Legg Mason's Bill Miller, whose mutual fund beat the S&P 500 handily for 15 consecutive years at the turn of the century, is riding off into the sunset after his recent lagging returns left a trail of disappointed investors.
Reuters reports that Miller, one of the last household names in the U.S. mutual funds industry, is departing Legg Mason after 35 years, the company said on Thursday. He won high regard for picking "value" stocks and making big bets on them with the Legg Mason Capital Management Value Trust fund, which he left in 2011 and is now the ClearBridge Value Trust fund.
In its heyday, the fund beat the S&P 500 every year from 1991 to 2005.
A spokeswoman for Miller, 66, said he was traveling and not immediately available to comment.
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