Miller Value Partners

In Q2 2026, Miller Value Partners held 56 US-listed stocks worth $423m. Its biggest move was buying Direxion Shares Etf Trust (now 5.8% of the portfolio), followed by selling all of its Spdr S&P 500 Etf Trust (5.1% the quarter before). It started 4 new positions and sold out of 3. Its largest holding is Nabors Industries at 8.8%.

Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026. How we use them

Latest 13F

Q2 2026

Filed 14 Aug 2026

Q3 2026 13F due

26 days

Expected Mon 16 Nov

What changed in Q2 2026

New positions

Direxion Shares Etf Trust5.8% of the portfolio
Coty2.0% of the portfolio
Meta Platforms0.8% of the portfolio
Ameriprise Financial0.5% of the portfolio

Added to

Bloomin' Brands+27% shares, now 5.6%
Conduent+30% shares, now 4.5%
Dauch+64% shares, now 2.9%
Upbound Group+115% shares, now 1.3%
Gray Media+35% shares, now 6.8%

Trimmed

USA Today-29% shares, now 2.8%
Chord Energy-0.3% shares, now 1.9%
Ituran Location and Control-34% shares, now 1.9%
Strategy-3.6% shares, now 1.0%
Fossil Group-12% shares, now 2.1%

Sold out

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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US holdings from the 13F

Q2 2026, filed 14 Aug 2026 (filing): 4 new, 20 added to, 22 trimmed, 3 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Nabors IndustriesNBR	$37.4m	445,460	8.8%$37.4m	Added +0.2%	10.0%
Gray MediaGTN	$28.8m	7,243,390	6.8%$28.8m	Added +35%	6.1%
Direxion Shares Etf TrustSPUU	$24.6m	114,078	5.8%$24.6m	New	–
Bloomin' BrandsBLMN	$23.6m	2,585,909	5.6%$23.6m	Added +27%	2.9%
Quad/GraphicsQUAD	$21.4m	2,538,299	5.1%$21.4m	Trimmed -4.3%	4.6%
Lincoln NationalLNC	$21.3m	603,160	5.0%$21.3m	Added +5.7%	5.3%
Crescent Energy CompanyCRGY	$20.6m	2,092,679	4.9%$20.6m	Added +4.5%	7.1%
ConduentCNDT	$19.0m	12,986,100	4.5%$19.0m	Added +30%	3.4%
Bread Financial HoldingsBFH	$14.4m	132,798	3.4%$14.4m	Trimmed -31%	3.8%
United Parcel ServiceUPS	$12.5m	116,003	3.0%$12.5m	Trimmed -2.6%	3.1%
DauchDCH	$12.4m	2,282,090	2.9%$12.4m	Added +64%	2.2%
USA TodayTDAY	$12.0m	1,401,080	2.8%$12.0m	Trimmed -29%	3.6%
ViatrisVTRS	$11.6m	733,164	2.8%$11.6m	Added +0.2%	2.6%
CTO Realty GrowthCTO	$11.6m	539,900	2.7%$11.6m	Trimmed -2.9%	2.7%
Jeld-Wen HoldingJELD	$10.7m	7,139,095	2.5%$10.7m	Added +7.8%	2.1%
Fossil GroupFOSL	$8.9m	2,143,445	2.1%$8.9m	Trimmed -12%	2.7%
CotyCOTY	$8.5m	3,917,705	2.0%$8.5m	New	–
Jackson FinancialJXN	$8.2m	80,142	1.9%$8.2m	Trimmed -0.7%	2.2%
Ituran Location and ControlITRN	$8.2m	133,700	1.9%$8.2m	Trimmed -34%	2.6%
Chord EnergyCHRD	$7.9m	69,096	1.9%$7.9m	Trimmed -0.3%	2.6%
Verizon CommunicationsVZ	$7.1m	168,000	1.7%$7.1m	Unchanged	2.2%
Millrose PptysMRP	$6.9m	229,300	1.6%$6.9m	Added +27%	1.3%
Upbound GroupUPBD	$5.5m	258,000	1.3%$5.5m	Added +115%	0.6%
Onemain HoldingsOMF	$5.1m	82,941	1.2%$5.1m	Unchanged	1.2%
Cal Maine FoodsCALM	$5.0m	62,000	1.2%$5.0m	Unchanged	1.3%
Alliance Resource Partners LARLP	$4.5m	186,981	1.1%$4.5m	Added +0.9%	1.3%
StrategyMSTR	$4.4m	50,203	1.0%$4.4m	Trimmed -3.6%	1.7%
UGIUGI	$4.2m	121,000	1.0%$4.2m	Unchanged	1.1%
Build-A-Bear WorkshopBBW	$4.1m	133,567	1.0%$4.1m	Added +29%	1.0%
Bristol-Myers SquibbBMY	$4.0m	69,500	0.9%$4.0m	Unchanged	1.1%
Meta PlatformsMETA	$3.6m	6,412	0.8%$3.6m	New	–
CrocsCROX	$3.5m	28,856	0.8%$3.5m	Trimmed -25%	0.8%
Western Alliance BancorporationWAL	$3.4m	41,755	0.8%$3.4m	Trimmed -24%	1.0%
Arbor Realty TrustABR	$3.3m	611,000	0.8%$3.3m	Added +1.2%	1.2%
Citi TrendsCTRN	$3.1m	54,200	0.7%$3.1m	Added +0.8%	0.6%
MercadoLibreMELI	$2.9m	1,712	0.7%$2.9m	Trimmed -23%	1.0%
Boise CascadeBCC	$2.9m	37,000	0.7%$2.9m	Unchanged	0.7%
Figure Technology SolutionsFIGR	$2.8m	89,668	0.7%$2.8m	Trimmed -1.5%	0.8%
Ziff DavisZD	$2.7m	50,602	0.6%$2.7m	Trimmed -26%	0.8%
MaplebearCART	$2.2m	45,645	0.5%$2.2m	Added +0.2%	0.5%
Resideo TechnologiesREZI	$2.1m	68,931	0.5%$2.1m	Trimmed -1.2%	0.6%
Ameriprise FinancialAMP	$2.0m	4,428	0.5%$2.0m	New	–
LyondellBasell IndustriesLYB	$2.0m	38,000	0.5%$2.0m	Unchanged	0.8%
Builders FirstsourceBLDR	$1.7m	19,115	0.4%$1.7m	Added +1.2%	0.4%
Carlyle GroupCG	$1.7m	40,000	0.4%$1.7m	Unchanged	0.5%
Shift4 PaymentsFOUR	$1.5m	29,965	0.3%$1.5m	Trimmed -0.2%	0.3%
Perdoceo EducationPRDO	$1.3m	40,288	0.3%$1.3m	Trimmed -0.3%	0.4%
AirbnbABNB	$1.3m	8,921	0.3%$1.3m	Trimmed -45%	0.5%
PinterestPINS	$1.2m	57,860	0.3%$1.2m	Trimmed -3.6%	0.3%
CoupangCPNG	$1.1m	64,124	0.3%$1.1m	Added +2.6%	0.3%
SharkninjaSN	$903k	5,932	0.2%$903k	Added +2.7%	0.2%
Lithia MotorsLAD	$788k	2,712	0.2%$788k	Added +2.2%	0.2%
VroomVRM	$450k	58,488	0.1%$450k	Unchanged	0.2%
United Natural FoodsUNFI	$215k	4,705	0.1%$215k	Trimmed -10%	0.1%
TechnipfmcFTI	$210k	3,170	0.1%$210k	Unchanged	0.1%
Tutor PeriniTPC	$205k	2,470	0.1%$205k	Trimmed -12%	0.1%
Spdr S&P 500 Etf TrustSPY	–	–	–	Sold out	5.1%
MasterbrandMBC	–	–	–	Sold out	0.2%
Portillo'sPTLO	–	–	–	Sold out	0.2%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

NBRLNCBFHQUADGTNTDAYEverything else

2013: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2014: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2015: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2016: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2017: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2018: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2019: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2020: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2021: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2022: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 0.0%, Quad/Graphics 0.0%, Gray Media 0.0%, USA Today 0.0%; 2023: Nabors Industries 0.0%, Lincoln National 0.0%, Bread Financial Holdings 6.0%, Quad/Graphics 5.2%, Gray Media 0.0%, USA Today 3.4%; Q3 ’24: Nabors Industries 5.1%, Lincoln National 6.8%, Bread Financial Holdings 6.9%, Quad/Graphics 4.8%, Gray Media 4.4%, USA Today 4.3%; Q4 ’24: Nabors Industries 6.9%, Lincoln National 6.7%, Bread Financial Holdings 7.9%, Quad/Graphics 7.5%, Gray Media 4.5%, USA Today 5.2%; Q1 ’25: Nabors Industries 7.4%, Lincoln National 8.5%, Bread Financial Holdings 7.1%, Quad/Graphics 6.4%, Gray Media 7.0%, USA Today 3.6%; Q2 ’25: Nabors Industries 7.4%, Lincoln National 8.4%, Bread Financial Holdings 7.9%, Quad/Graphics 6.5%, Gray Media 7.0%, USA Today 5.0%; Q3 ’25: Nabors Industries 10.1%, Lincoln National 7.7%, Bread Financial Holdings 5.5%, Quad/Graphics 6.0%, Gray Media 7.6%, USA Today 5.2%; Q4 ’25: Nabors Industries 11.5%, Lincoln National 7.9%, Bread Financial Holdings 5.3%, Quad/Graphics 6.0%, Gray Media 6.8%, USA Today 6.2%; Q1 ’26: Nabors Industries 10.0%, Lincoln National 5.3%, Bread Financial Holdings 3.8%, Quad/Graphics 4.6%, Gray Media 6.1%, USA Today 3.6%; Q2 ’26: Nabors Industries 8.8%, Lincoln National 5.0%, Bread Financial Holdings 3.4%, Quad/Graphics 5.1%, Gray Media 6.8%, USA Today 2.8%

Q2 2026

Q4 2013Q2 2026

Look-through earnings

Miller Value Partners’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

−$44.6m

Last 12 months, holdings with SEC financials

Price paid for those earnings

–

Value of those holdings ÷ their earnings

Earnings per share growth

+50.1%

Same holdings, against a year earlier

Portfolio covered

86%

Of the 13F value

$115m2017

$2.5m2018

$5.3m2019

−$109m2020

$8.0bn2021

$64.4m2022

$15.1m2023

$15.7m2024

−$4.3m2025

−$13.3m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Lincoln NationalLNC	0.3%	$2.4bn	$7.2m	$4.1m	+91.2%
Gray MediaGTN	7.2%	−$26.0m	−$1.9m	$1.0m	-112.6%
Bloomin' BrandsBLMN	3.0%	$27.7m	$830k	$940k	–
Jackson FinancialJXN	0.1%	$59.0m	$67k	$747k	–
Chord EnergyCHRD	0.1%	$848m	$1.0m	$641k	+225.8%
Bread Financial HoldingsBFH	0.3%	$568m	$1.9m	$476k	+129.5%
CTO Realty GrowthCTO	1.5%	$45.1m	$695k	$233k	–
Quad/GraphicsQUAD	5.1%	$31.2m	$1.6m	$188k	–
Millrose PptysMRP	0.1%	$476m	$657k	$174k	+1961.1%
Verizon CommunicationsVZ	0.00%	$17bn	$669k	$154k	-9.7%
CrocsCROX	0.06%	$593m	$345k	$119k	+182.0%
Bristol-Myers SquibbBMY	0.00%	$9.3bn	$315k	$113k	+82.9%
Western Alliance BancorporationWAL	0.04%	$983m	$380k	$101k	+17.9%
Upbound GroupUPBD	0.4%	$90.1m	$396k	$95k	-12.3%
Build-A-Bear WorkshopBBW	1.1%	$51.6m	$554k	$94k	–
United Parcel ServiceUPS	0.01%	$4.6bn	$623k	$82k	-20.6%
USA TodayTDAY	0.7%	−$40.3m	−$291k	$66k	–
Meta PlatformsMETA	0.00%	$68bn	$170k	$40k	-4.6%
DauchDCH	1.0%	−$165m	−$1.6m	$10k	–
Cal Maine FoodsCALM	0.1%	$317m	$414k	−$47k	-73.2%
ViatrisVTRS	0.06%	−$411m	−$259k	−$75k	–
UGIUGI	0.06%	$671m	$378k	−$75k	+60.6%
Arbor Realty TrustABR	0.3%	$16.3m	$52k	−$120k	–
Fossil GroupFOSL	3.6%	−$69.9m	−$2.5m	−$386k	–
CotyCOTY	0.5%	−$618m	−$2.8m	−$687k	–
Nabors IndustriesNBR	3.1%	$247m	$7.7m	−$697k	–
StrategyMSTR	0.01%	−$30bn	−$4.3m	−$1.2m	-652.2%
Jeld-Wen HoldingJELD	8.3%	−$518m	−$42.8m	−$2.6m	–
ConduentCNDT	8.4%	−$228m	−$19.1m	−$10.0m	-1491.9%
Onemain HoldingsOMF	0.07%	$796m	$563k	–	+43.6%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Miller Value Partners’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
Quad/Graphics	5.9%	13G/A	7 Aug 2026
Gray Media	8.1%	13G/A	7 Aug 2026
Conduent	8.4%	13G/A	7 Aug 2026
Conduent	6.5%	13G	5 May 2026
Jeld-Wen Holding	7.7%	13G/A	4 May 2026

US holdings by sector

Energy15.6%
Communication and media13.1%
Industrials12.8%
Consumer discretionary12.4%
Other12.0%
Financials11.5%
Insurance7.0%
Health care3.7%
Materials3.5%
Real estate1.6%
Utilities1.0%
Consumer staples0.0%
Not classified5.8%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$159mQ3 ’23

$168mQ4 ’23

$156mQ1 ’24

$157mQ2 ’24

$177mQ3 ’24

$234mQ4 ’24

$219mQ1 ’25

$236mQ2 ’25

$272mQ3 ’25

$284mQ4 ’25

$383mQ1 ’26

$423mQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.