Morningstar Analyst Ratings: Closing the Investor Return Gap
|
|
|
- Mervyn Butler
- 5 years ago
- Views:
Transcription
1 Morningstar Analyst Ratings: Closing the Investor Return Gap Kathryn Spica, CFA Senior Analyst, Fund-of-Funds Strategies October 11, Morningstar, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar. Marks used in conjunction with Morningstar products or services are the property of Morningstar or its subsidiaries.
2 Investor Shortfall Asset-weighted investor shortfall for all open-end funds: 2.49% Domestic Equity 1.66 International 3.01 Taxable Bond 2.24 Municipal Bond 1.88 Balanced 2.12 Alternative 2.11 Sector Equity
3 Moving Beyond Past Performance Achievement Test 3
4 Moving Beyond Past Performance Aptitude Test 4
5 The Ratings Spectrum 5
6 The Five Pillars People Process Parent Performance Price 6
7 7
8 The Five Pillars People A comprehensive evaluation of managers' talent, tenure, and resources. 8
9 People Pillar 9
10 Hatteras Alpha Hedged Strategies / Analyst Rating: Neutral / People Pillar: Neutral 10
11 Hatteras Alpha Hedged Strategies / Analyst Rating: Neutral / People Pillar: Neutral 11
12 TFS Market Neutral / Analyst Rating: Gold / People Pillar: Positive 12
13 TFS Market Neutral / Analyst Rating: Gold / People Pillar: Positive 13
14 TFS Market Neutral / Analyst Rating: Gold / People Pillar: Positive 14
15 The Five Pillars Process What is the strategy, and how does it translate into the portfolio? 15
16 Process Pillar 16
17 Fidelity Large Cap Stock / Analyst Rating: Silver / Process Pillar: Positive 17
18 Dreyfus Appreciation / Analyst Rating: Silver / Process Pillar: Positive 18
19 Fidelity Large Cap Stock / Analyst Rating: Silver / Process Pillar: Positive 19
20 Dreyfus Appreciation / Analyst Rating: Silver / Process Pillar: Positive 20
21 Fidelity Large Cap Stock / Analyst Rating: Silver / Process Pillar: Positive 21
22 Fidelity Large Cap Stock / Analyst Rating: Silver / Process Pillar: Positive 22
23 Fidelity Large Cap Stock / Analyst Rating: Silver / Process Pillar: Positive 23
24 Dreyfus Appreciation / Analyst Rating: Silver / Process Pillar: Positive 24
25 Dreyfus Appreciation / Analyst Rating: Silver / Process Pillar: Positive 25
26 Dreyfus Appreciation / Analyst Rating: Silver / Process Pillar: Positive 26
27 Process Pillar 27
28 Vanguard Total Bond Market Index / Analyst Rating: Silver / Process Pillar: Positive 28
29 Vanguard Total Bond Market Index / Analyst Rating: Silver / Process Pillar: Positive 29
30 Dodge & Cox Income / Analyst Rating: Gold / Process Pillar: Positive 30
31 Dodge & Cox Income / Analyst Rating: Gold / Process Pillar: Positive 31
32 Process Pillar 32
33 Vanguard Total Bond Market Index / Analyst Rating: Silver / Process Pillar: Positive 33
34 Vanguard Total Bond Market Index / Analyst Rating: Silver / Process Pillar: Positive 34
35 Vanguard Total Bond Market Index / Analyst Rating: Silver / Process Pillar: Positive 35
36 Dodge & Cox Income / Analyst Rating: Gold / Process Pillar: Positive 36
37 Dodge & Cox Income / Analyst Rating: Gold / Process Pillar: Positive 37
38 Dodge & Cox Income / Analyst Rating: Gold / Process Pillar: Positive 38
39 The Five Pillars Parent What priorities prevail at the firm? Stewardship or salesmanship? 39
40 Parent Pillar 40
41 American Funds / Parent Pillar: Positive 41
42 AllianceBernstein / Parent Pillar: Negative 42
43 The Five Pillars Performance Why did the fund behave a certain way in different markets? 43
44 Performance Pillar 44
45 Oppenheimer Global / Analyst Rating: Silver / Performance Pillar: Positive 45
46 Oppenheimer Global / Analyst Rating: Silver / Performance Pillar: Positive 46
47 Oppenheimer Global / Analyst Rating: Silver / Performance Pillar: Positive 47
48 Oppenheimer Global Opps / Analyst Rating: Bronze / Performance Pillar: Positive 48
49 Oppenheimer Global Opps / Analyst Rating: Bronze / Performance Pillar: Positive 49
50 Oppenheimer Global Opps / Analyst Rating: Bronze / Performance Pillar: Positive 50
51 Oppenheimer Global / Analyst Rating: Silver / Performance Pillar: Positive 51
52 Oppenheimer Global / Analyst Rating: Silver / Performance Pillar: Positive 52
53 Oppenheimer Global Opps / Analyst Rating: Bronze / Performance Pillar: Positive 53
54 Oppenheimer Global Opps / Analyst Rating: Bronze / Performance Pillar: Positive 54
55 The Five Pillars Price Is the fund a good value proposition compared with similar funds sold through similar channels? 55
56 Price Pillar 56
57 LKCM Equity / Analyst Rating: Silver / Price Pillar: Positive 57
58 LKCM Equity / Analyst Rating: Silver / Price Pillar: Positive 58
59 LKCM Equity / Analyst Rating: Silver / Price Pillar: Positive 59
60 BlackRock US Opps / Analyst Rating: Neutral / Price Pillar: Negative 60
61 BlackRock US Opps / Analyst Rating: Neutral / Price Pillar: Negative 61
62 BlackRock US Opps / Analyst Rating: Neutral / Price Pillar: Negative 62
63 FAQs 63
64 Distribution of Fund Analyst Ratings US Open-End & Closed-End Universe; Data as of 6/30/
65 Morningstar Analyst Rating Medalists 10.1% US Open-End & Closed-End Universe: 8,109 Distinct Portfolios. Data as of 6/30/
66 Measuring the Success of the Analyst Rating 120 % Trailing 10-Year Average U.S. Equity International Equity Balanced Taxable Bond Municipal Bond Data as of 6/30/14 66
67 Highlights from Morningstar s Fund-of-Funds Research and Ratings 67
68 Target-Date Research and Ratings First launched target-date series ratings and reports in Fall 2009 Analyst coverage of 24 of the largest open-end target-date series Five-page, in-depth reports, updated quarterly Annual industry survey 68
69 Key Distinctions of Target-Date Series Ratings Target-date ratings consider an overall series a holistic view of a set of funds across a glide path Quantitative elements: Several purely quantitative elements to rating, including Performance, Price, and Portfolio People: Analysis of target-date series considers both asset-allocation managers and underlying fund managers Key commonality: Overall rating is forward-looking and analyst-driven 69
70 Big Three Maintain Their Hold 2013 Market Share of Target-Date Firms Fidelity, Vanguard, and T. Rowe make up 73% of target-date mutual fund assets, down from almost 80% in 2008 On average, inflows to target-date funds account for one third of fund company s net new flows in
71 Typical Target-Date Fund: Portfolio Structure Active funds still predominate Fully passive series still in minority, but growing (newer offerings from Fidelity, TIAA-CREF, BlackRock, John Hancock) Index-based funds make up 33% of industry, up from 10% in 2005 Fund-of-fund structure is predominant; quality is solid. 71
72 Typical Target-Date Fund: Open and Closed Architecture Closed-architecture strategies remain in majority (Fidelity, Vanguard, T. Rowe Price, American) But legacy open-architecture series hold ground while newer series have gained traction (Great-West, Guidestone, Hartford) Updated Morningstar analysis in 2014 showed little performance difference between open-architecture and closed Fees eat into open architecture series returns: 0.92% average expense ratio for open, versus 0.81% for closed 72
73 Typical Target-Date Fund: Price Fees continue to trend downward, but wide disparities persist. Use of index funds, elimination of overlay fees, lower-cost underlying shares, and fee waivers contribute to lower fees. Fidelity Freedom Index series beat Vanguard as lowest cost target-date series in
74 Where Are the Innovations? Innovations have been coming in several areas: Adding diversified asset classes/alternatives Risk/volatility management Tactical allocation Glide path reconsiderations Many of these innovations have been driven by reactions to the losses incurred in 2008 and/or the need to differentiate new products in a crowded marketplace. 74
75 Increasing Diversification Most notable trend in this area has been addition of commodities and real asset strategies to glide paths. Differing approaches: indexed vs. active approaches, straight commodities vs. diversified real-asset sleeves Firms that have added these asset classes include T. Rowe Price, Principal, Fidelity, Voya, Russell. Long/short and absolute-return funds less common, but many firms exploring Modest use of long/short or absolute-return strategies by JPMorgan, DWS, MFS, John Hancock, American Century. Putnam made its Absolute Return funds a major part of its target-date series in
76 Increasing Diversification (cont.) Many firms have been increasing strategic allocations to foreign equities over the past few years. Fidelity, T. Rowe Price, and Vanguard all raised foreign-stock allocations from 20% to 30% of equity assets. Some firms, such as AllianceBernstein, have raised foreign stocks to as high as 40% weightings. Some providers, in more modest fashion, have increased allocations to emerging markets. 76
77 Tactical Allocation While standard approach in target-date industry has been to rely on the strategic asset allocation, some firms have incorporated elements of tactical allocation Tracking error bands tend to be limited, in 1%-2% range Difficult for investors to assess success of such strategies, although have seen small edge recently. 13 of the strategies under coverage use tactical management. Fidelity has recently added this capability to its actively managed series. 77
78 On the Horizon Other buzz-generating issues for target-date providers: Retirement income challenges: Diversifying fixed-income portfolios. Guaranteed income: Concerns of portability, cost, insurer solvency. A few options, but little uptake. Collective investment trusts Provide ability to invest in direct real estate Lower costs, less transparency Custom target-date solutions that can be modified for individual preferences and circumstances 78
79 529 College-Savings Plans Research and Ratings 64 plans receive ratings and research, representing nearly 98% of industry assets Data on 4, investment options Morningstar Categories Morningstar Ratings Annual industry survey 79
80 College-Savings Plans Continue to Gain Traction Assets have grown to $200 billion today from $200 million in Both advisor-sold and direct-sold plans have garnered more assets, with direct-sold plans keeping a slight market-share edge. 80
81 Morningstar Analyst Ratings for 529 Plans Analyze direct-sold plans separately from advisor-sold plans State benefits can offset weaknesses Plans from states with portable benefits or no local benefits compete nationally Pillars are not equally weighted (same for fund ratings) Team of 529 analysts review all ratings 81
82 Average Equity Stake Steady, Range Remains Wide Age-based options are a popular choice among college savers, and the typical glide path across the industry in 2013 is slightly more equity heavy in the middle years than that of prior years. 82
83 Direct-Sold Open-Architecture Plans Gain Edge Open-architecture plans outperformed closed-architecture plans among direct-sold options. 83
84 Concentration of Investment Options Sponsors are selecting strong stewards of capital to manage their plans investment options. 84
85 Performance Gap Remains Majority of static 529 categories trail traditional open-end peers. Age-based options also lag behind blended benchmarks. Direct-sold options show strong relative performance. 85
86 Costs Have Come Down but Create a Drag On both an absolute and relative basis, 529 categories are becoming less expensive. Still, 529 fees are higher than traditional open-end mutual funds. Dollar-based fees further add to costs. 86
87 Program Managers and States Provide Dual-Levels of Oversight Ascensus reigns as direct-sold program manager by assets. American Funds is the dominant player in advisor-sold. Program Manager Total Assets Ascensus $33,239,641,956 American Funds $44,225,300,021 87
88 Trends: More Plans Introduce Passive Options Maine s NextGen College Savings Plan Select introduced an ishares agebased track in November 2013 Schwab 529 College Savings Plan of Kansas launched indexed age-based and static options in July 2013 In September 2013, Rhode Island approved the creation of age-based tracks in CollegeBoundfund and CollegeBoundfund Direct in
89 Trends: Plans Continue to Cut Fees Fidelity cut the program management fee on indexed options in its plans to 9 basis points, from 15 basis points ScholarShare College Savings Plan of California eliminated a 5 basis-point administration fee on passive portfolios in November 2013 Pennsylvania 529 Investment Plan reduces expenses by 11 basis points for each investment option (but introduces an $18 account maintenance fee for paper statement delivery) Utah Educational Savings Plan trims its administrative asset fee, dropping costs by as much as 4 basis points for age-based and five static options The Vanguard 529 College Savings Plan drops age-based and balanced options expense ratios to 0.19% each 89
90 Trends: Dollar-Value of Tax Benefits Varies Widely Among States Dollar Value of State Tax Benefits, Based on $1,200 in Annual Contributions Issuing State Tax Parity State Income Tax Rate, Couples Earning $50,000 CollegeChoice 529 Direct Savings Plan IN 3.40% Credit, 20% Vermont Higher Education Investment Plan VT 3.55% Credit, 10% State Tax Dollar Value Deduction of Tax Limit, Filing Savings on Jointly $1,200 in Annual 529 Contributions $240 $120 Oregon College Savings Plan OR 9.00% $4,455 $108 MOST Missouri s 529 Plan MO Yes 6.00% $16,000 $72 CollegeAdvantage 529 Savings Plan OH 4.11% $2,000 $49 Fidelity Arizona College Savings Plan AZ Yes 2.88% $4,000 $35 90
91 Morningstar Analyst Ratings, 2013 Morningstar Analyst Ratings for 529 College-Savings Plans -- Gold State Sales Channel Maryland College Investment Plan MD Direct T. Rowe Price College Savings Plan AK Direct The Vanguard 529 College Savings Plan NV Direct Utah Educational Savings Plan UT Direct 91
92 Morningstar Analyst Ratings, 2013 Morningstar Analyst Ratings for 529 College-Savings Plans -- Silver State Sales Channel CollegeAdvantage 529 Savings Plan OH Direct CollegeAmerica VA Advisor ishares 529 Plan AR Advisor Michigan Education Savings Program MI Direct ScholarShare College Savings Plan CA Direct 92
93 When the investor wins, we all win. 93
94 Q&A Kathryn Spica, CFA
95
Morningstar 529 College-Savings Plans Research Report 2012
Morningstar 529 College-Savings Plans Research Report 2012 David Falkof, Fund Analyst Dial 800-549-9585, with Access code: 8099010 529 Industry Continues to Mature Assets have grown from $200 million
DC Contributions to the DC College Savings Plan of up to $4,000 per year by an individual, and up to $8,000 per year by married taxpayers who each mak
AK AL AR Summary of State Tax Implications for 529 Plans Current as of 04/25/2018 This information has been compiled for informational purposes only from sources believed to be reliable, however LPL makes
Morningstar Direct SM U.S. Open-End Asset Flows Update
August 2014 Data through July 31 Morningstar Direct SM U.S. Open-End Asset Flows Update U.S. Open-End Funds Continue to Shift From U.S. Equity to Taxable Bonds by Alina Tarlea, Sr. Markets Research Analyst
529 College-Savings Plan Landscape, 2016 Update
529 College-Savings Plan Landscape, 2016 Update Leo Acheson, Senior Analyst, Multiasset Class Strategies Toll Free Number: +1 800 857-0145 Participant Passcode: 7297880 2015 Morningstar, Inc. All rights
Target Date Funds Fiduciary Perspectives Save & Protect
Target Date Funds Fiduciary Perspectives Save & Protect Ron Surz President Ron@TargetDateSolutions.com (949)488-8339 Sub-advisor of SMART TDF Index Hand Benefit & Trust, Houston 3 Things That Actually
Emerging Trends in the Global Fund Industry
Emerging Trends in the Global Fund Industry August 2011 Karin Anderson, Senior Fund Analyst 2009 Morningstar, Inc. All rights reserved. Outline Fund Flows Exchange-Traded Funds Alternatives Fund-of-Funds
Choosing a 529 Investment
Choosing a 529 Investment Morningstar Manager Research October 2015 Janet Yang, CFA Director, Multi-Asset-Class Strategies +1 12 244-7270 janet.yang@morningstar.com Investors looking to save for college
Morningstar Direct SM U.S. Open-end Asset Flows Update
August 2012 Data through July 31 Morningstar Direct SM U.S. Open-end Asset Flows Update U.S. Open-End Funds Also inside: Extended tables... 3 Taxable Bond Funds continue to Rule the Roost by Kevin McDevitt,
Morningstar Direct SM U.S. Open-End Asset Flows Update
May 2014 Data through April 30 U.S. Open-End Funds Also inside: Extended tables... 5 Morningstar Direct SM U.S. Open-End Asset Flows Update Not All Firms Seeing Outflows From Active Equity Funds by Michael
Morningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 November 2014 Data through Oct. 31 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research
Target Date Funds. Fiduciary Perspectives. Save & Protect. Ron Surz President. Target Date Solutions.
Target Date Funds Fiduciary Perspectives Save & Protect Ron Surz President Target Date Solutions Ron@TargetDateSolutions.com Sub-advisor of SMART TDF Index Hand Benefit & Trust, Houston Despite their growing
Morningstar Direct SM U.S. Open-end Asset Flows Update
November 2012 Data through October 31 U.S. Open-End Funds Also inside: Extended tables... 4 Morningstar Direct SM U.S. Open-end Asset Flows Update Investors Continue Their Shift Toward Fixed Income by
Morningstar Direct SM U.S. Open-End Asset Flows Update
November 2013 Data through Oct. 31 U.S. Open-End Funds Also inside: Extended tables... 5 Morningstar Direct SM U.S. Open-End Asset Flows Update A Rising Tide Lifts Active Equity Flows by Michael Rawson,
A New Target Date Fund Evaluator: Prudence Rating Applications of the PIMCO Glide Path Analyzer
A New Target Date Fund Evaluator: Prudence Rating Applications of the PIMCO Glide Path Analyzer Ron Surz President, Target Date Solutions Ron@TargetDateSolutions.com 949/488-8339 Asset allocation is the
Morningstar Direct SM U.S. Open-End Asset Flows Update
September 2013 Data through Aug. 31 U.S. Open-End Funds Also inside: Extended tables... 5 Morningstar Direct SM U.S. Open-End Asset Flows Update Bond Investors Not Waiting for the Music to Stop by Michael
Fund Flows Monthly Market Summary: US Open-end ex MM ex FoF
Morningstar Direct SM Release Date: 2009-12-09 Page 1 of 5 1-Mo YTD 1 Large Blend (1,970) (2,653) 5,504 6,545 899 13.31 683 13.74 5.28 25.10 2 Large Growth (2,686) (6,585) (19,790) (23,500) 728 10.77 567
Age Sage. What s inside the box? A look behind the curtain. IRAs, 401(k)s, Other Retirement Assets
Age Sage Age Sage Themature MatureRobo Robo Analyst The advisor IRAs, 401(k)s, Other Retirement Assets What s inside the box? A look behind the curtain. A Look Behind the Solution Curtain: Patented Target
Morningstar Direct SM Fund Flows Update
October 2011 Data Morningstar Direct SM Update U.S. Open-End Funds Also inside: Extended tables... 4 Yield On, Equity Off by Kevin McDevitt, CFA, Editorial Director Long-term mutual fund inflows were just
Saving for College. Talking Points
? Saving for College Christine Benz s Talking Points November 2017 Talking Points Saving for college differs from saving for retirement in a few ways. College matriculation years aren't negotiable, time
PLAN SPONSORS SPEAK WITH ACTION. The Shift from Recordkeeper Proprietary Target-Date Funds to Nonproprietary Solutions
PLAN SPONSORS SPEAK WITH ACTION The Shift from Recordkeeper Proprietary Target-Date Funds to Nonproprietary Solutions PROPRIETARY OR NONPROPRIETARY? When the Pension Protection Act (PPA) was passed in
Morningstar Stewardship Grades for Mutual Funds
Morningstar Stewardship Grades for Mutual Funds Laura Pavlenko Lutton Editorial Director, Funds Research 2005 Morningstar, Inc. All rights reserved. Overview Launched grades in August 2004 to measure whether
Morningstar Direct SM U.S. Asset Flows Update
Sept 2014 Data through Aug 31 U.S. Mutual Funds and Exchange- Traded Products Also inside: Extended tables 7 Morningstar Direct SM U.S. Asset Flows Update So Much for the Great Rotation by Michael Rawson,
Morningstar Direct SM U.S. Open-End Asset Flows Update
July 2014 Data through June 30 U.S. Open-End Funds Morningstar Direct SM U.S. Open-End Asset Flows Update Fund Investors Flock to Bond Funds Yet Grow Cautious on the U.S. Equity Market by Michael Rawson,
PICKING A WINNER Advisers share their favorite investment managers and recordkeepers
PICKING A WINNER Advisers share their favorite investment managers and recordkeepers Advisers generally deal with multiple plan providers and investment managers on a regular basis, and in a variety of
Morningstar Direct SM Fund Flows Update
November 2011 Data Morningstar Direct SM Update U.S. Open-End Funds Also inside: Extended tables... 4 Fear On by Kevin McDevitt, CFA, Editorial Director November was another "risk-off" month for mutual
July 2012 Morningstar DirectSM U.S. Open-end Asset Flows Update
July 2012 Morningstar DirectSM U.S. Open-end Asset Flows Update Data through June 30 U.S. Open-End Funds Investors Stay on Holiday by Kevin McDevitt, CFA, Editorial Director Long-term mutual fund inflows
Investment Professional Profile
Investment Professional Profile HELP CLIENTS SAVE FOR THE RISING COSTS OF COLLEGE The Bright Directions Advisor-Guided 529 College Savings Plan helps Illinois families save for the rising costs of college.
Modest Style Bets, Modest Price
Reprinted by permission of Morningstar, Oct. 21, 2016 Modest Style Bets, Modest Price ETF SPECIALIST 10-21-16 by Alex Bryan, CFA Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) offers exposure
457 Plan Investment Design
4643 S Ulster Street, Suite 1040 Denver, CO 80237 303.694.1900 www.innovestinc.com 457 Plan Investment Design Wendy J. Dominguez, President, MBA Gordon Tewell, Principal, CFA, CPC Jerry Huggins, Vice President,
P-Solve Update By Marc Fandetti & Ryan McGlothlin
Target Date Funds: Three Things to Consider P-Solve Update By Marc Fandetti & Ryan McGlothlin February 2018 Target Date Funds (TDF) have become increasingly important to the retirement security of 401(k)
Attractive option for college saving
Tomorrow s Scholar 529 Age-Based Portfolios Attractive option for college saving... connecting to the future Not FDIC Insured May Lose Value No Bank Guarantee INVESTMENT MANAGEMENT Introduction The goal
Morningstar Pan-European Fund Manager of the Year Awards. Morningstar Awards for Excellence in Investment
Morningstar Pan-European Fund Manager of the Year Awards Morningstar Awards for Excellence in Investment The Awards European Equity Fund Manager of the Year Europe Large-Cap Blend Equity Europe Large-Cap
Health Insurance Price Index for October-December February 2014
Health Insurance Price Index for October-December 2013 February 2014 ehealth 2.2014 Table of Contents Introduction... 3 Executive Summary and Highlights... 4 Nationwide Health Insurance Costs National
College Savings Nation 2018: Trends and Opportunities
AKF Market AKF Report Market Report College Savings Nation 2018: Trends Opportunities April 2018 Overview As the Municipal to more than fifteen public administrators of 529 Plans today, AKF Consulting
See Target Date Solutions FROM A WHOLE NEW PERSPECTIVE
See Target Date Solutions FROM A WHOLE NEW PERSPECTIVE Let s face it: These days, the retirement landscape is getting increasingly more complex. Participants are living longer. New fiduciary realities
The enduring case for high-yield bonds
November 2016 The enduring case for high-yield bonds TIAA Investments Kevin Lorenz, CFA Managing Director High Yield Portfolio Manager Jean Lin, CFA Managing Director High Yield Portfolio Manager Mark
Target Date Fund Selection: More Than Simply Active vs. Passive
Target Date Fund Selection: More Than Simply Active vs. Passive May 2018 Not FDIC Insured May Lose Value No Bank Guarantee INVESTMENT MANAGEMENT Table of Contents Executive Summary 2 Introduction 2 Glide
Morningstar Direct SM Asset Flows Commentary: United States
? Morningstar Direct SM Asset Flows Commentary: United States Morningstar Manager Research 17 November 2016 The October flows report will an abbreviated version while Alina Lamy is out on maternity leave
Morningstar Direct SM U.S. Open-End Asset Flows Update
December 2013 Data through Nov. 30 U.S. Open-End Funds Also inside: Extended tables... 6 Morningstar Direct SM U.S. Open-End Asset Flows Update Mutual Funds on Pace for Strongest Inflows Since 2009 by
SIERRA CORE RETIREMENT FUND SIERRA STRATEGIC INCOME FUND. Annual Report September 30,
SIERRA CORE RETIREMENT FUND SIERRA STRATEGIC INCOME FUND Annual Report 1-866-738-4363 www.sierramutualfunds.com Distributed by Northern Lights Distributors, LLC Member FINRA Letter to Shareholders, September
General Amendment To Be Attached To and Read as. Part of the Group Annuity Contract. Issued By
General Amendment To Be Attached To and Read as Part of the Group Annuity Contract Issued By John Hancock Life Insurance Company (U.S.A.) (herein called the Company) In accordance with the provisions under
JPMorgan SmartRetirement Funds
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan SmartRetirement Funds Class R6 shares are only available through a retirement plan; other share classes are available Simplify the path to retirement
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price troweprice.com/dcio Investment solutions designed for a multifaceted retirement landscape Today, defined contribution (DC)
Schwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Allocation - 50-70% Equity Benchmark Global Growth Custom Index 1 Unit Class Inception Date 3/7/2012 Fund Inception
2018 Target-Date Fund Landscape Sizing Up the Trillion-Dollar, Increasingly Passive Giant
? 2018 Target-Date Fund Landscape Sizing Up the Trillion-Dollar, Increasingly Passive Giant Morningstar Manager Research 7 May 2018 Contents 2 Assets, Flows, Competitive Landscape 15 Price 21 Performance
Q&A about changes to Russell LifePoints Funds, Target Date Series
AUGUST 1, 2014 (UPDATED FROM JUNE 3, 2014 RELEASE) Q&A about changes to Russell LifePoints Funds, Target Date Series Russell continuously reviews the positions of our multi-asset portfolios to determine
Enhancing equity portfolio diversification with fundamentally weighted strategies.
Enhancing equity portfolio diversification with fundamentally weighted strategies. This is the second update to a paper originally published in October, 2014. In this second revision, we have included
With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College.
With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College. Table of Contents Edge 1 A 529 Plan that s almost as smart as your child Edge 2 Potentially save
Evaluating target date managers requires digging deeper
Wells Fargo Advantage Funds June 2012 Evaluating target date managers requires digging deeper Wells Fargo Funds Management, LLC In an ever-changing investment landscape, it is becoming exceedingly difficult
Voluntary Retirement Plans Update
Voluntary Retirement Plans Update Leadership Update June 2012 Rationale for Restructuring Program Simplify the program to: - Better meet the needs of faculty and staff (only 16% currently participate)
Fundamentally weighted index strategies: A primer on asset allocation in three core asset classes
strategies: A primer on asset allocation in three core asset classes 1 2 3 Key takeaways strategies can serve as a complement to traditional cap-weighted index strategies. Combining fundamentally weighted
36 Million Without Health Insurance in 2014; Decreases in Uninsurance Between 2013 and 2014 Varied by State
36 Million Without Health Insurance in 2014; Decreases in Uninsurance Between 2013 and 2014 Varied by State An estimated 36 million people in the United States had no health insurance in 2014, approximately
NCSL Midwest States Fiscal Leaders Forum. March 10, 2017
NCSL Midwest States Fiscal Leaders Forum March 10, 2017 Public Pensions: 50-State Overview David Draine, Senior Officer Public Sector Retirement Systems Project The Pew Charitable Trusts More than 40 active,
Eaton Vance Open-End Funds
Eaton Vance Eaton Vance Open-End Funds 2016 Additional Tax Information Our Investment Affiliates Eaton Vance Management Contents Income by State 2 Tax-Exempt Income and AMT by Fund 9 Dividends-Received
Target-date fund trends and innovation. For institutional use only. Not for distribution to retail investors.
Target-date fund trends and innovation Agenda Target-date fund (TDF) landscape and trends What s next in TDF innovation? 2 TDF landscape and trends 3 Assets under management in $B A brief history of the
Exchange-Traded Products
...the marketplace has seen steadily with an accelerating growth rate in Exchange-Traded Products Emerging as an Increasingly Important Global Asset Class Jeffrey McCarthy Global ETF Product Head Global
How to Save for the Rising Costs of College
How to Save for the Rising Costs of College Today s Topics Understand the importance and value of saving for college Learn about different ways to save for college Explore the benefits of a 529 plan like
Executive Summary Community Foundations Report FY2013
Executive Summary Community Foundations Report FY2013 Demographic Profile The fifty Community Foundations participating in this year s Commonfund Benchmarks Study Community Foundations Report represent
An Alternative to Rescue the Middle Class Fund Family
An Alternative to Rescue the Middle Class Fund Family Russell Campbell Q1 2016 Your Second Opinion, LLC Executive Summary Liquid alternatives in mutual fund form have attracted a lot of attention in recent
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price troweprice.com/tdf Investment solutions designed for a multifaceted retirement landscape Today, defined contribution (DC)
Beyond Target-Date: Allocations for a Lifetime
6 Morningstar Indexes 2015 16 Beyond Target-Date: Allocations for a Lifetime Tom Idzorek, CFA, Head of Investment Methodology and Economic Research, Investment Management Group David Blanchett, CFA, CFP,
Beyond Traditional Infrastructure Investing: Listed Infrastructure Equities as an Income Solution
October 2018 Beyond Traditional Infrastructure Investing: Listed Infrastructure Equities as an Income Solution James A. Lydotes, CFA, Brock A. Campbell, CFA & William J. Adams Standish, Mellon Capital
Target-Date Fund Series Rating and Research Reports Methodology
Target-Date Fund Series Rating and Research Reports Methodology Morningstar Methodology Paper February 5, 2013 2013 Morningstar, Inc. All rights reserved. The information in this document is the property
Portfolio Allocation Models. for Lincoln Financial Group s Variable Life Insurance Products
Portfolio Allocation Models for Lincoln Financial Group s Variable Life Insurance Products 40% (Conservative) Allocation Model M s Portfolio Allocation Models for Lincoln Financial Group s Variable Insurance
Percent Corporate Dividend Received Deduction. Per Share Long-Term Capital Gain Distribution
First Trust Advisors L.P 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 1-800-621-1675 Fund Name (Ticker Symbol) Ordinary Qualified Corporate Dividend Received Deduction Long-Term Capital Gain Distribution
medicaid a n d t h e How will the Medicaid Expansion for Adults Impact Eligibility and Coverage? Key Findings in Brief
on medicaid a n d t h e uninsured July 2012 How will the Medicaid Expansion for Adults Impact Eligibility and Coverage? Key Findings in Brief Effective January 2014, the ACA establishes a new minimum Medicaid
Monthly Performance Report for underlying funds available in Variable Universal Life Insurance Products issued by Pacific Life.
Monthly Performance Report for underlying funds available in Variable Universal Life Insurance Products issued by Pacific Life March 31, 2018 VLCM-BRK-312M Variable universal life (VUL) insurance's primary
Schwab Diversified Growth Allocation Trust Fund
Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Global Asset Allocation Benchmark Global Growth Custom Index 1 Unit Class Inception Date 11/21/2012 Fund Inception Date 3/7/2012
STATE TAX WITHHOLDING GUIDELINES
STATE TAX WITHHOLDING GUIDELINES ( Guardian Insurance & Annuity Company, Inc. and Guardian Life Insurance Company of America (hereafter collectively referred to as Company )) (Last Updated 11/2/215) state
Morningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 20 October Data through tember 30 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research
YOUR GUIDE TO GETTING STARTED
University of Colorado Hospital Authority 401(a) Investment Account, 403(b) Matching Account, and the 457(b) Deferred Compensation Plan Invest in your retirement and yourself today, with help from the
Passive target date funds: Separating myth from reality. Many active decisions go into passive fund design
Passive target date funds: Separating myth from reality Many active decisions go into passive fund design Executive summary John Greves, CFA Vice President, Head of Multi-Asset Strategies The use of passive
The Cerulli Report Release State of DCIO: Evolving Asset Manager Opportunities in the Mid-Sized and Small Plan Marketplaces
C e r u l l i The Cerulli Report Release a s s o c i a t e s T h e C e r u l l i R e p o r t Recordkeepers influence in the mid-plan segment shifts to advisors and impacts asset gathering for DCIO managers.
Liquid Alternatives Challenges and Opportunities
Liquid Alternatives Challenges and Opportunities Tayfun Icten Multi-Asset and Alternative Strategies 28 February 2018 2018 Morningstar, Inc. All rights reserved. 12/1/2003 4/1/2004 8/1/2004 12/1/2004 4/1/2005
JPMorgan SmartRetirement Blend Funds
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan SmartRetirement Blend Funds Class R6 shares are only available through a retirement plan; other share classes are available Simplify the path
Translating Factors to International Markets
LEADERSHIP SERIES Translating Factors to International Markets Strategies that combine the potential diversification benefits of international exposure with the portfolio-enhancing benefits of factors
A Panel of TIAA-CREF Portfolio Managers: Who s Managing Your Money? April 14, 2011
A Panel of TIAA-CREF Portfolio Managers: Who s Managing Your Money? April 14, 2011 Disclosure You should consider the investment objectives, risks, charges and expenses carefully before investing. Please
Morningstar Analyst Rating TM for Funds Methodology Document
Morningstar Analyst Rating TM for Funds Methodology Document Fund Research Group January 9, 2012 2 Morningstar Analyst Rating Methodology January 2012 Overview Morningstar has conducted qualitative, analyst-driven
Due Diligence Screens Quickly identify the best funds for any strategy or goal
Quickly identify the best funds for any strategy or goal? Morningstar Manager Research 1 Jan 2017 Michael Laske Product Manager, Manager Research +1 312 696-6394 michael.laske@morningstar.com Summary "We
MPS Passive Plus. Your Investment Solution
MPS Passive Plus Your Investment Solution Contents A little bit about us 3 How Passive Plus can benefit you 4 What s the Plus in Passive Plus? 5 Five portfolios for you to choose from 6 Access to expert
Spotlight Web Seminar Active and Passive Investing: Why Are ETF Fees So Low? Morningstar Advisor February/March 2011
Spotlight Web Seminar Active and Passive Investing: Why Are ETF Fees So Low? Morningstar Advisor February/March 2011 Total Cost Analysis of ETFs Paul Justice, CFA Director of ETF Research North America
Factor Investing: 2018 Landscape
Factor Investing: 2018 Landscape Growth expected to continue The factor investing landscape has proliferated in recent years. Today, the factor industry is $1.9 trillion in AUM and has grown organically
Morningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 June 2015 Data through May 31, 2015 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research
Morningstar Direct SM U.S. Asset Flows Update
? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 16 July 2015 Data through June 30, 2015 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Markets Research
Morningstar Direct SM Asset Flows Commentary: United States
? Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research May 2018 Data through April 30, 2018 U.S. Mutual Funds and Exchange- Traded Products Kevin McDevitt Senior Analyst +1
Please Answer the Following Questions Circle your choice for each question
3(b) 1 1 Asset Allocation Questionnaire How you allocate your assets can significantly impact your portfolio s performance. No matter how far away you are from retirement, it is important to think about
ABLE Plan Compilation
ABLE Plan Compilation Data as of May 11, 2017 Compiled by AKF Consulting Group Table of Contents Topics Page No. Section 1. Industry Overview 2 Plan Types 3 Plan Information 4 Section 2. Investment Options
General Amendment To Be Attached To and Read as. Part of the Group Annuity Contract. Issued By
General Amendment To Be Attached To and Read as Part of the Group Annuity Contract Issued By John Hancock Life Insurance Company (U.S.A.) (herein called the Company) In accordance with the provisions under
IPE Awards 2018 Category Guidance
IPE Awards 2018 Category Guidance COUNTRY/REGIONAL AWARDS For your country or regional award, you should present a general, detailed overview of your recent activity in the past 12-15 months, focusing
Wealth Management Services
Wealth Management Services A White Paper The Case for Converting Mutual Fund Assets to Overlay August 3, 2005 Bill Martin, CFA Director, Product Development Wealth Management Services A White Paper Table
Your Plan Highlights. Investment Option Descriptions. LifePath Portfolios. International Stock Funds. Small-Cap Stock Funds. Mid-Cap Stock Funds
Your Plan Highlights Investment Option Descriptions Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. LifePath
General Amendment To Be Attached To and Read as. Part of the Group Annuity Contract. Issued By
General Amendment To Be Attached To and Read as Part of the Group Annuity Contract Issued By John Hancock Life Insurance Company (U.S.A.) (herein called the Company) In accordance with the provisions under
Russell Survey on Alternative Investing
RUSSELL RESEARCH THE 25-26 Russell Survey on Alternative Investing A SURVEY OF ORGANIZATIONS IN NORTH AMERICA, EUROPE, AUSTRALIA, AND JAPAN EXECUTIVE SUMMARY OF KEY FINDINGS Looking for Answers In 1992,
With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College.
With Scholar s Edge, New Mexico s 529 College Savings Plan, You Can Get an Edge When You Save for College. Edge 1 A 529 Plan that s almost as smart as your child. Edge 2 Potentially save more and borrow
Voya Target Retirement Fund Series
Voya Target Retirement Fund Series The Target Date Choice to Help Keep Retirement Goals on Track Holistic Retirement Solution Sophisticated Glide Path Design Open Architecture Approach Blend of Active
Morningstar Direct SM Asset Flows Commentary: United States
Morningstar Direct SM Asset Flows Commentary: United States Morningstar Research 15 March 2017 Data through Feb. 28, 2017 U.S. Mutual Funds and Exchange- Traded Products Alina Lamy Senior Analyst Quantitative
Data Note: What if Per Enrollee Medicaid Spending Growth Had Been Limited to CPI-M from ?
Data Note: What if Per Enrollee Medicaid Spending Growth Had Been Limited to CPI-M from 2001-2011? Rachel Garfield, Robin Rudowitz, and Katherine Young Congress is currently debating the American Health
Grading Target Date Funds from a Fiduciary Perspective
Grading Target Date Funds from a Fiduciary Perspective Ron Surz Ron@TargetDateSolutions.com 949/488-8339 I m tired of seeing high risk get good grades. Target date funds (TDFs) are the biggest deal in
THE ACTIVE SHARE DEBATE WEBINAR. Presented by John Alexander, CFA Billy Welsh
THE ACTIVE SHARE DEBATE WEBINAR Presented by John Alexander, CFA Billy Welsh Today s Speakers John Alexander, CFA Solutions Specialist evestment Billy Welsh Client Strategist evestment jalexander@evestment.com
YOUR GUIDE TO GETTING STARTED
Rady Children's Hospital San Diego 403(b) Plan Invest in your retirement and yourself today, with help from the Rady Children's Hospital 403(b) Plan and Fidelity. YOUR GUIDE TO GETTING STARTED Invest some