Morningstar Magazine - February/March 2015 - 6

Contributors

Magazine

Salman Ahmed

Paul Kaplan

Achilleas Taxildaris

Paul Ellenbogen

Katherine Streeter

6

Morningstar February/March 2015

It's not surprising to read an article ("A Closer Look
at What Canadians Pay for Mutual Funds,"
Page 47) about fees from Salman Ahmed, Paul D.
Kaplan, and Achilleas Taxildaris, who work in
Morningstar's Toronto office. Canadian investors
must endure a veritable alphabet soup of
share classes that make it difficult to assess what
they are paying relative to their peers. It's an
understatement to say the topic is on their radar.
Ahmed, a former investment consultant
with Morningstar Investment Management and
a member of the Canadian Investment Funds
Standards Committee, led the development
of a system that clears up the share-class-labeling
problem. In January, he took a new position at
Steadyhand Investment Funds as a portfolio
manager. Over a 15-year career at Morningstar,
Kaplan has analyzed investing topics such as fees
while serving as chief investment officer
of Morningstar Associates, research director of
Morningstar Europe, and director of research for
Morningstar Canada, his current role. He's also our
Quant U columnist and sits on the editorial board
of the Financial Analysts Journal and Morningstar
magazine. As an analyst specializing in active
mutual fund strategies on Morningstar's manager
research team, Taxildaris has a front-row seat
to how fees directly affect Main Street investors.
Paul Ellenbogen is director of board consulting
services at Morningstar Associates and is
responsible for the company's 15(c) reporting to
the independent directors of U.S. mutual
funds. In "Airing Out Fund Costs" (Page 35), he
proposes a new, simplified way that fund expenses,
share classes, and, ultimately, shareholder
reporting could provide more realistic comparisons
of what investors pay for the services they receive.
Losing your shirt is an appropriate metaphor
for what fees can do to a portfolio. Metaphor and
symbolism are often the starting point for
Katherine Streeter, who illustrated this issue's
cover and Spotlight section. "There is an
excitement in being artful with very serious
subject matter, with a goal of having the words
and the pictures balance each other out,"
she says. Some of Streeter's industry awards and
accolades have come from American Illustration,
Communication Arts, The Society of Illustrators, Print
magazine, and The Society of Publication Design.

Editor-in-Chief Jerry Kerns
Associate Editor Rob Wherry
Editorial Board David Blanchett, Joel Bloomer, Heather Brilliant, Andrew
Carter, Sylvester Flood, Jon Hale, David Harrell, Michael Holt,
Thomas Idzorek, Paul D. Kaplan, Kunal Kapoor, Haywood Kelly, Grant
Kennaway, Warren Miller, Daniel Needham, Don Phillips, Jeffrey Ptak,
Hal Ratner, Christopher Traulsen
Contributors Salman Ahmed, Valerio Baselli, Alex Bryan, Christopher
Davis, Paul Ellenbogen, Caroline Gutman, David Harrell, Suruchi Jain,
Robert Johnson, Jocelyn Jovene, Russel Kinnel, Ali Masarwah,
Kevin McDevitt, Magdalena Mroczek, Michael Rawson, John Rekenthaler,
Carl Richards, Christine St. Anne, Kate Stalter, Iris Tan, Achilleas
Taxildaris, Francisco Torralba, Emma Wall, Kwame Webb, Janet Yang
Design Directors Jason Ackley, Renee Benz
Designers Mike Pettit, Zach Sherwood, Alex Skoirchet
Illustrator Katherine Streeter
Photographers Martin Leissl, Andy Richter, and Steven St. John
Proofreader Mike Eiler
Publisher Leslie Marshall
Director of Advertising Sales Mary Uribe
Regional Sales Directors Dan Atkinson, Tony Lignelli, Stuart Roge

Morningstar, Inc.
Chairman and CEO Joe Mansueto
Managing Director, Design David Williams
Director, Corporate Marketing Kristin Mateja

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Morningstar Magazine - February/March 2015

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