Title
Topic
Content Type
Morningstar Risk Model Methodology
By Madison Sargis  | 25 October 2018

The ability to model the risk of a portfolio is paramount to making investment decisions that maximize utility. Our fundamental factor-based methodology provides a way to forecast risk, but more importantly, it provides an intuitive interpretation of the mechanics behind the forecast.
Quantitative Analysis
Risk
Methodology Document
AM Sales & Marketing
Fund Buyer
Morningstar Equity Comparables Methodology
By Patrick Caldon, Taylor Hess  | 22 October 2018

Morningstar developed the Morningstar Equity Comparables system to give investors and financial professionals an objective benchmark for comparing companies. Morningstar Equity Comparables is genuinely different to other industry classification schemes. We start from the bottom up with comparable companies, as opposed to the top down with sector definitions. For every pair of companies, we determine how similar they are–anywhere from closely comparable to distantly related based on automated analysis of the companies' own business description. We automatically analyse the text of the business description and work out whether companies are talking about similar things as they describe their businesses. Businesses described in similar terms are comparable.
Methodology Document
A Scalable Electricity Load and Price Model
By Michael O'Leary, Matthew Hong  | 22 October 2018

This iteration of Morningstar's first energy-based quantitative model explores the improvements proposed in the first quantitative modeling white paper.
Quantitative Analysis
Rating Ourselves
Research Paper
Buy Side (Equity/Credit)
The Currency-Hedging Dilemma
By Daniel Sotiroff  | 17 October 2018

Hedging currency risk reduces the volatility of foreign investments but comes with costs.
Risk
Currencies/Rates
Pursuit of Sustainable Income
Research Paper
Advisor
AM Sales & Marketing
Fund Buyer
Macro-Financial Scenario Analysis
By Michael O'Leary  | 16 October 2018

This Morningstar tool calculates the impact of user-specified macroeconomic and financial system shocks on forecast factor exposures and volatilities. The user can specify multiple shocks at different points in time and calculate the subsequent expected risk and return of the portfolio.
Align Principal & Agent Interests
Market Shocks
Research Paper
Advisor
AM Sales & Marketing
Fund Buyer
Morningstar Risk Decomposition Methodology
By Madison Sargis  | 10 October 2018

Morningstar Risk Decomposition Methodology
Quantitative Analysis
Risk
Methodology Document
A Framework for Evaluating Strategic-Beta Bond Funds
By Alex Bryan, Jose Garcia-Zarate  | 03 October 2018

Strategic-beta fixed-income funds haven't taken off as quickly as their equity counterparts, but they are a growing area of focus for many asset managers. Most of these funds attempt to deliver better performance than traditional market-cap-weighted index funds. These strategies often seem more intuitively appealing than the alternative of owning a broad market-cap-weighted portfolio that tilts toward the biggest debtors. But they do face some challenges. This paper outlines the landscape of strategic-beta fixed-income funds and presents a framework to help guide investors toward the better options.
ETFs
Strategic Beta
Factor Investing
Research Paper
Individual
Advisor
Fund Buyer
Morningstar's European Active/Passive Barometer--October 2018
By Dimitar Boyadzhiev  | 01 October 2018

The Morningstar European Active/Passive Barometer is a semiannual report that measures the performance of Europe-domiciled active funds against passive peers in their respective Morningstar Categories.
In Search of Management Skill
Performance
Active Investing
Passive Investing
Low Cost Investing
Research Paper
AM Sales & Marketing
Fund Buyer
Morningstar Sustainability Atlas: Carbon Edition
By Dan Lefkovitz  | 01 October 2018

This semiannual report examines the sustainability profiles of 46 equity markets based on the constituents of their Morningstar country indexes. Company level scores are used to compare national markets across environmental, social, and governance criteria. This edition also includes an analysis of country level carbon risk, a forward-looking assessment of companies’ vulnerability to the transition away from a fossil-fuel intensive economy. Investors can use the report to identify ESG risks and opportunities across the globe.
ESG/Sustainable Investing
Research Paper
Individual
Advisor
Fund Buyer
Morningstar Direct Asset Flows Commentary: Europe--August 2018
By Valerio Baselli  | 27 September 2018

Inflows to long-term funds reduced to a trickle in August as actively managed funds falter.
Flows
Research Paper
Individual
Advisor
Fund Buyer
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