Unfortunately, It did not track the s&p over the last 25 years. It performed much worse. Lets not forget turnover (portfolio) costs. Most people do not realize that if a fund has 80% turnover you can add approximately another .8 % to the expense ratio for your total cost of fund management. If a fund has 125% turnover, then add 1.25% to the expense ratio for total cost. These are "hidden" fees that most investers are unaware of. Also, in the good days of the Maggellan fund the expense ratio was quite a bit higher then present times. These transaction costs are the fees the "fund" (owners) pay for the selling and buying of different stock by the fund managers during the course of the year. These costs are negligible for an s&p index as no stocks are sold or bought ( for the most part).
