We break down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on February 14, 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 Q4 2024
New positions
Miller Value Partners initiated three new positions during Q4 2024: Carlyle Group (CG) with 70,000 shares valued at $3.5 million, Atkore (ATKR) with 37,000 shares worth $3.1 million, and Semler Scientific (SMLR) with 43,000 shares valued at $2.3 million.
Bought
Miller Value Partners significantly increased positions across multiple holdings, with the largest additions being Gray Television (GTN) adding 1.9 million shares, Fossil Group (FOSL) adding 1.2 million shares, and Gannett (GCI) adding over 1 million shares. Other notable increases included Conduent (CNDT), Quad/Graphics (QUAD), American Axle (AXL), United Natural Foods (UNFI), Nabors Industries (NBR), Lincoln National (LNC), UGI (UGI), Bread Financial (BFH), Bristol-Myers Squibb (BMY), and smaller additions to Tutor Perini (TPC), Alliance Resource Partners (ARLP), Western Alliance (WAL), and Jackson Financial (JXN).
Sold
Miller Value Partners trimmed only three positions during the quarter: reducing Build-A-Bear (BBW) by 55,000 shares, MicroStrategy (MSTR) by 35,000 shares, and Buckle (BKE) by 20,000 shares, while maintaining unchanged positions in eleven other holdings including AT&T (T), OneMain (OMF), and Viatris (VTRS).
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CG | Carlyle Group | 39.5% | NEW | $3.53M |
| ATKR | Atkore | 34.5% | NEW | $3.09M |
| SMLR | Semler Scientific | 26.0% | NEW | $2.32M |
Carlyle Group CG
Bill Miller bought $3.53M of Carlyle Group in Q4 2024. The Carlyle Group reported strong Q1 2025 results with record fee-related earnings of $311 million (up 17% YoY) and $453 billion AUM (6.6% YoY growth), driven by diversified platform strength. While distributable earnings per share beat estimates at $1.14 (vs $1.01 YoY), realized performance revenues declined 10.7% amid market volatility. The firm maintains financial resilience with 48% FRE margin and $2.7B net accrued performance revenues, though geopolitical uncertainties pose ongoing risks.
- Q1 post-tax distributable earnings per share of $1.14 surpassed estimates by 17.5%.
- Assets under management grew 6.6% YoY to $453B, with $1.5B in LTM distributable earnings.
- Net income doubled YoY to $130M despite 10.7% decline in realized performance revenues.
Atkore ATKR
Bill Miller bought $3.09M of Atkore in Q4 2024. Atkore reported a challenging first quarter in 2025 with net sales declining 17.1% year-over-year to $661.6 million, driven by lower average selling prices and reduced sales volume. The company's adjusted EBITDA plummeted 54.8% to $92.4 million, reflecting margin compression across both Electrical and Safety & Infrastructure segments. A securities class action lawsuit filed in April 2025 alleging improper revenue recognition has created additional headwinds for the stock.
- Q1 EPS dropped 63.7% year-over-year to $1.31, missing analyst estimates.
- Electrical segment sales fell 21.6% due to price normalization in utility infrastructure markets.
- Stock declined 20.2% in Q1 following earnings miss and litigation announcements.
Semler Scientific SMLR
Bill Miller bought $2.32M of Semler Scientific in Q4 2024. Semler Scientific reported a challenging Q1 2025 with $64.7 million net loss and 44% revenue decline to $8.8 million YoY, driven by CMS payment changes and reduced PAD testing volumes. Despite this, shares rose 5.34% post-earnings as investors responded to its 3,808 Bitcoin holdings ($400M value) and 23.8% YTD BTC yield. The company is pivoting toward cryptocurrency treasury strategy while maintaining 91.55% gross margins and expanding cardiovascular diagnostics.
- Q1 revenue fell 44% YoY to $8.8M with $74.9M pre-tax loss including $41.8M Bitcoin valuation impact.
- Holds 3,808 BTC ($400M) acquired through $100M convertible note and $61M ATM proceeds in 2025.
- Maintained 91.55% gross margin despite revenue collapse, with $29.8M DOJ settlement contingency reserve.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BFH | Bread Financial | 7.9% | Added (+18%) | $18.57M |
| QUAD | Quad/Graphics | 7.5% | Added (+34%) | $17.55M |
| NBR | Nabors Industries | 6.9% | Added (+99%) | $16.08M |
| LNC | Lincoln National | 6.7% | Added (+29%) | $15.65M |
| T | AT&T | 5.2% | $12.14M | |
| GCI | Gannett | 5.2% | Added (+75%) | $12.13M |
| JXN | Jackson Financial | 5.1% | Added (+5%) | $11.96M |
| WAL | Western Alliance | 5.0% | Added (+6%) | $11.79M |
| UNFI | United Natural Foods | 4.8% | Added (+52%) | $11.27M |
| GTN | Gray Television | 4.6% | Added (+132%) | $10.66M |
| UGI | UGI | 3.5% | Added (+45%) | $8.24M |
| OMF | OneMain | 3.3% | $7.77M | |
| VTRS | Viatris | 3.3% | $7.71M | |
| CTO | CTO Realty Growth | 3.2% | $7.57M | |
| CNDT | Conduent | 2.7% | Added (+72%) | $6.26M |
| CHRD | Chord Energy | 2.6% | $6.17M | |
| BMY | Bristol-Myers Squibb | 2.6% | Added (+35%) | $6.11M |
| BKE | Buckle | 2.3% | Trimmed (-16%) | $5.34M |
| STLA | Stellantis | 2.2% | $5.09M | |
| BCC | Boise Cascade | 2.0% | $4.75M | |
| MSTR | MicroStrategy | 1.9% | Trimmed (-70%) | $4.42M |
| BBW | Build-A-Bear | 1.9% | Trimmed (-37%) | $4.37M |
| FOSL | Fossil Group | 1.8% | Added (+93%) | $4.29M |
| CG | Carlyle Group | 1.5% | NEW | $3.53M |
| ARLP | Alliance Resource Partners | 1.4% | Added (+9%) | $3.34M |
| ATKR | Atkore | 1.3% | NEW | $3.09M |
| AXL | American Axle | 1.3% | Added (+127%) | $3.09M |
| SMLR | Semler Scientific | 1.0% | NEW | $2.32M |
| TPC | Tutor Perini | 0.8% | Added (+39%) | $1.84M |
| TTE | TotalEnergies | 0.2% | $416.93K | |
| TEVA | Teva | 0.1% | $241.34K | |
| FTI | TechnipFMC | 0.1% | $236.87K | |
| PBI | Pitney Bowes | 0.1% | $175.63K |
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.
