Miller Value Partners, LLC

SARASOTA, FL · CIK 1135778 · 13F filing filed 2023-08-14

SEC-registered investment adviser since 1999 · limited liability company

Assets managed$418.2m
Staff5 · 3 in investment roles
Main clients (by assets)Mutual funds and ETFs 60%, High net worth individuals 32%, Other advisers 5%
Form ADV · 2026-09-15SEC adviser record

Legal entityMILLER VALUE PARTNERS, LLC (US)

Kindmutual funds, futures
Others nearbySarasota, FL, Towson, MD

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Sarasota, FL (main office)United States	United States	about 1
Towson, MDUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$152.0m reported value -90.5% vs Q1 2023

46positions

49.0%in top 10

4 new 15 added 16 reduced 48 sold out vs Q1 2023

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PROSHARES TR ULTRPRO S&P500 UPRO	UPRO	186,950	$8.9m5.83%	5.83%	Unchanged
2	STELLANTIS N.V SHS STLA	STLA	496,000	$8.7m5.72%	5.72%	New
3	VIATRIS INC COM VTRS	VTRS	825,500	$8.2m5.42%	5.42%	Reduced -58.0k	-58,000 -6.6%
4	ONEMAIN HLDGS INC COM OMF	OMF	181,700	$7.9m5.22%	5.22%	Reduced -1.9m	-1,900,368 -91.3%
5	CTO RLTY GROWTH INC NEW COM CTO	CTO	436,900	$7.5m4.93%	4.93%	Added +25.0k	+25,000 6.1%
6	CHICOS FAS INC COM COM		1,368,107	$7.3m4.81%	4.81%	Added +12.2k	+12,185 0.9%
7	WESTERN ALLIANCE BANCORP COM WAL	WAL	183,109	$6.7m4.39%	4.39%	Added +124.7k	+124,709 213.5%
8	JACKSON FINANCIAL INC COM CL A JXN	JXN	215,050	$6.6m4.33%	4.33%	Added +5.8k	+5,825 2.8%
9	BUCKLE INC COM BKE	BKE	189,700	$6.6m4.32%	4.32%	Reduced -5.3k	-5,300 -2.7%
10	B. RILEY FINANCIAL INC COM RILY	RILY	132,300	$6.1m4.00%	4.00%	Unchanged
11	MEDICAL PPTYS TRUST INC COM MPT	MPT	656,000	$6.1m4.00%	4.00%	Reduced -31.0k	-31,000 -4.5%
12	QUAD / GRAPHICS INC COM CL A QUAD	QUAD	1,603,975	$6.0m3.97%	3.97%	Added +91.1k	+91,125 6.0%
13	GANNETT CO INC COM TDAY	TDAY	2,527,375	$5.7m3.74%	3.74%	Added +196.1k	+196,100 8.4%
14	M D C HLDGS INC COM COM		103,000	$4.8m3.17%	3.17%	Reduced -4.0k	-4,000 -3.7%
15	NABORS INDUSTRIES LTD SHS NBR	NBR	50,006	$4.7m3.06%	3.06%	Added +6.6k	+6,620 15.3%
16	ORGANON & CO COMMON STOCK OGN	OGN	222,000	$4.6m3.04%	3.04%	Reduced -8.0k	-8,000 -3.5%
17	MEDIFAST INC COM MED	MED	44,800	$4.1m2.72%	2.72%	Unchanged
18	ALLIANCE RESOURCE PARTNERS L UT LTD PART ARLP	ARLP	217,000	$4.0m2.64%	2.64%	Reduced -76.0k	-76,000 -25.9%
19	MICROSTRATEGY INC NOTE 0.750%12/1 · principal MSTR 0.75 12.15.25 · principal	MSTR 0.75 12.15.25	3,100,000	$3.4m2.21%	2.21%	Added +1.2m	+1,200,000 63.2%
20	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	388,600	$3.2m2.11%	2.11%	Added +13.7k	+13,675 3.6%
21	GEO GROUP INC NEW COM GEO	GEO	383,000	$2.7m1.80%	1.80%	Unchanged
22	TUTOR PERINI CORP COM TPC	TPC	378,572	$2.7m1.78%	1.78%	Added +25.8k	+25,757 7.3%
23	EXPAND ENERGY CORPORATION COM EXE	EXE	29,200	$2.4m1.61%	1.61%	Reduced -443.8k	-443,789 -93.8%
24	AT&T INC COM T	T	150,000	$2.4m1.57%	1.57%	New
25	BUILDERS FIRSTSOURCE INC COM BLDR	BLDR	17,000	$2.3m1.52%	1.52%	Reduced -4.5k	-4,500 -20.9%
26	CAMPING WORLD HLDGS INC CL A CWH	CWH	67,000	$2.0m1.33%	1.33%	Unchanged
27	CROCS INC COM CROX	CROX	16,500	$1.9m1.22%	1.22%	Added +3.0k	+3,000 22.2%
28	VALE S A SPONSORED ADS VALE	VALE	115,001	$1.5m1.02%	1.02%	Reduced -275.0k	-275,000 -70.5%
29	CONDUENT INC COM CNDT	CNDT	415,100	$1.4m0.93%	0.93%	Added +53.5k	+53,550 14.8%
30	GRAY TELEVISION INC COM GTN	GTN	177,390	$1.4m0.92%	0.92%	New
31	AIRBNB INC COM CL A ABNB	ABNB	9,500	$1.2m0.80%	0.80%	Unchanged
32	BEAZER HOMES USA INC COM NEW BZH	BZH	35,000	$990.1k0.65%	0.65%	Reduced -15.0k	-15,000 -30.0%
33	MASTERBRAND INC COMMON STOCK MBC	MBC	85,000	$988.5k0.65%	0.65%	Added +45.0k	+45,000 112.5%
34	BREAD FINANCIAL HOLDINGS INC COM BFH	BFH	25,725	$807.5k0.53%	0.53%	New
35	ATKORE INC COM ATKR	ATKR	5,000	$779.7k0.51%	0.51%	Unchanged
36	TECHNIPFMC PLC COM FTI	FTI	45,610	$758.0k0.50%	0.50%	Reduced -101.9k	-101,935 -69.1%
37	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		82,137	$618.5k0.41%	0.41%	Reduced -3.8m	-3,847,647 -97.9%
38	LITHIA MTRS INC COM LAD	LAD	2,000	$608.2k0.40%	0.40%	Added +1.0k	+1,000 100.0%
39	MATCH GROUP INC NEW COM MTCH	MTCH	14,000	$585.9k0.39%	0.39%	Unchanged
40	PITNEY BOWES INC COM PBI	PBI	164,304	$581.6k0.38%	0.38%	Reduced -127.9k	-127,880 -43.8%
41	RCI HOSPITALITY HLDGS INC COM RICK	RICK	6,100	$463.5k0.30%	0.30%	Added +1.1k	+1,100 22.0%
42	PERDOCEO ED CORP COM PRDO	PRDO	35,000	$429.4k0.28%	0.28%	Unchanged
43	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	4,500	$413.2k0.27%	0.27%	Unchanged
44	BLUEGREEN VACATIONS HLDG COR CLASS A CLASS A		10,000	$356.5k0.23%	0.23%	Unchanged
45	DIAMOND OFFSHORE DRILLING IN COM DO	DO	25,000	$356.0k0.23%	0.23%	Reduced -35.0k	-35,000 -58.3%
46	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	12,098	$202.8k0.13%	0.13%	Reduced -1.8m	-1,756,094 -99.3%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
EXPEDIA GROUP INC EXPE	EXPE	778,059	$75.5m778.1k shares
AMAZON COM INC AMZN	AMZN	694,966	$71.8m695.0k shares
TAYLOR MORRISON HOME CORP TMHC	TMHC	1,673,110	$64.0m1.7m shares
ALPHABET INC GOOGL	GOOGL	598,779	$62.1m598.8k shares
ENERGY TRANSFER L P ET	ET	4,951,231	$61.7m5.0m shares
META PLATFORMS INC META	META	288,714	$61.2m288.7k shares
MATTEL INC MAT	MAT	3,271,319	$60.2m3.3m shares
DELTA AIR LINES INC DEL DAL	DAL	1,661,680	$58.0m1.7m shares
ALIBABA GROUP HLDG LTD BABA	BABA	526,847	$53.8m526.8k shares
CITIGROUP INC C	C	1,099,482	$51.6m1.1m shares
OVINTIV INC OVV	OVV	1,326,541	$47.9m1.3m shares
NORWEGIAN CRUISE LINE HLDG L NCLH	NCLH	3,547,135	$47.7m3.5m shares
GENERAL MTRS CO GM	GM	1,218,742	$44.7m1.2m shares
CANADA GOOSE HLDGS INC GOOS	GOOS	2,318,816	$44.6m2.3m shares
UNITED AIRLS HLDGS INC UAL	UAL	991,821	$43.9m991.8k shares
UBER TECHNOLOGIES INC UBER	UBER	1,382,513	$43.8m1.4m shares
TRAVEL PLUS LEISURE CO TNL	TNL	989,487	$38.8m989.5k shares
COINBASE GLOBAL INC COIN	COIN	552,926	$37.4m552.9k shares
SPLUNK INC SPLK	SPLK	385,585	$37.0m385.6k shares
JPMORGAN CHASE & CO JPM	JPM	269,917	$35.2m269.9k shares
CAPITAL ONE FINL CORP COF	COF	353,310	$34.0m353.3k shares
FISERV INC FISV	FISV	287,648	$32.5m287.6k shares
KARUNA THERAPEUTICS INC		164,998	$30.0m165.0k shares
FARFETCH LTD FTCHQ	FTCHQ	6,048,099	$29.7m6.0m shares
SOFI TECHNOLOGIES INC SOFI	SOFI	4,711,202	$28.6m4.7m shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CONDUENT INC CNDT · 13G · filed 2026-08-07	CNDT	8.4%	+1.9 pts	13G	2026-08-07
GRAY TELEVISION INC GTN · 13G · filed 2026-08-07	GTN	8.1%	+2.3 pts	13G	2026-08-07
JELD-WEN HLDG INC JELD · 13G · filed 2026-05-04	JELD	7.7%≈ $9.9m	no change	13G	2026-05-04
QUAD / GRAPHICS INC QUAD · 13G · filed 2026-08-07	QUAD	5.9%		13G	2026-08-07