Legg Mason (LM) has picked 40-year-old Sam Peters, manager of the�Special Investment Trust (LMASX) to replace Bill Miller “eventually” as head of the Value Trust (LMVTX), the firm said, noting that Peters will for the time being be co-manager along with Miller, 60.
Miller beat 92% of peers last year but trails 97% of them this year, notes Rueters Ross Kerber.
LMASX is up a fraction of 1% this year while LMVTX is down about 7%.
Legg said the shift in roles is not a reflection of anyone’s performance, just a part of “ongoing evolution” at Legg, and Miller has no plans to wind down his work.
But a bunch of snarky comments accompany Kerber’s article, from folks suggesting it is a delicate way of heading Miller to the door, and suggesting that Peters, a Fidelity vet, has a mediocre track record, something that fails to make him a panacea for Miller’s mixed track record in recent years.
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