Bill Miller, manager of the Legg Mason Value Trust Fund, has probably reached the end of a 15-year streak of beating the S&P 500 every year, reports.

Through Dec. 8, his fund is up 4.8%, while the S&P 500 is up 15%, with dividends reinvested.

One reason his fund hasn’t fared as well as it might have is because it doesn’t have exposure to energy stocks, while his Internet and health insurance holdings haven’t delivered the returns he’d hoped for.

Still, Miller’s record is something he can be proud of; the Legg Mason Value Trust has delivered an average return of 12% over the past decade, while the S&P 500 has risen an average of 3.8% each year.

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