13F filing recap · Q1 2026

What did Miller Value Partners buy in Q1 2026?

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

Stock value

$383.18M

Positions

Estimated turnover

52.6%

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 Crescent Energy, the SPDR S&P 500 ETF Trust, Bloomin’ Brands, Arbor Realty Trust, Mercadolibre, Crocs, and several others, while exiting Stellantis entirely. The firm substantially trimmed USA Today Co., Ugi Corporation, Bristol-Myers Squibb, United Natural Foods, Technipfmc, and Tutor Perini, and substantially added to Conduent, United Parcel Service, Jeld-Wen Holding, Alliance Resource Partners, and Upbound Group. It also dramatically increased Strategy Inc and Millrose Properties.

New positions

CRGYCrescent Energy Company$27.04Mreported value+2.00M shares SPYSPDR S&P 500 ETF Trust$19.54Mreported value+30.0K shares BLMNBloomin’ Brands, Inc.$11.00Mreported value+2.04M shares ABRArbor Realty Trust, Inc.$4.66Mreported value+604.0K shares

Increased positions

GTNGray Media, Inc.$23.31Mreported value+1.38M shares+34.6%LNCLincoln National Corp$20.26Mreported value+65.9K shares+13.1%CNDTConduent Inc$12.83Mreported value+4.44M shares+79.5%UPSUnited Parcel Service, Inc$11.72Mreported value+32.5K shares

Reduced positions

NBRNabors Industries Ltd$38.25Mreported value-158.3K shares-26.3%QUADQuad/graphics, Inc.$17.52Mreported value-86.9K shares-3.2%BFHBread Financial Holdings, Inc.$14.51Mreported value-7.7K shares-3.8%TDAYUSA Today Co., Inc.$13.88Mreported value-1.43M shares

Exited positions

STLAStellantis N.v.$4.67Mprior reported value-429.0K shares-100.0%