Bill Miller Leads Q2 Mutual Fund Winners With His 48% Gain
In the second quarter, Bill Miller's Legg Mason Opportunity Trust (NYSE: LM) was the top gaining U.S. stock mutual fund, rising over 48%, while U.S. stock mutual funds rose on average 19%. That is the biggest biggest quarterly gain in almost a decade, according to data compiled by Morningstar Inc.
Managers benefited from the best quarterly performance by the S&P 500 Index since the end of 1998, with the U.S. large-company benchmark gaining 17%.
Bill Miller is best known for guiding his Legg Mason Value Trust to a better record than the S&P 500 for 15 straight years, but that streak was broken in 2005. From when the streak was broken to March 31, the fund slumped 61% because of bets on real estate and financial stocks.
Miller's $1.5 billion Opportunity Trust climbed the most among funds that invest in a range of companies rather than focus on specific sectors, according to Morningstar. However, even with the Q2 performance, the fund dropped 40% in the past year.
Bill Gross, who manages the world's biggest bond fund, the $156.9 billion Pimco Total Return
Fund, gained 4.9% in the second quarter.
Read some of StreetInsider's previous articles on Bill here and
Managers benefited from the best quarterly performance by the S&P 500 Index since the end of 1998, with the U.S. large-company benchmark gaining 17%.
Bill Miller is best known for guiding his Legg Mason Value Trust to a better record than the S&P 500 for 15 straight years, but that streak was broken in 2005. From when the streak was broken to March 31, the fund slumped 61% because of bets on real estate and financial stocks.
Miller's $1.5 billion Opportunity Trust climbed the most among funds that invest in a range of companies rather than focus on specific sectors, according to Morningstar. However, even with the Q2 performance, the fund dropped 40% in the past year.
Bill Gross, who manages the world's biggest bond fund, the $156.9 billion Pimco Total Return
Fund, gained 4.9% in the second quarter.
Read some of StreetInsider's previous articles on Bill here and
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