Morningstar Advisor - October/November 2013 - (Page 6)

Contributors MorningstarAdvisor Pablo Amargo Editor-in-Chief Jerry Kerns Associate Editor Rob Wherry We gave Pablo Amargo the difficult challenge of handling a series of stories on fund distribution, a topic that doesn’t easily lend itself to visuals. As you see on the cover and Page 34, he rose to the task. Amargo took his cues for the issue’s illustrations from the written word. “I visualized the abstract of the story with a tangible and defined method,” he says. “The articles were more essay-like and technical, so I had to illustrate each specific article in a more distinctive, abstract, and poetic way.” Amargo, who lives in Oveido, Spain, has designed picture books that won the Picture Book Award in Korea, the Venezuela Banco del Libro award, and a gold from the European Design Awards of Illustration. Editor-at-Large Don Phillips Contributing Editors Dan Culloton, Haywood Kelly Contributors Basilli Alukos, Christine Benz, Scott Burns, Greg Carlson, Elizabeth Collins, Thomas Idzorek, Ben Johnson, Warren Miller, Patricia Oey, Steven Pikelny, Jeffrey Ptak, John Rekenthaler, Carl Richards, Kate Stalter, James X. Xiong, John Zecy, Adam Zoll Data Editors Alina Tarlea Art Director Alexander Skoirchet Illustrator Pablo Amargo Photographer Patrick Smith Publisher Leslie Marshall Director of Advertising Sales Mary Uribe Regional Sales Directors Dan Atkinson, Tony Lignelli, Kristina Niemi, Stuart Roge Morningstar, Inc. Chairman and CEO Joe Mansueto Scott Burns Managing Director, Design David Williams As Morningstar’s director of fund analysis, Scott Burns tries to anticipate the trends that are shaping the investing world. Two years ago, Burns penned a controversial article, “Turning Fund Distribution on Its Head” (August/September 2011 issue), in which he looked behind the significant asset flows into nontraditional vehicles such as exchange-traded funds in order to turn the spotlight on what was a rapidly changing fund-distribution landscape. He returns this issue to update that piece (“Fund Distribution Has Been Turned on Its Head. Now What?,” Page 36), including the predictions he got right, those where he misfired, and a few that could shape the next few years. Director, Corporate Marketing Kristin Mateja How to Reach Morningstar Advisor Subscriber Services and Circulation magazine_custserv@morningstar.com Editorial and Letters to the Editor magazine_editor@morningstar.com Advertising magazine_adrates@morningstar.com Rate card available at http://advisor.morningstar.com/products/advisormagazine.asp Reprints and Licensing magazine_licensing@morningstar.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. © 2013 Morningstar. All Rights Reserved. The information contained herein: (1) is intended solely Janet Yang 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 As a senior fund analyst, Janet Yang specializes in examining some of the building blocks of retirement. A member of Morningstar’s fund-of-funds team, she devotes most of her time to sifting through 529 plans and target-date lineups. The latter topic is what she touches on in “Does Being Prudent Pay Off?” (Page 62). Her research shows which target-date lineups could leave conservative investors in the lurch late in retirement. “There’s a camp that argues for more conservative glide paths, and some of that makes sense given all the research demonstrating that investors are prone to selling at market troughs,” Yang says. “Advisors play a key role in helping their clients see the longer-term picture, though, and that means helping them to realize that short-term comfort isn’t free. Taking less year-to-year market risk entails taking on more of the risk of outliving savings.” 6 Morningstar Advisor October/November 2013 (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 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. 1568629 http://advisor.morningstar.com/products/advisormagazine.asp

Table of Contents for the Digital Edition of Morningstar Advisor - October/November 2013

Morningstar Advisor - October/November 2013
Contents
Contributors
Letter From the Editor
How to Make Social Media Work for You
Do Mutual Funds Still Have a Role?
More Personal Than Finance
How to Handle Your TIPS Positions
A Real Estate Veteran Starts From Scratch
Investments á la Carte
Investment Briefs
When to Say No
Take a Guarded Approach to Homebuilders
Fund Distribution Has Been Turned on Its Head. Now What?
Winning the Distribution Battle
Active ETFs Wait for Their Heyday
A Fund Firm Defies Indexing Trend
Piloting New Channels
A Good Fit
The Predictive Power of Fair Value Estimates
Does Being Prudent Pay Off?
Utilizing Utilities’ Total Return
Stuck in the Middle Is Not a Bad Place to Be
Our Favorite Mutual Funds
50 Most-Popular Equity ETFs
Undervalued Stocks With Wide Moats
The Good Guys Win

Morningstar Advisor - October/November 2013