Billionaire Bill Miller Beat the S&P 500 for 15 Consecutive Years. Here Are His Fund's Top 3 Ultra-High-Yield Dividend Stocks Now.

Few investors deserve to be called legends. But Bill Miller is one of them.

Miller famously beat the S&P 500 (SNPINDEX: ^GSPC) for 15 consecutive years, from 1991 to 2005. His specialty is identifying deep value opportunities overlooked or spurned 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 legendary investor still owns a stake.

Miller Value Partners continues to use the same approach that made Miller so successful through the years. While the fund unsurprisingly is loaded with value stocks, it 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 (NYSE: LNC) provides financial products, including annuities, insurance, retirement, and wealth protection, to around 17 million customers. The company's roots date back to 1905. It was named after President Abraham Lincoln.

This financial stock ranks as the second-largest holding in Miller Value Partners' portfolio, comprising nearly 8% of total assets. However, the fund trimmed its position somewhat in the fourth quarter of 2025, selling around 3%.

Lincoln National's share price has plunged more than 20% year to date after soaring 40% in 2025. The sharp pullback has caused the stock's valuation to become attractive to value investors, with shares trading at only four times forward earnings.

Income investors could also find Lincoln National appealing. The company's forward dividend yield is 5.3%. Although Lincoln National hasn't increased its dividend in recent years, the dividend appears relatively safe, with a payout ratio below 20%.

2. Gray Media

Gray Media (NYSE: GTN) is the largest owner of local TV stations in the U.S. It operates in 118 markets, reaching around 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.

The communication stock is Miller Value Partners' third-largest holding. Unlike Lincoln National, Gray Media is a growing position within the fund's portfolio. Miller Value Partners increased its stake in Gray Media by 12% in the fourth quarter of 2025.

Gray Media has taken investors on a roller coaster ride so far in 2026. However, it's been a decidedly downhill ride in recent years, with the stock sinking more than 80% below its late 2021 peak. This sell-off has pushed Gray Media's forward earnings multiple down to below 2x -- a super-low level.

Meanwhile, the company has continued to pay steady dividends. Its payout ratio of 74% isn't as reassuring as Lincoln National's. But Gray Media's 7.7% dividend yield is especially juicy.

3. Quad/Graphics

Quad/Graphics (NYSE: QUAD) focuses on marketing experience, or MX. Its MX Solutions Suite helps customers create marketing content and analyze marketing campaigns. Quad serves around 2,100 clients, including Amazon (NASDAQ: AMZN), Citigroup (NYSE: C), and Kroger (NYSE: KR).

This stock is the fifth-largest holding in Miller Value Partners' portfolio. The fund increased its position by around 4.4% in the fourth quarter of 2025.

Unlike Lincoln National and Gray Media, Quad has delivered solid returns so far in 2026. The stock has more than doubled over the last three years. Even with the impressive gains, it remains attractively valued, with shares trading at 6.2 times forward earnings.

Quad/Graphics offers a forward dividend yield of 5.5%. After slashing its dividend between 2019 and 2024, the company has begun to increase its payout over the last couple of years.

Another common denominator

We've already seen two common denominators shared by Lincoln National, Gray Media, and Quad/Graphics. First, they're all high-yield dividend stocks. Second, they're all value stocks. However, these three stocks also have another thing in common: None of them are large-cap stocks.

Lincoln National is the biggest of the trio, with a market cap of $6.5 billion. Gray Media and Quad, though, are small-cap stocks, with market caps below $500 million. That shouldn't be surprising. Miller has long held that the best mispriced opportunities are typically smaller stocks that don't receive as much analyst attention.

To be sure, these stocks won't appeal to every investor. Some could view them as value traps. However, ultra-high yields and ultra-low expectations can sometimes create great opportunities for aggressive investors. Just ask Bill Miller.

Citigroup is an advertising partner of Motley Fool Money. Keith Speights has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool recommends Kroger. The Motley Fool has a disclosure policy.