Legg's Bill Miller Still Chasing S&P
The WSJ reports (subscription required) that investors pulled $7 billion from Legg Mason's stock funds in the quarter, "mostly in response to lagging performance among some of its funds -- including its best-known offering, Legg Mason Value Trust, run by star manager Bill Miller."
Miller's long streak of besting the S&P ended in 2006. The paper says he isn't faring much better this year; his fund trails the S&P in performance and is in the bottom 3 percent of its peer group, according to one measure.
"Investors have responded to the falloff in performance by bailing out of Mr. Miller's fund. In the first five months of the year, investors pulled $912 million out of Value Trust, which now has $21 billion in assets, according to Financial Research Corp."
The Baltimore firm reported (pdf) on Tuesday that its profits in the first quarter grew 22 percent, following a strong performance by its hedge fund unit.
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