Legendary investor Bill Miller scored 120% returns though he did 'nothing' in the last months of 2019 In a year where active management struggled, Bill Miller's hedge fund returned 120% in 2019, Bloomberg reported Thursday. Miller's hedge fund left the names in its basket untouched in the last quarter, Miller said in a letter to investors reviewed by Bloomberg. Miller expects the stock market bull-run to continue into 2020. Visit Business Insider's homepage for more stories. The typical hedge fund failed to post returns in the double-digits, much less beat the SP 500, in 2019. But Bill Miller's fund capped off the year with what is a comparatively astronomical 120% rise, Bloomberg reported Thursday. In a January 15 letter reviewed by Bloomberg Thursday, Miller told investors that the hedge fund, Miller Value Partners 1, spent the fourth quarter doing something that sounds counterintuitive for an actively managed fund: "nothing." In those months, the hedge fund gained 60%, Bloomberg reported. "This doesn't happen as often as it probably should," Miller wrote, adding that the fund did not add any new companies nor exit any of its holdings during the last months of 2019.