13F filing recap · Q1 2025

What did Miller Value Partners buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$219.41M

Positions

Estimated turnover

26.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Miller Value Partners opened new positions in Verizon Communications, Jeld-Wen Holding, Easterly Government Properties, and LyondellBasell Industries, while exiting Atkore, Pitney Bowes, and Teva Pharmaceutical. The firm substantially added to Nabors Industries, American Axle & Manufacturing, and Semler Scientific, and trimmed Western Alliance Bancorporation, United Natural Foods, and AT&T.

New positions

VZVerizon Communications Inc$8.98Mreported value+198.0K shares JELDJeld-Wen Holding, Inc.$4.64Mreported value+776.4K shares DEAEasterly Government Properties, Inc.$3.89Mreported value+367.0K shares LYBLyondellbasell Industries N.v.$2.68Mreported value+38.0K shares

Increased positions

LNCLincoln National Corp$18.65Mreported value+25.6K shares+5.2%NBRNabors Industries Ltd$16.21Mreported value+107.5K shares+38.2%BFHBread Financial Holdings, Inc.$15.52Mreported value+5.8K shares+1.9%GTNGray Media, Inc.$15.46Mreported value+193.3K shares

Reduced positions

JXNJackson Financial Inc.$10.13Mreported value-16.4K shares-12.0%WALWestern Alliance Bancorporation$6.41Mreported value-57.7K shares-40.9%UNFIUnited Natural Foods, Inc.$5.18Mreported value-223.5K shares-54.2%TAT&T Inc.$3.28Mreported value-417.0K shares

Exited positions

ATKRAtkore Inc.$3.09Mprior reported value-37.0K shares-100.0%TEVATeva Pharmaceutical Industries Limited$241.3Kprior reported value-10.9K shares-100.0%PBIPitney Bowes Inc$175.6Kprior reported value-24.3K shares-100.0%