Key Facts on Major Holdings of Miller Value Partners
Miller Value Partners, founded by legendary investor Bill Miller, has significant positions in three key stocks: Lincoln National, Gray Media, and Quad/Graphics. Lincoln National (NYSE: LNC) is the second-largest holding in the fund, making up nearly 8% of its assets. The company offers a 5.3% dividend yield and serves approximately 17 million customers. However, its share price has dropped more than 20% year-to-date, trading at four times forward earnings.
Gray Media (NYSE: GTN), the largest owner of local TV stations in the U.S., has experienced volatility, with its stock down over 80% from a late 2021 peak. Despite this, it maintains a 7.7% dividend yield. Quad/Graphics (NYSE: QUAD), focusing on marketing solutions, has over doubled in value over the last three years and offers a 5.5% dividend yield, with a valuation of 6.2 times forward earnings.
As of the fourth quarter of 2025, Miller Value Partners has trimmed its stake in Lincoln National by about 3% while increasing its investments in Gray Media by 12% and Quad/Graphics by 4.4%. The fund’s strategy emphasizes ultra-high-yield dividend stocks, particularly in the small-cap segment, which Miller believes holds overlooked opportunities.
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