Is it Miller Time or the Market?
Bill Miller is on the front page again, but this time it is good news. The famed manager was featured in a recent cover story by Barron’s titled “It’s Miller Time”. In the article, the author notes that the manager of the flagship Legg Mason Value Trust fund is at the top of its relative […]
Bill Miller is on the front page again, but this time it is good news. The famed manager was featured in a recent cover story by Barron’s titled “It’s Miller Time”.
In the article, the author notes that the manager of the flagship Legg Mason Value Trust fund is at the top of its relative peer group for 2009, delivering a 37% YTD return compared to 19% return for the S&P 500 index. The article attributes the fund’s poor performance in 2007-2008 to both sector bets in financials along with poor security selection in names such as Lehman Brothers and JPMorgan. This year, the author concludes, the manager must be doing something right.
Several years ago we performed a detailed analysis of Mr. Miller’s fund to better understand the sources of its well documented 15-year winning streak through 2006.
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