Lincoln National Corporation
US ˙ NYSE ˙ US5341871094

SecurityLNC / Lincoln National Corporation
InstitutionMiller Value Partners, Llc
Latest Disclosed Ownership570,690 shares
Latest Disclosed Value $ 20,259,495
Miller Value Partners, Llc reports 13.06% increase in ownership of LNC / Lincoln National Corporation

On May 15, 2026 - Miller Value Partners, Llc filed a 13F-HR form disclosing ownership of 570,690 shares of Lincoln National Corporation (US:LNC) valued at $20,259,495 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 504,761 shares of Lincoln National Corporation. This represents a change in shares of 13.06% during the quarter. The current value of the position is $19,426,288 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F LINCOLN NATL CORP IND COM 534187109 570,690 65,929 13.06 20,259 -9.87 5.2872
2026-02-17 2025-12-31 13F LINCOLN NATL CORP IND COM 534187109 504,761 -15,915 -3.06 22,477 7.04 7.9191
2025-11-14 2025-09-30 13F LINCOLN NATL CORP IND COM 534187109 520,676 -48,804 -8.57 20,999 6.57 7.7157
2025-08-14 2025-06-30 13F LINCOLN NATL CORP IND COM 534187109 569,480 50,225 9.67 19,704 5.67 8.3613
2025-05-15 2025-03-31 13F LINCOLN NATL CORP IND COM 534187109 519,255 25,570 5.18 18,646 19.11 8.4984
2025-02-14 2024-12-31 13F LINCOLN NATL CORP IND COM 534187109 493,685 110,470 28.83 15,655 29.64 6.6857
2024-11-14 2024-09-30 13F LINCOLN NATL CORP IND COM 534187109 383,215 53,440 16.20 12,075 17.74 6.8163
2024-08-13 2024-06-30 13F LINCOLN NATL CORP IND COM 534187109 329,775 130,785 65.72 10,256 61.44 6.5500
2024-05-07 2024-03-31 13F LINCOLN NATL CORP IND COM 534187109 198,990 198,990 6,354 4.0633
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.