LMVTX is now underperforming the S&P 500 for the trailing 1, 3, 5, and 10 year periods.  Bill Miller had a streak of consistently beating the S&P 500 every year from 1991 to 2005.  Looking back to 1991, his outperformance against the index in the early years was quite modest.  So it probably won't take a much bigger decline to completely wipe out the fund's cumulative edge against the S&P 500 since the beginning of the streak.  I'm sure the media will have a field day with that. 

This is a good lesson about how short-term fluctuations can dramatically alter long-term trailing return numbers.  For a high-volatility fund, it doesn't take much to turn a spectacular long-term record completely on its head.  It's something to consider when investing in focused funds or aggressive funds. 

Best,
Oildog