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Bill Miller from Miller Value Partners'; Bill Miller is a name that carries a lot of weight on Wall Street. He is famous for beating the market 15 years in a row. Today, we are looking at his current portfolio at Miller Value Partners. It is valued at roughly $296.9 million. It is a masterclass in deep value and contraion thinking.
He isn't afraid to go where others are running away. That is exactly right. Miller looks for mispriced value. He wants companies the market has essentially given up on. His overall gain of 9.1% shows that this approach is working. Even with a small dip of 0.27% today, the long-term strategy is clear.
He is betting big on energy and financials right now. His largest position is Nabers Industries. It makes up over 10% of the entire portfolio. That is a massive conviction play. He actually increased this position recently by almost 8%. He now holds over 673,000 shares. Those shares are worth about $40.7 million.
Nabers Industries is a fascinating pick. It is a global oil and gas drilling contractor. The stock is currently trading around $6046. What stands out to me is the valuation. The price to earnings ratio is a staggeringly low 4.1. This is the definition of a deep value play. It really is. But the stock took a hit today, down about 4.65%.
Does that worry you for a top holding? Not when you look at the bigger picture. Miller is up nearly 48% on this position. Overall, he has captured a huge move already. The 52- week range is wide from about $23 to $69. He caught the momentum early. Plus, analysts just gave Maver Industries a double upgrade.
They see the same value Miller does. The earnings per share of $12.70 is very robust for a stock at this price level. It seems he is doubling down on what works. Let's move to his second largest holding, Lincoln National Corporation. This represents 7.7% of the portfolio. It is valued at about $21.8 million.
Interestingly, he reduced this position by about $8.5% recently. Lincoln National is an insurance and retirement giant. The stock is trading at $41.88. It dropped about 4.3% today. Like Navers, it has an incredibly low price to earnings ratio of 3.8. Miller seems to be targeting these singledigit multiples.
Why do you think he trimmed the position? He is only up 3.8%. and 8% on it overall. It might be a tactical move. The stock has been trading near the top of its 52- week range. That range is $27.58 to $46.82. He might be locking in some gains or reallocating to higher conviction ideas. However, the dividend yield is still very attractive at 4.11%.
That provides a nice cushion while he waits for the market to realize the full value. Recent news suggests investors should hold Lincoln National for now. It isn't a run for the Hills situation. It is more of a steady as she goes type of stock. Exactly. It's a core holding for him. It provides stability and income.
The earnings per share of $1164 supports the dividend quite well. He owns over 520,000 shares. So those quarterly checks are significant for the fund. Now the third stock on our list is USA Today Company. It is also known as Ganet. This is a classic Bill Miller move. It is a media company that many people have written off.
Yet, it is his third largest holding at 5.2% of the portfolio. This is where the Contra Ryan streak really shines. He added about 3.6% to this position lately. He now owns over 3.4 million shares. They are worth about $20.3 million. The stock is cheap, trading at just $5.97. It had a good day today though.
It was up over 2% while the rest of the market was a bit soft. It did. And look at the overall gain. Miller is up 44.6% on USA Today company. People think print and digital media are dying. But Miller found a way to make nearly 45% on it. The price earnings ratio is 9.1. That is higher than his other top picks, but still very low compared to the broader market.
The 52- week range is tight between $4.33 and $616. It is currently trading right near those highs. It shows that the market is finally starting to agree with his thesis. The earnings per share is only 53. So, it is a much smaller scale than Nabers or Lincoln National, but for a $5 stock, that is decent.
It shows the company is profitable. Miller is looking for companies that generate cash but are ignored by the big institutional players. It is a concentrated top three. Between Nabers Industries, Lincoln National and USA Today, you have about 23% of the entire $296.9 million portfolio. He isn't diversifying just for the sake of it.
He is putting his money where his research tells him the biggest gap between price and value exists. That is the hallmark of a legendary investor. He doesn't care about daily fluctuations. He cares about the 47% gain in Nabers and the 44% gain in USA Today. He is willing to sit through a down day like today to capture those massive long-term moves.
He is playing a different game than the average retail trader. We're back to finish our look at Miller Value Partners. Mike, let's dive into some of the bigger remaining pieces of this portfolio. I'm looking at Grey Media Inc. right now. It represents 7.6% at 6% of the total fund. That makes it one of his largest core holdings.
It really is a massive bet for Bill Miller. Grey Media is trading at just $4.34 right now. What's wild is the valuation. The price earnings ratio is sitting at a tiny 5.5. And that dividend is eye popping. Exactly. It is yielding 7.22%. Miller trimmed the position by about 2.5% recently, but he's still holding over 3.5 million shares.
It's been a rough ride, though. The position is down nearly 25% overall. He is clearly waiting for the market to recognize the value there. He's also heavy into Quad Graphics, Inc. That is 6% of the portfolio. Another classic Miller value play. It trades at $6.20. The dividend yield is strong at 4.88.
88%. He reduced this one by about 3% lately. It's basically flat for him, down just 1% overall. It's interesting to see him stay so committed to these traditional media and print businesses. Let's talk about a big mover today. Bread Financial Holdings took a major hit. It's down over 10% today to $71.78.
That's a sharp drop, but look at the history. Miller actually reduced his stake by 17.5% recently. He likely locked in some gains before this slide. Even with today's drop, he is up 28.7% on the position. The PE ratio is still very low at 7.9. It seems like he's rotating capital. I noticed he added significantly to American Axle and manufacturing.
He increased the position by over 19%. Ether American Axle is trading at $7.73. It's right near its 52- week high of $7.86. He's up 28% on that one. It's a 3.8% allocation. He's leaning into the auto parts sector while it looks cheap. He also made a massive move in Cond Inc. He added over 46% to the position.
That is a huge increase. Condun is a very lowpriced stock at $24. He's currently down 27% on it, but by adding so much, he's lowering his cost basis. They just launched a new contactless payment system for transit in Italy. He's betting on a turnaround there. We also saw some new names enter the mix.
United Parcel Service is a new buy for him. UPS is a classic blue chip value play. It's trading at $18.3. The dividend yield is fantastic at 6.07%. He's already up 29% on this new position. It shows he still finds value in large cap transport. What about the more speculative side? I see Micro Strategy Inc.
in here. That's a tough one. Micro Strategy is trading at $1623. Miller is down almost 50% on this position. It's a small 1.8% slice of the pie. He hasn't touched the share count recently. He's just letting that one ride the crypto volatility. On the flip side, Simler Scientific had a huge day. It's up over 16% today.
It's a small position, only 0.6% of the portfolio, but it's currently at $22.51. He's down 25% overall on it. Today's jump certainly helps the cause. It's a high growth medical tech play. Looking at the income side, CTO realy growth caught my eye. It has an 8.36% dividend yield. Miller added 7.5% more shares there.
It's a 2.6% allocation. The stock is at $18.37. He's up nearly 13% on it. Between that and Lionel Basil, which yields over 11%, he is generating a ton of cash flow. It really feels like a barbell strategy. He has these steady dividend payers and then some deep value turnarounds. That's the Bill Miller way.
He isn't afraid of stocks that the rest of the street hates. Look at Fossil Group. He's up 45% on that even though most people gave up on watches years ago. Or Jackson Financial where he trimmed 25% of the position after a nice run. It's now at $115.33. So what are the big takeaways from the Miller Value Partners portfolio today?
First, he is active. He isn't just sitting on his hands. He's trimming winners like One Main Holdings and Western Alliance Bankorp. Both were reduced by over 20%. Second, he loves a bargain. Adding to American Axle and condun proves he doubles down on his conviction. And he clearly prioritizes income.
Those 6% and 7% yields across the board are impressive. They really are. He's finding yield in places others overlook. Even with a small 0.27% dip today, the portfolio is up 9.1% overall. It's a masterclass in contraion thinking. He's managing nearly $300 million with a very specific disciplined vision.
It's always fascinating to see where a legend like Bill Miller is putting money. It's not about following the crowd for him. It's about finding where the crowd is wrong. Exactly. He's looking for that gap between price and value. Whether it's $2 stocks or $100 stocks, the math remains the same for him.
That's a great place to wrap up our analysis. I'm Sarah and I'm Mike. Thanks for listening to our deep dive into Miller Value Partners. We wi.
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