Legg Mason

The Legg Mason Value Trust is a mutual fund notable for beating the S&P 500 handily for 15 consecutive years at the turn of the century. During that time, the fund’s assets grew nineteen fold to more than $19 billion from under $1 billion. And then it all came crashing down. After earning a cumulative return of 881% during those 15 years—compared with the S&P 500’s 414% return—, the fund lost its way during the 2007-09 financial crisis, incurring a 72% peak-to-trough loss from October 2007 to March 2009.