Deep value
Bill Miller
Q2 2026 13F: 56 holdings worth about $423.1M; that quarter 4 new, 17 added, 19 trimmed, 3 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 56 holdings, top 10 = 53%, stocks $0.4B, options 0%; all four rules met
- Source for the value approach: Approach (Miller Value Partners, LLC): “Our disciplined approach focuses on identifying securities trading at a discount to what we believe is their intrinsic value.” (checked 2026-10-11)
13F value
$423.1M
previous $383.2M (+10.4%)
Holdings
56
4 new / 3 sold out
Net deploymentest.
+6.1%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
53%
overlap with the composite 5%
Turnoverest.
11.0%
held 9 quarters on average
I
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
II
All Holdings (56 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| NBRNabors Industries Ltd | 8.8%10.0% | $37.4M | Held | $84.01 | +64% |
| GTNGray Media Inc | 6.8%6.1% | $28.8M | Added +35% | $3.97 | −16% |
| SPUUDir Dai S&P 500 Bu 2X Etf-Us | 5.8%— | $24.6M | New | $215.61 | 0% |
| BLMNBloomin' Brands, Inc | 5.6%2.9% | $23.6M | Added +27% | $9.14 | +58% |
| QUADQuad/Graphics, Inc | 5.1%4.6% | $21.4M | Trimmed −4% | $8.43 | +61% |
| LNCLincoln National Corp | 5.0%5.3% | $21.3M | Added +6% | $35.35 | +9% |
| CRGYCrescent Energy Co | 4.9%7.1% | $20.6M | Added +4% | $9.82 | −11% |
| CNDTConduent Inc | 4.5%3.3% | $19.0M | Added +30% | $1.46 | −33% |
| BFHBread Financial Holdings, Inc | 3.4%3.8% | $14.4M | Trimmed −31% | $108.35 | +189% |
| UPSUnited Parcel Service | 2.9%3.1% | $12.5M | Trimmed −3% | $107.50 | +14% |
| DCHDauch Corp | 2.9%2.2% | $12.4M | Added +63% | $5.42 | −1% |
| TDAYUSA Today Co Inc | 2.8%3.6% | $12.0M | Trimmed −29% | $8.55 | +115% |
| VTRSViatris Inc | 2.8%2.6% | $11.6M | Held | $15.88 | +8% |
| CTOCTO Realty Growth Inc | 2.7%2.7% | $11.6M | Trimmed −3% | $21.51 | +13% |
| JELDJeld-Wen Holding Inc | 2.5%2.1% | $10.7M | Added +8% | $1.50 | −57% |
| FOSLFossil Group, Inc | 2.1%2.7% | $8.9M | Trimmed −12% | $4.14 | +163% |
| COTYCoty Inc | 2.0%— | $8.5M | New | $2.16 | 0% |
| JXNJackson Financial Inc | 1.9%2.2% | $8.2M | Trimmed −1% | $102.39 | +150% |
| ITRNIturan Location & Control Ltd | 1.9%2.6% | $8.2M | Trimmed −34% | $61.01 | +63% |
| CHRDChord Energy Corp | 1.9%2.6% | $7.9M | Held | $114.30 | −26% |
| VZVerizon Communications Inc | 1.7%2.2% | $7.1M | Held | $42.34 | −1% |
| MRPMillrose Properties, Inc | 1.6%1.3% | $6.9M | Added +27% | $30.05 | +0% |
| UPBDUpbound Group Inc | 1.3%0.6% | $5.5M | Added +115% | $21.22 | +7% |
| OMFOneMain Holdings, Inc | 1.2%1.2% | $5.1M | Held | $60.97 | +79% |
| CALMCal-Maine Foods Inc | 1.2%1.3% | $5.0M | Held | $80.56 | −17% |
| ARLPAlliance Resource Partners | 1.1%1.3% | $4.5M | Added +1% | $23.98 | +65% |
| MSTRStrategy Inc | 1.0%1.7% | $4.4M | Trimmed −4% | $86.93 | −48% |
| UGIUGI Corp | 1.0%1.2% | $4.2M | Held | $34.54 | +38% |
| BBWBuild-A-Bear Workshop Inc | 1.0%1.0% | $4.1M | Added +29% | $30.61 | −10% |
| BMYBristol-Myers Squibb Co | 0.9%1.1% | $4.0M | Held | $57.62 | +11% |
| METAMeta Platforms, Inc | 0.9%— | $3.6M | New | $563.29 | −1% |
| CROXCrocs, Inc | 0.8%0.8% | $3.5M | Trimmed −25% | $120.64 | +43% |
| WALWestern Alliance Bancorp | 0.8%1.0% | $3.4M | Trimmed −24% | $82.20 | +108% |
| ABRArbor Realty Trust Inc | 0.8%1.2% | $3.3M | Added +1% | $5.42 | −30% |
| CTRNCiti Trends Inc | 0.7%0.6% | $3.1M | Added +1% | $57.84 | +36% |
| MELIMercadoLibre Inc | 0.7%1.0% | $2.9M | Trimmed −23% | $1,697 | −9% |
| BCCBoise Cascade Co | 0.7%0.7% | $2.9M | Held | $77.63 | −44% |
| FIGRFigure Technology Solutions, Inc | 0.7%0.8% | $2.8M | Trimmed −1% | $30.71 | −18% |
| ZDZiff Davis Inc | 0.6%0.7% | $2.7M | Trimmed −26% | $52.37 | +36% |
| CARTMaplebear Inc | 0.5%0.4% | $2.2M | Held | $47.35 | +15% |
| REZIResideo Technologies Inc | 0.5%0.6% | $2.1M | Trimmed −1% | $31.10 | −10% |
| AMPAmeriprise Financial Inc | 0.5%— | $2.0M | New | $458.76 | +2% |
| LYBLyondellBasell Industries N.V | 0.5%0.8% | $2.0M | Held | $52.65 | −27% |
| BLDRBuilders FirstSource, Inc | 0.4%0.4% | $1.7M | Added +1% | $89.48 | −3% |
| CGCarlyle Group Inc | 0.4%0.5% | $1.7M | Held | $42.11 | −10% |
| FOURShift4 Payments, Inc | 0.3%0.3% | $1.5M | Held | $48.64 | −9% |
| PRDOPerdoceo Education Corp | 0.3%0.4% | $1.3M | Held | $32.00 | −4% |
| ABNBAirbnb, Inc | 0.3%0.5% | $1.3M | Trimmed −45% | $143.10 | +9% |
| PINSPinterest Inc | 0.3%0.3% | $1.2M | Trimmed −4% | $21.03 | −5% |
| CPNGCoupang, Inc | 0.3%0.3% | $1.1M | Added +3% | $17.37 | −18% |
| SNSharkNinja, Inc | 0.2%0.2% | $903K | Added +3% | $152.27 | +39% |
| LADLithia Motors Inc | 0.2%0.2% | $788K | Added +2% | $290.49 | −0% |
| VRMVroom, Inc | 0.1%0.2% | $450K | Held | $7.70 | −42% |
| UNFIUnited Natural Foods Inc | 0.1%0.1% | $215K | Trimmed −10% | $45.67 | +177% |
| FTITechnipFMC plc | 0.0%0.1% | $210K | Held | $66.30 | +867% |
| TPCTutor Perini Corp | 0.0%0.1% | $205K | Trimmed −12% | $82.97 | +490% |
III
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
above costbelow costwithin 5%
IV
Over Time
From Q4 2007, 73 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
V
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 73 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 56 | $423.1M | 13F-HR |
| Q1 2026 | 55 | $383.2M | 13F-HR |
| Q4 2025 | 34 | $283.8M | 13F-HR |
| Q3 2025 | 36 | $272.2M | 13F-HR |
| Q2 2025 | 33 | $235.7M | 13F-HR |
| Q1 2025 | 34 | $219.4M | 13F-HR |
| Q4 2024 | 33 | $234.2M | 13F-HR |
| Q3 2024 | 30 | $177.2M | 13F-HR |
| Q2 2024 | 28 | $149.7M | 13F-HR |
| Q1 2024 | 29 | $145.0M | 13F-HR |
| Q4 2023 | 41 | $163.3M | 13F-HR |
| Q3 2023 | 45 | $155.8M | 13F-HR |
| Q2 2023 | 45 | $148.7M | 13F-HR |
| Q1 2023 | 89 | $1.6B | 13F-HR |
| Q4 2022 | 79 | $1.5B | 13F-HR 13F-HR/A |
| Q3 2022 | 87 | $1.6B | 13F-HR |
| Q2 2022 | 82 | $1.8B | 13F-HR |
| Q1 2022 * | 88 | $2.6B | 13F-HR |
| Q4 2021 * | 94 | $2.8B | 13F-HR |
| Q3 2021 * | 96 | $2.9B | 13F-HR |
| Q2 2021 * | 100 | $3.8B | 13F-HR |
| Q1 2021 * | 94 | $3.5B | 13F-HR |
| Q4 2020 | 85 | $3.0B | 13F-HR |
| Q3 2020 | 84 | $2.5B | 13F-HR |
| Q2 2020 | 78 | $2.3B | 13F-HR |
| Q1 2020 * | 73 | $1.6B | 13F-HR |
| Q4 2019 * | 90 | $2.8B | 13F-HR |
| Q3 2019 * | 96 | $2.5B | 13F-HR |
| Q2 2019 * | 95 | $2.5B | 13F-HR |
| Q1 2019 * | 100 | $2.5B | 13F-HR |
| Q4 2018 * | 100 | $2.2B | 13F-HR |
| Q3 2018 * | 108 | $3.1B | 13F-HR |
| Q2 2018 | 109 | $2.7B | 13F-HR 13F-HR/A |
| Q1 2018 | 107 | $2.3B | 13F-HR |
| Q4 2017 | 107 | $2.3B | 13F-HR |
| Q3 2017 | 106 | $2.2B | 13F-HR |
| Q2 2017 | 109 | $2.2B | 13F-HR |
| Q1 2017 | 65 | $1.9B | 13F-HR |
| Q4 2016 | 56 | $1.9B | 13F-HR |
| Q3 2016 | 60 | $1.8B | 13F-HR |
| Q2 2016 | 61 | $1.5B | 13F-HR |
| Q1 2016 | 67 | $2.0B | 13F-HR |
| Q4 2015 * | 80 | $2.6B | 13F-HR |
| Q3 2015 * | 80 | $2.3B | 13F-HR 13F-HR/A |
| Q2 2015 * | 87 | $2.6B | 13F-HR |
| Q1 2015 * | 89 | $2.6B | 13F-HR |
| Q4 2014 * | 93 | $2.6B | 13F-HR |
| Q3 2014 * | 112 | $2.4B | 13F-HR |
| Q2 2014 * | 113 | $2.5B | 13F-HR |
| Q1 2014 * | 108 | $2.5B | 13F-HR |
| Q4 2013 * | 104 | $2.2B | 13F-HR |
| Q3 2013 * | 97 | $1.6B | 13F-HR |
| Q2 2013 * | 98 | $1.4B | 13F-HR |
| Q1 2013 * | 50 | $1.3B | 13F-HR |
| Q4 2012 * | 46 | $1.1B | 13F-HR |
| Q3 2012 * | 48 | $988.3M | 13F-HR |
| Q2 2012 * | 47 | $1.1B | 13F-HR |
| Q1 2012 * | 48 | $1.2B | 13F-HR |
| Q4 2011 * | 53 | $1.0B | 13F-HR |
| Q3 2011 * | 47 | $1.0B | 13F-HR 13F-HR |
| Q2 2011 * | 48 | $1.9B | 13F-HR |
| Q1 2011 * | 46 | $2.1B | 13F-HR |
| Q4 2010 * | 46 | $2.0B | 13F-HR |
| Q3 2010 * | 40 | $1.7B | 13F-HR 13F-HR/A |
| Q1 2010 * | 42 | $2.1B | 13F-HR 13F-HR |
| Q3 2009 | 39 | $1.9B | 13F-HR |
| Q2 2009 * | 35 | $1.3B | 13F-HR |
| Q1 2009 * | 34 | $833.0M | 13F-HR |
| Q4 2008 * | 35 | $1.1B | 13F-HR |
| Q3 2008 * | 35 | $2.5B | 13F-HR |
| Q2 2008 * | 44 | $3.8B | 13F-HR |
| Q1 2008 * | 52 | $5.2B | 13F-HR |
| Q4 2007 * | 56 | $6.7B | 13F-HR |
VI
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| SPYSPDR S&P 500 ETF Trust | Q1 2026 – Q2 2026 | 5% | — |
| STLAStellantis N.V | Q2 2023 – Q1 2026 | 8% | — |
| BKEBuckle Inc | Q2 2022 – Q4 2025 | 5% | — |
| TAT&T Inc | Q2 2023 – Q2 2025 | 8% | Still filing with the SEC |
| —Teva Pharmaceutical | Q4 2017 – Q1 2025 | 5% | — |
| WIREEncore Wire Corp | Q3 2023 – Q2 2024 | 3% | — |
| GEOGeo Group Inc | Q2 2020 – Q2 2024 | 3% | — |
| UPROProshares Ultrapro S&P 500 | Q1 2023 – Q1 2024 | 6% | — |
| MPTMedical Properties Trust Inc | Q3 2022 – Q1 2024 | 4% | — |
| HRBH&R Block Inc | Q3 2023 – Q1 2024 | 4% | — |
| MEDMedifast Inc | Q4 2022 – Q1 2024 | 3% | Still filing with the SEC |
| CHSChico’s Fas Inc | Q2 2019 – Q4 2023 | 5% | — |
| RILYBRC Group Holdings Inc | Q1 2022 – Q4 2023 | 4% | — |
| OGNOrganon & Co | Q3 2021 – Q4 2023 | 3% | — |
| EXEExpand Energy Corp | Q2 2022 – Q4 2023 | 2% | — |
| MDCMDC Holdings Inc | Q1 2023 – Q3 2023 | 3% | Still filing with the SEC |
| CLFCleveland-Cliffs Inc | Q4 2021 – Q3 2023 | 3% | — |
| FTCHQFarfetch Ltd | Q4 2019 – Q2 2023 | 7% | Acquired or delisted Feb 7, 2024 |
| AMZNAmazon.com Inc | Q3 2010 – Q2 2023 | 7% | — |
| DALDelta Air Lines Inc | Q3 2010 – Q2 2023 | 6% | — |
| OVVOvintiv Inc | Q4 2021 – Q2 2023 | 5% | Still filing with the SEC |
| ADTADT Inc | Q2 2018 – Q2 2023 | 5% | Still filing with the SEC |
| BABAAlibaba Group Holding Ltd | Q2 2017 – Q2 2023 | 5% | — |
| EXPEExpedia Group, Inc | Q2 2022 – Q2 2023 | 5% | — |
| MATMattel Inc | Q4 2021 – Q2 2023 | 5% | — |
| TMHCTaylor Morrison Home Corp | Q1 2020 – Q2 2023 | 4% | — |
| GOOGLAlphabet Inc | Q2 2017 – Q2 2023 | 4% | — |
| ETEnergy Transfer LP | Q4 2018 – Q2 2023 | 4% | — |
| NCLHNorwegian Cruise Line Holdings Ltd | Q4 2020 – Q2 2023 | 4% | — |
| METAMeta Platforms, Inc | Q2 2017 – Q2 2023 | 4% | — |
| CCitigroup Inc | Q3 2011 – Q2 2023 | 4% | — |
| SPLKSplunk Inc | Q2 2021 – Q2 2023 | 4% | Acquired or delisted Mar 28, 2024 |
| JPMJPMorgan Chase & Co | Q3 2018 – Q2 2023 | 3% | — |
| UBERUber Technologies, Inc | Q3 2020 – Q2 2023 | 3% | — |
| FISVFiserv Inc | Q4 2021 – Q2 2023 | 3% | — |
| CCChemours Co | Q3 2019 – Q2 2023 | 3% | Still filing with the SEC |
| GMGeneral Motors Co | Q1 2021 – Q2 2023 | 3% | — |
| GOOSCanada Goose Holdings Inc | Q1 2020 – Q2 2023 | 3% | — |
| UALUnited Airlines Holdings, Inc | Q2 2022 – Q2 2023 | 3% | — |
| COFCapital One Financial Corp | Q2 2020 – Q2 2023 | 3% | — |