Bill Miller Portfolio

Bill Miller’s portfolio emphasizes a value-oriented investment approach with diversified exposure across energy, media, insurance, and broad-market equities through U.S. stocks and ETFs.
1) Nabors Industries Ltd — A position focused on cyclical industrial growth tied to global energy infrastructure demand, reflecting an investment thesis around operating leverage and market recovery dynamics within the stocks portfolio.
2) Crescent Energy Co. (Ordinary Shares, Class A) — Investment in upstream energy exposure, suggesting preference for cash-flow potential and sector momentum, consistent with a concentrated yet fundamentals-driven stock selection style in Bill Miller’s investment portfolio.
3) SSgA Active Trust – SPDR S&P 500 ETF Trust — Broad-market allocation via an S&P 500 ETF, indicating use of core index exposure to balance risk and maintain overall portfolio diversification alongside individual stocks.
4) Gray Television, Inc. — Media/infrastructure for regional broadcast platforms; this investment points to interest in turnaround or normalization opportunities, where valuation and competitive positioning can influence long-term returns.
5) Lincoln National Corp. — Insurance-focused equity exposure, aligning with a defensive-and-recovery mindset within the investor’s broader portfolio of stocks, often targeting improving underwriting/asset conditions and durable demand drivers.
Overall, Bill Miller’s holdings blend thematic sector bets with measured diversification, combining single-stock investments and ETF-based market participation within his portfolio strategy.