Bill Miller is Outperforming Himself

It turns out Bill Miller runs a smaller fund that gives him more flexibility to be more concentrated and invest outside of equities. It's called the Legg Mason Value Trust Opportunity Prime Trust fund and it is only available to Smith Barney clients. Over the last 5 years it is up 100% vs. 60% in the main Value Trust fund.

Opportunity, on the other hand, is completely flexible: Miller is free to invest overseas as well as in the U.S., and in "convertible securities, private placement securities, debt securities, options, etc.," Athridge explains. The fund can also be more heavily concentrated if Miller wants to make a few big bets.