portfolio changes as they occur. 13F filings are required quarterly for institutional investors managing over $100 million, though there's typically a 45-day reporting lag. ValueSense's platform makes it easy to see which positions Miller is adding to, trimming, or exiting, along with detailed analysis of what these moves might signal about his market outlook.
Q: Why is Miller so focused on media and cyclical stocks?
A: Media and cyclical stocks have been among the most beaten-down sectors in recent years, creating deep value opportunities for patient investors. Miller's focus on these sectors reflects his belief that they are trading at significant discounts to intrinsic value. If the market's pessimism proves excessive, these positions could deliver outsized returns. This is classic contrarian value investing—buying what others are selling.
Q: What's the significance of Miller adding three new positions in Q3 2025?
A: The addition of three new positions suggests Miller has identified fresh opportunities in the current market environment. With a 13.9% turnover rate, Miller is not constantly churning the portfolio, so new positions represent meaningful conviction. These additions likely reflect either new opportunities that have emerged or existing opportunities that have become more attractive due to price declines.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2026)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!