Bill Miller is making some adjustments to the weak-performing Legg Mason Value Trust. Miller plans to spread out his portfolio to include broader allocations across sectors, The Baltimore Sun reports, and Miller may purchase mega-cap stocks trading at depressed prices.

"I'm very disappointed in our results relative to history and to our expectations and how we would have navigated this particular situation," Miller was quoted as saying.

"We're trying to make sure we're always trying to be adaptable and flexible within the context of our core philosophy when events show us that we've been wrong," he added.

The fund lost 35 percent through Monday, while the S&P is down 18 percent.  

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