Bill Miller, the venerable captain of the $14.8 billion Legg Mason Value Trust fund, has conceded defeat in his 13-year quest to outperform the Standard & Poor’s 500 index, CBSMarketWatch reports.

Miller’s fund became a celebrated anomaly in the mutual fund industry by demonstrating the potential to trounce S&P’s gargantuan market benchmark – even during turbulent economic times – for more than a decade.

The forthcoming end of Miller’s 13-year winning streak potentially sends an ominous message suggesting market conditions have become too treacherous for even the most seasoned value fund managers.

Some investors are still holding onto hopes that the fund can overcome a 2.4% deficit against the S&P 500 index within the year, but Miller himself recently said the odds of success are unlikely.

Despite his disappointment in lagging the S&P 500, Miller expressed confidence in large domestic stocks like J.P. Morgan Chase and Citigroup , two large holdings in the fund.

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