Some investors deserve to be called legends. But Bill Miller is one of them.
Miller famously defeated S&P 500 (^GSPC 1.24%) For 15 consecutive years from 1991 to 2005. His expertise is in identifying deep value opportunities overlooked or rejected by most investors. The billionaire founded Miller Value Partners in 1999 and served as its Chairman and Chief Investment Officer until 2023. His son, Bill Miller IV, now runs the fund, although the veteran investor still has a stake.
Miller Value Partners continues to use the same approach that has made Miller so successful over the years. While the fund is surprisingly full value stockIt also owns several dividend stocks. Here are the three top ultra-high-yield dividend stocks in the fund’s portfolio.
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1. Lincoln National
Lincoln National (LNC 0.52%) Provides financial products including annuities, insurance, retirement and wealth protection to approximately 17 million customers. The company’s roots date back to 1905. It was named after President Abraham Lincoln.
it financial stocks Miller ranks as the second-largest holding in Value Partners’ portfolio, comprising approximately 8% of total assets. However, the fund reduced its position somewhat, selling about 3% in the fourth quarter of 2025.
today’s change
(-0.52%) $-0.18
current price
$34.37
key data points
market cap
$6.6B
day limit
$34.16 -$34.70
52wk range
$31.61 -$46.82
volume
1.5M
average volume
2.3m
dividend yield
5.24%
Lincoln National’s share price has fallen more than 20% year to date after seeing a 40% rise in 2025. The sharp volatility has made the stock’s valuation attractive to investors, with shares trading at just four times forward earnings.
Income investors may also find Lincoln National attractive. The company’s forward dividend yield is 5.3%. Although Lincoln National hasn’t increased its dividend in recent years, the dividend appears to be relatively safe, with a payout ratio below 20%.
2. Gray Media
gray media (GTN 0.48%) The largest owner of local TV stations in the U.S. It operates in 118 markets, reaching about 37% of the country’s households. The company also owns the largest Telemundo affiliate group, as well as other media businesses including digital media agency Gray Digital Media and Raycom Sports.
communication stock Miller is the third largest holding of Value Partners. Unlike Lincoln National, Gray Media is a growing position in the fund’s portfolio. Miller Value Partners increased its stake in Gray Media by 12% in Q4 2025.
today’s change
(-0.48%) $-0.02
current price
$4.15
key data points
market cap
$427m
day limit
$4.07 -$4.23
52wk range
$3.50 -$6.43
volume
1.7m
average volume
1.5M
gross margin
16.94%
dividend yield
7.71%
Gray Media has taken investors on a roller coaster ride so far in 2026. However, it has certainly been a downward ride in recent years, with the stock down more than 80% from its peak in late 2021. This selloff has pushed Gray Media’s forward earnings below 2x – a very low level.
Meanwhile, the company has continued to pay dividends. Its payout ratio of 74% is not as convincing as Lincoln National’s. But Gray Media’s 7.7% dividend yield is particularly juicy.
3. Quad/Graphics
quad/graphics (quad 1.23%) Focuses on marketing experience or MX. Its MX Solutions suite helps customers create marketing materials and analyze marketing campaigns. Serves approximately 2,100 customers including Quad Amazon (AMZN 1.19%), city group (C 1.12%)And kroger (K.R 0.56%).
The stock is the fifth-largest holding in Miller Value Partners’ portfolio. The fund increased its position by about 4.4% in the fourth quarter of 2025.
today’s change
(-1.23%) $-0.09
current price
$7.21
key data points
market cap
$372m
day limit
$7.15 -$7.37
52wk range
$5.01 -$8.64
volume
174K
average volume
247K
gross margin
18.53%
dividend yield
4.51%
Unlike Lincoln National and Gray Media, Quad has delivered solid returns so far in 2026. The stock has more than doubled in the last three years. Even with impressive profits, its valuation remains attractive, with shares trading at 6.2 times forward earnings.
Quad/Graphics offers a forward dividend yield of 5.5%. After cutting its dividend between 2019 and 2024, the company has started increasing its payout over the past few years.
another common denominator
We’ve already seen two common denominators shared by Lincoln National, Gray Media and Quad/Graphics. First of all, they are all high-yield dividend stocks. Second, they are all value stocks. However, all three of these stocks have one more thing in common: None of them large-cap stocks.
Lincoln National is the largest of the three with a market cap of $6.5 billion. However, Gray Media and Quad are small-cap stocks, with market caps of less than $500 million. This should not be surprising. Miller has long believed that the best mispriced opportunities are typically smaller stocks that don’t get as much attention from analysts.
Of course, these stocks won’t appeal to every investor. Some may view these as value traps. However, ultra-high yields and ultra-low expectations can sometimes create great opportunities for aggressive investors. Just ask Bill Miller.