Bill Miller, manager of the Legg Mason Opportunity Trust Fund, is showing that he’s still got game. With the fund returning a stunning 48% in the second quarter, it is the No. 1 performing U.S. stock fund for the period.

By comparison, U.S. stock funds rose an average of 19% in the quarter, and the S&P 500 rose 17%.

“It’s fair to say that some confidence returned to the market, and some things had just gotten very, very cheap,” Morningstar Analyst John Coumarianos told Bloomberg. “The gains were pretty broad.”

“Bill Miller came back,” Coumarianos added.

Following a 15-year streak of beating the S&P 500 through 2005, in the past three years, the fund fell 61% due to Miller’s bullishness on real estate and financial stocks.

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