After beating the S&P 500 for the fifteenth straight year, Legg Mason portfolio manager Bill Miller is cutting back on his workload. No, he is not leaving Value Trust -- where he has topped the market. Nor is he stepping down from Opportunity Trust. Yes, that means he is turning the reins of Special Investment Trust over to co-portfolio manager Samuel Peters.

The move is actually no surprise and has been in the works for more than six months.

Peters and Miller have co-managed the $3.5 billion Legg Mason Special Investment Trust since last April, when Peters joined Legg Mason from Fidelity Investments. Miller had taken over the fund in January of 2004 after the resignation of Lisa Rapuano, who left Legg Mason to join a hedge fund (Matador Capital Management based in St. Petersburg, Florida).

For Miller, the change marks the second time that he has groomed a new portfolio manager for the fund, which he first led from its 1985 founding until Rapuano took over the fund in 2001.  

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