12 for 12: Legg Mason Value Trust Extends Streak; The Only Fund to Outperform the S&P 500 For Each of the Last 12 Calendar Years
PR Newswire - January 07, 2003 15:09
BALTIMORE, Jan. 7 /PRNewswire-FirstCall/ -- Legg Mason, Inc. (NYSE: LM) announces that the Legg Mason Value Trust, managed by Bill Miller, outperformed the S&P 500 index(1) for the calendar year 2002, making it the only fund to have beaten the S&P 500 for each of the last 12 calendar years. In fact, the Value Trust is the only fund to beat the S&P 500 for any 12 straight calendar years in the modern era.(2)
Average Annual Total Returns as of 12/31/02 (dividends and capital gain distributions reinvested)
One Year Five Years Ten Years
Legg Mason Value Trust -18.92% 5.08% 14.46%
S&P 500(3) -22.10% -0.59% 9.34%
Mr. Miller has been a manager of the Value Trust since its inception, co- managing the fund with Ernest Kiehne for the first eight years and becoming sole manager in November 1990. Over the years, Mr. Miller has received numerous accolades for his management record and distinct style, which focuses on a detailed understanding of businesses and their intrinsic value. Since its inception on April 16, 1982, the Value Trust has outperformed the S&P 500 in 17 of 21 calendar years (including the partial year 1982).
"Bill has once again proven that he and his team can outperform the market even during one of the most difficult environments," says Raymond A. "Chip" Mason, chairman and CEO of Legg Mason, Inc. "Legg Mason believes the management of Value Trust provide investors with experience and ability that has stood the test of time and markets."
"While it is gratifying to add value by outperforming the index again in 2002," says Mr. Miller, "equity investors have suffered one of the worst periods since WWII. We believe the outlook in 2003 is positive for stocks and have positioned the Value Trust portfolio to take advantage of this environment."
Legg Mason, Inc., headquartered in Baltimore, is a holding company that provides asset management, securities brokerage, investment banking, and related financial services through its wholly owned subsidiaries.
Value Trust seeks long-term capital appreciation. For a complimentary Legg Mason Value Trust prospectus containing more complete information, including charges and expenses, call 1-800-577-8589. Please read the prospectus carefully before investing or sending money.
Past performance does not guarantee future results. The investment return and principal value of the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Please refer to the fund's most recent Shareholder's Report for complete details. Legg Mason Wood Walker, Inc. is a member of the NASD, the NYSE, and the SIPC.
(1) The S&P 500 is an unmanaged index of common stock prices that includes reinvestment of dividends and capital gain distributions and is generally considered representative of the U.S. stock market.
(2) According to Lipper Inc., whose mutual fund performance data dates back to 12/31/59 and includes only those mutual funds in existence as of 12/31/02.
(3) The source of the S&P 500 performance information in this table is Lipper Inc.
SOURCE Legg Mason, Inc.
/CONTACT: Alison Andrews or Maura Fox of Legg Mason Corporate
Communications, +1-410-454-2616/
/Web site: leggmason.com /
(LM)
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