With the Legg Mason Value Trust falling 5.7% in the second quarter and 10% through the first six months of the year, Bill Miller, the famed portfolio manager of Legg Mason's $18.1 billion flagship fund, has asked investors in his most recent shareholder letter to be patient, MarketWatch reports. By comparison, the S&P 500 declined 1.4% in the second quarter and about 7% for the year.

"We had a dreadful second calendar quarter," said Miller, who, unlike any of his peers, has beaten the S&P 500 for 15 consecutive years. It is the longest winning streak in the mutual fund industry.

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