Morningstar Magazine - June/July 2017 - 96

Investors

EXHIBIT 1 (CONT'D)

Issue

Name

Morningstar Category

Morningstar
Analyst Rating

April/May 2014

Becker Value Equity Retail BVEFX

Large Value

-

April/May 2014

Dean Small Cap Value DASCX

Small Value

-

Aug/Sept 2014

Kopernik Global All-Cap A KGGAX

Foreign Small/Mid Value

-

Oct/Nov 2014

Smead Value Investor SMVLX

Large Blend

Dec/Jan 2015

Ashmore Emerging Markets Tot Ret A EMKAX

Emerging Markets Bond

-

Feb/March 2015

Disciplined Growth Investors DGIFX

Allocation-70% to 85% Equity

-

June/July 2015

Mairs & Power Small Cap MSCFX

Small Blend

Aug/Sept 2015

Baird Core Plus Bond Inst BCOIX

Intermediate-Term Bond

Oct/Nov 2015

Ariel International Investor AINTX

Foreign Large Value

Dec/Jan 2016

TIAA-CREF Social Choice Bond Retail TSBRX

Intermediate-Term Bond

Feb/March 2016

Polen Growth Investor POLRX

Large Growth

April/May 2016

Alger Small Cap Focus A AOFAX

Small Growth

June/July 2016

AC Alternatives Market Neutral Val Inv ACVVX

Market Neutral

Aug/Sept 2016

JPMorgan Global Allocation A GAOAX

World Allocation

Beat
Category?

Beat
Benchmark?

Source: Morningstar. Morningstar Analyst Rating as of 04/30/2017. Relative performance calculated from the date the fund was featured through 04/15/2017.

starting from the month we released the issue
they were featured in, through April 15 of this year.
Some of those funds were showcased quite
recently, so there hasn't been a long enough time
period to provide a meaningful evaluation. Indeed,
if we look only at funds chosen at least three years
ago, our results are better: 57% have beat their
category since we featured them. However, when
measured against category benchmarks, which are
generally harder to beat than category averages,
less than a third of these funds came out ahead.

record, manager changes may have given
investors pause.) The bulk of the surviving funds,
63 of the 77, also have assets bases less than
$2 billion today, and 32 are under $500 million.

investors in October 2016. One of the reasons we
liked that fund was management's
commitment to closing it before the strategy
reached $500 million, as they did.

One of those is Queens Road Small Cap Value
QRSVX, first profiled in August/September
2009. It is still largely unknown and still worth
considering by investors looking for a strict
value approach. We featured it for a second time
last issue, marking its recent addition to the
Morningstar Prospects list.

Mairs & Powers' two older funds were also
profiled here, in December/January
2011: Mairs & Power Balanced MAPOX and Mairs
& Power Growth MPGFX. Mairs & Power's
distinctive focus on companies headquartered
in the Upper Midwest might be considered
a limitation, were it not for the funds' excellent
long-term records. The Growth fund's
managers at the time, Bill Frels and Mark
Henneman, were named Morningstar DomesticStock Fund Managers of the Year in 2012.
Both funds earned and maintained Silver
ratings throughout a gradual manager transition
leading up to Frels' retirement at the end
of 2014. This offered a role model for careful
succession planning, bolstered by the
firm's collaborative approach and low turnover
on the investment team.

Still Pending Discovery
Not all of the funds were exactly undiscovered
when we featured them. Blackrock Global
Allocation MALOX was a recent candidate for Fund
Manager of the Decade when it appeared
in the February/March 2010 issue. In that case, we
deemed the strategy "one-of-a-kind" and
so worth covering. That remains true today: It is
one of our Best Ideas on Page 82.

Success Stories
In some cases, a small asset base is a validation
of the pick. Twelve of the funds are now closed
to new investors, a decision that protects
management's ability to execute size-sensitive
strategies, and shows a commitment to existing
shareholders over asset-gathering. Among them is
that first pick, Champlain Small Company.

More typical is the other fund featured in that 2010
issue, the lesser-known Scout International
UMBWX. That fund has less than $2 billion
in assets today. (Although it has sustained a solid

Six other medalists are among the funds closed
since first mentioned here, including Silverrated Mairs & Power Small Cap MSCFX, which was
covered in June/July 2015 and closed to new

96

Morningstar June/July 2017

Baird's fixed-income group is another exemplar of
teamwork, one that warranted two separate



Table of Contents for the Digital Edition of Morningstar Magazine - June/July 2017

Contents
Morningstar Magazine - June/July 2017 - Cover1
Morningstar Magazine - June/July 2017 - Cover2
Morningstar Magazine - June/July 2017 - 1
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Morningstar Magazine - June/July 2017 - Contents
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