Fund Times: Openings, Closings, & Manager Changes
Legg Mason Value, Janus, Evergreen, Columbia, and others.
Who's Betting Like Bill Miller?
Thanks to his unprecedented feat of beating the S&P 500 11 years in a row, a lot of investors act like Legg Mason Value (LMVTX) manager Bill Miller has some rare, shaman-like ability to divine deals among the stock market's dreck. So it's news whenever he details his buys and sells, as he did in a recent shareholder letter about the first quarter. He bought shares of market pariahs like conglomerate Tyco International (TYC), power generator AES (AES), and mauled telecommunications businesses Nextel (NXTL), Qwest Communications International (Q), and Lucent Technologies (LU).
Miller thinks the market pushed these stocks to bargain levels, but he wasn't the only manager to reach that conclusion, as a quick scan of first-quarter portfolios in Morningstar's database shows.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.