Legg Mason Value Fund

The fund has a truly breathtaking pedigree and has not disappointed investors in 2003. The manager Bill Miller has remained objective throughout the rally in 2003 and has recently been recycling technology holdings in to some of the unloved cyclicals. The depth of resource and quality of management ensure a robust product which is very worthy of its high Forsyth rating. The manager defines his investment style as value-orientated. This is not the traditional accounting version of value, but rather an 'Economic Value' principle which acknowledges that it is cash reported earnings that ulti...