Bill Miller

About Bill Miller

Bill Miller ran one of the most scrutinized active-equity streaks in modern fund management: as portfolio manager at Legg Mason Capital Management, he beat the S&P 500 for 15 consecutive calendar years through 2005, a run that attracted both academic attention and substantial retail inflows. His style has always been value-oriented but eclectic — he was buying Amazon and Dell when most value managers wouldn't touch technology, arguing that low price-to-intrinsic-value mattered more than low price-to-book. That flexibility later cost him when concentrated bets on financials and homebuilders during the 2008–09 crisis produced severe drawdowns. At Miller Value Partners, the 13F reflects a mid-cap-tilted, moderately concentrated book (top-5 at roughly 34% across 55 positions) with current emphasis on energy and media names. The long-only U.S. equity filing is the whole picture for most practical purposes, though readers should note that a 45-day disclosure lag and quarterly cadence mean positions can shift materially before the data is public. The backtest excess return of roughly –3.9% annualized versus SPY over 12 years reflects the difficulty of replicating his approach mechanically.