Valuation still looks convincing, page-41

Sounds like you have absolutely zero understanding of how sectoral rotations would effect an index, or how an index works period.

A lot of people here are going to get a rude awakening at the next fund update, particularly now that most ratings houses have moved to downgrade.

Its certainly possible for an active fund to think ahead of a generalised index, the problem is Magellan has proved over the past 3 years they currently lack the ability to do this, if anything they're lagging by six months with every shift they make.