Legendary investor Bill Miller’s hedge fund jumped 120% last year -- and he says it’s because he didn’t stray from his top names. “In the fourth quarter, we did our favorite thing to do in markets: nothing,” Miller wrote in an investor letter dated Jan. 15. “No new names and no elimination of holdings from the portfolio. This doesn’t happen as often as it probably should.” The performance stands in contrast to the industry. Hedge funds on average rose 9.2% last year, according to Bloomberg Hedge Fund Indices, while the S&P Index 500 jumped 29% in that period.