We break down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on November 14, 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 Q3 2024
New positions
Miller Value Partners initiated a new position in TotalEnergies (TTE), purchasing 7,650 shares worth $494,343.
Bought
Miller Value Partners significantly increased several positions during Q3 2024, with the largest additions being Gray Television (GTN) (+685,995 shares), Quad/Graphics (QUAD) (+436,800 shares), and Fossil Group (FOSL) (+244,575 shares). The firm also made notable increases to Conduent (CNDT), Build-A-Bear (BBW), United Natural Foods (UNFI), Lincoln National (LNC), American Axle (AXL), Nabors Industries (NBR), Bristol-Myers Squibb (BMY), and Chord Energy (CHRD).
Sold
Miller Value Partners trimmed multiple positions during the quarter, with the largest reductions in Gannett (GCI) (-151,675 shares), CTO Realty Growth (CTO) (-60,000 shares), and AT&T (T) (-55,000 shares). The firm also reduced holdings in UGI (UGI), Tutor Perini (TPC), Stellantis (STLA), Buckle (BKE), Jackson Financial (JXN), and Western Alliance (WAL).
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TTE | TotalEnergies | 100.0% | NEW | $494.34K |
TotalEnergies TTE
Bill Miller bought $494.34K of TotalEnergies in Q3 2024. TotalEnergies reported $4.2 billion in adjusted net income and $7.0 billion cash flow from operations (CFFO) in Q1 2025, showing resilience despite a 18% year-over-year decline in adjusted net income. The company achieved 4% YoY production growth to over 2.55 million barrels of oil equivalent per day, with new projects in Brazil and the US expected to boost output further. Its Integrated Power segment grew adjusted net operating income by 15% quarter-over-quarter to $500 million, while maintaining an industry-leading 7.2% shareholder yield.
- Q1 2025 hydrocarbon production reached 2.55 Mboe/d (+4% YoY), driven by ramp-ups in Brazil and US projects.
- Maintained $7.2 billion shareholder returns in Q1 through dividends and buybacks (7.2% yield).
- Integrated Power cash flow grew to $600 million in Q1 (+20% QoQ) with 9% ROACE.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| LNC | Lincoln National | 7.3% | Added (+16%) | $12.08M |
| JXN | Jackson Financial | 7.2% | Trimmed (-11%) | $11.89M |
| T | AT&T | 7.1% | Trimmed (-9%) | $11.73M |
| WAL | Western Alliance | 7.0% | Trimmed (-6%) | $11.5M |
| NBR | Nabors Industries | 5.5% | Added (+36%) | $9.09M |
| QUAD | Quad/Graphics | 5.2% | Added (+30%) | $8.55M |
| MSTR | MicroStrategy | 5.1% | $8.47M | |
| GTN | Gray Television | 4.7% | Added (+89%) | $7.82M |
| GCI | Gannett | 4.7% | Trimmed (-10%) | $7.71M |
| CTO | CTO Realty Growth | 4.4% | Trimmed (-14%) | $7.3M |
| VTRS | Viatris | 4.4% | $7.19M | |
| OMF | OneMain | 4.3% | $7.01M | |
| CHRD | Chord Energy | 4.2% | Added (+17%) | $6.87M |
| BCC | Boise Cascade | 3.4% | $5.64M | |
| BKE | Buckle | 3.3% | Trimmed (-17%) | $5.5M |
| STLA | Stellantis | 3.3% | Trimmed (-7%) | $5.48M |
| BBW | Build-A-Bear | 3.1% | Added (+114%) | $5.16M |
| UGI | UGI | 3.1% | Trimmed (-15%) | $5.05M |
| UNFI | United Natural Foods | 2.8% | Added (+33%) | $4.56M |
| BMY | Bristol-Myers Squibb | 2.5% | Added (+33%) | $4.14M |
| CNDT | Conduent | 2.2% | Added (+21%) | $3.63M |
| ARLP | Alliance Resource Partners | 1.8% | $2.92M | |
| FOSL | Fossil Group | 0.9% | Added (+22%) | $1.56M |
| TPC | Tutor Perini | 0.9% | Trimmed (-37%) | $1.49M |
| AXL | American Axle | 0.9% | Added (+22%) | $1.44M |
| TTE | TotalEnergies | 0.3% | NEW | $494.34K |
| FTI | TechnipFMC | 0.1% | $214.69K | |
| TEVA | Teva | 0.1% | $197.32K |
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