MILLER VALUE PARTNERS, LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, MILLER VALUE PARTNERS, LLC initiated 22 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 1 position entirely. The fund's 13F equity book grew from $0.28B to $0.38B (+35.0% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.28BPrior quarter
- $0.38BCurrent quarter
- + $0.10BNet delta
- +35.0%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| CRESCENT ENERGY COMPANY | CRGY | 7.06% | History → |
| STATE STREET SPDR S&P 500 ETF | SPY | 5.10% | History → |
| BLOOMIN BRANDS INC | BLMN | 2.87% | Holders → |
| ARBOR REALTY TRUST INC | ABR | 1.22% | Holders → |
| MERCADOLIBRE INC | MELI | 1.00% | Holders → |
| CROCS INC | CROX | 0.84% | Holders → |
| FIGURE TECHNOLOGY SOLUTIO | FIGR | 0.81% | Holders → |
| ZIFF DAVIS INC | ZD | 0.75% | Holders → |
| RESIDEO TECHNOLOGIES INC | REZI | 0.61% | Holders → |
| CITI TRENDS INC | CTRN | 0.61% | Holders → |
| AIRBNB INC | ABNB | 0.53% | Holders → |
| MAPLEBEAR INC | CART | 0.45% | Holders → |
| BUILDERS FIRSTSOURCE INC | BLDR | 0.41% | Holders → |
| PERDOCEO ED CORP | PRDO | 0.39% | Holders → |
| SHIFT4 PMTS INC | FOUR | 0.34% | Holders → |
| COUPANG INC | CPNG | 0.31% | Holders → |
| PINTEREST, INC., CLASS A | PINS | 0.29% | Holders → |
| MASTERBRAND INC | MBC | 0.23% | Holders → |
| VROOM INC | VRM | 0.20% | Holders → |
| PORTILLOS INC | PTLO | 0.18% | Holders → |
| LITHIA MTRS INC | LAD | 0.17% | Holders → |
| SHARKNINJA INC | SN | 0.16% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| MILLROSE PPTYS INC | MRP | +0.45% | +118.36% | Holders → |
| STRATEGY INC | MSTR | +0.34% | +106.17% | Holders → |
| CONDUENT INC | CNDT | +-0.43% | +79.53% | History → |
| UPBOUND GROUP INC | UPBD | +0.13% | +71.43% | Holders → |
| JELD-WEN HLDG INC | JELD | +-1.44% | +60.12% | Holders → |
| ALLIANCE RESOURCE PARTNERS LP | ARLP | +0.26% | +40.35% | Holders → |
| UNITED PARCEL SERVICE INC | UPS | +0.03% | +37.54% | History → |
| GRAY MEDIA INC | GTN | +-0.72% | +34.64% | History → |
| BUILD-A-BEAR WORKSHOP INC | BBW | +-0.67% | +32.99% | Holders → |
| CTO RLTY GROWTH INC NEW | CTO | +-0.13% | +28.08% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| TUTOR PERINI CORP | TPC | -0.10% | -58.99% | Holders → |
| UNITED NATURAL FOODS INC | UNFI | -0.09% | -58.42% | Holders → |
| TECHNIPFMC PLC | FTI | -0.06% | -57.79% | Holders → |
| UGI CORP NEW | UGI | -2.30% | -53.82% | Holders → |
| USA TODAY CO INC | TDAY | -2.55% | -42.14% | History → |
| BRISTOL-MYERS SQUIBB CO | BMY | -0.95% | -35.65% | Holders → |
| NABORS INDUSTRIES LTD | NBR | -1.55% | -26.26% | History → |
| FOSSIL GROUP INC | FOSL | -1.49% | -23.84% | Holders → |
| DAUCH CORP | DCH | -1.76% | -19.53% | Holders → |
| VERIZON COMMUNICATIONS INC. | VZ | -0.64% | -15.15% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| STELLANTIS NV (STLA) | STLA | 1.65% |
Methodology & FAQ
How MILLER VALUE PARTNERS, LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for MILLER VALUE PARTNERS, LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did MILLER VALUE PARTNERS, LLC initiate in Q1 2026?
MILLER VALUE PARTNERS, LLC established 22 new positions in Q1 2026: CRESCENT ENERGY COMPANY (CRGY, 7.06%), STATE STREET SPDR S&P 500 ETF (SPY, 5.10%), BLOOMIN BRANDS INC (BLMN, 2.87%), ARBOR REALTY TRUST INC (ABR, 1.22%), MERCADOLIBRE INC (MELI, 1.00%), CROCS INC (CROX, 0.84%), FIGURE TECHNOLOGY SOLUTIO (FIGR, 0.81%), ZIFF DAVIS INC (ZD, 0.75%), RESIDEO TECHNOLOGIES INC (REZI, 0.61%), CITI TRENDS INC (CTRN, 0.61%), AIRBNB INC (ABNB, 0.53%), MAPLEBEAR INC (CART, 0.45%), BUILDERS FIRSTSOURCE INC (BLDR, 0.41%), PERDOCEO ED CORP (PRDO, 0.39%), SHIFT4 PMTS INC (FOUR, 0.34%), COUPANG INC (CPNG, 0.31%), PINTEREST, INC., CLASS A (PINS, 0.29%), MASTERBRAND INC (MBC, 0.23%), VROOM INC (VRM, 0.20%), PORTILLOS INC (PTLO, 0.18%), LITHIA MTRS INC (LAD, 0.17%), SHARKNINJA INC (SN, 0.16%).
Which existing positions saw the largest allocation increases for MILLER VALUE PARTNERS, LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: MILLROSE PPTYS INC (MRP, +0.45% weight, +118.36% shares), STRATEGY INC (MSTR, +0.34% weight, +106.17% shares), CONDUENT INC (CNDT, +-0.43% weight, +79.53% shares), UPBOUND GROUP INC (UPBD, +0.13% weight, +71.43% shares), JELD-WEN HLDG INC (JELD, +-1.44% weight, +60.12% shares), ALLIANCE RESOURCE PARTNERS LP (ARLP, +0.26% weight, +40.35% shares), UNITED PARCEL SERVICE INC (UPS, +0.03% weight, +37.54% shares), GRAY MEDIA INC (GTN, +-0.72% weight, +34.64% shares), BUILD-A-BEAR WORKSHOP INC (BBW, +-0.67% weight, +32.99% shares), CTO RLTY GROWTH INC NEW (CTO, +-0.13% weight, +28.08% shares).
Which positions did MILLER VALUE PARTNERS, LLC fully exit in Q1 2026?
MILLER VALUE PARTNERS, LLC fully exited 1 position in Q1 2026: STELLANTIS NV (STLA) (STLA, last-reported weight 1.65%).
Which existing positions saw the largest allocation reductions for MILLER VALUE PARTNERS, LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: TUTOR PERINI CORP (TPC, -0.10% weight, -58.99% shares), UNITED NATURAL FOODS INC (UNFI, -0.09% weight, -58.42% shares), TECHNIPFMC PLC (FTI, -0.06% weight, -57.79% shares), UGI CORP NEW (UGI, -2.30% weight, -53.82% shares), USA TODAY CO INC (TDAY, -2.55% weight, -42.14% shares), BRISTOL-MYERS SQUIBB CO (BMY, -0.95% weight, -35.65% shares), NABORS INDUSTRIES LTD (NBR, -1.55% weight, -26.26% shares), FOSSIL GROUP INC (FOSL, -1.49% weight, -23.84% shares), DAUCH CORP (DCH, -1.76% weight, -19.53% shares), VERIZON COMMUNICATIONS INC. (VZ, -0.64% weight, -15.15% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.