In this article, we will discuss: Bill Miller Portfolio: Top 10 Stock Picks. For more stocks, you can head to Bill Miller Portfolio: Top 5 Stock Picks.
William Miller III, also known as Bill Miller III, is a former hedge fund boss who believes in the value investing philosophy followed by some of the best performing financial professionals, such as Warren Buffett. He has a storied career after working at Legg Mason in 1981 and losing substantial amounts of money during the 2008 financial crisis. After leaving Legg Mason, Miller set up his own hedge fund called Miller Value Partners. He worked at Miller Value as the firm’s chairman and chief investment officer until May 2023.
Currently, the fund’s chief investment officer is Bill Miller IV. One of his favorite areas is cryptocurrency. 2026 has not been a good year for cryptocurrency fans as the flagship Bitcoin is down by 26.5% year-to-date. Miller discussed cryptocurrency in a recent blog post. Unlike many, Miller believes that cryptocurrency does hold intrinsic value – a position that he explained in a recent blog post.
Miller’s argument is that the concept of intrinsic value as a representation of future cash flows does not apply to cryptocurrency. As for the definition of Bitcoin’s intrinsic value, here’s what he wrote:
“So, what exactly is the intrinsic value of Bitcoin? Putting a precise value on it is more art than science, but in a world with over a quadrillion dollars of capital,5 I believe today’s market value for the network at ~$1.2 trillion6 is far too low. An incomplete starting point would be the market cap for gold, in many ways a functionally inferior substitute as a psychological check on profligate fiat behavior. If the entire world viewed Bitcoin as such, it would trade at ~$1.4 million per coin versus a current value near $60,000.7 Of course, it is much easier to exchange, store and audit Bitcoin than gold, so this fails to capture its total potential. Viewed as a more robust network of capital governance, the potential should be far higher, and education takes time. It’s still early.”
Our Methodology
For this article, we scanned Miller Value Partners’ Q1 2026 13F filings and picked its top holdings. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
10. Bloomin’ Brands, Inc. (NASDAQ:BLMN)
Miller Value Partners’ Q1 2026 Stake: $10.9 million
Bloomin’ Brands, Inc. (NASDAQ:BLMN) is a new appearance in Miller Value’s 13F holdings as the firm disclosed two million shares worth $10.9 million in its first quarter filings. The stock is down by 17.9% over the past year and is up by 30.7% year-to-date. Depending on when Miller Value added the shares, the decision might have been a wise one. This is because Bloomin’ Brands, Inc. (NASDAQ:BLMN)’s stock closed a whopping 41% higher on May 6th. On the 6th, the firm posted its fiscal first quarter earnings report before markets opened at Eastern time. The results saw Bloomin’ Brands, Inc. (NASDAQ:BLMN) post $1.1 billion in revenue and $0.65 in earnings per share to meet analyst revenue estimates and beat them for earnings.
With the restaurant sector struggling, the results marked a nice breath of fresh air. Bloomin’ Brands, Inc. (NASDAQ:BLMN)’s comparable sales grew by 0.9% in the first quarter to reverse the 0.5% drop in the previous quarter. The firm’s Bonefish Grill brand grew sales by 6% while sales at Outback Steakhouse dipped by 0.3%.
9. United Parcel Service, Inc. (NYSE:UPS)
Miller Value Partners’ Q1 2026 Stake: $11.7 million
Postal giant United Parcel Service, Inc. (NYSE:UPS)’s shares are up by 9.3% over the past year and by 11% year-to-date. The firm was in the news recently after the US Postal Inspector General raised the need to reevaluate its contract with the USPS. The contract is United Parcel Service, Inc. (NYSE:UPS)’s air cargo contract, and the oversight body advised contract termination in order to shift cargo to cheaper ground-based transportation instead of air freight. The Inspector General pointed towards the nature of the contract to outline that minimum volume commitments had forced the USPS to fly its cargo instead of using land transportation.
United Parcel Service, Inc. (NYSE:UPS) is also currently in the process of expanding its portfolio of temperature-controlled facilities. According to a press release, the firm is investing $48 million in 27 facilities across the US. Following United Parcel Service, Inc. (NYSE:UPS)’s first quarter earnings report, UBS lowered the firm’s share price target to $123 from $125 and kept a Buy rating on the shares.
