Bill Miller, the venerable manager of the Legg Mason Value Trust, has said his portfolio may underperform the Standard & Poor's 500 index for the first time in 13 years, but as the end of the year approaches, he isn't going down without a fight, The New York Times reports.

Miller recently braced shareholders for the possibility that their portolio may lose the distinction of trouncing the S&P 500 on a more consistent basis than almost any other registered long-only strategy. But now it seems he may achieve a 14th victory against his benchmark nemesis.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.