Legg Mason Opportunity itself shows the two sides of active management that Millers career personified. The fund tops the mid-cap blend peer group over the last five years, according to Morningstar but is nearly last in the category year-to-date and over the last 12 months. In an investing world that is often hyperfocused on What have you done for me lately? the long-term results are easily overlooked. Genuine management stars always were rare creatures, but today investors focus on their shortcomings because it justifies using cheaper index funds. article sourceThrough June of this year, investors removed $317 billion from actively managed funds, but pumped $373 billion into passive funds, according to Morningstar. Millers career shows both the appeal and the ugliness of active management. For 15 consecutive calendar years from 1991 through 2005, Millers flagship fund since renamed ClearBridge Value (LMVTX) beat the S&P 500. Only 12 other funds even achieved a double-digit streak since 1980; the second-longest streak, by Matthews Asian Growth & Income (MACSX), ended at 12 years in 2010. Millers streak did not mean the fund made money in each of those 15 years, just that he beat the benchmark. Still, that made him the anomaly, the active manager who did better than an index fund in all conditions.
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