Miller Value Partners

Bill Miller's firm

Latest filing · Q2 2026

Bought more than soldFiled Aug 14, 2026 for holdings on Jun 30, 2026, 45 days after the quarter ended. The next one is due by Nov 14, 2026.

Stocks reported

$423M

as of Jun 30, 2026

Positions

all shown below

Top 10 stocks

52.8%

of the money in stocks

Options

None

none reported

What changed in Q2 2026

compared with Q1 2026, by number of shares

New buys4

SPUUDir Dai S&P 500 Bu 2x Etf-Us5.8%
COTYCoty2.0%
METAMeta Platforms0.9%
AMPAmeriprise Financial0.5%

Added to20

GTNGray Media34.9% more
BLMNBloomin' Brands27.0% more
DCHDauch63.5% more
CNDTConduent29.6% more
UPBDUpbound Group115% more
MRPMillrose Properties26.8% more
LNCLincoln National5.7% more
BBWBuild-A-Bear Workshop28.8% more
and 12 more in the filing

Trimmed22

BFHBread Financial31.4% fewer
TDAYUSA Today28.9% fewer
ITRNIturan Location and Control34.4% fewer
CROXCrocs25.1% fewer
FOSLFossil Group11.6% fewer
WALWestern Alliance Bancorp24.4% fewer
ABNBAirbnb44.7% fewer
QUADQuad Graphics4.3% fewer
and 14 more in the filing

Exited3

SPYSs SPDR S&P 500 ETF Trust-Uswas 5.1%
MBCMasterbrandwas 0.2%
PTLOPortillo'swas 0.2%

Portfolio

as of Jun 30, 2026 · source

#	Holding	Weight	Value	Shares	Vs last quarter	Held since
1	NBRNabors Industries Added +0.2%	8.8%	$37.4M	445K	Added +0.2%	Q2 2020
2	GTNGray Media Added +34.9%	6.8%	$28.8M	7.2M	Added +34.9%	Q2 2023
3	SPUUDir Dai S&P 500 Bu 2x Etf-Us New	5.8%	$24.6M	114K	New	Q2 2026
4	BLMNBloomin' Brands Added +27.0%	5.6%	$23.6M	2.6M	Added +27.0%	Q1 2026
5	QUADQuad Graphics Trimmed −4.3%	5.1%	$21.4M	2.5M	Trimmed −4.3%	≤ Q2 2013
6	LNCLincoln National Added +5.7%	5.0%	$21.3M	603K	Added +5.7%	Q1 2024
7	CRGYCrescent Energy Added +4.5%	4.9%	$20.6M	2.1M	Added +4.5%	Q1 2026
8	CNDTConduent Added +29.5%	4.5%	$19.0M	13.0M	Added +29.5%	Q1 2021
9	BFHBread Financial Trimmed −31.4%	3.4%	$14.4M	133K	Trimmed −31.4%	Q2 2023
10	UPSUnited Parcel Service Trimmed −2.6%	2.9%	$12.5M	116K	Trimmed −2.6%	Q3 2025
11	DCHDauch Added +63.5%	2.9%	$12.4M	2.3M	Added +63.5%	Q1 2022
12	TDAYUSA Today Trimmed −28.9%	2.8%	$12.0M	1.4M	Trimmed −28.9%	Q4 2019
13	VTRSViatris Added +0.2%	2.8%	$11.6M	733K	Added +0.2%	Q1 2021
14	CTOCto Realty Growth Trimmed −2.9%	2.7%	$11.6M	540K	Trimmed −2.9%	Q4 2021
15	JELDJeld-Wen Added +7.8%	2.5%	$10.7M	7.1M	Added +7.8%	Q1 2025
16	FOSLFossil Group Trimmed −11.6%	2.1%	$8.9M	2.1M	Trimmed −11.6%	Q3 2017
17	COTYCoty New	2.0%	$8.5M	3.9M	New	Q2 2026
18	JXNJackson Financial Trimmed −0.7%	1.9%	$8.2M	80K	Trimmed −0.7%	Q4 2021
19	ITRNIturan Location and Control Trimmed −34.4%	1.9%	$8.2M	134K	Trimmed −34.4%	Q3 2025
20	CHRDChord Energy Trimmed −0.3%	1.9%	$7.9M	69K	Trimmed −0.3%	Q1 2024

Show 36 more

21	VZVerizon Communications	1.7%	$7.1M	168K	No change	Q1 2025
22	MRPMillrose Properties Added +26.8%	1.6%	$6.9M	229K	Added +26.8%	Q4 2025
23	UPBDUpbound Group Added +115%	1.3%	$5.5M	258K	Added +115%	Q2 2017
24	OMFOnemain	1.2%	$5.1M	83K	No change	Q4 2015
25	CALMCal-Maine Foods	1.2%	$5.0M	62K	No change	Q3 2025
26	ARLPAlliance Resource Partners Added +0.9%	1.1%	$4.5M	187K	Added +0.9%	Q4 2020
27	MSTRStrategy Trimmed −3.6%	1.0%	$4.4M	50K	Trimmed −3.6%	Q4 2020
28	UGIUgi	1.0%	$4.2M	121K	No change	Q1 2024
29	BBWBuild-A-Bear Workshop Added +28.8%	1.0%	$4.1M	134K	Added +28.8%	Q2 2024
30	BMYBristol-Myers Squibb	0.9%	$4.0M	70K	No change	Q1 2024
31	METAMeta Platforms New	0.9%	$3.6M	6,412	New	Q2 2017
32	CROXCrocs Trimmed −25.1%	0.8%	$3.5M	29K	Trimmed −25.1%	Q2 2022
33	WALWestern Alliance Bancorp Trimmed −24.4%	0.8%	$3.4M	42K	Trimmed −24.4%	Q1 2023
34	ABRArbor Realty Trust Added +1.2%	0.8%	$3.3M	611K	Added +1.2%	Q1 2026
35	CTRNCiti Trends Added +0.8%	0.7%	$3.1M	54K	Added +0.8%	Q1 2026
36	MELIMercadoLibre Trimmed −22.7%	0.7%	$2.9M	1,712	Trimmed −22.7%	Q1 2026
37	BCCBoise Cascade	0.7%	$2.9M	37K	No change	Q4 2023
38	FIGRFigure Technology Solut Trimmed −1.5%	0.7%	$2.8M	90K	Trimmed −1.5%	Q1 2026
39	ZDZiff Davis Trimmed −25.7%	0.6%	$2.7M	51K	Trimmed −25.7%	Q2 2020
40	CARTMaplebear Added +0.2%	0.5%	$2.2M	46K	Added +0.2%	Q1 2026
41	REZIResideo Technologies Trimmed −1.2%	0.5%	$2.1M	69K	Trimmed −1.2%	Q1 2026
42	AMPAmeriprise Financial New	0.5%	$2.0M	4,428	New	Q2 2026
43	LYBLyondellbasell Indu	0.5%	$2.0M	38K	No change	Q4 2022
44	BLDRBuilders Firstsource Added +1.2%	0.4%	$1.7M	19K	Added +1.2%	Q4 2022
45	CGCarlyle Group	0.4%	$1.7M	40K	No change	Q1 2020
46	FOURShift4 Payments Trimmed −0.2%	0.3%	$1.5M	30K	Trimmed −0.2%	Q1 2026
47	PRDOPerdoceo Education Trimmed −0.3%	0.3%	$1.3M	40K	Trimmed −0.3%	Q2 2021
48	ABNBAirbnb Trimmed −44.7%	0.3%	$1.3M	8,921	Trimmed −44.7%	Q1 2023
49	PINSPinterest Trimmed −3.5%	0.3%	$1.2M	58K	Trimmed −3.5%	Q1 2026
50	CPNGCoupang Added +2.5%	0.3%	$1.1M	64K	Added +2.5%	Q1 2026
51	SNSharkninja Added +2.7%	0.2%	$903K	5,932	Added +2.7%	Q1 2026
52	LADLithia Motors Added +2.2%	0.2%	$788K	2,712	Added +2.2%	Q4 2022
53	VRMVroom	0.1%	$450K	58K	No change	Q1 2026
54	UNFIUnited Natural Foods Trimmed −10.4%	0.1%	$215K	4,705	Trimmed −10.4%	Q2 2024
55	FTITechnipFMC	<0.1%	$210K	3,170	No change	Q1 2022
56	TPCTutor Perini Trimmed −11.6%	<0.1%	$205K	2,470	Trimmed −11.6%	Q3 2019

Values at quarter end, not today's prices.

Filing history

53 quarters since Q2 2013

Quarter	Filed	Lag	Stocks	Positions	Filing
Q2 2026	Aug 14, 2026	45d	$423M	56	EDGAR
Q1 2026	May 15, 2026	45d	$383M	55	EDGAR
Q4 2025	Feb 17, 2026	48d	$284M	34	EDGAR
Q3 2025	Nov 14, 2025	45d	$272M	36	EDGAR
Q2 2025	Aug 14, 2025	45d	$236M	33	EDGAR
Q1 2025	May 15, 2025	45d	$219M	34	EDGAR
Q4 2024	Feb 14, 2025	45d	$234M	33	EDGAR
Q3 2024	Nov 14, 2024	45d	$177M	30	EDGAR
Q2 2024	Aug 13, 2024	44d	$150M	28	EDGAR
Q1 2024	May 7, 2024	37d	$145M	29	EDGAR
Q4 2023	Feb 14, 2024	45d	$163M	41	EDGAR
Q3 2023	Nov 14, 2023	45d	$156M	45	EDGAR
Q2 2023	Aug 14, 2023	45d	$149M	45	EDGAR
Q1 2023	May 15, 2023	45d	$1.60B	89	EDGAR
Q4 2022	Feb 14, 2023 *	45d	$1.55B	79	EDGAR
Q3 2022	Nov 14, 2022	45d	$1.64B	87	EDGAR
Q2 2022	Aug 15, 2022	46d	$1.79B	82	EDGAR
Q1 2022	May 16, 2022	46d	$2.63B	88	EDGAR
Q4 2021	Feb 14, 2022	45d	$2.83B	94	EDGAR
Q3 2021	Nov 15, 2021	46d	$2.94B	96	EDGAR
Q2 2021	Aug 16, 2021	47d	$3.84B	100	EDGAR
Q1 2021	May 17, 2021	47d	$3.52B	94	EDGAR
Q4 2020	Feb 16, 2021	47d	$2.96B	85	EDGAR
Q3 2020	Nov 16, 2020	47d	$2.53B	84	EDGAR
Q2 2020	Aug 14, 2020	45d	$2.25B	78	EDGAR
Q1 2020	May 15, 2020	45d	$1.55B	73	EDGAR
Q4 2019	Feb 14, 2020	45d	$2.80B	90	EDGAR
Q3 2019	Nov 14, 2019	45d	$2.47B	96	EDGAR
Q2 2019	Aug 14, 2019	45d	$2.50B	95	EDGAR
Q1 2019	May 15, 2019	45d	$2.52B	100	EDGAR
Q4 2018	Feb 14, 2019	45d	$2.19B	100	EDGAR
Q3 2018	Nov 14, 2018	45d	$3.07B	108	EDGAR
Q2 2018	Aug 14, 2018 *	45d	$2.66B	109	EDGAR
Q1 2018	May 15, 2018	45d	$2.33B	107	EDGAR
Q4 2017	Feb 14, 2018	45d	$2.31B	107	EDGAR
Q3 2017	Nov 14, 2017	45d	$2.17B	106	EDGAR
Q2 2017	Aug 14, 2017	45d	$2.20B	109	EDGAR
Q1 2017	May 12, 2017	42d	$1.93B	65	EDGAR
Q4 2016	Feb 14, 2017	45d	$1.88B	56	EDGAR
Q3 2016	Nov 14, 2016	45d	$1.75B	60	EDGAR
Q2 2016	Aug 15, 2016	46d	$1.55B	61	EDGAR
Q1 2016	May 16, 2016	46d	$2.01B	67	EDGAR
Q4 2015	Feb 16, 2016	47d	$2.61B	80	EDGAR
Q3 2015	Nov 16, 2015 *	47d	$2.35B	80	EDGAR
Q2 2015	Aug 14, 2015	45d	$2.64B	87	EDGAR
Q1 2015	May 15, 2015	45d	$2.65B	89	EDGAR
Q4 2014	Feb 17, 2015	48d	$2.55B	93	EDGAR
Q3 2014	Nov 14, 2014	45d	$2.36B	112	EDGAR
Q2 2014	Aug 14, 2014	45d	$2.49B	113	EDGAR
Q1 2014	May 15, 2014	45d	$2.49B	108	EDGAR
Q4 2013	Feb 14, 2014	45d	$2.15B	104	EDGAR
Q3 2013	Nov 14, 2013	45d	$1.62B	97	EDGAR
Q2 2013	Aug 14, 2013	45d	$1.44B	98	EDGAR

They usually file 45 days after the quarter ends. * amended later.

Earlier filings, quarter by quarter

Aug 14
NewSPUU5.8% of the bookNewCOTY2.0% of the bookNewMETA0.9% of the bookNewAMP0.5% of the bookAddedGTN34.9% more sharesAddedBLMN27.0% more shares
Holdings as of Jun 30 (Q2 2026), filed 45 days later (the report at the SEC)
May 15
NewCRGY7.1% of the bookNewSPY5.1% of the bookNewBLMN2.9% of the bookNewABR1.2% of the bookAddedGTN34.6% more sharesAddedCNDT79.5% more shares
Holdings as of Mar 31 (Q1 2026), filed 45 days later (the report at the SEC)
Feb 17
NewMRP0.9% of the bookAddedCNDT38.5% more sharesAddedGTN12.1% more sharesAddedMSTR65.6% more sharesAddedUPBD250% more sharesTrimmedBFH25.4% fewer shares
Holdings as of Dec 31 (Q4 2025), filed 48 days later (the report at the SEC)
Nov 14
NewITRN2.8% of the bookNewUPS2.7% of the bookNewCALM2.1% of the bookNewUPBD0.2% of the bookAddedCNDT46.3% more sharesAddedNBR7.8% more shares
Holdings as of Sep 30 (Q3 2025), filed 45 days later (the report at the SEC)
Aug 14
NewDEA1.4% of the bookAddedNBR60.5% more sharesAddedJELD141% more sharesAddedCNDT46.9% more sharesAddedTDAY21.1% more sharesTrimmedTPC85.8% fewer shares
Holdings as of Jun 30 (Q2 2025), filed 45 days later (the report at the SEC)
May 15
NewVZ4.1% of the bookNewJELD2.1% of the bookNewEasterly Govt Pptys Inc1.8% of the bookNewLYB1.2% of the bookAddedNBR38.3% more sharesAddedDCH88.0% more shares
Holdings as of Mar 31 (Q1 2025), filed 45 days later (the report at the SEC)

About Miller Value Partners: Contrarian value with a taste for unusual positions. A 13F is up to 45 days old when filed and shows long US stock positions only. Not investment advice.