Bill Miller Tops Mutual Fund Performance Chart Again

Wednesday, 09 Oct 2013 08:49 AM

By Dan Weil

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Legg Mason Opportunity fund, managed by the renowned Bill Miller, registered the top one-year performance in the most recent Wall Street Journal survey of stock mutual funds for the fourth quarter in a row.

But Miller warns against expecting another repeat performance. "I hope it lasts until the end of my career, but the streak is probably coming to an end," he told the paper.

Miller said the 19.8 percent total return of the Standard & Poor's 500 Index during the first nine months of the year has left few bargains on the table for him and assistant manager Samantha McLemore to find.

Editor’s Note:
Retired Americans Slammed by Obama’s Redistribution Plans

Legg Mason Opportunity registered a 63.3 percent return in the year ended Sept. 30, according to Morningstar research firm.

Nine stocks of the approximately 60 in the $1.4 billion fund doubled during that period, compared with less than 1 percent of the Standard & Poor's 500 Index companies, the fund's managers told The Journal.

Legg Mason Opportunity's top performers included Netflix, up 234 percent; Best Buy, up 220 percent; and Groupon, up 130 percent.

Another star money manager having some success this year is hedge fund manager John Paulson.

His $2.2 billion Recovery Fund, which tries to take advantage of a U.S. economic rebound, rose 4.2 percent in September and has soared 39 percent so far this year, a person knowledgeable about the returns told Bloomberg.

The person said the fund benefited in September from investments in money management concerns, hotels and insurance companies.

Editor’s Note: Retired Americans Slammed by Obama’s Redistribution Plans

Related Stories:

Hulbert: Chasing Short-Term Performance in Mutual Funds Pays Off

Morningstar: Pimco Total Return Fund Rises 1.8 Percent in September

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