13F filing recap · Q4 2025

What did Miller Value Partners buy in Q4 2025?

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

Stock value

$283.83M

Positions

Estimated turnover

13.7%

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 a new position in Millrose Properties and exited Buckle, Semler Scientific, and Totalenergies. The firm trimmed Nabors Industries and Bread Financial, while adding to Gray Media and Stellantis. It substantially increased Conduent, Jeld-Wen Holding, and Strategy, and dramatically boosted Upbound Group. United Natural Foods was significantly reduced.

New positions

MRPMillrose Properties, Inc.$2.47Mreported value+82.8K shares

Increased positions

GTNGray Media, Inc.$19.30Mreported value+430.3K shares+12.1%TDAYUSA Today Co., Inc.$17.53Mreported value+80 shares+0.0%QUADQuad/graphics, Inc.$17.17Mreported value+114.4K shares+4.4%DCHAmerican Axle & Manufacturing Holdings, Inc. (now Dauch Corporation)$11.12Mreported value

Reduced positions

NBRNabors Industries Ltd$32.73Mreported value-70.4K shares-10.5%LNCLincoln National Corp$22.48Mreported value-15.9K shares-3.1%BFHBread Financial Holdings, Inc.$14.91Mreported value-68.6K shares-25.4%FOSLFossil Group, Inc.$11.97Mreported value-142.0K shares

Exited positions

BKEBuckle, Inc$4.22Mprior reported value-72.0K shares-100.0%SMLRSemler Scientific, Inc.$1.59Mprior reported value-53.0K shares-100.0%TTETotalenergies SE$456.6Kprior reported value-7.7K shares-100.0%