858                                          _         24

  ,     (group selection)  , -
        -
 . ,  ,      70%
  , 10%     20% 
 .  ,  ,  
    100%       -
-   .  ,     
       ,   
,         .

 ,       ,
,   ,   .  
  ,      ,   . 24.5 ().

        . -
,        ,    -
    ,       -
    . ,   -
        75%   25%
.          
  ,     .

 ,        -
     ,   , 
         .
,       
 ,       S&P 500,  
        (  -
  ).   ,    
S&P 500,      ,     -
    .  ,     
  100%    ,    ,   -
       . ,   
    100%    , , 
   .

 

 . 24.5()  ,   ,   -
  (market timing).      
      (   
 ,    )     , , 
 .  ,    ,
        ,  
          -
     ,       
    .

,   ,    
   ,     (security selection style). 
,       ,    -
 (asset allocation style),       -
. ,  ,     
  ,      (group rotation style). -
      (investment style).  -
,           . 
   ,      -
     .