Value investor Bill Miller trimmed many of his top holdings during the first quarter but added to two cyclical stocks, according to securities filings. Hedge fund Miller Value Partners released its first-quarter disclosures, showing its long equity positions as well as calls and puts on publicly traded securities. The filing shows the value of the holdings as of March 31, but does not give further details on any trades during he quarter. The investor told CNBC on Thursday that the market has entered a " different regime " and that it would be smart to focus on stocks with low price-to-earnings valuations and dividend yields. Two moves by Miller during the first quarter that could fit that theory are Citigroup and Cleveland-Cliffs . Those positions were worth $51.8 million and $71.2 million, respectively, at the end of of the first quarter after being worth less than $4 million combined at the end of December. Miller's largest stock holdings are a diverse group. There are Big Tech firms Amazon and Alphabet , but also natural gas company Ovintiv and travel stock Norwegian Cruise Line Holdings . Notably, the firm revealed in a separate release earlier this month that it has closed out its position in Tivity Health , which was worth more than $92 million at the end of March. Miller also substantially increased his positions in Coinbase and Farfetch during the first quarter, and both of those stocks have been crushed since April began. It is unknown if the fund still owns those stocks. Other notable moves during the quarter include adding to positions in Facebook-parent Meta Platforms and Fiserv , while decreasing stakes in Diamondback Energy and Bank of America .