# Miller Value Partners portfolio: Q2 2026 13F holdings

Bill Miller IV and Bill Miller III’s Miller Value Partners: $423m in 56 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-14 ([filing](https://www.sec.gov/Archives/edgar/data/1135778/000113577826000016/0001135778-26-000016-index.htm)). $423m in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Nabors Industries (NBR) | $37.4m | 8.8% | Added +0.2% | 10.0% |
| Gray Media (GTN) | $28.8m | 6.8% | Added +35% | 6.1% |
| Direxion Shares Etf Trust (SPUU) | $24.6m | 5.8% | New | – |
| Bloomin' Brands (BLMN) | $23.6m | 5.6% | Added +27% | 2.9% |
| Quad/Graphics (QUAD) | $21.4m | 5.1% | Trimmed -4.3% | 4.6% |
| Lincoln National (LNC) | $21.3m | 5.0% | Added +5.7% | 5.3% |
| Crescent Energy Company (CRGY) | $20.6m | 4.9% | Added +4.5% | 7.1% |
| Conduent (CNDT) | $19.0m | 4.5% | Added +30% | 3.4% |
| Bread Financial Holdings (BFH) | $14.4m | 3.4% | Trimmed -31% | 3.8% |
| United Parcel Service (UPS) | $12.5m | 3.0% | Trimmed -2.6% | 3.1% |
| Dauch (DCH) | $12.4m | 2.9% | Added +64% | 2.2% |
| USA Today (TDAY) | $12.0m | 2.8% | Trimmed -29% | 3.6% |
| Viatris (VTRS) | $11.6m | 2.8% | Added +0.2% | 2.6% |
| CTO Realty Growth (CTO) | $11.6m | 2.7% | Trimmed -2.9% | 2.7% |
| Jeld-Wen Holding (JELD) | $10.7m | 2.5% | Added +7.8% | 2.1% |
| Fossil Group (FOSL) | $8.9m | 2.1% | Trimmed -12% | 2.7% |
| Coty (COTY) | $8.5m | 2.0% | New | – |
| Jackson Financial (JXN) | $8.2m | 1.9% | Trimmed -0.7% | 2.2% |
| Ituran Location and Control (ITRN) | $8.2m | 1.9% | Trimmed -34% | 2.6% |
| Chord Energy (CHRD) | $7.9m | 1.9% | Trimmed -0.3% | 2.6% |
| Verizon Communications (VZ) | $7.1m | 1.7% | Unchanged | 2.2% |
| Millrose Pptys (MRP) | $6.9m | 1.6% | Added +27% | 1.3% |
| Upbound Group (UPBD) | $5.5m | 1.3% | Added +115% | 0.6% |
| Onemain Holdings (OMF) | $5.1m | 1.2% | Unchanged | 1.2% |
| Cal Maine Foods (CALM) | $5.0m | 1.2% | Unchanged | 1.3% |
| Alliance Resource Partners L (ARLP) | $4.5m | 1.1% | Added +0.9% | 1.3% |
| Strategy (MSTR) | $4.4m | 1.0% | Trimmed -3.6% | 1.7% |
| UGI (UGI) | $4.2m | 1.0% | Unchanged | 1.1% |
| Build-A-Bear Workshop (BBW) | $4.1m | 1.0% | Added +29% | 1.0% |
| Bristol-Myers Squibb (BMY) | $4.0m | 0.9% | Unchanged | 1.1% |
| Meta Platforms (META) | $3.6m | 0.8% | New | – |
| Crocs (CROX) | $3.5m | 0.8% | Trimmed -25% | 0.8% |
| Western Alliance Bancorporation (WAL) | $3.4m | 0.8% | Trimmed -24% | 1.0% |
| Arbor Realty Trust (ABR) | $3.3m | 0.8% | Added +1.2% | 1.2% |
| Citi Trends (CTRN) | $3.1m | 0.7% | Added +0.8% | 0.6% |
| MercadoLibre (MELI) | $2.9m | 0.7% | Trimmed -23% | 1.0% |
| Boise Cascade (BCC) | $2.9m | 0.7% | Unchanged | 0.7% |
| Figure Technology Solutions (FIGR) | $2.8m | 0.7% | Trimmed -1.5% | 0.8% |
| Ziff Davis (ZD) | $2.7m | 0.6% | Trimmed -26% | 0.8% |
| Maplebear (CART) | $2.2m | 0.5% | Added +0.2% | 0.5% |
| Resideo Technologies (REZI) | $2.1m | 0.5% | Trimmed -1.2% | 0.6% |
| Ameriprise Financial (AMP) | $2.0m | 0.5% | New | – |
| LyondellBasell Industries (LYB) | $2.0m | 0.5% | Unchanged | 0.8% |
| Builders Firstsource (BLDR) | $1.7m | 0.4% | Added +1.2% | 0.4% |
| Carlyle Group (CG) | $1.7m | 0.4% | Unchanged | 0.5% |
| Shift4 Payments (FOUR) | $1.5m | 0.3% | Trimmed -0.2% | 0.3% |
| Perdoceo Education (PRDO) | $1.3m | 0.3% | Trimmed -0.3% | 0.4% |
| Airbnb (ABNB) | $1.3m | 0.3% | Trimmed -45% | 0.5% |
| Pinterest (PINS) | $1.2m | 0.3% | Trimmed -3.6% | 0.3% |
| Coupang (CPNG) | $1.1m | 0.3% | Added +2.6% | 0.3% |
| Sharkninja (SN) | $903k | 0.2% | Added +2.7% | 0.2% |
| Lithia Motors (LAD) | $788k | 0.2% | Added +2.2% | 0.2% |
| Vroom (VRM) | $450k | 0.1% | Unchanged | 0.2% |
| United Natural Foods (UNFI) | $215k | 0.1% | Trimmed -10% | 0.1% |
| Technipfmc (FTI) | $210k | 0.1% | Unchanged | 0.1% |
| Tutor Perini (TPC) | $205k | 0.1% | Trimmed -12% | 0.1% |
| Spdr S&P 500 Etf Trust (SPY) | – | – | Sold out | 5.1% |
| Masterbrand (MBC) | – | – | Sold out | 0.2% |
| Portillo's (PTLO) | – | – | Sold out | 0.2% |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/miller-value-partners). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.