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 2013Jun 30, 2013	HIG Hartford Financial Services Gro	Hartford Financial Services Gro	Buy - Position Entry	+1,366,700	$42.26K	1,366,700
Q2 2013Jun 30, 2013	BBY Best Buy Co., Inc.	Best Buy Co., Inc.	Buy - Position Entry	+1,175,400	$32.12K	1,175,400
Q2 2013Jun 30, 2013	TER Teradyne, Inc.	Teradyne, Inc.	Buy - Position Entry	+1,093,350	$19.21K	1,093,350
Q2 2013Jun 30, 2013	C Citigroup, Inc.	Citigroup, Inc.	Buy - Position Entry	+847,400	$40.65K	847,400
Q2 2013Jun 30, 2013	OLED Universal Display Corporation	Universal Display Corporation	Buy - Position Entry	+776,300	$21.82K	776,300
Q2 2013Jun 30, 2013	LEN Lennar Corporation	Lennar Corporation	Buy - Position Entry	+732,600	$26.40K	732,600
Q2 2013Jun 30, 2013	MS Morgan Stanley	Morgan Stanley	Buy - Position Entry	+656,050	$16.03K	656,050
Q2 2013Jun 30, 2013	GM General Motors Company	General Motors Company	Buy - Position Entry	+594,016	$19.79K	594,016
Q2 2013Jun 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+464,700	$16.05K	464,700
Q2 2013Jun 30, 2013	N6596X109 NXP Semiconductors	NXP Semiconductors	Buy - Position Entry	+373,500	$11.59K	373,500
Q2 2013Jun 30, 2013	TMHC Taylor Morrison Home Corporatio	Taylor Morrison Home Corporatio	Buy - Position Entry	+285,760	$6.97K	285,760
Q2 2013Jun 30, 2013	NFLX Netflix, Inc.	Netflix, Inc.	Buy - Position Entry	+219,900	$46.42K	219,900
Q2 2013Jun 30, 2013	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+109,370	$30.37K	109,370
Q2 2013Jun 30, 2013	PNNT PennantPark Investment Corporat	PennantPark Investment Corporat	Buy - Position Entry	+78,860	$872.00	78,860
Q2 2013Jun 30, 2013	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+71,090	$28.19K	71,090
Q2 2013Jun 30, 2013	HIX Western Asset High Income Fund	Western Asset High Income Fund	Buy - Position Entry	+70,460	$650.00	70,460
Q2 2013Jun 30, 2013	PBI Pitney Bowes Inc.	Pitney Bowes Inc.	Buy - Position Entry	+53,600	$787.00	53,600
Q2 2013Jun 30, 2013	CODI D/B/A Compass Diversified Holdi	D/B/A Compass Diversified Holdi	Buy - Position Entry	+49,000	$859.00	49,000
Q2 2013Jun 30, 2013	SAN Banco Santander, S.A. Sponsored	Banco Santander, S.A. Sponsored	Buy - Position Entry	+41,100	$266.00	41,100
Q2 2013Jun 30, 2013	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+40,900	$805.00	40,900
Q2 2013Jun 30, 2013	RWT Redwood Trust, Inc.	Redwood Trust, Inc.	Buy - Position Entry	+35,000	$595.00	35,000
Q2 2013Jun 30, 2013	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Buy - Position Entry	+25,000	$603.00	25,000
Q2 2013Jun 30, 2013	GBDC Golub Capital BDC, Inc.	Golub Capital BDC, Inc.	Buy - Position Entry	+23,900	$419.00	23,900
Q2 2013Jun 30, 2013	STWD STARWOOD PROPERTY TRUST, INC. S	STARWOOD PROPERTY TRUST, INC. S	Buy - Position Entry	+20,000	$495.00	20,000
Q2 2013Jun 30, 2013	EAT Brinker International, Inc.	Brinker International, Inc.	Buy - Position Entry	+19,000	$750.00	19,000
Q2 2013Jun 30, 2013	SLRC SLR Investment Corp.	SLR Investment Corp.	Buy - Position Entry	+17,000	$393.00	17,000
Q2 2013Jun 30, 2013	G4412G101 Herbalife	Herbalife	Buy - Position Entry	+9,000	$407.00	9,000
Q2 2013Jun 30, 2013	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+8,500	$842.00	8,500
Q2 2013Jun 30, 2013	ARI Apollo Commercial Real Estate F	Apollo Commercial Real Estate F	Buy - Position Entry	+6,600	$105.00	6,600
Q2 2013Jun 30, 2013	AB AllianceBernstein Holding L.P.	AllianceBernstein Holding L.P.	Buy - Position Entry	+3,390	$71.00	3,390

Page 67 of 68 • 2012 total trades

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