MILLER VALUE PARTNERS, LLC

Key Holdings

The portfolio is dominated by a few large, idiosyncratic positions, indicating a value-oriented or special situations investment style.

• Nabors Industries Ltd (22.75%): This is the largest holding, comprising nearly a quarter of the portfolio. The firm added $10.02 million (+7.8%) to this position during the quarter, signaling strong conviction in the oil and gas drilling contractor despite the overall reduction in portfolio size.
• TDAY / Gannett Co Inc (11.62%): The second-largest holding is in the communication services sector (Gannett). The firm increased its stake by 3.6%, suggesting a view that the stock is undervalued or poised for a turnaround.
• JELD-WEN Holding Inc (8.40%): This position saw the largest percentage increase among top holdings (+10.4%). The door and window manufacturer remains a core bet, likely based on a housing recovery or operational efficiency thesis.
• Verizon Communications Inc (7.20%) & Jackson Financial Inc (7.86%): These positions provide exposure to traditional telecom and financial services, respectively. Notably, the firm reduced its stake in Jackson Financial by nearly 25%, likely taking profits or managing risk, yet it remains a top-five holding.