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Out of limelight, Bill Miller's risks pay off

Bill Miller, former chairman and chief investment officer of Legg Mason Capital Management.
Adam Jeffery | CNBC
Bill Miller, former chairman and chief investment officer of Legg Mason Capital Management.

(Check out CNBC Pro Talks Wednesday afternoon for an exclusive interview with Bill Miller from the "Delivering Alpha" conference for CNBC Pro subscribers only.)

Bill Miller, whose mutual fund beat the S&P 500 for 15 years before crashing spectacularly because of bad bets on bank stocks during the financial crisis, is back to posting big returns again.

Miller's Legg Mason Opportunity Trust Fund posted a 34 percent annual return over the last three years and is up 10 percent so far in 2015. Its year-to-date and three-year performance numbers place Opportunity Trust in the top 2 percent of similar funds, according to Morningstar.