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 Corp.
  • $8.61
  • 0.00%
  • $8.29

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: CFCGFICSGLSTRMOTTRFWU

TheStreet.com Rating: D What is this?

  • +
  • LEN
    Lennar Corp.
  • $9.72
  • 0.00%
  • $9.52

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
  • $8.97
  • 0.00%
  • $8.69

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
  • $84.93
  • +2.26%
  • $82.42

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: B What is this?

  • +
  • X
    United States Ste
  • $36.43
  • -1.06%
  • $36.90

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

People owning X also tend to own: ACIAINVANRAPCBBDBTUCHK

TheStreet.com Rating: C What is this?

  • +
  • EXPE
    Expedia
  • $17.15
  • -1.32%
  • $17.23

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

People owning EXPE also tend to own: AMTANFAVIDCNOCOHCOSTESI

TheStreet.com Rating: D What is this?

  • +
  • LVLT
    Level 3 Communica
  • $1.10
  • -0.90%
  • $1.10

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 Nextel Cor
  • $5.06
  • 0.00%
  • $5.00

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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