Bill Miller to Step Down From Legg Mason Value Trust Fund - WSJ.com:
BY JOE LIGHT AND TOM LAURICELLA
One of the last star mutual fund managers is scaling back.
Value investor Bill Miller, whose bold bets on technology and financial stocks helped him beat the market for 15 years in a row through 2005, on Thursday said he would step down as manager of the $2.8 billion Legg Mason Capital Management Value Trust fund in April.
Mr. Miller's fund fell on hard times during the financial crisis as big wagers on banking stocks failed to pay off. The fund has trailed the Standard & Poor's 500-stock index in five of the past six years, and its assets have ...
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