Baltimore's Legg Mason Opportunity Trust, co-managed by well-known stock-picker Bill Miller, is the top-ranked U.S. diversified stock fund for the third consecutive quarter, according to a Wall Street Journal ranking.
Miller and his co-manager, Samantha McLemore, buy shares that have fallen substantially because of dim prospects for the company, The Wall Street Journal said. The duo, for example, snapped up shares of Netflix and Best Buy before their stock recovery.
These purchases contributed to Opportunity Trust's 55.1 percent return for the past 12 months and 31.6 percent gain for the first half of this year, the Journal said. The fund has $1.3 billion in assets.
Miller is best known for beating the stock market 15 years in a row as manager of the Legg Mason Value Trust fund, a record that gave out in 2006.