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Bill Miller

Miller Value Partners

Miller Value Partners, Bill Miller's contrarian value and growth-value blend

Bill Miller is useful because his style blends contrarian value, growth businesses, and willingness to hold unpopular ideas when expected value is attractive. The public record is best read through letters, interviews, and portfolio concentration.

Sources Miller Value Partners official site SEC EDGAR profile Bill Miller Miller Value Partners profile
Contrarian value / growth value CIK 1135778
2026-03-31 Latest 13F 20 Current holdings 100 Last 3 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 55 disclosed positions · $383.2M Top five 33.5%: NBR, CRGY, GTN, LNC, SPY

Performance materials

  • Miller's historical public mutual-fund record and Miller Value materials provide context. Current strategy performance should be read from official materials.

Firm and key people

  • Miller became widely known for a long streak of outperforming the S&P 500 while managing Legg Mason Value Trust.
  • Miller Value Partners continued the focus on valuation, expected value, and contrarian thinking.
  • His comments often explain why a controversial or volatile business can still be attractive.

Investment style

  • Think in probabilities and expected value rather than simple cheapness.
  • Be willing to own growth businesses if price and future cash flows justify it.
  • Portfolio concentration can rise when conviction and upside are high.

Public materials

View timeline
Shareholder letters / memos 1
Interview 1
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
NBR 444,430 $38.2M 10.0%
CRGY 2,003,132 $27.0M 7.1%
GTN 5,370,100 $23.3M 6.1%
LNC 570,690 $20.3M 5.3%
SPY 30,044 $19.5M 5.1%
QUAD 2,651,039 $17.5M 4.6%
BFH 193,697 $14.5M 3.8%
TDAY 1,969,280 $13.9M 3.6%
CNDT 10,023,930 $12.8M 3.3%
UPS 119,108 $11.7M 3.1%
BLMN 2,036,734 $11.0M 2.9%
FOSL 2,425,185 $10.5M 2.7%
CTO 556,053 $10.3M 2.7%
ITRN 203,900 $10.0M 2.6%
VTRS 731,676 $9.9M 2.6%
CHRD 69,330 $9.9M 2.6%
JXN 80,680 $8.5M 2.2%
VZ 168,000 $8.4M 2.2%
DCH 1,395,905 $8.3M 2.2%
JELD 6,619,885 $8.2M 2.1%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
CRGY New 2026-03-31 Filed 2026-05-15 2,003,132 0 - +$27.0M
SPY New 2026-03-31 Filed 2026-05-15 30,044 0 - +$19.5M
BLMN New 2026-03-31 Filed 2026-05-15 2,036,734 0 - +$11.0M
NBR Major reduction 2026-03-31 Filed 2026-05-15 444,430 602,737 -26.3% +$5.5M
UGI Major reduction 2026-03-31 Filed 2026-05-15 121,000 262,000 -53.8% -$5.4M
ABR New 2026-03-31 Filed 2026-05-15 604,000 0 - +$4.7M
CHRD Major increase 2026-03-31 Filed 2026-05-15 69,330 57,766 20.0% +$4.5M
GTN Major increase 2026-03-31 Filed 2026-05-15 5,370,100 3,988,495 34.6% +$4.0M
MELI New 2026-03-31 Filed 2026-05-15 2,215 0 - +$3.8M
TDAY Major reduction 2026-03-31 Filed 2026-05-15 1,969,280 3,403,345 -42.1% -$3.6M
CROX New 2026-03-31 Filed 2026-05-15 38,548 0 - +$3.2M
UPS Major increase 2026-03-31 Filed 2026-05-15 119,108 86,600 37.5% +$3.1M
FIGR New 2026-03-31 Filed 2026-05-15 91,009 0 - +$3.1M
ZD New 2026-03-31 Filed 2026-05-15 68,058 0 - +$2.9M
DCH Major reduction 2026-03-31 Filed 2026-05-15 1,395,905 1,734,780 -19.5% -$2.8M
MSTR Major increase 2026-03-31 Filed 2026-05-15 52,058 25,250 106.2% +$2.7M
MRP Major increase 2026-03-31 Filed 2026-05-15 180,800 82,800 118.4% +$2.6M
REZI New 2026-03-31 Filed 2026-05-15 69,762 0 - +$2.4M
CTRN New 2026-03-31 Filed 2026-05-15 53,763 0 - +$2.3M
CTO Major increase 2026-03-31 Filed 2026-05-15 556,053 434,145 28.1% +$2.3M
LNC Minor increase 2026-03-31 Filed 2026-05-15 570,690 504,761 13.1% -$2.2M
VTRS Major increase 2026-03-31 Filed 2026-05-15 731,676 619,000 18.2% +$2.2M
CNDT Major increase 2026-03-31 Filed 2026-05-15 10,023,930 5,583,385 79.5% +$2.1M
ARLP Major increase 2026-03-31 Filed 2026-05-15 185,256 132,000 40.3% +$2.1M
ABNB New 2026-03-31 Filed 2026-05-15 16,134 0 - +$2.0M
JELD Major increase 2026-03-31 Filed 2026-05-15 6,619,885 4,134,210 60.1% -$2.0M
CART New 2026-03-31 Filed 2026-05-15 45,557 0 - +$1.7M
BMY Major reduction 2026-03-31 Filed 2026-05-15 69,500 108,000 -35.6% -$1.6M
BLDR New 2026-03-31 Filed 2026-05-15 18,893 0 - +$1.6M
FOSL Major reduction 2026-03-31 Filed 2026-05-15 2,425,185 3,184,415 -23.8% -$1.5M
WAL Minor reduction 2026-03-31 Filed 2026-05-15 55,252 64,455 -14.3% -$1.5M
PRDO New 2026-03-31 Filed 2026-05-15 40,395 0 - +$1.5M
FOUR New 2026-03-31 Filed 2026-05-15 30,035 0 - +$1.3M
CPNG New 2026-03-31 Filed 2026-05-15 62,528 0 - +$1.2M
PINS New 2026-03-31 Filed 2026-05-15 59,990 0 - +$1.1M
UPBD Major increase 2026-03-31 Filed 2026-05-15 120,000 70,000 71.4% +$936,800
BBW Major increase 2026-03-31 Filed 2026-05-15 103,734 78,000 33.0% -$894,222
MBC New 2026-03-31 Filed 2026-05-15 104,854 0 - +$871,337
ITRN Minor reduction 2026-03-31 Filed 2026-05-15 203,900 215,000 -5.2% +$745,989
PTLO New 2026-03-31 Filed 2026-05-15 129,323 0 - +$684,119
LAD New 2026-03-31 Filed 2026-05-15 2,654 0 - +$662,757
JXN Minor reduction 2026-03-31 Filed 2026-05-15 80,680 86,150 -6.3% -$658,407
SN New 2026-03-31 Filed 2026-05-15 5,775 0 - +$611,572
BFH Minor reduction 2026-03-31 Filed 2026-05-15 193,697 201,415 -3.8% -$404,784
VZ Major reduction 2026-03-31 Filed 2026-05-15 168,000 198,000 -15.2% +$369,060
QUAD Minor reduction 2026-03-31 Filed 2026-05-15 2,651,039 2,737,890 -3.2% +$356,798
TPC Major reduction 2026-03-31 Filed 2026-05-15 2,795 6,815 -59.0% -$240,995
UNFI Major reduction 2026-03-31 Filed 2026-05-15 5,250 12,625 -58.4% -$188,519
FTI Major reduction 2026-03-31 Filed 2026-05-15 3,170 7,510 -57.8% -$115,504
NBR Minor reduction 2025-12-31 Filed 2026-02-17 602,737 673,095 -10.5% +$5.2M
BKE Sold out 2025-12-31 Filed 2026-02-17 0 72,000 -100.0% -$4.2M
TDAY Minor increase 2025-12-31 Filed 2026-02-17 3,403,345 3,403,265 0.0% +$3.5M
FOSL Minor reduction 2025-12-31 Filed 2026-02-17 3,184,415 3,326,395 -4.3% +$3.4M
MRP New 2025-12-31 Filed 2026-02-17 82,800 0 - +$2.5M
UNFI Major reduction 2025-12-31 Filed 2026-02-17 12,625 73,445 -82.8% -$2.3M
BBW Major reduction 2025-12-31 Filed 2026-02-17 78,000 98,000 -20.4% -$1.6M
SMLR Sold out 2025-12-31 Filed 2026-02-17 0 53,000 -100.0% -$1.6M
LNC Minor reduction 2025-12-31 Filed 2026-02-17 504,761 520,676 -3.1% +$1.5M
GTN Minor increase 2025-12-31 Filed 2026-02-17 3,988,495 3,558,215 12.1% -$1.3M
MSTR Major increase 2025-12-31 Filed 2026-02-17 25,250 15,250 65.6% -$1.1M
CTO Minor increase 2025-12-31 Filed 2026-02-17 434,145 429,145 1.2% +$997,546
DCH Minor increase 2025-12-31 Filed 2026-02-17 1,734,780 1,717,095 1.0% +$800,199
UPBD Major increase 2025-12-31 Filed 2026-02-17 70,000 20,000 250.0% +$756,600
QUAD Minor increase 2025-12-31 Filed 2026-02-17 2,737,890 2,623,475 4.4% +$743,617
CNDT Major increase 2025-12-31 Filed 2026-02-17 5,583,385 4,030,825 38.5% -$566,211
TTEN Sold out 2025-12-31 Filed 2026-02-17 0 7,650 -100.0% -$456,628
OMF Minor reduction 2025-12-31 Filed 2026-02-17 82,941 91,941 -9.8% +$411,676
JXN Minor reduction 2025-12-31 Filed 2026-02-17 86,150 93,825 -8.2% -$310,008
BFH Major reduction 2025-12-31 Filed 2026-02-17 201,415 270,010 -25.4% -$147,706
ARLP Minor increase 2025-12-31 Filed 2026-02-17 132,000 127,000 3.9% -$144,835
CHRD Minor increase 2025-12-31 Filed 2026-02-17 57,766 52,766 9.5% +$111,551
WAL Minor increase 2025-12-31 Filed 2026-02-17 64,455 63,455 1.6% -$84,086
JELD Major increase 2025-12-31 Filed 2026-02-17 4,134,210 2,068,840 99.8% +$12,153
NBR Minor increase 2025-09-30 Filed 2025-11-14 673,095 624,100 7.9% +$10.0M
ITRN New 2025-09-30 Filed 2025-11-14 215,000 0 - +$7.7M
UPS New 2025-09-30 Filed 2025-11-14 86,600 0 - +$7.2M
CALM New 2025-09-30 Filed 2025-11-14 62,000 0 - +$5.8M
DCH Major increase 2025-09-30 Filed 2025-11-14 1,717,095 1,439,920 19.2% +$4.4M
GTN Minor reduction 2025-09-30 Filed 2025-11-14 3,558,215 3,647,805 -2.5% +$4.0M
CNDT Major increase 2025-09-30 Filed 2025-11-14 4,030,825 2,755,225 46.3% +$4.0M
BFH Major reduction 2025-09-30 Filed 2025-11-14 270,010 327,385 -17.5% -$3.6M
FOSL Minor reduction 2025-09-30 Filed 2025-11-14 3,326,395 3,469,727 -4.1% +$3.4M
OMF Major reduction 2025-09-30 Filed 2025-11-14 91,941 149,000 -38.3% -$3.3M
DEA Sold out 2025-09-30 Filed 2025-11-14 0 146,800 -100.0% -$3.3M
JELD Minor increase 2025-09-30 Filed 2025-11-14 2,068,840 1,874,420 10.4% +$2.8M
TDAY Minor increase 2025-09-30 Filed 2025-11-14 3,403,265 3,284,510 3.6% +$2.3M
UGI Minor reduction 2025-09-30 Filed 2025-11-14 262,000 292,000 -10.3% -$1.9M
JXN Major reduction 2025-09-30 Filed 2025-11-14 93,825 124,995 -24.9% -$1.6M
LNC Minor reduction 2025-09-30 Filed 2025-11-14 520,676 569,480 -8.6% +$1.3M
QUAD Minor reduction 2025-09-30 Filed 2025-11-14 2,623,475 2,710,380 -3.2% +$1.1M
CG Major reduction 2025-09-30 Filed 2025-11-14 40,000 70,000 -42.9% -$1.1M
WAL Major reduction 2025-09-30 Filed 2025-11-14 63,455 83,455 -24.0% -$1.0M
BBW Minor reduction 2025-09-30 Filed 2025-11-14 98,000 105,000 -6.7% +$976,780
BCC Minor reduction 2025-09-30 Filed 2025-11-14 37,000 40,000 -7.5% -$611,960
BKE Major reduction 2025-09-30 Filed 2025-11-14 72,000 105,000 -31.4% -$538,230
UPBD New 2025-09-30 Filed 2025-11-14 20,000 0 - +$472,600
UNFI Major reduction 2025-09-30 Filed 2025-11-14 73,445 137,405 -46.5% -$439,910
TPC Major reduction 2025-09-30 Filed 2025-11-14 6,815 12,910 -47.2% -$156,934
CTO Minor increase 2025-09-30 Filed 2025-11-14 429,145 399,145 7.5% +$105,820
FTI Minor reduction 2025-09-30 Filed 2025-11-14 7,510 8,115 -7.5% +$16,788

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Shareholder letter / fund letter

Miller Value Partners Market Letters

Miller Value Partners official letters page publishes market letters and portfolio views from Bill Miller's team and is the primary source for tracking his contrarian value and growth value frameworks.

  • Bill Miller's public information often extends value investing to expected disparity, platform companies and new technology assets, rather than just buying undervalued traditional companies.
  • Market sentiment helps explain its long-term interest in Amazon, Bitcoin, technology platforms, and cyclical assets.
  • The official letters page has a stable source, making it easy to continuously track open letters.
  • It should be noted that Miller's style fluctuates greatly, and public views need to be understood in conjunction with risk tolerance and portfolio concentration.
  • This material can complement the long-term reflections and thematic changes not seen in 13F.
Interview

Bill Miller Miller Value Partners Profile

The official profile page of Bill Miller of Miller Value Partners introduces his long-term performance background, investment philosophy and professional experience, which is suitable as a basic source of character profile.

  • The official information page confirms Miller's professional background and long-term value investment positioning to avoid confusion about the character's origin.
  • It helps explain why Miller is classified as both a value investor and a highly contrarian growth asset investor.
  • The information page is not the current opinion, but it can be used as the basis of market letters and interviews.
  • When reading Miller's material, one needs to separate the long-term framework, public views, and specific position moves.
  • This information is also consistent with the source of the avatar, improving the integrity of the page data chain.