HOW to Play It

Forbes - - INVESTING - A.G. BILL MILLER IV

What be­comes a le­gend most on Wall street? Track records. bill Miller iv, son of legg Ma­son’s for­mer star fund man­ager, has big shoes to fill, but over the last 12 months his $116 mil­lion Miller in­come fund has logged a to­tal re­turn, net of fees, of 25%. but rather than buy into his high­ex­pense mu­tual fund, con­sider his top hold­ings, which are mostly con­cen­trated around billionaire pri­vate equity barons such as leon black, Wil­liam Con­way and David ruben­stein. Pri­vate equity stocks earn money from man­age­ment and per­for­mance fees and pass prof­its to in­vestors via div­i­dends, as with real es­tate in­vest­ment trusts. Their cur­rent yields of 6% to 8% are hard to re­sist. Miller’s top Pe hold­ing, Apollo

Group, re­cently got a boost when hedge fund Tiger Global bought 8% of the com­pany. other buys with stel­lar year-to-date re­turns in­clude

Car­lyle, oak­tree, Black­stone, KKR and Brook­field. —

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