Per the WSJ:
Massachusetts' pension fund has dismissed five managers that handled its $1.8 billion U.S. equity portfolio, including Legg Mason Capital Management, a Legg Mason Inc. unit.It's been a harsh reversal of fortune for Mr. Miller who outperformed the S&P 500 fifteen straight years from 1991-2005. With that kind of run, performance must still be strong historically relative to the S&P 500... think again.
The decision is another blow to Bill Miller, manager of the Legg Mason Value Trust, which has lagged the Standard & Poor's 500-stock index during the past three years since its 15-year streak of outperformance ended.
Source: Yahoo Finance