Bill Miller is stepping down as the Legg Mason Value Trust mutual fund, which currently has $2.8 billion under management, at the end of April, The Wall Street Journal reports. He managed the fund for about 30 years, including during its streak of outperforming the S&P 500 stock index from 1991 to 2005.
Miller will be replaced by Sam Peters, who will be the sole portfolio manager. Miller will continue as chairman of Legg Mason Capital Management, but will hand over the title of CIO to Peters.
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