Title
Topic
Content Type
The Morningstar Analyst Rating for Funds: Analyzing the Performance of the Analyst Rating Globally
By Jeffrey Ptak, James Li  | 11 December 2017

We analyzed the global performance of the Morningstar Analyst Rating for funds based on its ability to predict funds' future risk-adjusted returns. We employed two standard approaches to measure the ratings' predictive ability: 1) Fama-MacBeth regressions, and 2) the event study framework. The time frame of ratings is November 2011 through April 2017, and subsequent performance is tracked through October 2017. Our analysis shows that the Analyst Rating exhibited predictive power during our sample period, though the strength varied between asset class. Using the regression technique, we found the Analyst Rating was most predictive among equity and allocation funds, where Gold-, Silver-, and Bronze-rated funds significantly outperformed after accounting for expenses and common risk-factor exposures. Our findings were similar under the event-study method: The average Gold-rated fund produced 0.76% per year in alpha (versus a relevant category index) over a 60-month event horizon whereas the average Neutral- and Negative-rated fund earned negative 0.04% and 0.22% of alpha per year, respectively. Taken as a whole, we find that the Analyst Ratings effectively sorted funds based on their average future risk-adjusted returns.
Rating Ourselves
Research Paper
Individual
Advisor
Fund Buyer
Do Vanguard and BlackRock Own Too Much of Corporate America?
By Haywood Kelly, CFA, Aron Szapiro  | 07 December 2017

Stewardship
Practice Management
Magazine Article
Advisor
Sustainability Matters: Does Sustainable Investing Help or Hurt Returns?
By Jon Hale  | 07 December 2017

It's complicated, but sustainable funds more than hold their own on a risk-adjusted basis.
ESG/Sustainable Investing
Research Paper
Individual
Advisor
Fund Buyer
Passive Fund Providers Take an Active Approach to Investment Stewardship - Full Report
By Hortense Bioy, CFA, Alex Bryan  | 06 December 2017

As assets continue to flow from actively managed to index-tracking strategies, the largest index asset managers are becoming increasingly influential, often ranking among the largest investors of public companies. Despite this fact, little research has been done to understand how index managers carry out their investment stewardship responsibilities. In this paper, we share our findings and highlight what managers have in common and areas where they differ. We also provide a list of best practices that investors can use to assess how asset managers stack up.
ESG/Sustainable Investing
Passive Investing
Research Paper
Individual
Advisor
Fund Buyer
EMEA Manager Research Asset-Class Spotlight: Allocation
By Natalia Wolfstetter  | 04 December 2017

This asset-class spotlight for allocation funds covers open-end Morningstar Medalists available for sale in Europe (including the United Kingdom), Hong Kong, and Singapore.
Medalists
Multi-Asset
Research Paper
Individual
Advisor
AM Sales & Marketing
Fund Buyer
Morningstar Direct Asset Flows Commentary: Europe--October 2017
By Ali Masarwah  | 27 November 2017

Demand for European open-end funds rises as allocation and alternative funds rebound.
Flows
Research Paper
Individual
Advisor
Fund Buyer
Morningstar Direct U.S. Asset Flows Update--October 2017
By Alina Lamy  | 21 November 2017

An $8.7 billion inflow is impressive for a category group that’s usually in outflow territory. Investors poured $27.6 billion into passive U.S.-equity funds last month, more than doubling the previous month’s $12.7-billion inflow. U.S. GDP growth has been at around 3.0% for two quarters in a row, and Washington has recently been focused on passing a tax bill that would significantly reduce corporate tax rates and make it easier for businesses to increase profitability.
Flows
Research Paper
Individual
Advisor
Fund Buyer
Buy Side (Equity/Credit)
U.S. Asset Class Spotlight--U.S. Small- and Mid-Cap Equities
By Tom Whitelaw  | 13 November 2017

This asset-class spotlight includes a summary of our ratings changes over the past 12 months, an examination of valuations, a look at the role domestic small- and mid-cap equities play in a portfolio, and more.
Asset Allocation
Medalists
Valuation
Fees & Expenses
Flows
Currencies/Rates
Active Investing
Morningstar ratings
Research Paper
Individual
Advisor
AM Sales & Marketing
Fund Buyer
Sustainability Matters: Investing for Sustainability and Impact
By Jon Hale  | 09 November 2017

Another facet of sustainable investing--impact--has gained significant traction this year, spurred by investors themselves and by those who want to mobilize investors to focus on how their investments can help solve global problems. This article lists several funds that achieve impact alongside financial return.
ESG/Sustainable Investing
Research Paper
Individual
Advisor
Fund Buyer
Morningstar Direct Asset Flows Commentary: Europe--September 2017
By Ali Masarwah  | 03 November 2017

Inflows to allocation and alternative funds falter in September.
Flows
Research Paper
Individual
Advisor
Fund Buyer
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