Famed value investor Bill Miller is setting up his own entity within Legg Mason, while the rest of the US equity business is combined with affiliate ClearBridge Advisors.
The views of Legg Mason's Bill Miller, who pursues value, and ClearBridge's Scott Glasser, who goes after quality, intersect.
The chairman and CIO of Legg Mason Capital Management says many large-cap stocks are now attractively valued. He has moved to make his portfolio more concentrated, trimming mostly small- and mid-cap holdings.
MillerÆs Legg Mason Value Trust beat the S&P 500 Index for 15 consecutive years û until last year.