Smart Money
BM

Bill Miller

Miller Value Partners·contrarian·Concentrated / activist
Accredited only

~15% since 1982

Portfolio value

$369M

Positions

54

Top 5 concentration

35%

New buys this quarter

22

Recent moves vs Dec 2025

$CRGYNew buy7.3%
$SPYNew buy5.3%
$BLMNNew buy3%
$ABRNew buy1.3%
$MELINew buy1%
$CROXNew buy0.9%
$FIGRNew buy0.8%
$ZDNew buy0.8%
$REZINew buy0.6%
$CTRNNew buy0.6%
$ABNBNew buy0.6%
$CARTNew buy0.5%
$BLDRNew buy0.4%
$PRDONew buy0.4%
$FOURNew buy0.4%
$CPNGNew buy0.3%
$PINSNew buy0.3%
$MBCNew buy0.2%
$VRMNew buy0.2%
$PTLONew buy0.2%
$LADNew buy0.2%
$SNNew buy0.2%
$GTNAdded6.3%
$LNCAdded5.5%
$CNDTAdded3.5%
$UPSAdded3.2%
$CTOAdded2.8%
$VTRSAdded2.7%
$CHRDAdded2.7%
$JELDAdded2.2%
$MSTRAdded1.8%
$ARLPAdded1.4%
$MRPAdded1.4%
$BBWAdded1.1%
$UPBDAdded0.6%
$NBRTrimmed10.4%
$FOSLTrimmed2.8%
$ITRNTrimmed2.7%
$JXNTrimmed2.3%
$VZTrimmed2.3%
$AXLTrimmed2.2%
$UGITrimmed1.2%
$BMYTrimmed1.1%
$WALTrimmed1.1%
$UNFITrimmed0.1%
$FTITrimmed0.1%
$TPCTrimmed0.1%
$STLASold out
$GCISold out

Holdings

StockMove% of portfolioValue
$NBR

NABORS INDUSTRIES LTD

Trimmed
10.4%
$38M
$CRGY

CRESCENT ENERGY COMPANY

New buy
7.3%
$27M
$GTN

GRAY MEDIA INC

Added
6.3%
$23M
$LNC

LINCOLN NATL CORP IND

Added
5.5%
$20M
$SPY

STATE STR SPDR S&P 500 ETF T

New buy
5.3%
$20M
$QUAD

QUAD / GRAPHICS INC

Held
4.7%
$18M
$BFH

BREAD FINANCIAL HOLDINGS INC

Held
3.9%
$15M
$CNDT

CONDUENT INC

Added
3.5%
$13M
$UPS

UNITED PARCEL SVCS INC

Added
3.2%
$12M
$BLMN

BLOOMIN BRANDS INC

New buy
3%
$11M
$FOSL

FOSSIL GROUP INC

Trimmed
2.8%
$10M
$CTO

CTO RLTY GROWTH INC NEW

Added
2.8%
$10M
$ITRN

ITURAN LOCATION AND CONTROL

Trimmed
2.7%
$10M
$VTRS

VIATRIS INC

Added
2.7%
$10M
$CHRD

CHORD ENERGY CORPORATION

Added
2.7%
$10M
$JXN

JACKSON FINANCIAL INC

Trimmed
2.3%
$9M
$VZ

VERIZON COMMUNICATIONS INC

Trimmed
2.3%
$8M
$AXL

DAUCH CORP

Trimmed
2.2%
$8M
$JELD

JELD-WEN HLDG INC

Added
2.2%
$8M
$MSTR

STRATEGY INC

Added
1.8%
$6M
$ARLP

ALLIANCE RESOURCE PARTNERS L

Added
1.4%
$5M
$MRP

MILLROSE PPTYS INC

Added
1.4%
$5M
$CALM

CAL MAINE FOODS INC

Held
1.3%
$5M
$ABR

ARBOR REALTY TRUST INC

New buy
1.3%
$5M
$OMF

ONEMAIN HLDGS INC

Held
1.2%
$4M
$UGI

UGI CORP NEW

Trimmed
1.2%
$4M
$BMY

BRISTOL-MYERS SQUIBB CO

Trimmed
1.1%
$4M
$WAL

WESTERN ALLIANCE BANCORP

Trimmed
1.1%
$4M
$BBW

BUILD-A-BEAR WORKSHOP INC

Added
1.1%
$4M
$MELI

MERCADOLIBRE INC

New buy
1%
$4M
$CROX

CROCS INC

New buy
0.9%
$3M
$FIGR

FIGURE TECHNOLOGY SOLUTIO

New buy
0.8%
$3M
$LYB

LYONDELLBASELL INDUSTRIES NV

Held
0.8%
$3M
$ZD

ZIFF DAVIS INC

New buy
0.8%
$3M
$BCC

BOISE CASCADE CO DEL

Held
0.8%
$3M
$REZI

RESIDEO TECHNOLOGIES INC

New buy
0.6%
$2M
$CTRN

CITI TRENDS INC

New buy
0.6%
$2M
$UPBD

UPBOUND GROUP INC

Added
0.6%
$2M
$ABNB

AIRBNB INC

New buy
0.6%
$2M
$CG

CARLYLE GROUP INC

Held
0.5%
$2M
$CART

MAPLEBEAR INC

New buy
0.5%
$2M
$BLDR

BUILDERS FIRSTSOURCE INC

New buy
0.4%
$2M
$PRDO

PERDOCEO ED CORP

New buy
0.4%
$2M
$FOUR

SHIFT4 PMTS INC

New buy
0.4%
$1M
$CPNG

COUPANG INC

New buy
0.3%
$1M
$PINS

PINTEREST INC

New buy
0.3%
$1M
$MBC

MASTERBRAND INC

New buy
0.2%
$871K
$VRM

VROOM INC

New buy
0.2%
$778K
$PTLO

PORTILLOS INC

New buy
0.2%
$684K
$LAD

LITHIA MTRS INC

New buy
0.2%
$663K
$SN

SHARKNINJA INC

New buy
0.2%
$612K
$UNFI

UNITED NAT FOODS INC

Trimmed
0.1%
$237K
$FTI

TECHNIPFMC PLC

Trimmed
0.1%
$219K
$TPC

TUTOR PERINI CORP

Trimmed
0.1%
$216K

Notable sell-outs this quarter: $STLA, $GCI

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.