Miller Value Partners is an investment firm founded by legendary investor Bill Miller, who gained fame for beating the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust. The firm employs Miller's unconventional value investing approach that embraces technology stocks and other growth-oriented investments that traditional value investors typically avoid. Miller's philosophy centers on identifying businesses trading at substantial discounts to intrinsic value regardless of sector or classification.
New positions: In Q4 2024, Miller Value Partners initiated new positions in The Carlyle Group Inc. (CG) with 70,000 shares valued at $3.5 million, Atkore Inc. (ATKR) with 37,000 shares worth $3.1 million, and Semler Scientific, Inc. (SMLR) with 43,000 shares valued at $2.3 million.
Bought: The firm significantly increased its holdings in Gray Television, Inc. (GTN) by 1.9 million shares, Fossil Group, Inc. (FOSL) by 1.2 million shares, Gannett Co., Inc. (GCI) by 1 million shares, while also making notable additions to Conduent Incorporated (CNDT), Quad/Graphics, Inc. (QUAD), and American Axle & Manufacturing Holdings, Inc. (AXL).
Sold: Miller Value Partners reduced its position in MicroStrategy Incorporated (MSTR) by 35,000 shares (a 70% reduction), Build-A-Bear Workshop, Inc. (BBW) by 55,000 shares (a 37% reduction), and made a smaller trim to The Buckle, Inc. (BKE), reducing its position by 20,000 shares.
Website: millervalue.com
Wikipedia: en.wikipedia.org/wiki/Bill_Miller_(investor)
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| BFH | Bread Financial Holdings, Inc. | 7.9% | ▲ Added | $18,565,291 | + 50.93% |
| QUAD | Quad/Graphics, Inc. | 7.5% | ▲ Added | $17,551,366 | + 105.22% |
| NBR | Nabors Industries Ltd. | 6.9% | ▲ Added | $16,075,919 | + 76.89% |
| LNC | Lincoln National Corporation | 6.7% | ▲ Added | $15,654,751 | + 29.64% |
| T | AT&T Inc. | 5.2% | $12,136,410 | + 3.50% | |
| GCI | Gannett Co., Inc. | 5.2% | ▲ Added | $12,126,921 | + 57.34% |
| JXN | Jackson Financial Inc. | 5.1% | ▲ Added | $11,962,179 | + 0.60% |
| WAL | Western Alliance Bancorporation | 5.0% | ▲ Added | $11,788,328 | + 2.52% |
| UNFI | United Natural Foods, Inc. | 4.8% | ▲ Added | $11,265,373 | + 147.04% |
| GTN | Gray Television, Inc. | 4.6% | ▲ Added | $10,661,016 | + 36.41% |
| UGI | UGI Corporation | 3.5% | ▲ Added | $8,243,160 | + 63.10% |
| OMF | OneMain Holdings, Inc. | 3.3% | $7,767,370 | + 10.75% | |
| VTRS | Viatris Inc. | 3.3% | $7,706,550 | + 7.24% | |
| CTO | CTO Realty Growth, Inc. | 3.2% | $7,566,669 | + 3.63% | |
| CNDT | Conduent Incorporated | 2.7% | ▲ Added | $6,259,010 | + 72.39% |
| CHRD | Chord Energy Corporation | 2.6% | $6,169,401 | - 10.22% | |
| BMY | Bristol-Myers Squibb Company | 2.6% | ▲ Added | $6,108,480 | + 47.58% |
| BKE | The Buckle, Inc. | 2.3% | ▼ Trimmed | $5,335,050 | - 2.93% |
| STLA | Stellantis N.V. | 2.2% | $5,089,500 | - 7.12% | |
| BCC | Boise Cascade Company | 2.0% | $4,754,400 | - 15.69% | |
| MSTR | MicroStrategy Incorporated | 1.9% | ▼ Trimmed | $4,416,705 | - 47.87% |
| BBW | Build-A-Bear Workshop, Inc. | 1.9% | ▼ Trimmed | $4,373,800 | - 15.16% |
| FOSL | Fossil Group, Inc. | 1.8% | ▲ Added | $4,293,702 | + 175.26% |
| CG | The Carlyle Group Inc. | 1.5% | ▲ New | $3,534,300 | |
| ARLP | Alliance Resource Partners, L.P. | 1.4% | ▲ Added | $3,338,830 | + 14.15% |
| ATKR | Atkore Inc. | 1.3% | ▲ New | $3,087,650 | |
| AXL | American Axle & Manufacturing Holdings, Inc. | 1.3% | ▲ Added | $3,087,507 | + 113.83% |
| SMLR | Semler Scientific, Inc. | 1.0% | ▲ New | $2,322,000 | |
| TPC | Tutor Perini Corporation | 0.8% | ▲ Added | $1,840,168 | + 23.64% |
| TTE | TotalEnergies SE | 0.2% | $416,925 | - 15.66% | |
| TEVA | Teva Pharmaceutical Industries Limited | 0.1% | $241,338 | + 22.31% | |
| FTI | TechnipFMC plc | 0.1% | $236,874 | + 10.33% | |
| PBI | Pitney Bowes Inc. | 0.1% | $175,635 | + 1.54% |
New Positions
The Carlyle Group Inc. CG
Bill Miller bought 70,000 shares of The Carlyle Group Inc. in Q4 2024. The Carlyle Group has shown mixed performance over the last 12 months, with a 2.28% total return despite a 16.17% decline year-to-date in 2025. Strong fundamentals, including record fee-related earnings and assets under management, position it for potential growth. Recent analyst upgrades and robust financial results suggest renewed confidence in its value trajectory.
- Fee-Related Earnings (FRE) grew 17% year-over-year to a record $311 million with a margin of 48%.
- Assets Under Management (AUM) reached a record $453 billion, supported by $50 billion in inflows over the past year.
- TD Cowen upgraded the stock with a $56 price target, citing growth potential in its credit and evergreen strategies.
Atkore Inc. ATKR
Bill Miller bought 37,000 shares of Atkore Inc. in Q4 2024. Atkore Inc. has faced declining financial performance over the past 12 months, with Q2 2025 net sales dropping 11.5% YoY to $701.7 million and net income per share falling 50% YoY to $2.04. Despite beating EPS estimates by 29.1% in Q2 2025, the stock dipped 4.78% premarket due to broader market concerns. The company maintains market leadership in steel conduit products and reported sequential EBITDA margin improvement to 16.6%.
- EPS declined 50% YoY from $4.08 to $2.04 in Q2 2025.
- Revenue fell 11.5% YoY to $701.7 million but exceeded estimates by 0.26%.
- Trades at P/E ratio of 6.34, with stock down ~10% year-to-date (price: $63.69).
Semler Scientific, Inc. SMLR
Bill Miller bought 43,000 shares of Semler Scientific, Inc. in Q4 2024. Semler Scientific has faced significant challenges over the past year, including a 44% year-over-year revenue decline to $8.8 million in Q1 2025 and a net loss of $64.7 million. Despite this, its stock rose 38.5% over the last 12 months, driven by strategic Bitcoin investments yielding 22.2% YTD and holdings of 3,808 BTC. Recent CMS payment changes and reduced PAD testing volumes pose headwinds, but the company is expanding its cardiovascular product line to offset declines.
- Gross profit margin remains exceptionally high at 91.55%, underscoring cost management despite revenue pressures.
- Bitcoin treasury strategy generated 107% returns between July 2024 and Q1 2025, attracting speculative interest.
- Q1 2025 EPS fell to -$6.74, reflecting both operational challenges and Bitcoin volatility exposure.
