Thursday, August 03, 2006

legg mason´s miller

es sieht so aus als wenn jede serie mal zu ende geht.

SAN FRANCISCO (MarketWatch) -- Mutual fund manager Bill Miller, whose embrace of downtrodden Internet and home-builder stocks threatens to choke a remarkable market-beating streak, acknowledged his fund's "dreadful" recent performance in a letter to shareholders and asked for their patience

The fund is down 10% so far this year through Aug. 1, lagging the S&P 500 by almost 13 percentage points. (allerdings hat er in letzten jahren diverse male auf dem letzten drücker das ruder noch rumreißen können. wird jetzt aber extrem schwer. erst recht wenn er an den buildern festhält.)

Many fund managers trail their benchmarks for a time, some longer than others. In fact, most actively run funds fail to top a benchmark in a given year. But Miller's moves are closely scrutinized because the fund manager has topped the S&P 500 for 15 consecutive calendar years, the longest winning streak in the business (genial)

Another area where the fund has been hit is home building, Miller wrote.

"Here we clearly made a mistake by initiating positions too early," Miller said. "We were waiting for a significant sell-off to establish positions," he added. "When that sell-off occurred late last year, we jumped in," only to get broadsided by an even larger selling wave.

Lack of energy

Yet the biggest problem for Value Trust may not be what Miller owns, but what he doesn't. Miller has steadfastly refused to invest in the energy sector, which has been among the market's top performers.

"This is another area we were clearly wrong about," Miller said, though evidently he isn't about to shift gears.

bin mal gespannt ob sich die strategie richtung jahesende noch auszahlen wird.

wiedervorlage im januar 07



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