Bill Miller – Miller Value Partners Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Miller Value Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Easterly Government (27616P301)

Increases – JELD-WEN Holding, Inc. (JELD), Conduent Incorporated (CNDT), Gannett Co., Inc. (GCI), Fossil Group, Inc. (FOSL), American Axle & Manufacturing H (AXL), and 8 more

Reductions – TechnipFMC (G87110105), United Natural Foods, Inc. (UNFI), Tutor Perini Corporation (TPC)

Complete Exits – AT&T Inc. (T), Easterly Government Properties, (DEA)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Miller Value Partners Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2014Jun 30, 2014	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,825-1.5%	$37.78K	116,340
Q2 2014Jun 30, 2014	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-1,850-1.3%	$64.02K	145,305
Q2 2014Jun 30, 2014	ARI Apollo Commercial Real Estate F	Apollo Commercial Real Estate F	Sell - Position Exit	-6,600-100.0%	$0.00	-
Q2 2014Jun 30, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-9,600-1.3%	$30.31K	726,875
Q2 2014Jun 30, 2014	OLED Universal Display Corporation	Universal Display Corporation	Sell	-11,600-1.4%	$26.48K	825,075
Q2 2014Jun 30, 2014	C Citigroup, Inc.	Citigroup, Inc.	Sell	-11,850-1.1%	$49.40K	1,048,725
Q2 2014Jun 30, 2014	EBAY eBay Inc.	eBay Inc.	Sell	-14,600-1.4%	$52.51K	1,048,900
Q2 2014Jun 30, 2014	LEN Lennar Corporation	Lennar Corporation	Sell	-15,100-1.4%	$45.00K	1,071,950
Q2 2014Jun 30, 2014	BBY Best Buy Co., Inc.	Best Buy Co., Inc.	Sell	-16,575-1.4%	$36.01K	1,161,275
Q2 2014Jun 30, 2014	TER Teradyne, Inc.	Teradyne, Inc.	Sell	-19,625-1.7%	$22.73K	1,159,925
Q2 2014Jun 30, 2014	UAL United Airlines Holdings, Inc.	United Airlines Holdings, Inc.	Sell	-20,125-1.2%	$69.35K	1,688,650
Q2 2014Jun 30, 2014	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Sell	-24,800-1.4%	$39.03K	1,741,035
Q2 2014Jun 30, 2014	RDN Radian Group Inc.	Radian Group Inc.	Sell	-26,300-1.6%	$24.35K	1,643,875
Q2 2014Jun 30, 2014	G0585R106 Assured Guaranty	Assured Guaranty	Sell	-31,100-1.5%	$49.79K	2,032,150
Q2 2014Jun 30, 2014	KBH KB Home	KB Home	Sell	-31,625-1.6%	$37.13K	1,987,625
Q2 2014Jun 30, 2014	GM General Motors Company	General Motors Company	Sell	-37,941-3.4%	$39.01K	1,074,700
Q2 2014Jun 30, 2014	BAC Bank of America Corporation	Bank of America Corporation	Sell	-42,000-1.0%	$60.91K	3,962,525
Q2 2014Jun 30, 2014	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Sell	-51,975-4.9%	$79.97K	1,009,740
Q2 2014Jun 30, 2014	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell	-52,650-1.6%	$63.59K	3,154,450
Q2 2014Jun 30, 2014	BYD Boyd Gaming Corporation	Boyd Gaming Corporation	Sell	-57,800-1.5%	$45.16K	3,723,375
Q2 2014Jun 30, 2014	MS Morgan Stanley	Morgan Stanley	Sell	-66,950-9.5%	$20.70K	640,275
Q2 2014Jun 30, 2014	HIG Hartford Financial Services Gro	Hartford Financial Services Gro	Sell	-74,525-5.1%	$50.05K	1,397,750
Q2 2014Jun 30, 2014	F Ford Motor Company	Ford Motor Company	Sell	-201,685-11.7%	$26.13K	1,515,750
Q2 2014Jun 30, 2014	AAL American Airlines Group, Inc.	American Airlines Group, Inc.	Sell	-261,475-10.5%	$95.36K	2,219,775
Q2 2014Jun 30, 2014	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-264,675-9.7%	$94.98K	2,452,950
Q2 2014Jun 30, 2014	MTG MGIC Investment Corporation	MGIC Investment Corporation	Sell	-342,300-3.9%	$78.71K	8,518,450
Q2 2014Jun 30, 2014	GNW Genworth Financial Inc	Genworth Financial Inc	Sell	-397,850-6.9%	$93.48K	5,372,300
Q2 2014Jun 30, 2014	G3198U102 Essent Group	Essent Group	Sell - Position Exit	-453,425-100.0%	$0.00	-
Q2 2014Jun 30, 2014	ARCC Ares Capital Corporation	Ares Capital Corporation	Sell	-1,629,900-95.2%	$1.48K	82,800
Q1 2014Mar 31, 2014	GME GameStop Corporation	GameStop Corporation	Buy - Position Entry	+1,210,800	$49.76K	1,210,800

Page 62 of 68 • 2012 total trades

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