Quad/Graphics, Inc.

• MV Miller Value Partners Deep Value Strategy: Rising Uncertainty Leads to Greater Long-Term Opportunity ↗ Deep Value Select increased Gannett and Nabors Industries after their selloffs, arguing that digital transformation, drilling technology and balance-sheet actions are underappreciated. The strategy also initiated JELD-WEN, citing restructuring savings, owned real estate and a potential housing recovery, while retaining Gray Media on expected free-cash-flow generation and debt reduction. first quarter 2025 GTN $474MJELD $119MNBR $1.2B

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