Bill Miller's Q1 2026 Portfolio: New Buys in CRGY, SPY; Exits STLA Entirely

Bill Miller's Miller Value Partners LLC reported total assets under management of $294M across 20 holdings in its Q1 2026 13F filing. The fund initiated new positions in CRGY ($27M) and SPY ($20M) this quarter, while fully exiting its $5M stake in STLA. The largest holding was NBR, accounting for 10.0% ($38M) of the portfolio.

Top 5 Holdings — As of Q1 2026

• NBR: $38M (10.0%)
• CRGY: $27M (7.1%)
• GTN: $23M (6.1%)
• LNC: $20M (5.3%)
• SPY: $20M (5.1%)

Key Trading Highlights This Quarter

Miller Value Partners' portfolio this quarter concentrated on the energy, media, and financial sectors. The top three holdings — NBR (10.0%), CRGY (7.1%), and GTN (6.1%) — accounted for 23.2% of the total portfolio, maintaining the fund's small- and mid-cap value strategy. Among new positions, the $20M SPY purchase appears to be primarily a hedge to diversify single-stock risk, while the additions of MELI and ABR are seen as a move to broaden exposure into emerging markets and real estate finance.

• CRGY: New buy, $27M (7.1% weight) — Entered immediately as the #2 holding, expanding the energy sector bet
• SPY: New buy, $20M (5.1% weight) — Added as an index hedge to reduce single-stock concentration risk
• CNDT: Position increased +80% ($13M) — The most aggressive add of the quarter, signaling rising conviction

Among positions that were increased, CNDT saw the most aggressive add at +80%, followed by GTN (+35%) and LNC (+13%). By contrast, TPC, UNFI, and FTI were each trimmed by roughly 58-59%, amounting to near-total liquidations. STLA, weighed down by vehicle parts and distribution headwinds, was fully exited from its $5M stake, closing out the fund's automotive exposure entirely, while the new BLMN position suggests diversification into a consumer discretionary value play.

What to Watch Next Quarter

Miller's moves this quarter reflect continued conviction in energy- and media-focused value stocks, while the SPY addition builds in a defensive buffer. Key questions for next quarter are whether CNDT's aggressive position increase continues and whether the trims in TPC, UNFI, and FTI will turn into full exits. Having completely exited the automotive sector, the sector distribution of future new positions will likely serve as a key signal of the portfolio's direction.