BOSTON ( TheStreet) -- This year is the moment of truth for mutual fund managers. As the economy slows and stocks fall, managers' strategies are laid bare, and those who can't make money for investors face the firing squad.The Legg Mason Value Trust, which beat the S&P 500 Index for a record 15 years under Bill Miller, has slumped 10% this year. Ken Heebner's CGM Focus Fund, which used to gain more in one quarter than most funds did in a year, has dropped twice as much as the Value Trust. Even Fidelity's Contrafund has declined 1.9%. The Boston mutual fund firm's Harry Lange, manager of the Magellan Fund, was replaced this week because of poor performance.
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