We break down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on August 13, 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 Q2 2024
New positions
Miller Value Partners initiated two new positions during Q2 2024, adding United Natural Foods (UNFI) with 204,570 shares valued at $2.68 million and Build-A-Bear (BBW) with 70,000 shares worth $1.77 million.
Bought
The firm significantly increased its stakes in several existing holdings, most notably adding 282,937 shares to Gray Television (GTN) and 130,785 shares to Lincoln National (LNC). Other meaningful additions included 70,000 shares of UGI (UGI) and 33,859 shares of Nabors Industries (NBR).
Sold
Miller Value Partners completely exited three positions, liquidating all holdings in Encore Wire (WIRE), GEO Group (GEO), and Cleveland-Cliffs (CLF). The firm also made substantial reductions to existing positions, cutting 945,465 shares from Gannett (GCI), 650,000 shares from MicroStrategy, and 127,700 shares from Tutor Perini (TPC).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| UNFI | United Natural Foods | 60.2% | NEW | $2.68M |
| BBW | Build-A-Bear | 39.8% | NEW | $1.77M |
United Natural Foods UNFI
Bill Miller bought $2.68M of United Natural Foods in Q2 2024. United Natural Foods (UNFI) showed improved performance in Q1 fiscal 2025 with 4.2% YoY revenue growth to $7.9 billion and a 46% reduction in net loss ($21M vs $39M YoY). The company attributes progress to its multi-year turnaround strategy emphasizing operational efficiency and volume growth from existing customers. While challenges remain, early execution of the plan has driven 14.5% adjusted EBITDA growth and improved free cash flow potential.
- Q1 fiscal 2025 net sales grew 4.2% YoY to $7.9 billion, marking first positive volume trends in multiple quarters.
- Adjusted EBITDA increased 14.5% YoY to $134 million despite persistent inflationary pressures.
- Net loss narrowed to $21 million from $39 million YoY, with gross profit up 0.8% to $1.0 billion.
Build-A-Bear BBW
Bill Miller bought $1.77M of Build-A-Bear in Q2 2024. Build-A-Bear Workshop (BBW) delivered strong Q1 2025 results, with EPS of $1.59 beating estimates by 3.2% and $150.4M revenue exceeding forecasts. The stock surged 7.66% post-announcement as new product launches and international expansion drove growth, maintaining momentum from its record-breaking 2024 performance. With a 55% gross profit margin and 44% ROE, the company demonstrates robust profitability in the recession-resistant toy sector.
- Q1 2025 EPS of $1.59 surpassed analyst estimates by 3.2% (vs. $1.54 forecast).
- Revenue grew 3.6% YoY to $496.4M annualized, with 30 new international partner locations opened.
- 7.66% stock price surge reflects market confidence in expansion plans for 50 new locations in 2025.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BFH | Bread Financial | 7.3% | Added (+0%) | $11.35M |
| T | AT&T | 7.2% | $11.24M | |
| JXN | Jackson Financial | 6.9% | Trimmed (-4%) | $10.83M |
| LNC | Lincoln National | 6.6% | Added (+66%) | $10.26M |
| WAL | Western Alliance | 5.7% | Trimmed (-2%) | $8.93M |
| STLA | Stellantis | 5.3% | Trimmed (-2%) | $8.34M |
| QUAD | Quad/Graphics | 5.0% | Added (+1%) | $7.89M |
| CTO | CTO Realty Growth | 4.9% | $7.75M | |
| CHRD | Chord Energy | 4.8% | Added (+30%) | $7.54M |
| NBR | Nabors Industries | 4.7% | Added (+49%) | $7.37M |
| OMF | OneMain | 4.6% | Trimmed (-3%) | $7.23M |
| GCI | Gannett | 4.5% | Trimmed (-38%) | $7.02M |
| MicroStrategy | 4.4% | Trimmed (-25%) | $6.92M | |
| VTRS | Viatris | 4.2% | $6.58M | |
| BKE | Buckle | 3.5% | $5.54M | |
| UGI | UGI | 3.5% | Added (+42%) | $5.43M |
| BCC | Boise Cascade | 3.0% | $4.77M | |
| GTN | Gray Television | 2.6% | Added (+58%) | $4.02M |
| ARLP | Alliance Resource Partners | 1.8% | $2.86M | |
| UNFI | United Natural Foods | 1.7% | NEW | $2.68M |
| BMY | Bristol-Myers Squibb | 1.6% | $2.49M | |
| CNDT | Conduent | 1.6% | Added (+4%) | $2.44M |
| TPC | Tutor Perini | 1.2% | Trimmed (-60%) | $1.89M |
| BBW | Build-A-Bear | 1.1% | NEW | $1.77M |
| FOSL | Fossil Group | 1.0% | Trimmed (-0%) | $1.57M |
| AXL | American Axle | 0.9% | Trimmed (-3%) | $1.34M |
| FTI | TechnipFMC | 0.1% | $214.04K | |
| TEVA | Teva | 0.1% | Trimmed (-6%) | $177.94K |
| PBI | Pitney Bowes | 0.1% | Trimmed (-23%) | $159.69K |
| WIRE | Encore Wire | 0.0% | Exited | $0 |
| GEO | GEO Group | 0.0% | Exited | $0 |
| CLF | Cleveland-Cliffs | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
