The return of the new hypothetical portfolio is the risk-adjusted return, or its M-squared.

To show how funds with positive return gaps can outperform, the professors built two hypothetical portfolios.

His hypothetical portfolio may not be changing much, but its management is.

It calculated the after-tax returns of two hypothetical portfolios.

This is a purely hypothetical portfolio, not investment advice.

They created a hypothetical portfolio that on Jan. 1, 1965, bought the 10 percent of stocks with the best returns over the previous six months.

The five hypothetical portfolios could be rebalanced quarterly, and generally were; once a year is probably often enough for most long-term investors.

Consider a hypothetical portfolio that always invested in the previous year's market-beating newsletters.

The quantitative types can come up with the details, but the analysts' compensation must be based on the performance of that hypothetical portfolio.

Three of the five hypothetical portfolios lost money this quarter, though none more than 2 percent.