13F filing recap · Q3 2025

What did Miller Value Partners buy in Q3 2025?

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

Stock value

$272.16M

Positions

Estimated turnover

22.3%

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 Ituran Location and Control, United Parcel Service, Cal-Maine Foods, and Upbound Group, and exited Easterly Government Properties. The firm substantially increased its stake in Conduent, while significantly trimming Onemain Holdings, United Natural Foods, Carlyle Group, and Tutor Perini. It also moderately reduced Bread Financial, Jackson Financial, Ugi, Western Alliance Bancorporation, and Buckle.

New positions

ITRNIturan Location and Control Ltd.$7.68Mreported value+215.0K shares UPSUnited Parcel Service, Inc$7.23Mreported value+86.6K shares CALMCal-Maine Foods, Inc.$5.83Mreported value+62.0K shares UPBDUpbound Group, Inc$472.6Kreported value+20.0K shares

Increased positions

NBRNabors Industries Ltd$27.51Mreported value+49.0K shares+7.9%TDAYUSA Today Co., Inc.$14.06Mreported value+118.8K shares+3.6%CNDTConduent Inc$11.29Mreported value+1.28M shares+46.3%DCHAmerican Axle & Manufacturing Holdings, Inc. (now Dauch Corporation)$10.32Mreported value

Reduced positions

LNCLincoln National Corp$21.00Mreported value-48.8K shares-8.6%GTNGray Media, Inc.$20.57Mreported value-89.6K shares-2.5%QUADQuad/graphics, Inc.$16.42Mreported value-86.9K shares-3.2%BFHBread Financial Holdings, Inc.$15.06Mreported value-57.4K shares

Exited positions

DEAEasterly Government Properties, Inc.$3.26Mprior reported value-146.8K shares-100.0%