Smart Money
BM

Bill Miller

Miller Value Partners·contrarian·Concentrated / activist
Accredited only

~15% since 1982

Portfolio value

$328M

Positions

48

Top 5 concentration

38%

New buys this quarter

3

Recent moves vs Mar 2026

$COTYNew buy2.6%
$METANew buy1.1%
$AMPNew buy0.6%
$BLMNAdded7.2%
$LNCAdded6.5%
$CNDTAdded5.8%
$JELDAdded3.3%
$MRPAdded2.1%
$UPBDAdded1.7%
$BBWAdded1.2%
$BFHTrimmed4.4%
$ITRNTrimmed2.5%
$CROXTrimmed1.1%
$WALTrimmed1%
$MELITrimmed0.9%
$ZDTrimmed0.8%
$ABNBTrimmed0.4%
$UNFITrimmed0.1%
$TPCTrimmed0.1%
$SPYSold out
$MBCSold out
$GTNSold out
$ARLPSold out
$CTRNSold out
$AXLSold out
$FOSLSold out
$PTLOSold out
$VRMSold out

Holdings

StockMove% of portfolioValue
$NBR

NABORS INDUSTRIES LTD

Held
11.4%
$37M
$BLMN

BLOOMIN BRANDS INC

Added
7.2%
$24M
$QUAD

QUAD / GRAPHICS INC

Held
6.5%
$21M
$LNC

LINCOLN NATL CORP IND

Added
6.5%
$21M
$CRGY

CRESCENT ENERGY COMPANY

Held
6.3%
$21M
$CNDT

CONDUENT INC

Added
5.8%
$19M
$BFH

BREAD FINANCIAL HOLDINGS INC

Trimmed
4.4%
$14M
$UPS

UNITED PARCEL SVCS INC

Held
3.8%
$12M
$VTRS

VIATRIS INC

Held
3.5%
$12M
$CTO

CTO RLTY GROWTH INC NEW

Held
3.5%
$12M
$JELD

JELD-WEN HLDG INC

Added
3.3%
$11M
$COTY

COTY INC

New buy
2.6%
$8M
$JXN

JACKSON FINANCIAL INC

Held
2.5%
$8M
$ITRN

ITURAN LOCATION AND CONTROL

Trimmed
2.5%
$8M
$CHRD

CHORD ENERGY CORPORATION

Held
2.4%
$8M
$VZ

VERIZON COMMUNICATIONS INC

Held
2.2%
$7M
$MRP

MILLROSE PPTYS INC

Added
2.1%
$7M
$UPBD

UPBOUND GROUP INC

Added
1.7%
$5M
$OMF

ONEMAIN HLDGS INC

Held
1.5%
$5M
$CALM

CAL MAINE FOODS INC

Held
1.5%
$5M
$MSTR

STRATEGY INC

Held
1.3%
$4M
$UGI

UGI CORP NEW

Held
1.3%
$4M
$BBW

BUILD-A-BEAR WORKSHOP INC

Added
1.2%
$4M
$BMY

BRISTOL-MYERS SQUIBB CO

Held
1.2%
$4M
$META

META PLATFORMS INC

New buy
1.1%
$4M
$CROX

CROCS INC

Trimmed
1.1%
$3M
$WAL

WESTERN ALLIANCE BANCORP

Trimmed
1%
$3M
$ABR

ARBOR REALTY TRUST INC

Held
1%
$3M
$MELI

MERCADOLIBRE INC

Trimmed
0.9%
$3M
$BCC

BOISE CASCADE CO DEL

Held
0.9%
$3M
$FIGR

FIGURE TECHNOLOGY SOLUTIO

Held
0.8%
$3M
$ZD

ZIFF DAVIS INC

Trimmed
0.8%
$3M
$CART

MAPLEBEAR INC

Held
0.7%
$2M
$REZI

RESIDEO TECHNOLOGIES INC

Held
0.7%
$2M
$AMP

AMERIPRISE FINL INC

New buy
0.6%
$2M
$LYB

LYONDELLBASELL INDUSTRIES NV

Held
0.6%
$2M
$BLDR

BUILDERS FIRSTSOURCE INC

Held
0.5%
$2M
$CG

CARLYLE GROUP INC

Held
0.5%
$2M
$FOUR

SHIFT4 PMTS INC

Held
0.4%
$1M
$PRDO

PERDOCEO ED CORP

Held
0.4%
$1M
$ABNB

AIRBNB INC

Trimmed
0.4%
$1M
$PINS

PINTEREST INC

Held
0.4%
$1M
$CPNG

COUPANG INC

Held
0.3%
$1M
$SN

SHARKNINJA INC

Held
0.3%
$903K
$LAD

LITHIA MTRS INC

Held
0.2%
$788K
$UNFI

UNITED NAT FOODS INC

Trimmed
0.1%
$215K
$FTI

TECHNIPFMC PLC

Held
0.1%
$210K
$TPC

TUTOR PERINI CORP

Trimmed
0.1%
$205K

Notable sell-outs this quarter: $SPY, $MBC, $GTN, $ARLP, $CTRN, $AXL, $FOSL, $PTLO, $VRM

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