Time may be up for Bill Miller’s Legg Mason Value Trust. The fund is something of a legend for beating the S&P for 15 years running. But this year Legg Mason lags behind, according to the New York Post.
The recent rally has left the S&P 500 up 8.6 percent so far this year. Miller's fund, on the other hand, is ahead only 2.7 percent thanks to losing bets on companies such as Sprint Nextel and Amazon.
That's a big gap: to close it would require not only big gains by some of his largest holdings, but also a downturn in the S&P 500 itself - a combination that seems unlikely to happen, especially with only seven weeks left in the year.
Legg Stumbles [New York Post]