Litman/Gregory Fund Advisors
, investment advisor to Masters' Select Funds
, has announced that Bill Miller
will replace Robert Sanborn
as one of the six sub-advisors to the Masters'
Select Equity Fund. Miller's allocation in the portfolio will be targeted at 20% of the fund, and he is expected to focus mostly on mid- and large-cap companies.
Miller, is best known as the manager of Legg Mason Value Trust
, the only equity fund to outperform the S&P 500 in each of the past nine years.
"I'm delighted to be working with Litman/Gregory, whom we've already had a relationship with through our institutional funds," said Miller. "Masters' Select is an innovative idea that makes a lot of sense, and it's a great honor to be included in this high profile group. I look forward to a long relationship."
"While we believe Robert Sanborn's value style would have been rewarded in time, changes at Sanborn's firm, Harris Associates
led us to consider a change at this time," said Ken Gregory
, president of Litman/Gregory Fund Advisors. "We are ecstatic to have an investor of Bill Miller's caliber to add to our line-up of managers."
Miller has been with Legg Mason since 1981. He has been the sole manager of Legg Mason Value Trust since November 1990 and co-managed the fund since April 1982.
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