I'll get a buncha people angry if I steal the entire text. "Intellectual Property" is IMAGINARY property, I still assert.
Here's an excerpt. M* still likes MAPOX a lot. I note that its risk profile has been changed from MODERATE to BELOW AVERAGE, and returns (M*) from HIGH to ABOVE AVERAGE.
"....This patient process has led to excellent results: During the past 10 years through March 31, 2015, the fund beat most of its moderate-allocation peers with a 7.8% annualized gain, as well as the Morningstar Moderate Target Risk Index (up 7.3%). During that time, the fund also has moderate Morningstar Risk scores. As the fund's 60/40 asset allocation is generally in line with the Morningstar Category norm, the outperformance owes largely to security selection...."
