1.   Broader market averages also record hefty gains, partly reversing their recent steep declines.

2.   Broader market averages also registered gains.

3.   It is one thing to own a fund that underperforms the market averages by a few percentage points but still winds up with a gain in net asset value.

4.   Its flagship fund, Magellan, has badly underperformed other funds and the broader market averages.