Why the majority of UK-based US fund managers cannot catch Miller's coat-tails

The illustrious Bill Miller looks set to hit another milestone on his Legg Mason US Value fund, outp...

The illustrious Bill Miller looks set to hit another milestone on his Legg Mason US Value fund, outperforming the S&P 500 index for the fifteenth consecutive year. With just over a month to go to 2006, Miller's multi-billion pound portfolio has achieved gains of 6.90% over the year to 23 November, narrowly outstripping the benchmark US index's rise of 6.17% over the same period. Both figures are total returns in US dollar terms, according to Bloomberg. The S&P is often cited as the most efficient market in the world. In fact, Legg Mason itself has referred to the index in the past as one ...