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.
The firm’s conviction in its existing holding of the Bitcoin BTC/USD Treasury Company Strategy Inc. 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.
The fund founded by Bill Miller had 33 holdings valued at $235.657 million as of the second quarter end.
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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. JELD with a staggering 141% increase in shares.
Other high-conviction moves included boosting stakes in oil and gas drilling contractor Nabors Industries Ltd. NBR by 61% and auto supplier American Axle & Manufacturing Holdings Inc. 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. T. The moves collectively paint a picture of a fund manager with a strong, targeted thesis on the future of the U.S. economy.
Beyond the headline moves, the filing reveals other aggressive shifts, including a substantial 47% boost to the holding in business services company Conduent Inc. CNDT. This contrasts sharply with a near-total exit from construction firm Tutor Perini Corp. TPC, where the stake was slashed by a dramatic 86%.
Other notable changes include a 21% increase in media company Gannett Co. Inc. GCI and a significant 27% reduction in food distributor United Natural Foods Inc. UNFI. The firm also appeared to restructure its real estate position, exiting a large stake in Easterly Government Properties Inc. DEA while initiating a new, smaller one.
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF 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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