Making Buy-and-Hold Pay and Pay

Legg Mason Value Trust's Nancy Dennin says manager Bill Miller's devotion to the long term is the key to the fund's enviable record

Legg Mason Value Trust (LMVTX ), headed by Bill Miller, is famous in the investing world for being the only mutual fund that beat the S&P 500-stock index in each of the last 11 years. Nancy Dennin, the fund's assistant manager, credits Value Trust's success to Miller's focus on the long run -- generally the next three to five years -- and hanging on even if a holding's stock price falls.

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