Morningstar Advisor - August/September 2011 - (Page 6)
Editor-in-Chief Jerry Kerns Managing Editor Ryun Patterson Editor-at-Large Don Phillips Contributing Editors Dan Culloton, Paul Justice, Haywood Kelly Contributors Scott Burns, Greg Carlson, Christopher Davis, Andew Gogerty, Philip Guziec, David Hirsch, Samuel Lee, Patricia Oey, Nadia Papagiannis, Jeffrey Ptak, Michael Rawson, Carl Richards, Kate Stalter, Timothy Strauts Data Editors Mnason Chew, Preethi Parmar, Alina Tarlea Proofreader Jennifer Gierat Art Director Teofila Arellano Associate Art Director Alexander Skoirchet Production Designer Summer Bornman Illustrator Emiliano Ponzi Photographer Jay Watson
Timothy Strauts, Paul Justice, Michael Rawson, and Samuel Lee
Morningstar’s team of exchange-traded fund analysts cover nearly 400 ETFs and exchange-traded notes. For this issue, the analysts joined forces to put together the Spotlight section (Page 36), while Samuel Lee wrote the Know How article (“How to Analyze an ETF,” Page 14), Michael Rawson handled a Gray Matters piece (“Better Ways to Look at ETFs,” Page 58), and Timothy Strauts wrote the Fund Screen (“Cheap, Local, and On a Roll,” Page 68). Meet these analysts and other industry experts at Morningstar’s annual ETF Invest conference from Sept. 21–23 in Chicago.
Publisher Leslie Banks Director of Advertising Sales Mary Uribe Regional Sales Directors Dan Atkinson, Tony Lignelli, Kristina Niemi, Stuart Roge Morningstar, Inc. Chairman and CEO Joe Mansueto President, Equity and Credit Research Group Catherine Odelbo Sr. Vice President, Financial Communications Business Mike Barad Managing Director, Design David Williams How to Reach Morningstar Advisor Subscriber Services and Circulation firstname.lastname@example.org Editorial and Letters to the Editor email@example.com Advertising firstname.lastname@example.org Rate card available at http://advisor.morningstar.com/products/advisormagazine.asp Reprints and Licensing email@example.com How to Reach Morningstar Customer Service +1 312 384-4000 Advisor Product Sales +1 877 586-5405 Data Questions +1 312 696-6600
Morningstar Advisor 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. © 2011 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
One of the big challenges for Morningstar Advisor illustrators is taking complex investing ideas and creating images that evoke the theme without taking it too literally. This issue’s cover took illustrator Emiliano Ponzi in an “X-Files” direction. “I linked two items conceptually distant from each other: an ordinary man walking his dog in a suburban neighborhood and a flying saucer,” Ponzi says. “The contact between something very familiar and something improbable, unproven, and fascinating creates a unique visual friction.” The Milan-based illustrator’s clients include The New York Times, Le Monde, Atlantic Monthly, and Penguin Books. He’s received numerous honors, including the Art Directors Club’s prestigious Young Guns award and medals of honor from the Society of Illustrators (New York and Los Angeles).
providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. “Morningstar” and the Morningstar logo 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.
Morningstar Advisor August/September 2011
Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2011
Morningstar Advisor - August/September 2011
Letter From the Editor
Simplicity and Design Matter
Do You Use ETFs Strategically or Tactically?
The Institutional Way
How to Analyze an ETF
Eyeing ETFs’ Next Chapter
Four Picks for the Present
Morningstar Investment Conference
Pitfalls of Peer Groups
A REIT Recovery, With a Catch
Turning Fund Distribution on Its Head
Here Come ETF Managed Portfolios
Circle These Picks Amid the Crop of New ETFs
ETF Analyst Favorites
Beware, the Accidental Portfolio Manager
It’s the Destination, Not the Vehicle
New Growth, Rooted in Experience
Better Ways to Look at ETFs
How to Better Manage Your Clients’ Future(s)
More Bargain Than Bubble
Cheap, Local, and On a Roll
Mutual Fund Analyst Picks
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
First-Quarter Assets Hit an All-Time High
You Say You Want a Revolution?
Morningstar Advisor - August/September 2011