Bill Miller is the Chairman and Chief Investment Officer of Legg Mason Capital Management. He also currently serves as the portfolio manager for the Value Trust and Opportunity Trust mutual funds. Mr. Miller assumed overall responsibility for the equity funds management area of Legg Mason in late 1990. Prior to this time, he co-managed (with Ernie Kiehne) the Legg Mason Value Trust from its inception in 1982. He was the director of research of Legg Mason from October 1981 through June 1985. He earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at The Johns Hopkins University. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. Bill received his CFA designation in 1986
Mr. Miller currently serves on the Board of Trustees of the Santa Fe Institute, one of the world’s leading scientific research laboratories, which conducts multi-disciplinary research in complex systems theory.
Over the years, Mr. Miller and his team have received numerous accolades for their management record and distinct style, which focuses on a detailed understanding of businesses and their intrinsic value. Mr. Miller was ranked among the top 30 most influential people in investing when he was named a member of the "Power 30" by SmartMoney. He was also named by Money magazine as "The Greatest Money Manager of the 1990's" and named Morningstar's 1998 "Domestic Equity Manager of the Year."1 In 1999, he was selected as the "Fund Manager of the Decade" by Morningstar.com.¹ Also in 1999, Barron’s named him to its All-Century Investment Team and BusinessWeek called him one of the “Heroes of Value Investing.”
1Morningstar’s award for “Domestic Equity Fund Manager of the Year 1998” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller received 56% of the analysts’ vote in Morningstar.com’s 1999 Poll in the “Fund Manager of the Decade” category. Thirty-four Morningstar.com analysts voted. Nominees in this category were selected based on their demonstration of investment skill, their courage to differ from consensus, and their commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller was named to Barron’s Mutual Funds “All-Century Team” for his stock-picking skills. This is not an official ranking based on specific criteria. The selection was based solely on the opinion of Barron’s Mutual Funds writing staff.
Jennifer Murphy, President and CEO of Legg Mason Capital Management, has worked for Legg Mason for over two decades. She first joined the firm in 1986, when she was hired as a Securities Analyst by Bill Miller. She has since held diverse business and investment roles for LMCM, including serving as CFO and then manager of LMCM's research team, risk management and new product initiatives. Since 1999, Jennifer has been a Director of the Legg Mason Opportunity Trust. In addition, from 1995-1998, Jennifer worked directly for Raymond (Chip) Mason at Legg Mason, Inc. on strategic analysis and acquisitions. Outside the Legg Mason Family, she also served as a Strategy Consultant for Corporate Decisions, Inc. She earned a B.A. in Economics from Brown University and an M.B.A. with distinction from the Wharton School at the University of Pennsylvania, where she was a Palmer Scholar. Jennifer received the CFA designation in 1989. She is a Trustee of the Board at the Walters Art Museum and at the Glenelg Country School, and was also appointed to the Brown Women's Leadership Council in 2010.
Mary Chris Gay joined Legg Mason's Research Department in 1988 and became part of Legg Mason Capital Management in 1989. Ms. Gay initially was an analyst on the research team and followed gaming, lodging and entertainment stocks. In 1998 she was named Portfolio Manager for the Institutional Pooled products which allow investors access to the investment portfolio and process implemented by the Legg Mason Value Trust. In 2006, she was named Assistant Portfolio Manager to the Legg Mason Value Trust whose lead manager is Bill Miller. Ms. Gay was chosen as one of the top 40 business executives in the Baltimore region under 40 years of age by the Baltimore Business Journal in 2003 and in 2006 was named by Global Investor magazine as one of the 20 key players for the next generation of asset management.
Ms. Gay is a member of LMCM's Investment Policy Committee. She is a member of the Finance Advisory Board at Loyola College and also serves as an advisor to the Sellinger Applied Portfolio Fund at Loyola College in Maryland. She serves on the Academy of the Holy Cross Endowed Scholarship Board and is a member of the United Way's Women's Leadership Council. Ms. Gay earned her B.A. in Finance from Towson University and her M.S. in Finance from Loyola College in Maryland.
Robert Hagstrom currently serves as Portfolio Manager of the Legg Mason Growth Trust mutual fund (formerly Legg Mason Focus Trust) and manages the Growth Equity strategy for institutional investors. Previously, Robert served as President and Chief Investment Officer of Legg Mason Focus Capital and prior to that was General Partner of Focus Capital Advisory. Prior to working with Focus Capital, he was a Principal at Lloyd, Leith and Sawin. Robert acted as Portfolio Manager with First Fidelity Bank from 1989 to 1991. From 1984 to 1989, he was a Financial Advisor for Legg Mason Wood Walker, Inc. Robert earned a B.A. and M.A. from Villanova University. Robert received the CFA designation in 1992 and is a member of The CFA Institute and the CFA Society of Philadelphia.
Robert is also known for his best-selling book, The Warren Buffett Way: Investment Strategies of the World's Greatest Investor. He has also written a number of investment books including: The NASCAR Way: The Business That Drives the Sport; The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy; The Essential Buffett: Timeless Principles For a New Economy; Investing: The Last Liberal Art; and his latest book The Detective and The Investor: Uncovering Investment Techniques from the Legendary Sleuths. Robert received the CFA designation in 1992 and is a member of The CFA Institute and the CFA Society of Philadelphia.
Jay Leopold joined Legg Mason in 1986 and Legg Mason Capital Management in 1995 and now has over 20 years of investment experience as a portfolio manager and an analyst. After covering stocks in a variety of industries, including health care, he was named assistant portfolio manager of Legg Mason's American Leading Companies mutual fund in 2000. Jay became co-manager of LMCM's All Cap product in 2002 and sole manager in 2005. In 2007, he became manager of the Legg Mason Partners All Cap Fund.
Jay is a former president and director of the Baltimore Security Analysts Society. He graduated cum laude from the Wharton School at the University of Pennsylvania with a B.A. in Finance and received his CFA designation in 1989.
Samantha McLemore joined Legg Mason Capital Management in 2002 as an analyst. She was named Assistant Portfolio Manager of the Legg Mason Opportunity Trust in 2008 after working as a portfolio analyst focused on the fund. Samantha serves as Portfolio Manager on the LMCM Opportunity Fund, which allows investors access to the investment process and portfolio implemented by the Legg Mason Opportunity Trust. Samantha graduated magna cum laude from Washington & Lee University with a BS in Business Administration and Accounting where she was a recipient of the Lewis Kerr Johnson Scholarship and the Accounting Department Scholarship. She received her CFA designation in 2005.
Tim McGurkin joined Legg Mason Capital Management in 2003 and currently serves as a Portfolio Manager. Prior to joining LMCM, he was a Director on the Equity Capital Markets desk of Deutsche Banc Alex. Brown. He began his career at Alex. Brown as an Equity Research Analyst in the Financial Services Group. Tim earned a B.S. from the University of Vermont and an M.B.A. from the Johnson Graduate School of Management at Cornell University. Tim received the CFA designation in 1997.
David Nelson has more than 30 years of investment experience, including 15 with Legg Mason. Since 1998, David has served as Portfolio Manager of the Legg Mason American Leading Companies Trust mutual fund. In 2004, he was appointed Director of Market Analysis, and was named Chairman of Legg Mason Capital Management's Investment Policy Committee in 2006. This committee is comprised of all portfolio managers and the leaders of the research team, with Bill Miller sitting ex-officio. Prior to rejoining Legg Mason in 1998, David was Director of Equity Research and a portfolio manager at Investment Counselors of Maryland from 1989 to 1998. From 1982 to 1989, David was Senior Vice President and Director of Research at Legg Mason Wood Walker Inc. Before that, he spent seven years as an equity analyst and Director of Quantitative Research at Burns Pauli & Company in St. Louis, Missouri. David earned his undergraduate degree in economics from Wesleyan University in 1969 and his M.B.A. from Washington University (St. Louis) in 1976. Prior to graduate school, David was a 6th grade teacher, a Computer Programmer and Systems Analyst, and served in the U.S. Army in Heidelberg, Germany. He received his CFA designation in 1980 and is a past President of the Baltimore Security Analysts Society.
Sam Peters joined Legg Mason Capital Management in 2005. He currently serves as the Portfolio Manager of the Legg Mason Special Investment Trust mutual fund, and manages the Mid-Cap Equity strategy for institutional investors. Prior to joining Legg Mason, Sam worked for Fidelity Management & Research, serving as Portfolio Manager of the Fidelity Select Health Care Fund and the Fidelity Select Medical Equipment Fund, as well as Team Leader for the Health Care sector. From 2002 to 2004, Sam was Portfolio Manager for the Fidelity Select Electronics Fund, and from 2000 to 2001, he was Portfolio Manager for the Fidelity Select Banking Fund. Sam joined Fidelity in 1999 as a Bank Analyst. In 1996, Sam founded Samuel M. Peters Investment Advisors, an independent advisory firm. From 1992 to 1995, Sam was a Financial Consultant for Eppler, Guerin & Turner. Sam earned a B.A. in economics from the College of William & Mary and an M.B.A. from the University of Chicago. He received his CFA designation in 1997. Sam is a board member of the College of William and Mary's Endowment Committee.
Jane Trust joined Legg Mason Capital Management in 2007 and currently serves as a Portfolio Manager. Prior to joining LMCM, Jane was a Portfolio Manager and oversaw Legg Mason Investment Counsel's Baltimore office including the fixed income group and trading. Jane joined Legg Mason in 1987 and prior to this was a management consultant. She received the CFA designation in 1991. She is a member of the CFA Institute and the Washington, D.C. Association of Money Managers. Jane graduated from Dartmouth College with a B.A. in Engineering and obtained her M.A.S. in Finance from Johns Hopkins University.