Morningstar - Winter 2019 - 19
Dispatches
Global Briefs
TRENDS
Active Foreign Stock Funds More Likely to Beat Passive Peers
The semiannual Morningstar Active/Passive
Barometer measures the performance of U.S.
active funds against a composite of passive funds
in their respective Morningstar Categories.
In general, actively managed funds have failed to
survive and beat their passive peers, especially
Large Blend
over longer time horizons: Only 23% did so over
the 10-year period ended June.
it skews negative. In foreign stock categories,
however, excess returns among surviving
managers skewed positive.
The distribution of 10-year excess returns for
surviving active funds varies widely across
categories. In the case of U.S. large-cap funds,
Foreign Large Blend
Number of Surviving Active Funds
40
30
20
10
0
-8.5%
-7
-6
-5
-4
10-Yr Annualized Excess Return Over Passive Peers
-3
-2
-1
0
1
2
3
4
5
Source: Morningstar. Data and calculations as of 6/28/19.
Source: Morningstar. Data as of 11/30/2017
Capital Group Departure
Leads to a Downgrade
AMERICAS
United States
American Funds veteran Mark Denning
unexpectedly left parent company Capital Group
on Sept. 9. Although Denning joined Capital
Group 37 years ago, his departure wasn't
a retirement but a personnel decision, according
to a spokesperson. The circumstances surrounding
this development remain uncertain, but it is a loss.
and one of four managers on American Funds
New Economy ANEFX.
More than one colleague has singled out Denning
as uniquely talented. At the time of his departure,
he managed money in four American Funds
strategies, all of which had Morningstar Analyst
Ratings of Gold. He was the principal
investment officer of American Funds Capital
World Growth and Income CWGIX. Denning was
also one of nine named managers on American
Funds EuroPacific Growth AEPGX, one of 10
managers on American Funds New World NEWFX,
Denning managed roughly $27 billion across all
four funds in total. While that would be
a huge sum for most asset managers to redeploy,
Capital Group's multimanager system is
suited to the task. Fellow portfolio managers
can accommodate stock picks they share
with Denning, while his unique positions can
be overseen by each fund's principal investment
officer, which in the case of American
Funds Capital World Growth and Income is
global.morningstar.com/Morningstarmagazine
19
http://global.morningstar.com/Morningstarmagazine
Morningstar - Winter 2019
Table of Contents for the Digital Edition of Morningstar - Winter 2019
Contents
Morningstar - Winter 2019 - Cover1
Morningstar - Winter 2019 - Cover2
Morningstar - Winter 2019 - 1
Morningstar - Winter 2019 - 2
Morningstar - Winter 2019 - Contents
Morningstar - Winter 2019 - 4
Morningstar - Winter 2019 - 5
Morningstar - Winter 2019 - 6
Morningstar - Winter 2019 - 7
Morningstar - Winter 2019 - 8
Morningstar - Winter 2019 - 9
Morningstar - Winter 2019 - 10
Morningstar - Winter 2019 - 11
Morningstar - Winter 2019 - 12
Morningstar - Winter 2019 - 13
Morningstar - Winter 2019 - 14
Morningstar - Winter 2019 - 15
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Morningstar - Winter 2019 - 17
Morningstar - Winter 2019 - 18
Morningstar - Winter 2019 - 19
Morningstar - Winter 2019 - 20
Morningstar - Winter 2019 - 21
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Morningstar - Winter 2019 - 24
Morningstar - Winter 2019 - 25
Morningstar - Winter 2019 - 26
Morningstar - Winter 2019 - 27
Morningstar - Winter 2019 - 28
Morningstar - Winter 2019 - 29
Morningstar - Winter 2019 - 30
Morningstar - Winter 2019 - 31
Morningstar - Winter 2019 - 32
Morningstar - Winter 2019 - 33
Morningstar - Winter 2019 - 34
Morningstar - Winter 2019 - 35
Morningstar - Winter 2019 - 36
Morningstar - Winter 2019 - 37
Morningstar - Winter 2019 - 38
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Morningstar - Winter 2019 - 40
Morningstar - Winter 2019 - 41
Morningstar - Winter 2019 - 42
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Morningstar - Winter 2019 - 63
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Morningstar - Winter 2019 - 66
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Morningstar - Winter 2019 - Cover3
Morningstar - Winter 2019 - Cover4
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