Bill Miller's Trades in Q1 2024

We break down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on May 07, 2024.

Who are Bill Miller and Miller Value Partners?

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.

Millervalue.com
Wikipedia on Bill Miller

Portfolio Changes in Q1 2024

New positions

Miller Value Partners initiated five new positions during Q1 2024, with the largest being Lincoln National (LNC) at $6.35 million and Chord Energy (CHRD) at $6.18 million, followed by UGI (UGI) at $4.10 million, Bristol-Myers Squibb (BMY) at $3.25 million, and a smaller position in Cleveland-Cliffs (CLF) worth $209,000.

Bought

The firm significantly increased its position in Boise Cascade (BCC) by adding 35,000 shares (an 8x increase), while also adding to existing holdings in Fossil Group (FOSL), Gray Television (GTN), AT&T (T), and CTO Realty Growth (CTO).

Sold

Miller Value Partners completely liquidated 17 positions worth over $30 million, including major exits from UltraPro S&P 500 (UPRO) ($10.23 million), Medical Properties Trust (MPW) ($4.87 million), and H&R Block (HRB) ($3.05 million), while trimming several existing positions including a significant reduction of 450,000 shares in MicroStrategy and substantial cuts to GEO Group (GEO), Quad/Graphics (QUAD), and TechnipFMC (FTI).

New Investments in Q1 2024

Lincoln National LNC

Bill Miller bought $6.35M of Lincoln National in Q1 2024. Lincoln National reported mixed Q1 2025 results with a net loss of $756 million due to market risk impacts, while adjusted operating income reached $280 million ($1.60 EPS, +31.1% YoY). Key segments showed strength: Group Protection operating income surged 26% with margin expansion, Annuities delivered robust sales, and Retirement Plan deposits grew 8%. The stock dipped 1.9% post-earnings despite beating estimates, reflecting concerns about rising expenses and macroeconomic sensitivity.

• Q1 adjusted EPS of $1.60 beat estimates by 3.9% and grew 31.1% year-over-year.
• Group Protection operating income jumped 26% YoY with 120bps margin expansion to $101 million.
• Maintained estimated RBC ratio above 420% while announcing strategic Bain Capital partnership to accelerate growth initiatives.

Chord Energy CHRD

Bill Miller bought $6.18M of Chord Energy in Q1 2024. Chord Energy demonstrated strong performance in Q1 2025 with $219.8M net income and $656.9M operating cash flow, returning 100% of adjusted free cash flow to shareholders. The company achieved 153.7 MBopd production (exceeding guidance) while maintaining capital discipline with $355.4M CapEx at the low end of guidance. Its 0.3x leverage ratio and $1.9B liquidity position it favorably against peers trading at higher EV/EBITDA multiples.

• EPS of $3.66 per diluted share in Q1 2025.
• Returned 100% of $290.5M adjusted free cash flow through $216.5M stock buybacks and $1.30/share dividend.
• Production volumes beat guidance by 270.9 MBoepd with lease operating expenses at $9.56/Boe (below target).

UGI UGI

Bill Miller bought $4.1M of UGI in Q1 2024. UGI Corporation reported strong performance in Q1 2025 with 14% YoY growth in adjusted EPS to $1.37, driven by robust natural gas demand and operational efficiencies. The company demonstrated sequential improvement from Q4 2024's $1.29 EPS, with 8% revenue growth in its core natural gas segment. Strategic infrastructure investments and asset optimization initiatives position UGI for continued margin expansion.

• Q1 2025 natural gas revenues increased 8% YoY due to higher consumption and favorable rate adjustments.
• $100 million deployed in Q1 infrastructure modernization supporting 2.3% customer growth in gas utilities.
• 14 consecutive quarters of international LPG margin expansion through operational cost discipline.

Bristol-Myers Squibb BMY

Bill Miller bought $3.25M of Bristol-Myers Squibb in Q1 2024. Bristol-Myers Squibb reported mixed Q1 2025 results with $11.2 billion in revenue (-6% YoY) but delivered an 18.4% EPS beat ($1.80 vs $1.52 estimate). While legacy products declined, the company raised its full-year guidance and maintains a 5.11% dividend yield amid 55 consecutive years of payouts, offsetting concerns about near-term revenue pressures.

• Q1 2025 adjusted EPS of $1.80 surpassed estimates by 18.4% .
• Revenue of $11.2 billion exceeded expectations by 4.9% ($10.68B forecast) .
• Maintains 5.11% dividend yield with 55-year consecutive payment streak .

Cleveland-Cliffs CLF

Bill Miller bought $209.16K of Cleveland-Cliffs in Q1 2024. Cleveland-Cliffs (CLF) reported a challenging Q1 2025 with an adjusted EPS of -$0.92, missing estimates by 37%, and revenue of $4.63B (-1% YoY). The stock plummeted 17.4% post-earnings amid weaker steel prices and legacy asset underperformance. However, strategic operational revamps aim to save $300M annually, with management forecasting improved EBITDA in H2 2025 driven by automotive steel demand.

• Q1 2025 adjusted net loss worsened to -$0.92/share from -$0.68/share in Q4 2024.
• Stock declined 17.4% post-earnings and has shown 2.04 beta volatility over the past year.
• Cost-cutting measures via six facility idlings projected to save $300M/year without impacting flat-rolled steel output.

Holdings at the end of Q1 2024

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