Barron's Bill Miller Of Legg Mason Stock Holdings
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Date updated:12-22-2007
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.
-
CTX
Ctx - $0.00
- N/A
- $N/A
Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.
-
LEN
Lennar Cp Cl A - $12.79
- 0.00%
- $N/A
Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.
-
PHM
Pulte Homes - $9.31
- 0.00%
- $9.43
Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.
-
AMZN
Amazon.com - $142.25
- +2.71%
- $139.18
Amazon.com (AMZN), whose shares have more than doubled this year, is the largest holding in both. And both have concentrated portfolios; the Opportunity fund's top 10 holdings account for 45% of its assets.
-
X
United States Ste - $45.42
- +0.53%
- $45.39
These losers have more than offset the winners, which include United States Steel (X), and Expedia (EXPE).
-
EXPE
Expedia - $25.77
- 0.00%
- $25.88
These losers have more than offset the winners, which include United States Steel (X), and Expedia (EXPE).
-
LVLT
Level 3 Communica - $1.36
- +9.68%
- $1.23
No doubt the concentrated approach, which can bring about big gains, has hurt this year. Laggard holdings include Level 3 Communications (LVLT) and Sprint Nextel (S).
-
S
Sprint Nxtel Cp - $3.75
- -0.79%
- $3.73
No doubt the concentrated approach, which can bring about big gains, has hurt this year. Laggard holdings include Level 3 Communications (LVLT) and Sprint Nextel (S).
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