From Evan Newmark:
Miller’s Value Trust Fund, Legg Mason’s flagship, just passed another milestone. As of the end of May, according to Morningstar, the fund is now underperforming the S&P 500 over a 10-year period.
This isn’t (only) a how-the-mighty-are-fallen datapoint. It’s also a wake-up call to anybody feeling smug about how "their" fund manager has managed to consistently outperform their benchmark. Such smugness can evaporate very quickly.