Another: former mutual fund impresario William Miller, whose Legg Mason Value Trust bet on cheap-looking financial institutions on their way to getting far cheaper.

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Legg Mason Value Trust has lost more than 29% this year, while its large-blend peers are down about 13% in the period, according to Morningstar.

WSJ: Winners Exist in Fannie-Freddie Rescue

In the second-quarter report for Mr. Miller's flagship Legg Mason Value Trust, Freddie is listed as the fund's second-weakest performer, with a 35% loss, just shy of the 39% loss by American International Group Inc.

WSJ: Winners Exist in Fannie-Freddie Rescue

Legg Mason Value Trust( LM)?

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