November 17, 2011
As part of our continued advancement of the next generation of leadership at Legg Mason Capital Management, we are pleased to announce that, effective April 30, 2012, Sam Peters will become lead portfolio manager of the Legg Mason Capital Management Value Equity strategy, as well as Chief Investment Officer for LMCM. Bill Miller will continue to serve as LMCM’s Chairman and to manage the Legg Mason Capital Management Opportunity portfolios, along with a number of other strategies. Mary Chris Gay will continue to serve as a portfolio manager for the LMCM Value Equity strategy.
This announcement is the culmination of a long and thoughtful transition process that began more than five years ago, and that we shared with clients in the spring of 2010 when Bill identified Sam as his eventual successor on the Value Equity strategy. Since November 2010, Sam has co-managed the Value Trust and Value Equity strategy with Bill and the two have worked together to make important adjustments to the portfolio’s construction and characteristics. We believe this step ensures our continued ability to serve our clients through the consistent application of our investment philosophy and process.
Sam has been with LMCM since 2005 and he has managed or co-managed a number of LMCM strategies during his tenure. During his years with LMCM, Sam has proven to be a talented investor, independent thinker, and steady leader. Sam has made significant contributions to our investment process, including adding quantitative insights to security selection and portfolio construction. Several years ago, Sam assumed oversight of our research team, and working closely with our Director of Research, he has been instrumental in enhancing our analytical platform. Adding the responsibility of Chief Investment Officer is a natural progression in Sam’s role in shaping our research efforts. Sam will continue to co-manage the Legg Mason Capital Management Mid-Cap strategy with Albert Grosman.
As always, we appreciate the trust you have placed in us and welcome your questions and comments.