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Wednesday, August 10, 2011

Berkowitz, Miller Suffer an August Swoon

News summary by MFWire's editors

Big-name mutual fund managers Bruce Berkowitz of Fairholme Capital Management and Bill Miller of Legg Mason have been victims of the gyrating market this month, the Wall Street Journal reports.

Berkowitz's $13.4 billion Fairholme Fund [see profile] is reportedly down 18 percent in August through Monday, including a nearly nine percent drop on Monday. And Miller's Legg Mason Capital Management Opportunity Trust[see profile] was down 21.6 percent for the month through Monday and 35.9 percent for the year.

Both managers have been burned by their big bets financial stocks.  

Edited by: Hung Tran


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