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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 21, 2025 | Miller Value Partners Deep Value Strategies | - | -13.6% | GCI, JELD, NBR, NYT, TPC | Construction, deep value, energy, Media, small caps, Turnarounds, value | Small caps are at a 90-year extreme underperformance versus large caps, creating a generational opportunity. The current cycle favoring large caps is now in its 15th year, one of the longest on record. Historical patterns suggest small caps are poised for a multi-year outperformance cycle. | NBR JELD TPC GCI NBR JELD TPC GCI |
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| 2024 Q2 | Jul 2, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NYT, UNFI | Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value | Manager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%. | View | |
| 2026 Q1 | Apr 13, 2026 | Miller Value Partners Deep Value Strategies | 8.4% | - | BLMN, CNDT, CRGY, JELD, NBR | Concentration, energy, small caps, Turnarounds, value | BLMN CRGY CNDT JELD NBR |
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| 2025 Q3 | Oct 15, 2025 | Miller Value Partners Deep Value Strategies | 26.4% | 9.2% | AAPL, BFH, MSFT, NBR | AI, deep value, earnings, Recovery, small caps, technology, valuation, value | Manager emphasizes extremely wide valuation spreads between low valuation equities and longer duration/technology stocks. Deep Value Select strategy trades at greater than 70% discount to S&P 500 Index with attractive asymmetric return potential. Low valuation equities are being overlooked and represent a timely opportunity. | BFH NBR |
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| 2024 Q3 | Oct 10, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, NBR, QUAD, UNFI | Concentration, energy, Media, rates, small caps, valuation, value | Manager emphasizes wide valuation spreads between expensive and cheap stocks, with the least expensive decile trading at significant discounts with attractive 15% earnings yields. Current market concentration and valuation levels mirror 1999-2000 period, suggesting potential for value outperformance as spreads narrow over time. | QUAD NBR UNFI GCI |
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| 2023 Q2 | Jul 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NVDA, QUAD, WAL | Banking, Concentration, Media, small caps, technology, value | Manager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter. | GTN WAL NBR QUAD GCI |
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| 2025 Q1 | Apr 14, 2025 | Miller Value Partners Deep Value Strategies | -12.8% | -12.8% | DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI | Media, opportunity, small caps, uncertainty, value, volatility | Manager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%. | JELD NBR GCI GTN |
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| 2023 Q1 | Apr 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, MHO, NBR | Banking, energy, Homebuilders, rates, Recession, small cap, technology, value | Manager emphasizes value stocks are trading at wide valuation discounts and appear to be discounting significant recession fears. Value outperformed Growth by more than 20% in 2022 but lagged in Q1 2023 as markets crowded into longer duration equities. The most expensive decile posted negative returns while the least expensive was up double-digits. | GCI NBR BXC|IMKTA|MHO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, debt reduction, Drilling Services, energy transition, Equity, Free Cash Flow, Oil & Gas | View Pitch |
| Apr 27, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, debt reduction, energy transition, High-Spec Rigs, International, Oil & Gas Drilling, Saudi Aramco, Value | View Pitch |
| Apr 15, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries | Oil & Gas Drilling | Oil & Gas Drilling | Bull | New York Stock Exchange | cash flow, Commodity Exposure, debt reduction, Drilling Technology, Energy Services, Middle East, North America, Oil & Gas Drilling, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries | Energy | Oil & Gas Drilling | Bull | NYSE | acquisition, Energy Services, Free Cash Flow, Integration, Lateral Drilling, Oil & Gas Drilling, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | Automation, debt reduction, deep value, Digital transformation, Drilling, Free Cash Flow, Oil & Gas, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | debt reduction, energy, Free Cash Flow, Joint venture, Middle East, Oil & Gas Drilling, Saudi Aramco, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Daniel Lysik | Nabors Industries Ltd. | Energy | Oil & Gas Drilling | Bull | New York Stock Exchange | Automation, cashflow, deleveraging, Drilling, synergies | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel Lysik | Nabors Industries Ltd. | Energy | Oil & Gas Drilling | Bull | NYSE | Asset Sale, Automation, Contracts, deleveraging, Drilling, EV/EBITDA, FCF yield | View Pitch |
| Oct 23, 2025 | Value Investors Club | Wheatley6 | Nabors Industries Ltd. | Energy | Oil & Gas Drilling | Bull | NYSE | Drilling rigs, energy, oilfield services, Yield compression | View Pitch |
| Oct 16, 2025 | Seeking Alpha | Seeking Alpha | Nabors Industries Ltd. | Oil & Gas Drilling | Bull | balance sheet, commodity prices, debt reduction, drilling automation, free cash flow yield, Liquidity, Nabors Industries, oil and gas, robotics, technology | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||