Q3 2025 marks a transition from aggressive expansion to strategic optimization, with the portfolio growing modestly to 36 positions and $272 million. While Miller added three significant new positions—Ituran Location (2.82%), United Parcel Service (2.66%), and Cal-Maine Foods (2.14%)—he also executed meaningful profit-taking across several holdings. Dramatic reductions include OneMain Holdings (-38.29%), United Natural Foods (-46.55%), Tutor Perini (-47.21%), and Carlyle Group (-42.86%). This suggests Miller is actively managing position sizes, taking profits where valuations have normalized while maintaining conviction in core holdings.

Miller’s most striking moves involve aggressive accumulation in beaten-down industrial names. Conduent surged 46.30% (+1,275,600 shares) to become a 4.15% position, while American Axle grew 19.25% (+277,175 shares) and JELD-WEN increased 10.37% (+194,420 shares). These moves demonstrate Miller’s conviction in cyclical recovery and operational turnaround stories. The pattern is clear: Miller is concentrating capital in distressed industrials with strong management teams executing restructuring plans, betting on mean reversion as economic conditions normalize.

Nabors Industries claims the top spot with another 7.85% increase (+48,995 shares), now representing over 10% of the entire portfolio at $27.5 million. This marks three consecutive quarters of substantial accumulation in this oil services company, demonstrating extraordinary conviction. Combined with positions in Oasis Petroleum (1.93%), TotalEnergies (0.17%), and TechnipFMC (0.11%), Miller’s energy exposure remains significant, reflecting his contrarian bet on traditional energy assets despite the broader market’s focus on renewables and clean energy transitions.

Miller’s financial sector strategy shows interesting dynamics this quarter. While maintaining substantial positions in Lincoln National (7.72%, trimmed 8.57%) and Jackson Financial (3.49%, reduced 24.94%), he dramatically reduced OneMain Holdings (-38.29%) and Western Alliance Bancorp (-23.97%). Simultaneously, he reduced Alliance Data Systems by 17.53%, dropping it from second to fifth position. This rebalancing suggests profit-taking in names that have performed well while maintaining core insurance and banking exposure where valuations remain attractive.

The addition of blue-chip names like United Parcel Service (2.66%) and defensive consumer staples like Cal-Maine Foods (2.14%) represents a subtle shift toward quality and stability. Miller maintains positions in Verizon (3.20%) and UGI Corp (3.20%, trimmed 10.27%), providing dividend income and lower volatility. The MicroStrategy position (1.81%) offers indirect cryptocurrency exposure, while Viatris (2.25%) adds pharmaceutical sector diversification. This measured approach to defensive positioning suggests Miller is balancing his aggressive value bets with more stable, income-generating holdings.

Miller’s media thesis remains intact with Gray Television (7.56%) and Gannett (5.16%) combining for nearly 13% of the portfolio. While Gray Television saw minor trimming (-2.46%), Gannett received additional investment (+3.62%). Despite the structural challenges facing traditional media, Miller continues backing these businesses for their cash generation capabilities and potential value realization through consolidation or digital transformation. The modest position adjustments suggest Miller is managing these holdings actively while maintaining his contrarian conviction.