Helping prove that even the most renowned managers can't beat all of the odds, all of the time, Legg Mason's
famed stock picker has fallen behind the S&P
and into the ranks of this year's least successful large cap blend fund captains.
reports that after 15 years of all but unblemished success, Bill Miller
has hit a rough patch. His $19 billion Legg Mason Value Trust Fund
is down 6.84 percent for the year, while the S&P Index is flat. This puts the fund second to last out of the 649 large cap blend offerings Morningstar
tracks, but the article quotes an analyst who reminds us Miller -- named "Fund Manager of the Decade" by Morningstar in 1999, and "The Greatest Money Manager of the 1990's" by Money
magazine -- told us this could happen.
It seems his downfall came largely from ill-timed backing of online retail giants like Amazon
, but since these businesses typically do better in the second half of the year, observers won't be surprised if Miller sticks to his wonted buy-and-hold style.
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