Miller Value Partners is making aggressive new bets on the core of the U.S. economy, significantly increasing its stakes in housing, energy, and auto parts, according to its second-quarter 13F filing for 2025.
MSTR Bets Pays Off
The firm’s conviction in its existing holding of the Bitcoin (CRYPTO: BTC) Treasury Company Strategy Inc. (NASDAQ:MSTR), formerly MicroStrategy, also paid off handsomely, as the position’s value soared 40% during the quarter.
Its value increased from $4.396 million as of the end of March 31 to $6.164 million as of June 30, 2025. However, the fund did not acquire more shares of MSTR in the second quarter.
Miller Value Partners: Key Q2 2025 Portfolio Shifts
The fund founded by Bill Miller had 33 holdings valued at $235.657 million as of the second quarter end.
| Category | Company (Ticker) | Q1 Shares (Mar 31) | Q2 Shares (Jun 30) | Change in Shares (%) | Value (As Of Q2) |
| Bitcoin Proxy Bet | Strategy Inc. (NASDAQ:MSTR) | 15,250 | 15,250 | 0% | $6.164 million |
| Housing Bet | Jeld-Wen Holding Inc. (NYSE:JELD) | 776,425 | 1,874,420 | 141% | $7.347 million |
| Energy Bet | Nabors Industries Ltd. (NYSE:NBR) | 388,745 | 624,100 | 61% | $17.487 million |
| Auto Parts Bet | American Axle & Manufacturing Holdings Inc. (NYSE:AXL) | 995,690 | 1,439,920 | 45% | $5.874 million |
| Major Exit | AT&T Inc. (NYSE:T) | 116,000 | 0 | 100% | 0 |
Bill Miller’s High-Conviction Moves In Housing And Auto
The most dramatic new bet was in the housing sector, where the fund more than doubled its stake in window and door manufacturer Jeld-Wen Holding Inc. (NYSE:JELD) with a staggering 141% increase in shares.
Other high-conviction moves included boosting stakes in oil and gas drilling contractor Nabors Industries Ltd. (NYSE:NBR) by 61% and auto supplier American Axle & Manufacturing Holdings Inc. (NYSE:AXL) by 45%.
While loading up on these industrial and housing plays, the firm also exited a well-known blue-chip stock, completely selling its position in telecom giant AT&T Inc. (NYSE:T). The moves collectively paint a picture of a fund manager with a strong, targeted thesis on the future of the U.S. economy.
Other Key Portfolio Changes
Beyond the headline moves, the filing reveals other aggressive shifts, including a substantial 47% boost to the holding in business services company Conduent Inc. (NASDAQ:CNDT). This contrasts sharply with a near-total exit from construction firm Tutor Perini Corp. (NYSE:TPC), where the stake was slashed by a dramatic 86%.
Other notable changes include a 21% increase in media company Gannett Co. Inc. (NYSE:GCI) and a significant 27% reduction in food distributor United Natural Foods Inc. (NYSE:UNFI). The firm also appeared to restructure its real estate position, exiting a large stake in Easterly Government Properties Inc. (NYSE:DEA) while initiating a new, smaller one.
Price Action
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Monday. The SPY was down 0.30% at $643.35, while the QQQ also declined 0.39% to $569.76, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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