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.

symbol name last price % change open
  • +
  • CTX
    Centex Cp
  • $12.30
  • +8.27%
  • $11.84

Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.

People owning CTX also tend to own: CFCGFIIIGIOMOLXXJTCSG

TheStreet.com Rating: D What is this?

  • +
  • LEN
    Lennar Cp Cl A
  • $11.17
  • +9.51%
  • $10.37

Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.

People owning LEN also tend to own: DEBSDLXEXPOHRBKCPLIZMDC

TheStreet.com Rating: D What is this?

  • +
  • PHM
    Pulte Homes
  • $12.83
  • +5.68%
  • $12.23

Yet, Miller has been adding to the housing stocks, including Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and a few financials.

People owning PHM also tend to own: AETBZHCGIFBPHOVKBHLUK

TheStreet.com Rating: D What is this?

  • +
  • AMZN
    Amazon.com
  • $57.36
  • +6.10%
  • $54.55

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.

People owning AMZN also tend to own: AAPLAMTATHRBEASCTSHEMCGOOG

TheStreet.com Rating: C+ What is this?

  • +
  • X
    United States Ste
  • $40.14
  • +1.67%
  • $41.03

These losers have more than offset the winners, which include United States Steel (X), and Expedia (EXPE).

People owning X also tend to own: ATINUEOSRSLENRYLADP

TheStreet.com Rating: C What is this?

  • +
  • EXPE
    Expedia
  • $9.54
  • +3.70%
  • $9.26

These losers have more than offset the winners, which include United States Steel (X), and Expedia (EXPE).

People owning EXPE also tend to own: IACIMCDVRTXXECDISCALBTYALCAPA

TheStreet.com Rating: C- What is this?

  • +
  • LVLT
    Level 3 Communica
  • $0.92
  • +10.84%
  • $0.845

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).

People owning LVLT also tend to own: AMTATCCICCOIDCELGLBCGOOG

TheStreet.com Rating: D+ What is this?

  • +
  • S
    Sprint Nxtel Cp
  • $2.32
  • +9.43%
  • $2.23

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).

People owning S also tend to own: ESVHTENOVRHATRATWICSCO

TheStreet.com Rating: D What is this?

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