Legendary hedge fund manager, Bill Miller, can boast bumper performance for including Bitcoin as part of his investment strategy. A fund launched three years ago has posted impressive gains this year according to reports.
Bitcoin Boosts Fund 46 Percent
A Bloomberg report has cited an investor document revealing that the fund launched by Miller three years ago has made 46% so far this year. It then quipped;
“That’s enough to make plenty of people in the hedge fund industry jealous.”
Miller spent three decades at American investment management firm Legg Mason where he selected beaten-down securities that trade at a large discount to their intrinsic value. The Bitcoin bull bet right this time with a bullish wager on the king of crypto. The document suggests that BTC’s performance this year is largely responsible for the impressive fund gains.
Bitcoin started the year trading at a lowly $3,800 and surged over 260 percent to an eighteen month high of $13,800. Even including the current 30 percent pullback, BTC is still up over 150 percent so far this year.
Those impressive figures have made it one of the top performing assets, outpacing traditional investments such as stocks, commodities and real estate. By comparison, gold – which is trading at a six year high, has only made 11 percent since the beginning of the year.
Miller also made investments in Amazon, security systems firm ADT Inc, and Avon Products Inc. The fund has assets of $126 million with Miller overseeing $2.3 billion in total from his Baltimore-based firm. Bloomberg added that the fund has been volatile over its short lifespan. It soared 182% in its first full year of trading in 2017, but lost 34% last year as stocks slid.
Miller is also doing well in the world of mutual funds. The Miller Opportunity Trust, which has $1.5 billion in assets, is up 18% this year through, outperforming almost 90% of its peers according to the report.
imagine that – bitcoin driving alpha! https://t.co/6ZGtVPqXCw
— Meltem Demirors (@Melt_Dem) July 25, 2019
BTC Still In Retreat
Since its 2019 high in late June BTC has retreated around 30 percent to current prices. The doom mongers are cheering but the pullback has been expected, and largely anticipated. Over the past 24 hours Bitcoin has dipped back below five figures in a fall to $9,650. Failure to return to $10,200 or above will result in further losses back to support which currently lies around $9,200.
Traders and analysts are expecting these declines with several eyeing the $8,000 level as a buyback zone. Most are also of the opinion that the longer term outlook is good and BTC could well hit a new all-time high as the halving approaches in May next year.
Image from Shutterstock
Source link Litecoin News