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By Eileen Ambrose, The Baltimore Sun | July 8, 2013
Baltimore's Legg Mason Opportunity Trust, co-managed by well-known stock-picker Bill Miller, is the top-ranked U.S. diversified stock fund for the third consecutive quarter, according to a Wall Street Journal ranking. Miller and his co-manager, Samantha McLemore, buy shares that have fallen substantially because of dim prospects for the company, The Wall Street Journal said. The duo, for example, snapped up shares of Netflix and Best Buy before their stock recovery. These purchases contributed to Opportunity Trust's 55.1 percent return for the past 12 months and 31.6 percent gain for the first half of this year, the Journal said.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 18, 2013
Legg Mason's Bill Miller is launching a new fund - an eponymous one. The Baltimore money management firm disclosed the impending Miller Income Opportunity Trust in an initial filing with the U.S. Securities and Exchange Commission on Friday, saying that Miller will manage the fund with son Bill Miller IV as assistant portfolio manager. The elder Miller turned in 15 straight years of market-beating returns, took a dive during the recession and has climbed back since. He will continue to run the Legg Mason Opportunity Trust fund, up about 60 percent so far this year.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 10, 2013
During the depth of the 2008 financial crisis when Bill Miller's funds were in free fall, a colleague advised him to get a dog. "I needed to change my luck," said the Legg Mason money manager, famous for beating the market 15 years in a row. "I reasoned that to have a bull market, you need a 'bull' dog of some sort. " Miller, 63, settled on an English bulldog he named after boxer Jake "Raging Bull" LaMotta. "The bulldog was the reason the market recovered," Miller said during a recent interview at Legg's headquarters in Baltimore's Harbor East.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 10, 2013
During the depth of the 2008 financial crisis when Bill Miller's funds were in free fall, a colleague advised him to get a dog. "I needed to change my luck," said the Legg Mason money manager, famous for beating the market 15 years in a row. "I reasoned that to have a bull market, you need a 'bull' dog of some sort. " Miller, 63, settled on an English bulldog he named after boxer Jake "Raging Bull" LaMotta. "The bulldog was the reason the market recovered," Miller said during a recent interview at Legg's headquarters in Baltimore's Harbor East.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | January 7, 2007
What has happened to Bill Miller's Legg Mason Value Fund? Should I sell my shares? - K.R., via the Internet This fund run by much-admired longtime portfolio manager Miller of Baltimore-based Legg Mason Inc. had beaten the Standard & Poor's 500 index for 15 consecutive calendar years before 2006 rolled around. Disappointing holdings such as Amazon.com, Yahoo, eBay, UnitedHealth Group and Pulte Homes erased its chance of extending that string. As Miller attempts to right the course, he must cope with a high annual expense ratio of 1.68 percent and an enormous portfolio of $21 billion.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | September 30, 2007
Legg Mason Inc.'s renowned money manager Bill Miller wants to avoid a new streak - this time on the losing side. Facing another year of subpar returns, Miller is changing some investments to boost the returns of his record-setting mutual fund that stumbled in 2006 and lags behind its benchmark stock index again this year. Miller said his team at Legg Mason Capital Management has worked since August to "reposition" the Value Trust, one of the most talked-about funds in the industry. He said they hope to capitalize on recent market sell-offs sparked by disruptions in credit markets from the subprime mortgage crisis.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | November 3, 2007
Bill Miller, Legg Mason Inc.'s top money manager and self-described contrarian investor, said yesterday that downtrodden housing and financial stocks may soon replace today's high-flying energy, materials and industrial stocks as the market's top performers. Miller, whose record-setting Legg Mason Value Trust lags behind the market for a second year, said fear has driven the precipitous decline in financial, housing and consumer stocks, which make up a large chunk of his portfolio. Those sectors have been particularly hard hit by the credit crisis gripping Wall Street.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | August 1, 2007
When you manage nearly $1 trillion in assets, as Baltimore's Legg Mason does, your money inevitably ends up in interesting places. But no Legg deal has created so much stir recently as the millions it gave Ning Inc., a Silicon Valley social-networking startup. As Ning co-founder Marc Andreessen tells it on his blog, Legg led a $44 million venture capital placement that also included Andreessen and "a top-notch group of institutional investors." Forty-four million is a ton for a venture round.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 29, 2013
The Legg Mason Capital Management Value Trust fund is doing something not seen in years: It's beating the stock market. Under new manager Sam Peters, the fund is up 27.8 percent in the past 12 months, compared with 20.6 percent for the S&P 500 index. Could the fund, which famously outperformed the market 15 years in a row before losing its footing, be turning the corner to a fresh winning streak? "Obviously, you always hope, but it is that old adage — take one day at a time," said Peters, who took over the fund's management a year ago in April.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 17, 2013
Legg Mason Inc. plans to lay off an undisclosed number of employees as it folds its once high-profile Legg Mason Capital Management unit in Baltimore into a much larger investment division based in New York. Capital Management rose to fame under star money manager Bill Miller, whose Legg Mason Value Trust fund made headlines year after year for beating its stock market benchmark. Though Capital Management's investment team will remain at Legg's headquarters in Harbor East, the merger is a symbolic loss for the city.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 8, 2013
Baltimore's Legg Mason Opportunity Trust, co-managed by well-known stock-picker Bill Miller, is the top-ranked U.S. diversified stock fund for the third consecutive quarter, according to a Wall Street Journal ranking. Miller and his co-manager, Samantha McLemore, buy shares that have fallen substantially because of dim prospects for the company, The Wall Street Journal said. The duo, for example, snapped up shares of Netflix and Best Buy before their stock recovery. These purchases contributed to Opportunity Trust's 55.1 percent return for the past 12 months and 31.6 percent gain for the first half of this year, the Journal said.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 29, 2013
The Legg Mason Capital Management Value Trust fund is doing something not seen in years: It's beating the stock market. Under new manager Sam Peters, the fund is up 27.8 percent in the past 12 months, compared with 20.6 percent for the S&P 500 index. Could the fund, which famously outperformed the market 15 years in a row before losing its footing, be turning the corner to a fresh winning streak? "Obviously, you always hope, but it is that old adage — take one day at a time," said Peters, who took over the fund's management a year ago in April.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 17, 2013
Legg Mason Inc. plans to lay off an undisclosed number of employees as it folds its once high-profile Legg Mason Capital Management unit in Baltimore into a much larger investment division based in New York. Capital Management rose to fame under star money manager Bill Miller, whose Legg Mason Value Trust fund made headlines year after year for beating its stock market benchmark. Though Capital Management's investment team will remain at Legg's headquarters in Harbor East, the merger is a symbolic loss for the city.
BUSINESS
Jay Hancock | November 20, 2011
Bill Miller didn't just make amazing amounts of money for himself, his firm and his clients for a while. He helped fill a hole in Baltimore's financial services industry. In the 1990s, the city was losing banking pillars such as Alex Brown and Maryland National Bank. But Legg Mason was building what would become a trillion-dollar money-management portfolio, thanks partly to Miller's ability to beat the stock market year after year. Thursday's announcement that he'll no longer pilot Legg Mason's flagship mutual fund starting April 30 underscores a plunge in fortunes for the firm and a question mark for Baltimore.
BUSINESS
By Hanah Cho, The Baltimore Sun | November 17, 2011
Legg Mason's famed stock picker Bill Miller will officially hand over the day-to-day management of the well-known Legg Mason Capital Management Value Trust fund to his successor Sam Peters on April 30, the Baltimore money manager announced Thursday. The announcement comes after Peters was named more than a year ago to head the Value Trust fund, which Miller has managed for 30 years. Miller will also relinquish his role as chief investment officer of Legg Mason Capital Management to Peters.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 21, 2010
Legg Mason money manager Sam Peters will begin co-managing the company's flagship mutual fund next month. Peters will join star manager Bill Miller in managing the $4 billion Legg Mason Capital Management Value Trust. The company had announced earlier this year that Peters would become co-manager and eventually succeed Miller as the Value Trust's manager once he retires. Mary Chris Gay will continue to serve as the fund's assistant portfolio manager. Miller is known for having beat the benchmark Standard & Poor's 500 index for 15 consecutive years.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | December 30, 2006
In the end, the market beat money manager Bill Miller by 10 percentage points. Miller, who manages the Value Trust mutual fund at Baltimore-based Legg Mason Inc., has outperformed the market as measured by the Standard & Poor's 500 stock index for 15 consecutive years. But his quest to extend "The Streak" came to a close yesterday, when the fund ended the year with a 5.9 percent return, well below the S&P's 15.8 percent gain, including reinvested dividends. The streak has garnered publicity and investors for Legg Mason and Miller, whose unrivaled record made him recognized as one of America's best stock pickers.
BUSINESS
By Meredith Cohn and Meredith Cohn,SUN STAFF | January 1, 2003
Just like the Standard & Poor's 500 - and the Dow Jones industrial average and the Nasdaq composite - Bill Miller's Legg Mason Value Trust lost money for the third straight year in 2002. But just like the previous 11 years, the return on the fund that Miller manages from the Legg Mason tower in Baltimore beat the return on the S&P 500. Miller's fund was down nearly 19 percent for the year; the S&P 500 was off more than 23 percent. "In a difficult environment, he's done well on a relative basis," said Edwin Boyer, principal at Asset Strategy Consultants, a Baltimore-based consulting firm that ranks the performance of money managers for pension plans, endowments and foundations.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun and Baltimore Sun reporter | September 24, 2010
William Louis "Bill" Miller, who was an original member of the Colts' Marching Band and a retired educator, died Sept. 15 of myelodysplastic syndrome at Mandarin House Hospice in Harwood. Mr. Miller, who had homes in Columbia and Annapolis, was 77. Mr. Miller, whose parents owned Miller's Hardware at East Baltimore and Clinton streets, was born in Baltimore and raised in Highlandtown. He was a 1950 graduate of the old Patterson Park High School and earned a bachelor's degree in education in 1954 from what is now Towson University.
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