picAs Legg Mason pleads for patience, investors are abandoning Bill Miller’s Legg Mason Value Trust. Back in 2006, when Miller was the conquering hero who had beaten the S&P 500 every year for 15 years running, Miller had $24.2 billion in his mutual fund. Now, after trailing the index by 12.4 percentage points over the last three years, he has $9 billion left. Today, he lost a $740 million investment from the $53 billion Massachusetts pension fund.

Massachusetts had been a Miller investor since 2000. Now those assets (along with $1.1 billion that were with three other active managers) will be moved to State Street Global Advisors who already handle the pension fund’s domestic stock indexes.