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Set in the autumn of 2005, this case recounts the remarkable performance record of Value Trust, a mutual fund managed by William H. "Bill" Miller III at Legg Mason, Inc. The case describes the investment style of Miller, whose record with Value Trust has beaten the S&P 500 14 years in a row. The tasks for the student are to assess the performance of the fund, consider the sources of its success, and decide on the sustainability of Miller's performance. Consistent with the introductory nature of the case, the analysis requires no numerical calculations. The instructor should not be deceived, however: the absorption of capital-market background and the implications of financial concepts in the case will fully occupy the novice. This case updates and replaces "Peter Lynch and the Fidelity Magellan Fund" (UVA-F-0777) and "The Fidelity Magellan Fund, 1995" (UVA-F-1126). The case is intended for use in the opening stages of a finance course. It provides a nontechnical introduction to the U.S. equity markets and lays the foundation for some basic concepts in finance.