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Fund Spy

Down in the Dumps Again

After a big bounce in 2009, Bill Miller's Capital Management Value Trust is behind again.

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If any portfolio manager needs a good year of performance, it has to be Legg Mason Capital Management's Bill Miller. Unfortunately, he didn't get it in 2010.

For the year to date through Dec. 22,  Legg Mason Capital Management Value Trust (LMVTX) is up 7.08%. That's not bad in absolute terms, but it is less than half the S&P 500 Index's 15.14% gain. It also puts the fund well in the large-blend category's worst decile--for the fourth time in the past five years.

The sluggishness continues to take a toll on the fund's longer-term results. Its 10-year return, a 1.61% annualized loss, also sits in the category's worst decile. And while its 7.09% annualized gain over the past 15 years is just outside the category's best quartile, it beats the index by only 27 basis points--which hardly seems enough considering the volatility fund shareholders have endured.

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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