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Legg Mason&#39s Miller beats the index for 11th year

Legg Mason&#39s star value fund manager Bill Miller has outperformed the S&P500 index for the 11th consecutive year.

Miller, who has run Legg Mason&#39s flagship $11.7bn (£8.1bn) Value Trust since 1990, is the only manager to have outperformed his benchmark for more than a decade.

While Miller&#39s value trust is only available to the US market, he also co-manages Legg Mason Investors&#39 American assets investment trust with LMI head of investment trusts Alan Kerr.

Legg Mason chief executive Chip Mason says: “Legg Mason is very proud of Bill Miller and his impressive accomplishment, which further dem-onstrates the depth of talent and market insight he and his team bring to the fund during a very challenging investor climate.”

Miller says: “We have been through two tough years in 2000 and 2001, the first time in 27 years that the S&P500 index has declined two years in a row. While we are pleased that the value trust team has been able to add value by outperforming the index once again in 2001, our focus has been and will continue to be, to provide attractive long-term growth of capital for our shareholders.”

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