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Rating:For Three Popular PMs, It's Been a Rough Year so Far Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 14, 2011

For Three Popular PMs, It's Been a Rough Year so Far

News summary by MFWire's editors

This year has not been a good one so far for Bruce Berkowitz of Fairholme Capital Management [see profile], Ken Heebner of CGM [see profile], and Bill Miller of Legg Mason [see profile]. Citing Morningstar data, Bloomberg notes that the funds helmed by the popular stock-pickers are the three worst performers so far this year among the funds' peers in the large diversified U.S. mutual fund space.

Through June 9, the funds lost 11 percent to 12 percent. Meanwhile, the Standard & Poor's 500 index advanced 3.4 percent during the period.

In his keynote appearance at the Morningstar conference last week, Berkowitz told the audience that Fairholme Fund is undergoing a "painful period." 

Edited by: Armie Margaret Lee

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