Legg Mason US trust ends 2004 on a high note

Bill Miller's US-domiciled Legg Mason Value Trust finished 2004 outperforming the S&P 500 for the 14...

Bill Miller's US-domiciled Legg Mason Value Trust finished 2004 outperforming the S&P 500 for the 14th consecutive calendar year, despite trailing the index as late as October. The group's Dublin-domiciled Value fund and UK-domiciled US Equity portfolio, both managed by Mary Chris Gay, mirror the Value Trust. At the end of the third quarter, the consensus was that Miller's fund would underperform the benchmark. Rolling 12-month figures to the end of September showed that while the S&P 500 rose 13.87%, the Value fund returned 10.4% on a mid-to-mid basis with gross income reinvested in doll...