Miller Value Partners, an investment management company, released its “Deep Value Strategy” first-quarter 2025 investor letter. A copy of the letter can be downloaded here. The year 2025 has been unpredictable. After setting new highs in mid-February, the market saw a double-digit decline towards the end of the quarter, capping off a strong start to the year. As the administration implemented global tariffs, sentiment swiftly deteriorated due to growing economic uncertainty. In the quarter, the Deep Value Select strategy had a -12.8% drawdown compared to -.2% return for the S&P 1500 Value Index and -9.9% return for the S&P 600 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its first-quarter 2025 investor letter, Miller Value Deep Value Strategy highlighted stocks such as Gannett Co., Inc. (NYSE:GCI). Gannett Co., Inc. (NYSE:GCI) is a US-based media and marketing solutions company. The one-month return of Gannett Co., Inc. (NYSE:GCI) was 12.30%, and its shares gained 29.00% of their value over the last 52 weeks. On April 22, 2025, Gannett Co., Inc. (NYSE:GCI) stock closed at $3.47 per share with a market capitalization of $508.133 million.
Miller Value Deep Value Strategy stated the following regarding Gannett Co., Inc. (NYSE:GCI) in its Q1 2025 investor letter:
“Our two largest detractors during the quarter were Gannett Co., Inc. (NYSE:GCI) and Nabors Industries (NBR), with shares down 43% and 26%, respectively, during the quarter. Both companies’ share prices are at deep discounts to our view of their long-term fundamental value, and we have recently increased position sizes in both holdings.
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