Bill Miller’s Miller Value Partners – Q4 2024 Top 10 Portfolio Holdings Analysis

Below is an updated look at Bill Miller’s top 10 holdings for the fourth quarter of 2024, reflecting the fund’s ongoing emphasis on value-oriented opportunities across financial services, energy, and select consumer-facing businesses.

1. BFH – Bread Financial Holdings Inc.

• Portfolio Allocation: 7.93%
• Recent Activity: Added 17.61%
• Shares Held: 304,050
• Reported Price: $61.06
• Value at Reported Price: $18,565,000

Bread Financial, a provider of payment solutions and financial services, saw a notable increase in shares. This move underscores Miller’s continued interest in the financial sector, particularly in companies offering strong cash flow and growth potential in consumer lending and payments.

2. QUAD – Quad/Graphics Inc.

• Portfolio Allocation: 7.50%
• Recent Activity: Added 33.67%
• Shares Held: 2,518,130
• Reported Price: $6.97
• Value at Reported Price: $17,551,000

Quad/Graphics, a printing and marketing services company, received a substantial boost in shares. This addition reflects confidence in Quad’s turnaround prospects and niche market position, aligning with Miller’s preference for undervalued industrial or business-services firms.

3. NBR – Nabors Industries Ltd.

• Portfolio Allocation: 6.87%
• Recent Activity: Added 99.48%
• Shares Held: 281,195
• Reported Price: $57.17
• Value at Reported Price: $16,076,000

Nabors, an oilfield services and drilling contractor, nearly doubled in position size, highlighting Miller’s conviction in a continued recovery in the energy sector. Nabors stands to benefit from increased drilling activity amid favorable commodity pricing and global energy demand.

4. LNC – Lincoln National

• Portfolio Allocation: 6.69%
• Recent Activity: Added 28.83%
• Shares Held: 493,685
• Reported Price: $31.71
• Value at Reported Price: $15,655,000

Lincoln National, an insurance and retirement solutions provider, also saw a sizeable addition. This move indicates Miller’s optimism about the financial sector’s longer-term growth, particularly as demand for insurance and retirement products remains steady.

5. GCI – Gannett Co.

• Portfolio Allocation: 5.18%
• Recent Activity: Added 74.75%
• Shares Held: 2,396,625
• Reported Price: $5.06
• Value at Reported Price: $12,127,000

Gannett, one of the largest newspaper publishers, received a significant increase in shares. Despite challenges in traditional media, Miller’s purchase may reflect a contrarian view on the company’s digital transformation efforts and potential for cost restructuring.

6. T – AT&T Inc.

• Portfolio Allocation: 5.18%
• Recent Activity: No change reported
• Shares Held: 533,000
• Reported Price: $22.77
• Value at Reported Price: $12,136,000

AT&T remains a notable holding, offering stable dividend income and a large telecom customer base. While telecoms face sector challenges, Miller appears to maintain confidence in AT&T’s capacity to generate consistent cash flow and sustain its payout.

7. JXN – Jackson Financial Inc.

• Portfolio Allocation: 5.11%
• Recent Activity: Added 5.40%
• Shares Held: 137,370
• Reported Price: $87.08
• Value at Reported Price: $11,962,000

Jackson Financial, focused on retirement annuities, saw a modest increase. This addition aligns with Miller’s broader financial services theme, highlighting the potential for stable fee-based income and ongoing demand for retirement planning products.

8. WAL – Western Alliance Bancorp

• Portfolio Allocation: 5.03%
• Recent Activity: Added 6.14%
• Shares Held: 141,110
• Reported Price: $83.54
• Value at Reported Price: $11,788,000

Western Alliance, a regional bank, also saw a slight increase. This move suggests Miller’s ongoing confidence in select regional financial institutions that exhibit strong balance sheets and potential for steady earnings growth.

9. UNFI – United Natural Foods

• Portfolio Allocation: 4.81%
• Recent Activity: Added 52.15%
• Shares Held: 412,500
• Reported Price: $27.31
• Value at Reported Price: $11,265,000

United Natural Foods, a distributor of natural and organic foods, experienced a large addition. Miller’s move may signal confidence in rising consumer demand for healthier food options and the potential for operational improvements in distribution networks.

10. GTN – Gray Television Inc.

• Portfolio Allocation: 4.55%
• Recent Activity: Added 132.11%
• Shares Held: 3,384,450
• Reported Price: $3.15
• Value at Reported Price: $10,661,000

Gray Television, a broadcast television company, more than doubled in position size. Despite pressures in traditional media, Miller’s addition indicates a bet on local broadcasting’s resilience and revenue generation through political advertising and local news coverage.

Analysis of Bill Miller’s Q4 2024 Portfolio Strategy

1.  Heightened Exposure to Energy and Industrials
Significant additions to Nabors Industries and Quad/Graphics suggest Miller sees ongoing recovery or undervaluation in energy services and industrial printing/marketing sectors, aligning with a contrarian, value-driven approach.

2.  Continuing Focus on Financial Services
Increases in Lincoln National, Jackson Financial, and Western Alliance underscore Miller’s confidence in the financial sector’s capacity for steady cash flow—particularly in insurance, annuities, and regional banking.

3.  Select Consumer & Media Plays
Substantial additions to Gannett and Gray Television highlight Miller’s willingness to invest in companies undergoing transformations or those poised to benefit from cyclical advertising revenue. Meanwhile, the large stake in United Natural Foods taps into health-conscious consumer trends.

Conclusion

Bill Miller’s Q4 2024 portfolio emphasizes value-oriented opportunities across financial services, energy, and niche consumer/industrial plays. By substantially increasing positions in companies like Nabors Industries, Gannett, and Gray Television, Miller demonstrates a contrarian streak, aiming to capitalize on turnarounds or overlooked segments poised for rebound. The consistent theme remains long-term growth and stable cash flows, reflecting Miller’s enduring value-investing philosophy.

Disclaimer:
This analysis is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investing involves risks, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.