                                        763

  ,    )    -
   100       -
   Standard & Poor's 500.     -
 ?2, ..  .      
 (..      ),  
()    .    ,
 90%       
   S&P 500    ,    
 66  98%.      ,  -
         (,  
,      )17.

22.5.4    

     ,    
      .   -
      ,    -
  .    . 22.6,   (   
   )  Barron 's     ,
 Upper Analytical Service.  ,      -
     (General Equity Funds),    (Other
Equity Funds)    (Other Funds)      , 
      (Upper Indexes)     .
      ,    
   .  ,     -
  (ASE),         -
.       ,    
    .

      
,        -
,     (benchmark portfolio),   
 : (1) ,      ,
,  Standard & Poor's 500,  (2)   , ,  -
 .      ,  
      .  -
   - 0,80    -
,   80%        20%  
'8.

    ,      
    ,   :   -
         -
.      (ex post alpha)  
  :

ap=arp-ari,p,                                      (22.3)

         ar,     -
 ,   .    ,  
 > 0,     ,    
   .  ,   < 0,     
.