Bill Miller's top holdings (August 2025) include Lincoln National Corp. (LNC), a financial services and insurance company. These positions offer insight into the current focus of his investment firm.

Bill Miller is the founder and Chief Investment Officer of Miller Value Partners, an investment management firm known for its focused approach to equity investments. His strategy typically involves in-depth fundamental analysis aimed at identifying assets that he believes are undervalued by the market.

Lincoln National Corp. (LNC)

Lincoln National Corp. is a prominent financial services and insurance company based in the United States. It provides a range of products and services, including life insurance, annuities, group protection, and retirement plan services, catering to individual and institutional clients. The company has a market capitalization of $5.95 billion, and Bill Miller's position is currently valued at $19.79 million. Discounted cash flow analysis suggests a value of -$20.46 per share.
Here's an overview of Bill Miller's trades in Lincoln National Corp.:

Alliance Data System (ADS)

Alliance Data System operates as a global provider of data-driven marketing and loyalty solutions. The company assists major consumer-facing businesses across various industries by delivering personalized marketing programs and private label credit card programs. Its market cap stands at $2.85 billion, while the current value of Bill Miller's holding is $17.6 million. Furthermore, discounted cash flow analysis indicates a value of $120.39 per share for the company.
Here's an overview of Bill Miller's trades in Alliance Data System:

Gray Television, Inc. (GTN)

Gray Television, Inc. is a broadcasting company primarily engaged in the operation of television stations across the United States. It focuses on providing local news, entertainment, and sports programming to communities, with a strong presence in small and mid-sized markets. This holding in Bill Miller's portfolio is currently worth $16.14 million. The company's discounted cash flow analysis suggests a value of $5.1 per share.
Here's an overview of Bill Miller's trades in Gray Television, Inc.:

Quad/Graphics Inc (QUAD)

Quad/Graphics Inc is a global marketing and printing company that provides a suite of integrated solutions. Its offerings span content creation, print production, digital services, and media deployment for clients worldwide. Quad/Graphics Inc has a market capitalization of $296.08 million, with Bill Miller's position currently valued at $13.72 million. The discounted cash flow for the company is noted at $6.17 per share.
Here's an overview of Bill Miller's trades in Quad/Graphics Inc:

Nabors Industries Ltd (NBR)

Nabors Industries Ltd is a prominent provider of drilling and drilling-related services, primarily for land-based oil and natural gas wells. The company operates one of the largest global fleets of land-based drilling rigs and offers a range of innovative technologies and services. The company's market cap is $520.6 million, and Bill Miller's current position is valued at $13.52 million. A discounted cash flow analysis for Nabors Industries suggests a value of $214.91 per share.
Here's an overview of Bill Miller's trades in Nabors Industries Ltd: