Title
Topic
Content Type
Morningstar Sustainability Atlas: Sustainability Is Not Just for Rich Countries
By Dan Lefkovitz  | 16 April 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 exposure to thermal coal--a carbon-intensive energy source. Investors can use the report to identify ESG risks and opportunities across the globe.
ESG/Sustainable Investing
Research Paper
Individual
Advisor
AM Sales & Marketing
Fund Buyer
Macro-Financial Scenario Analysis Methodology
By Timothy Strauts  | 09 April 2018

Morningstar's Macro-Financial Scenario Analysis tool calculates the impact of user-specified macroeconomic and financial system shocks on forecast factor exposures and volatilities. With this tool, the user can specify multiple shocks at different points in time and calculate the subsequent expected risk and return of the portfolio.
Risk
Market Shocks
Methodology Document
Active Share in European Equity Funds
By Mathieu Caquineau, CFA, Matias Möttölä  | 09 April 2018

In this paper we study a subset of European large-cap equity funds to see how their active share has developed over time, and evaluate how the active share measure might be used as a tool to aid fund selection within the European fund universe. We find a strong inverse correlation between active share and market risk. Active share numbers dropped considerably during the financial crisis of 2008-09 but have been rising at a steady pace since then.
Benchmarks
Performance
Active Investing
Research Paper
Individual
Advisor
AM Sales & Marketing
Fund Buyer
More Moats, More Profits
By Damien Conover  | 09 April 2018

Profit margins have expanded rapidly over the past three decades. That, combined with strong optimism for future growth, has driven market earnings multiples to extreme levels. We view overall stock market valuations as stretched, with close to 60% of our universe trading above our fair value estimates as of October 2017. While we do expect a partial reversion to the historical valuations of the past as economic pressures build, the durability and defensibility of the largest firms’ competitive positions suggest that profitability levels will not fully revert to historical midcycle levels.
Economic Moats
Valuation
Research Paper
Individual
Advisor
Fund Buyer
Buy Side (Equity/Credit)
Morningstar Direct Asset Flows Commentary: Europe--February 2018
By Ali Masarwah, Valerio Baselli  | 29 March 2018

Investors’ risk appetite decreases as bouts of volatility hit capital markets.
Flows
Research Paper
Individual
Advisor
Fund Buyer
Morningstar Manager Research, EMEA--Asset Class Spotlight - Asian & Greater China Equities - Asian Equities and Sustainability
By Mark Laidlaw  | 23 March 2018

We have seen a marked shift in investor sentiment over time, and the idea of doing good whilst enjoying the best achievable outcome has firmly moved to the mainstream.
ESG/Sustainable Investing
Research Paper
Individual
Advisor
Fund Buyer
Morningstar Category Definitions - Europe, Asia and South Africa
By Morningstar  | 21 March 2018

The Morningstar Categories for funds in the Europe/Asia/Africa universe were first established in the early years of the UCITS (Undertaking for Collective Investment in Transferable Securities) Directive to help investors make meaningful comparisons between Investment funds.
Methodology Document
Advisor
Fund Buyer
Morningstar Category Definitions - Korea
By Morningstar  | 21 March 2018

The Morningstar Category™ classification system for funds lets institutions, advisers and investors effectively compare like funds.
Methodology Document
Advisor
How Long Can a Good Fund Underperform Its Benchmark?
By Maciej Kowara, Paul Kaplan  | 20 March 2018

We found that funds that outperformed their benchmarks trailed that benchmark for an average of nine to 12 years sometime during that period. Not only that, funds that underperformed their benchmarks over the entire 15-year period had outperformed those benchmarks for comparably long stretches of time within the study period. In other words, some funds that ultimately did not make the grade looked like winners at times. The key implication of these findings is that the standard periods over which managers are evaluated--three, five, and 10 years--are too short to evaluate a manager with confidence.
In Search of Management Skill
Benchmarks
Performance
Research Paper
Advisor
AM Sales & Marketing
Fund Buyer
Putting Dunn's Law to the Test
By Alex Bryan, CFA, Adam McCullough  | 14 March 2018

This study evaluates whether active managers' index-relative performance is driven by the returns to their investment style.
ETFs
Active Investing
Passive Investing
Research Paper
Individual
Advisor
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