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Barron's Bill Miller Of Legg Mason Stock Holdings
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IT'S WELL-KNOWN THAT LEGG Mason Value Trust, the mutual fund run by Bill Miller for 25 years, recently has underperformed. The fund (ticker: LMVTX) is down 6.25% this year, trailing the Standard & Poor's 500 by 11 percentage points and lagging behind 97% of its Morningstar peers.What isn't widely known is that Miller also runs Legg Mason Opportunity Trust (LMOPX), which employs a go-anywhere strategy and focuses more on medium-size companies than its larger counterpart does. Launched in 1999, it also has a sprinkling of private-equity, venture capital and hedge-fund holdings, which make up about 10% of its assets. But despite the bells and whistles, this fund isn't beating the S&P either.
The Opportunity fund, whose assets total about $7.7 billion (compared with Value Trust's $17.3 billion), is down 2.27% this year, trailing the benchmark by 7.12 percentage points.
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