Legg Mason’s Bill Miller is among the legions of fund managers that fell from grace during the financial crisis. Miller’s streak of outperforming the S&P 500 for 15 straight years through 2005 at Legg Mason Value Trust, a mutual fund, was legendary.
However, the concentrated portfolio took a huge hit in the credit meltdown as some financial-sector holdings were essentially wiped out, The Wall Street Journal reported in December 2008.
The fund last week revealed it realized a loss of $551 million after selling a big chunk of Eastman Kodak (NYSE: EK) shares, Bloomberg recently reported. The fund kept most of its stake in Kodak for more than a decade and sold the stock only after the film company had lost more than 90% of its market value, according to the report.
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Max Chen contributed to this article.