In the Value Trust case‚ Mr. Bill Miller is Chairman and Chief Investment Officer of Legg Mason Capital Management‚ a subsidiary of Legg Mason‚ Inc. He was a co-portfolio manager of the Legg Mason Capital Management Value Trust and portfolio manager of the Legg Mason Capital Management Opportunity Trust. From October 1981 through June 1985‚ Miller served as the Director of Research for Legg Mason‚ where he co-managed (with Ernie Kiehne) the Legg Mason Capital Management Value Trust since its
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1. How well has Value Trust performed in recent years? In making that assessment‚ what benchmark(s) are you using? How do you measure investment performance? What does good performance mean to you? Value trust had outperformed its benchmark index‚ the Standard & poor 500 Index for 14 years in a row; am average annual total return of 14.6 percent‚ which surpassed the S&P 500 by 3.67% per year. Value trust had earned a cumulative return of more than 830% over the previous 14 years‚ more
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Bill Miller and Value Trust Background Information Bill Miller is one of the most renowned professional fund managers. This can be proven by the outperformance of the Value Trust‚ which is managed by him‚ compared to its benchmark index‚ the Standard & Poor’s 500 Index (S&P 500)‚ for an astonishing 14 years in a row; and this marked the longest streak of success for any manager in the mutual-fund industry. By the middle of 2005‚ Value Trust is worth $11.2-billion. Bill Miller’s approach to
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1. This case goes back to the year the 2005. Value Trust was an $11.2 billion mutual fund in the middle of that year and had outperformed for the Standard & Poor’s 500 Index for 14 consecutive years. The fund was managed by William H. Miller III. During those 14 years‚ the fund experienced an average annual return of 14.6%. This return outperformed the S & P 500 by 3.67% per year. Morningstar claimed the Value Trust mutual fund fell behind the S & P 500 in 32 12-month periods
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461 – spring 2015 Assignment: Bill Miller and Value Trust Case Brief Conventional academic theories suggest that in markets characterized by high competition‚ easy entry‚ and information efficiency‚ it would be extremely difficult to beat the market on a sustained basis. William H. (Bill) Miller III‚ a mutual fund manager of Baltimore‚ Maryland – based Legg Mason‚ seemed to defy such theories while managing Legg Mason’s $11.2 billion Value Trust. Miller and Value Trust outperformed the S&P 500 for
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In 2005‚ Value Trust‚ an $11.2 billion mutual fund managed by Bill Miller‚ had outperformed its benchmark index‚ the S&P 500‚ for a consecutive 14 years. This record marked the longest streak of success for any manager in the mutual fund industry‚ doubling the previous record. While Miller had been beaten in individual years‚ no manager has been as consistent. This has provoked many different questions in academia because it defies current conventional theories such as the Efficient Market Hypothesis
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David Maciejko Case Brief for Bill Miller and Value Trust In 2005 mutual funds were the fastest growing investment vehicle in the United States. Bill Miller is considered one of the greatest mutual fund managers of all time‚ since 1982 he defied the odds by consistently creating returns with his investments that outperformed the S&P index fourteen years in a row. There have been investors who created better returns in a year‚ but none have come close to have long term returns like his. The
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Case Report Bill Miller and Value Trust February 9th‚ 2015 Bill Miller and Value Trust is a well-known mutual fund company that has outperformed the S&P 500 from 1991 until 2005 and this is the longest streak of mutual fund success in history. The mutual fund was the managed by William H. “Bill” Miller III who by concept was a contrarian‚ which means that his investments were focused on low price‚ high value funds. The “measure “of the industry are based on indexes and every fund is compared to
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Questions for Case 2 which will be discussed on 2/29/2012 1. How well has Value Trust performed in recent years? It had surpassed S&P500 for 14years in a row‚ achieving better results both bull markets or bear markets. As to its extraordinary returns‚ its annual return is 14.6% on average‚ which is3.67% high than S&P500. In making that assessment‚ what benchmark(s) are you using? How do you measure investment performance? What does good performance mean to you? Making money‚
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Basic Rules of Trusts: Property‚ Obligations and trusts 1) Equitable title exists whenever equity will require the legal owner of property to hold the property for the benefit of some other person or group of persons (which group may include the legal owner himself.) 2) Cestuis que trust=beneficiaries 3) Settlor and trustee can be the same person. 4) Settlor and beneficiary can be the same person. (Settlor can convey property to a trustee on trust for himself.) 5) Express trust as the creation
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