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Bill Miller revealed he’s a billionaire. Here's what the groundbreaking investor is betting on now

Bill Miller
Heidi Gutman | CNBC

Bill Miller made his name on Wall Street as a market-beating value investor, but what ultimately turned him into a billionaire is his eye for growth.

In an interview with Barron's on Friday, Miller admitted he has joined the billionaire club thanks to his enormous bets on Amazon and bitcoin. The investor told the paper that his Amazon stake, which he had owned for over 20 years, has grown so big that he is now the biggest shareholder besides Jeff Bezos and his ex-wife MacKenzie Scott.

As for bitcoin, Miller revealed to Barron's that the cryptocurrency made him even more money than Amazon. He started buying bitcoin around $200 to $300, and now the digital coin is worth more than $53,000 apiece.

The investing style in his personal portfolio could be seen as out of character for an investor who stood out on Wall Street by running a big value fund for decades.

Miller once managed the Legg Mason Capital Management Value Trust, which beat the S&P 500 for 15 straight years from 1991 to 2005. However, the fund suffered massive losses during the financial crisis, which dented Miller's track record and led to a huge client exodus.

Now the investor is making a grand comeback with his new firm Miller Value Partners where, contrary to its name, growth also played an important part in its funds' recent stellar performance.

Miller co-manages the Miller Opportunity Trust (LMNOX), which has about $2.7 billion in assets under management. The fund has rallied 20% this year after a near 40% return in 2020. Its one-, three- and five-year returns rank in the top percentile for its category, according to Morningstar.

"He doesn't fit the classic growth or value box," Morningstar senior analyst Kevin McDevitt said. "If I could summarize him in one word — he's aggressive."

Here are Miller's newest bets.

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