We break down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on May 15, 2025.
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 2025
New Positions
In Q1 2025, Miller Value Partners established new positions in Verizon Communications Inc. (VZ) with 198,000 shares valued at $8.98M, JELD-WEN Holding, Inc. (JELD) with 776,425 shares worth $4.64M, Easterly Government Properties, Inc. (DEA) with 367,000 shares at $3.89M, and LyondellBasell Industries N.V. (LYB) with 38,000 shares valued at $2.68M.
Bought
The firm significantly increased its stake in American Axle & Manufacturing Holdings, Inc. (AXL) by 466,100 shares, Fossil Group, Inc. (FOSL) by 394,080 shares, Conduent Incorporated (CNDT) by 326,120 shares, Gannett Co., Inc. (GCI) by 316,190 shares, and Nabors Industries Ltd. (NBR) by 107,550 shares.
Sold
Miller Value Partners completely liquidated its positions in Atkore Inc. (ATKR), Teva Pharmaceutical Industries Limited (TEVA), and Pitney Bowes Inc. (PBI), while substantially reducing holdings in AT&T Inc. (T) by 417,000 shares (78% decrease), United Natural Foods, Inc. (UNFI) by 223,545 shares (54% decrease), and Western Alliance Bancorporation (WAL) by 57,655 shares (41% decrease).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| VZ | Verizon Communications Inc. | 4.1% | NEW | $8,981,280 |
| JELD | JELD-WEN Holding, Inc. | 2.1% | NEW | $4,635,257 |
| DEA | Easterly Government Properties, Inc. | 1.8% | NEW | $3,890,200 |
| LYB | LyondellBasell Industries N.V. | 1.2% | NEW | $2,675,200 |
Verizon Communications Inc. VZ
Bill Miller bought 198,000 shares of Verizon Communications Inc. in Q1 2025. Verizon Communications Inc. (VZ) has declined over the past 12 months, with its stock trading at a 20% discount to Morningstar's fair value estimate of $53.00. The company maintains industry-leading wireless network coverage, a key competitive advantage, but faces challenges in translating this strength into near-term stock momentum. Recent trading activity shows moderate volatility, including a 1.31% single-day gain on February 24, 2025, accompanied by elevated volume of 27.5 million shares.
- Stock trades at 42.35 as of May 14, 2025, 20% below Morningstar's $53.00 fair value estimate.
- February 2025 saw 27.5 million shares traded in a single session, the highest volume in provided data.
- After-hours price rose 0.19% on May 14, 2025, suggesting potential short-term upside momentum.
JELD-WEN Holding, Inc. JELD
Bill Miller bought 776,425 shares of JELD-WEN Holding, Inc. in Q1 2025. JELD-WEN Holding, Inc. has faced significant challenges over the past 12 months, with 2024 full-year net revenues declining 12.3% to $3.78 billion and Q1 2025 revenues falling 19% YoY to $776 million. The company reported net losses of $68.4 million in Q4 2024 and $22.6 million in Q4 2023, exacerbated by macroeconomic headwinds and a court-ordered divestiture. While cost-cutting measures helped partially offset labor/material costs, 2025 revenue guidance projects further 4-9% decline in Core Revenues.
- Q4 2024 Adjusted EBITDA plummeted 54% YoY to $40.1 million with margin compression of 400 basis points.
- Full-year 2024 gross margin fell 35% ($172.6M to $112.1M) amid volume declines and product mix shifts.
- Non-cash impairment charge of $45.8 million in Q4 2024 from Towanda facility divestiture impacted profitability.
Easterly Government Properties, Inc. DEA
Bill Miller bought 367,000 shares of Easterly Government Properties, Inc. in Q1 2025. Easterly Government Properties has underperformed both the broader market and its industry peers over the past year, declining 30.7% compared to the US Market's 11.6% gain. Despite 5.25% revenue growth in 2024, the stock trades at a 50.82 P/E ratio with analysts maintaining a 'Hold' rating. Recent Q1 2025 results showed modest net income of $3.3 million amid significant depreciation charges of $26.8 million.
- Stock declined 30.7% over past year vs 8% sector average return.
- Current dividend yield of 5.91% ($1.25/share) with May 2025 ex-date.
- Analysts project 37.86% upside to $29.06 price target despite recent underperformance.
LyondellBasell Industries N.V. LYB
Bill Miller bought 38,000 shares of LyondellBasell Industries N.V. in Q1 2025. LyondellBasell reported mixed results over the last 12 months, with $1.4 billion full-year 2024 net income despite a $603 million Q4 loss driven by strategic restructuring. The company is pivoting toward sustainable growth through its Circular & Low Carbon Solutions segment, which saw 65% volume growth in 2024, while exiting underperforming assets including its refining business. Recent results show stabilization with Q1 2025 net income of $177 million ($0.54 EPS), though non-cash charges from European/Asian asset write-downs continue impacting valuations.
- 65% volume growth in Circular & Low Carbon Solutions segment during 2024.
- $4.15 EPS for full-year 2024 despite $852M Q4 write-downs from European/Asian asset impairments.
- Q1 2025 EPS of $0.54 shows partial recovery after refinery exit completion.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| LNC | Lincoln National Corporation | 8.5% | Bought | $18,646,447 |
| NBR | Nabors Industries Ltd. | 7.4% | Bought | $16,214,554 |
| BFH | Bread Financial Holdings, Inc. | 7.1% | Bought | $15,516,036 |
| GTN | Gray Television, Inc. | 7.0% | Bought | $15,456,053 |
| QUAD | Quad/Graphics, Inc. | 6.4% | Bought | $14,029,526 |
| JXN | Jackson Financial Inc. | 4.6% | Sold | $10,133,191 |
| UGI | UGI Corporation | 4.4% | $9,656,440 | |
| VZ | Verizon Communications Inc. | 4.1% | New | $8,981,280 |
| GCI | Gannett Co., Inc. | 3.6% | Bought | $7,840,035 |
| CTO | CTO Realty Growth, Inc. | 3.4% | $7,413,109 | |
| OMF | OneMain Holdings, Inc. | 3.3% | $7,283,120 | |
| BMY | Bristol-Myers Squibb Company | 3.0% | $6,586,920 | |
| WAL | Western Alliance Bancorporation | 2.9% | Sold | $6,411,848 |
| CHRD | Chord Energy Corporation | 2.7% | $5,947,784 | |
| VTRS | Viatris Inc. | 2.5% | $5,391,490 | |
| UNFI | United Natural Foods, Inc. | 2.4% | Sold | $5,175,477 |
| CNDT | Conduent Incorporated | 2.3% | Bought | $5,063,526 |
| JELD | JELD-WEN Holding, Inc. | 2.1% | New | $4,635,257 |
| MSTR | MicroStrategy Incorporated | 2.0% | $4,396,117 | |
| STLA | Stellantis N.V. | 2.0% | $4,371,900 | |
| AXL | American Axle & Manufacturing Holdings, Inc. | 1.8% | Bought | $4,052,458 |
| BKE | The Buckle, Inc. | 1.8% | $4,023,600 | |
| BCC | Boise Cascade Company | 1.8% | $3,923,600 | |
| DEA | Easterly Government Properties, Inc. | 1.8% | New | $3,890,200 |
| BBW | Build-A-Bear Workshop, Inc. | 1.7% | Bought | $3,717,000 |
| ARLP | Alliance Resource Partners, L.P. | 1.6% | $3,464,560 | |
| FOSL | Fossil Group, Inc. | 1.6% | Bought | $3,409,934 |
| T | AT&T Inc. | 1.5% | Sold | $3,280,480 |
| CG | The Carlyle Group Inc. | 1.4% | $3,051,300 | |
| LYB | LyondellBasell Industries N.V. | 1.2% | New | $2,675,200 |
| TPC | Tutor Perini Corporation | 1.0% | Bought | $2,099,413 |
| SMLR | Semler Scientific, Inc. | 0.9% | Bought | $1,918,600 |
| TTE | TotalEnergies SE | 0.2% | $494,878 | |
| FTI | TechnipFMC plc | 0.1% | $259,383 | |
| ATKR | Atkore Inc. | 0.0% | Sold Out | $0 |
| TEVA | Teva Pharmaceutical Industries Limited | 0.0% | Sold Out | $0 |
| PBI | Pitney Bowes Inc. | 0.0% | Sold Out | $0 |
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