Legg Mason CEO Defends Miller

While the media has been making a fuss over the fact that it looks like Bill Miller’s Legg Mason Value Trust Fund won’t beat the S&P 500 this year—meaning his 15-year winning streak will end—the firm’s chairman says the celebrated portfolio manager will, once again, deliver stellar returns, Reuters reports.   “I know everyone is beating on Bill Miller now, but I don’t know how many of you have beaten the market 15 years,” Legg Mason Chairman and CEO Raymond Mason told a banking conference. “He will be back. His numbers are coming back now.”   So far this year, Miller is up 4.12%, after his fund was in the negative 10% territory for some time.   The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.