Morningstar Magazine - February/March 2018 - 6

Contributors

Magazine

Josh Charney

Jason Kephart

James Yang

Josh Charney is a senior investment analyst
for Morningstar Investment Management. Charney
is on the outcome-based team, specializing in
alternatives and alternative manager due diligence.
He is also part of the fixed-income, Americas
asset-allocation group, focusing on U.S. corporate
bonds. In "A New Way to Approach Alternative
Funds" (Page 29), Charney demonstrates
that traditional funds are sometimes a superior
alternative to alternatives. "We provide new tools
to help investors select alternative mutual
funds by comparing them to traditional funds,"
he says. "The underlying mechanisms for
these products are not all that different from
traditional sources of return; however, selecting
the correct basis of comparison is crucial."

A senior manager research analyst for Morningstar
Research Services, Jason Kephart covers
alternative strategies. These strategies can
be difficult to pin down; Kephart's research shows
that even those within the same Morningstar
Category can differ significantly. In "Mapping
Alternatives" (Page 34), Kephart discusses how the
Morningstar Style Box for alternatives-
now available in Morningstar Direct-enables
investors to better assess the diversification
benefits of a particular strategy. "A key reason
investors look to alternatives is to build
more robust portfolios," he says. "The alternatives
style box makes it easier to see how an alternative fund would impact a traditional portfolio."

To capture the idea of exploring a new
universe-alternative funds-Brooklyn-based
illustrator James Yang was inspired by The Little
Prince. "It is always a treat to play with
empty space because it can have a strong impact
visually," he says. "This was a collaborative
effort with [Morningstar art director] Alex Skoirchet,
and easily my favorite series I have done
for Morningstar." Yang has won more than 250
awards for design and illustration excellence,
including best of show from 3×3 Magazine,
and taught and lectured at a variety of institutions.
His new children's book Bus! Stop! will
be released by Viking Children's Books in March.

Editor-in-Chief Jerry Kerns
Managing Editor Laura Lallos
Editorial Board David Blanchett, Andrew Carter, Elizabeth Collins, Lee
Davidson, Adam Fleck, Sylvester Flood, Jon Hale, Thomas Idzorek, Ben
Johnson, Paul D. Kaplan, Haywood Kelly, Dan Kemp, Grant Kennaway,
Laura Lutton, Alex Morozov, Daniel Needham, Don Phillips, Jeffrey Ptak,
Hal Ratner, Tricia Rothschild, Anthony Serhan, Christopher Traulsen
Contributors Josh Charney, Glenn Freeman, Joe Gemino, Eric Jacobson,
Lawrence Johnson, Jason Kephart, Mari Kumagai, Alina Lamy, Tom
Lauricella, Dan Lefkowitz, Ilana Polyak, John Rekenthaler, Carl Richards,
Dan Rohr, Sheryl Rowling, Katie Rushkewicz Reichart, Jim Sinegal,
Miriam Sjoblom, Aron Szapiro, Ralph Wanger, Stephen Wendel, Gregg
Wolper, Michael Wu
Art Director Alex Skoirchet
Designers Tim Curley, Michael Pettit, Zach Sherwood
Illustrator James Yang
Photographers Alex Chessare, Rick Dahms, Christopher Lane,
Matthew Lomanno, Matt Roth
Proofreader Mike Eiler
Publisher Leslie Marshall
Design Directors Jason Ackley, Renee Benz
Director of Advertising Sales Mary Uribe
Regional Sales Directors Dan Atkinson, Tony Lignelli, Stuart Roge
Morningstar, Inc.
CEO Kunal Kapoor
Managing Director, Design David Williams
Chief Marketing Officer Rob Pinkerton
Head of Brand Kristin Mateja
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Morningstar magazine is published bimonthly by Morningstar, Inc.,
22 W. Washington St., Chicago, IL 60602. An annual subscription
for delivery in the U.S. is $60. All exhibit data in this magazine is provided
by Morningstar and Ibbotson Associates unless otherwise noted.
© 2018 Morningstar. All Rights Reserved. The information contained
herein: (1) is intended solely for informational purposes; (2) is proprietary
to Morningstar and/or its content providers; (3) may not be copied
or distributed; (4) is not warranted to be accurate, complete, or timely;
and (5) does not constitute investment advice of any kind. Neither
Morningstar nor its content providers are responsible for any damages
or losses arising from any use of this information. Past performance
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are registered marks of Morningstar, Inc.
Disclosure Morningstar licenses its indexes to certain providers,
including BlackRock Institutional Trust Company, N.A., First Trust, and
Deutsche Bank, for use in exchange-traded funds and exchange-traded
notes. These ETFs and ETNs are not sponsored, endorsed, issued,
or sold by Morningstar. Morningstar does not make any representation
regarding the advisability of investing in ETFs and ETNs that are
based on Morningstar indexes.

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Morningstar February/March 2018


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Table of Contents for the Digital Edition of Morningstar Magazine - February/March 2018

Contents
Morningstar Magazine - February/March 2018 - Cover1
Morningstar Magazine - February/March 2018 - Cover2
Morningstar Magazine - February/March 2018 - 1
Morningstar Magazine - February/March 2018 - 2
Morningstar Magazine - February/March 2018 - Contents
Morningstar Magazine - February/March 2018 - 4
Morningstar Magazine - February/March 2018 - 5
Morningstar Magazine - February/March 2018 - 6
Morningstar Magazine - February/March 2018 - 7
Morningstar Magazine - February/March 2018 - 8
Morningstar Magazine - February/March 2018 - 9
Morningstar Magazine - February/March 2018 - 10
Morningstar Magazine - February/March 2018 - 11
Morningstar Magazine - February/March 2018 - 12
Morningstar Magazine - February/March 2018 - 13
Morningstar Magazine - February/March 2018 - 14
Morningstar Magazine - February/March 2018 - 15
Morningstar Magazine - February/March 2018 - 16
Morningstar Magazine - February/March 2018 - 17
Morningstar Magazine - February/March 2018 - 18
Morningstar Magazine - February/March 2018 - 19
Morningstar Magazine - February/March 2018 - 20
Morningstar Magazine - February/March 2018 - 21
Morningstar Magazine - February/March 2018 - 22
Morningstar Magazine - February/March 2018 - 23
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Morningstar Magazine - February/March 2018 - 26
Morningstar Magazine - February/March 2018 - 27
Morningstar Magazine - February/March 2018 - 28
Morningstar Magazine - February/March 2018 - 29
Morningstar Magazine - February/March 2018 - 30
Morningstar Magazine - February/March 2018 - 31
Morningstar Magazine - February/March 2018 - 32
Morningstar Magazine - February/March 2018 - 33
Morningstar Magazine - February/March 2018 - 34
Morningstar Magazine - February/March 2018 - 35
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Morningstar Magazine - February/March 2018 - 37
Morningstar Magazine - February/March 2018 - 38
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