Bill Miller Value Trust
In the Value Trust case, Mr. Bill Miller is Chairman and Chief Investment Officer of Legg Mason Capital Management, a subsidiary of Legg Mason, Inc. He was a co-portfolio manager of the Legg Mason Capital Management Value Trust and portfolio manager of the Legg Mason Capital Management Opportunity Trust.
From October 1981 through June 1985, Miller served as the Director of Research for Legg Mason, where he co-managed (with Ernie Kiehne) the Legg Mason Capital Management Value Trust since its inception in 1982. Over the years, Miller and his team had received numerous accolades for their distinct style and for their management record, which focused on a detailed understanding of businesses and their “intrinsic value.”
Bill Miller got his start at Legg Mason, when they created a mutual fund branch of the company called Value Trust. Value Trust was Legg Mason’s first mutual fund, which was launched in April, 1982 by Ernie Kiehne and Bill Miller. The launch of Value Trust marked the evolution of Legg Mason from a brokerage firm to a global asset management firm.
Legg Mason was the 15th largest asset manager in the world with clients spread across 190 countries on 6 continents. The firm operated using a multi-manager business model; each of the company’s subsidiaries, which form a diverse group of asset managers, specializes in a segment of the asset management industry and operates with investment autonomy. Legg Mason provided global distribution and growth investments including “capital allocation for product development, investing in existing affiliates and making new acquisitions” (Legg Mason).
As manager of the Legg Mason Value Trust, Miller enjoyed the distinction of being the only fund manager who beat the S&P 500 Index for the 14 consecutive years from 1991 through 2005. As such, Value Trust has performed extraordinarily well. In fact, Miller’s fund made money every year from 1991 through 2005, but he was the anomaly. “As mutual funds became
From October 1981 through June 1985, Miller served as the Director of Research for Legg Mason, where he co-managed (with Ernie Kiehne) the Legg Mason Capital Management Value Trust since its inception in 1982. Over the years, Miller and his team had received numerous accolades for their distinct style and for their management record, which focused on a detailed understanding of businesses and their “intrinsic value.”
Bill Miller got his start at Legg Mason, when they created a mutual fund branch of the company called Value Trust. Value Trust was Legg Mason’s first mutual fund, which was launched in April, 1982 by Ernie Kiehne and Bill Miller. The launch of Value Trust marked the evolution of Legg Mason from a brokerage firm to a global asset management firm.
Legg Mason was the 15th largest asset manager in the world with clients spread across 190 countries on 6 continents. The firm operated using a multi-manager business model; each of the company’s subsidiaries, which form a diverse group of asset managers, specializes in a segment of the asset management industry and operates with investment autonomy. Legg Mason provided global distribution and growth investments including “capital allocation for product development, investing in existing affiliates and making new acquisitions” (Legg Mason).
As manager of the Legg Mason Value Trust, Miller enjoyed the distinction of being the only fund manager who beat the S&P 500 Index for the 14 consecutive years from 1991 through 2005. As such, Value Trust has performed extraordinarily well. In fact, Miller’s fund made money every year from 1991 through 2005, but he was the anomaly. “As mutual funds became
Cited: Bodie, Kane and Marcus. Investments. McGraw-Hill Companies, 2012. Investopedia. Investopedia. 05 March 2012 . Jackson, David. Seeking Alpha. 7 August 2006. 6 March 2012 . Legg Mason. Legg Mason. 03 March 2012 . Microsoft. MSN Money. 30 November 2011. 3 March 2012 . The Motley Fool. The Motley Fool. 06 March 2012 .