                                        775

      3, 5  10     20,
30  50%,    .   
      .    -
   ,   ,   .   Magellan
    -  1  10,     
.       -
        .  Magellan  
            .

  /    ,
         ,  
Morningstar   .     Magellan  -
 183    5 ,     
.

22.6.4    

    . 22.9  ,  Morningstar  -
statislics -        
(Modern Portfolio Theory).      ,   2. 
 ,      -
,     ,    , -
  . 832.       ,  -
     .  Morningstar -
      36  ( -
         
)    S&P 500   36  (-
         -
 ).        -
 .  /?2     (  100),
    36     -
    S&P 500.

 ,   Magellan (   S&P 500)   1,01. 
   6,4% ,      
      36 .  R\  84,
,   84%     
     S&P 500.

         (Std Dev),
   (Mean)    (Sharpe Ratio).  
        36 . -
        Magellan -
  11,13  17,81%.  ,    -
  . 25,       .
   Morningstar      12 -
       36 . , -
      ,    Magellan
 1,27.

22.6.5    

   (Investment Style)     
. 22.9.      ,   .
      . ,  -
 / (Price/Earnings Ratio)   Magellan  28  1994 .