Legg Mason Inc.'s Bill Miller, the Baltimore-based mutual fund money manager known for his record benchmark-beating performance, lagged behind the market for the third straight year in 2008.
Miller's $4.3 billion Legg Mason Value Trust lost 55.05 percent in 2008, becoming the sixth-worst performing funds among 800 large-cap growth fund peers, according to preliminary data from Lipper Inc. released yesterday.
The fund had beaten the Standard & Poor's 500 index for 15 consecutive years until the record was snapped in 2006. The Value Trust was hurt by Miller's holdings in the financial sector.
