fees. Note the performance shown is net of the expense ratio (e.g. after fees). Do fees explain the bng-term performance differential? Note the comment from Vanguard that states "The investments or benchmarks you chose fall into different investment categories. This comparison may not provide complete or accurate results". What do you think Vanguard means buy this? Your answer should consider the fact that Price / Earnings, Price / Book, and Earnings Growth Rate are metrics used to help categorize a stock portfolio as being core, growth or value. Growth portfolios typically have higher Price / Earnings and Price / Book ratios than core portfolios, which in turn have higher ratios than value portfolios. Also consider the sector differences especially in the more growth oriented sectors such as technology, healthcare; and the value oriented sectors such as financials, industrials, energy and utilities. As part your answer, note the stated benchmark for the Magellan Fund and compare its performance to that of VTI over time.