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Livermore
Livermore
ZHEN

Miller Value Partners, LLC

SEC CIK
0001135778
Latest filing
Aug 14, 2026

The latest 13F from Miller Value Partners, LLC covers Q2 2026 (filed Aug 14, 2026): 56 long positions worth $423.1M. The top 10 holdings make up 52.8% of the portfolio, and the largest is Nabors Industries Ltd (NBR) at 8.8%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
4
Est. +$38.7M
Added
20
Est. +$30.0M
Reduced
22
Est. −$24.0M
Sold out
3
Est. −$21.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. NBRNabors Industries Ltd
    8.8%$37.4MHistory
  2. GTNGray Media, Inc
    6.8%$28.8MHistory
  3. Direxion Shs ETF Tr25459Y165
    5.8%$24.6M
  4. BLMNBloomin' Brands, Inc.
    5.6%$23.6MHistory
  5. QUADQuad/Graphics, Inc.
    5.1%$21.4MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Direxion Shs ETF Tr25459Y165
    +$24.6MNew
  2. COTYCoty Inc.
    +$8.46MNewHistory
  3. GTNGray Media, Inc
    +$7.44MAddedHistory
  4. BLMNBloomin' Brands, Inc.
    +$5.02MAddedHistory
  5. DCHDauch Corp
    +$4.80MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Direxion Shs ETF Tr25459Y165
    +5.81 pp0.0% → 5.8%
  2. BLMNBloomin' Brands, Inc.
    +2.72 pp2.9% → 5.6%History
  3. COTYCoty Inc.
    +2.00 pp0.0% → 2.0%History
  4. CNDTCONDUENT Inc
    +1.13 pp3.3% → 4.5%History
  5. METAMeta Platforms, Inc.
    +0.85 pp0.0% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$19.5MSold outHistory
  2. BFHBread Financial Holdings, Inc.
    −$6.60MReducedHistory
  3. TDAYUSA TODAY Co., Inc.
    −$4.86MReducedHistory
  4. ITRNIturan Location & Control Ltd.
    −$4.28MReducedHistory
  5. CROXCrocs, Inc.
    −$1.17MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SPYSPDR S&P 500 ETF Trust
    −5.10 pp5.1% → 0.0%History
  2. TDAYUSA TODAY Co., Inc.
    −0.79 pp3.6% → 2.8%History
  3. CHRDChord Energy Corp
    −0.71 pp2.6% → 1.9%History
  4. ITRNIturan Location & Control Ltd.
    −0.68 pp2.6% → 1.9%History
  5. MSTRStrategy Inc
    −0.66 pp1.7% → 1.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$423.1M
+$39.9M (+10.4%) vs. prior quarter
Positions
56
+1 vs. prior quarter
Top 10 concentration
52.8%
Top 10 as share of value
Turnover
11.2%
Q2 2026, one quarter
Average holding period
11.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.84B (Q2 2021)

Q1 2021: $3.52BQ2 2021: $3.84BQ3 2021: $2.94BQ4 2021: $2.83BQ1 2022: $2.64BQ2 2022: $1.79BQ3 2022: $1.64BQ4 2022: $1.55BQ1 2023: $1.60BQ2 2023: $152.0MQ3 2023: $159.1MQ4 2023: $168.4MQ1 2024: $156.4MQ2 2024: $156.6MQ3 2024: $177.2MQ4 2024: $234.2MQ1 2025: $219.4MQ2 2025: $235.7MQ3 2025: $272.2MQ4 2025: $283.8MQ1 2026: $383.2MQ2 2026: $423.1M
Q1 2021Q2 2026
13F filings of Miller Value Partners, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202656$423.1MNBRGTNDirexion Shs ETF Trvs. Q1 2026SEC
Q1 2026May 15, 202655$383.2MNBRCRGYGTNvs. Q4 2025SEC
Q4 2025Feb 17, 202634$283.8MNBRLNCGTNvs. Q3 2025SEC
Q3 2025Nov 14, 202536$272.2MNBRLNCGTNvs. Q2 2025SEC
Q2 2025Aug 14, 202533$235.7MLNCBFHNBRvs. Q1 2025SEC
Q1 2025May 15, 202534$219.4MLNCNBRBFHvs. Q4 2024SEC
Q4 2024Feb 14, 202533$234.2MBFHQUADNBRvs. Q3 2024SEC
Q3 2024Nov 14, 202430$177.2MBFHLNCJXNvs. Q2 2024SEC
Q2 2024Aug 13, 202429$156.6MBFHTJXNvs. Q1 2024SEC
Q1 2024May 7, 202430$156.4MSTLAMicroStrategy IncTvs. Q4 2023SEC
Q4 2023Feb 14, 202442$168.4MSTLAWALProShares Trvs. Q3 2023SEC
Q3 2023Nov 14, 202346$159.1MSTLAJXNWALvs. Q2 2023SEC
Q2 2023Aug 14, 202346$152.0MProShares TrSTLAVTRSvs. Q1 2023SEC
Q1 2023May 15, 202390$1.60BOMFEXPEAMZNvs. Q4 2022SEC
Q4 2022Feb 14, 2023Amended79$1.55BOVVOMFEXPEvs. Q3 2022SEC
Q3 2022Nov 14, 202287$1.64BOVVAMZNEXPEvs. Q2 2022SEC
Q2 2022Aug 15, 202283$1.79BBABAOVVMATvs. Q1 2022SEC
Q1 2022May 16, 202289$2.64BAMZNOVVNCLHvs. Q4 2021SEC
Q4 2021Feb 14, 202294$2.83BAMZNDXCFANGvs. Q3 2021SEC
Q3 2021Nov 15, 202196$2.94BAMZNDXCSPLKvs. Q2 2021SEC
Q2 2021Aug 16, 2021100$3.84BDXCADTAMZNvs. Q1 2021SEC
Q1 2021May 17, 202194$3.52BDXCOMFFarfetch Ltd–SEC

13D and 13G filings

Companies where Miller Value Partners, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

4 companies, largest stake first.

Companies where Miller Value Partners, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
CNDTCONDUENT Inc13G/A8.38%0 shares+1.92 ppfrom 6.46%May 5, 20262 filingsAug 7, 2026SEC
GTNGray Media, Inc13G/A8.07%0 shares+2.29 ppfrom 5.78%May 4, 20262 filingsAug 7, 2026SEC
JELDJELD-WEN Holding, Inc.13G/A7.67%6.62M shares0.00 ppfrom 7.67%Feb 6, 20263 filingsMay 4, 2026SEC
QUADQuad/Graphics, Inc.13G/A5.93%0 shares–Nov 12, 20243 filingsAug 7, 2026SEC

Latest filings

29 filings on file made by Miller Value Partners, LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Miller Value Partners, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
QUADQuad/Graphics, Inc.Aug 7, 20261:30 PM ET13G/A5.93%0 shares–Jul 24, 2026SEC
GTNGray Media, IncAug 7, 20261:30 PM ET13G/A8.07%0 shares+2.29 ppfrom 5.78%May 13, 2026SEC
CNDTCONDUENT IncAug 7, 20261:29 PM ET13G/A8.38%0 shares+1.92 ppfrom 6.46%May 18, 2026SEC
CNDTCONDUENT IncMay 5, 202610:20 AM ET13G6.46%10.0M sharesNewFeb 17, 2026SEC
JELDJELD-WEN Holding, Inc.May 4, 20265:14 PM ET13G/A7.67%6.62M shares0.00 ppfrom 7.67%Mar 31, 2026SEC
JELDJELD-WEN Holding, Inc.May 4, 20265:03 PM ET13G/A7.67%6.62M shares+2.57 ppfrom 5.10%Dec 31, 2025SEC
FOSLFossil Group, Inc.May 4, 20264:51 PM ET13G/A4.16%2.43M shares−1.73 ppfrom 5.89%Below 5%Feb 12, 2026SEC
GTNGray Media, IncMay 4, 20264:39 PM ET13G5.78%5.37M sharesNewFeb 12, 2026SEC
JELDJELD-WEN Holding, Inc.Feb 6, 20261:36 PM ET13G5.10%0 sharesNewDec 31, 2025SEC
FOSLFossil Group, Inc.May 9, 202511:18 AM ET13G5.89%3.14M sharesNewFeb 4, 2025SEC
QUADQuad/Graphics, Inc.Nov 12, 202413GOld format–––SEC
QUADQuad/Graphics, Inc.Nov 12, 202413GOld format–New–SEC
WWWW International, Inc.Jul 8, 202213G/AOld format–––SEC
TVTYTivity Health, Inc.May 10, 202213G/AOld format–––SEC
WWWW International, Inc.Feb 14, 202213GOld format–New–SEC
TVTYTivity Health, Inc.Feb 14, 202213G/AOld format–––SEC
GTYHGTY Technology Holdings Inc.Feb 14, 202213G/AOld format–––SEC
TCRTAlaunos Therapeutics, Inc.Oct 12, 202113G/AOld format–––SEC
QUOTQuotient Technology Inc.Oct 12, 202113G/AOld format–––SEC
FLXNFlexion Therapeutics IncMay 10, 202113G/AOld format–––SEC