Ernest "Ernie" C. Kiehne, a Baltimore native who spent more than 40 years with Legg Mason Inc. and once co-managed its flagship Value Trust Fund, died Friday in his sleep, the company said. He was 92.

Mr. Kiehne continued to work at Legg at least four days a week, researching companies and studying the stock market. He contributed his insights on the economy and world events at weekly investment strategy meetings at Legg Mason Capital Management and served as a mentor to younger colleagues, according to Legg executives.

In 1967, he joined what was then Legg & Co. as director of research, and was a founding manager of Legg's well-known Value Trust fund in 1982. Mr. Kiehne co-managed the mutual fund with Bill Miller until 1990.

The fund and Mr. Miller would go on to become legendary for outperforming the S&P 500, an index seen as a barometer of the broader U.S. stock market, for 15 consecutive years, until 2006.

Mr. Kiehne, an animal lover who with his wife, Nancy, adopted 30 cats and dogs during his lifetime, was an active volunteer at the United Way of Central Maryland for more than three decades. He was scheduled to receive the Volunteer of a Lifetime Award from the United Way in the fall.

He graduated from the Johns Hopkins University's business school in 1940. He enlisted in the U.S. Navy in 1941 and served four years in the Pacific theater during World War II.

Prior to joining Legg, Mr. Kiehne was a lineman and a supervisor in various divisions at the Chesapeake & Potomac Telephone Co.

A memorial service and a reception will be held at 11 a.m. Wednesday at Divinity Lutheran Church, 1220 Providence Road, Baltimore.

Kiehne is survived by his wife, Nancy; a son, Chris; a daughter, Barbara Younger; and several grandchildren.

hanah.cho@baltsun.com