Bill Miller, manager of the Legg Mason Opportunity Trust Fund, is showing that hes 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%.
Its fair to say that some confidence returned to the market, and some things had just gotten very, very cheap,
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 Millers bullishness on real estate and financial stocks.