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Not every value investor bought Valeant Pharmaceuticals International Inc. high.

Bill Miller, manager of the $2 billion Legg Mason Opportunity Trust, says he sank about 3.5% of the fund into Valeant

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  in late March and early April, mostly at prices between $28 and $32 per share.

Miller rose to fame between 1991 and 2005, when the fund he managed then, Legg Mason Value Trust, achieved the unparalleled feat of outperforming the S&P 500 for 15 years in a row. His trademark was perceiving undervaluation where others saw overpricing — as in

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 during the Internet bubble, Tyco International Ltd.

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 after its accounting scandal and Alphabet (then Google)

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 in its initial public offering.

The fund peaked at more than $20 billion in 2007. But Miller, by his own admission, stuck too long with financial stocks like Bear Stearns Cos. and American International Group Inc.

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 . Legg Mason Value Trust (since rechristened ClearBridge Value Trust) lost a dreadful 55% in 2008, and Mr. Miller stepped aside in 2011.

Still, since 2000, Miller has run the smaller Legg Mason Opportunity Trust, where he has amassed big positions in homebuilders, airlines and other unorthodox picks.

An expanded version of this report appears at