A two-day rally aside, the beating that financial stocks have taken lately have knocked out some top money managers and their brand-name mutual funds.

No champ has endured more pain than Bill Miller of Legg Mason Value Trust (LMVTX). Until 2006, Miller held the distinction of beating the S&P 500 for 15 consecutive calendar years, but lately the fund has struggled. Last year, LMVT fell nearly 7%, while the S&P finished up more than 5%. Even after losing 20% in the first quarter, Miller wrote to shareholders that he thought the worst was over.

If only that were true: as of Wednesday's close, Miller's fund is down 41% year-over-year, according to Morningstar. The S&P 500 is down 18% over the same period.

Since Miller is also the chief investment officer for Legg Mason, his stock picks have weighed on many of the firm's funds. Miller bought Countrywide even as the company unraveled, and his top ten holdings at the end of June included Citigroup (C, Fortune 500), off 43% year-to-date, JPMorgan Chase, and Aetna.

One bright spot: Miller lowered his exposure to Freddie Mac in the second quarter. On the other hand, his other big holdings include Amazon and UnitedHealth. See the graphic at right for the performance of Miller's top holdings.

Continued at CNNMoney.com