Bill Miller’s Hedge Fund Rose 120% in 2019 After Fast Finish
- Top contributors to gain included ADT, Teva Pharmaceutical
- Fund uses three times leverage when making investments
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Legendary investor Bill Miller’s hedge fund jumped 120% last year -- and he says it’s because he didn’t stray from his top names.
“In the fourth quarter, we did our favorite thing to do in markets: nothing,” Miller wrote in an investor letter dated Jan. 15. “No new names and no elimination of holdings from the portfolio. This doesn’t happen as often as it probably should.”