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Miller vs. Miller: It's a Knockout!

Eclectic value manager Bill Miller runs two funds, but one handily outdid the other in 2009's robust market.

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On the heels of a horrific loss during the most recent bear market, Bill Miller's  Legg Mason Value (LMVTX) came roaring back during the stock market rally that began just about a year ago. In fact, between March 9, 2009, and March 8, 2010, it ranked among the very best large-blend funds, doubling in value.

But that result wasn't half as good, literally, as that of  Legg Mason Opportunity (LMOPX), which gained 205% over the same period.

What makes that particular comparison interesting is that Opportunity is also in Miller's care. So what happened over the past year? Is there something inherently special about Opportunity? And what does it mean for the long haul?

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Bridget B. Hughes has a position in the following securities mentioned above: BAC. Find out about Morningstar’s editorial policies.