Morningstar Magazine - August/September 2017 - 6

Contributors

Magazine

Russel Kinnel

Andrew Lane

Julien Pacaud

Since joining Morningstar in 1994, Russel Kinnel
has analyzed virtually every type of mutual
fund. As director, manager research, for
Morningstar Research Services, Kinnel heads the
committee that issues the Morningstar
Analyst Rating for North American funds. He is
also the editor of Morningstar FundInvestor. Kinnel
has published a number of prominent studies
of the fund industry, covering subjects such
as manager investment and expenses. One of the
best-known is "Mind the Gap," which explores
the effects of fund investors' behavior on their
returns. In this issue, Mind the Gap goes
global (Page 36). Kinnel applies the methodology
across markets and finds that investors around the
world have some common characteristics.

Senior equity analyst Andrew Lane covers
aluminum and steel companies for Morningstar
Research Services and is chairman of
the economic moat committee. In this issue's
Spotlight section (Page 27), Lane and his
colleagues delve into the details of Morningstar's
moat methodology. "Although investors have
long valued our company-specific economic moat
ratings, we've discovered a great deal of
interest in content that pulls back the curtain
on the finer points," he says. "This has inspired
us to shed more light on the methodology
itself, which, in turn, has helped us further refine
and enhance it. We're confident that this virtuous
cycle will help support even better investor
outcomes." Also in this issue, Lane participates
in a Morningstar Conversation on the merits
of moats (Page 56).

Digital collagist Julien Pacaud is a Paris-based
artist and illustrator. His work has appeared
in publications such as Time, New York, Oprah, and
the October/November 2009 issue of this magazine.
"When I illustrate a subject that is not familiar
to me," says Pacaud of this issue's cover, "I work
with instinct and try to capture a general feeling
that can be transcribed with images. Here,
the 'moats' concept involved water, obviously.
I tried to make a simple visual representation
of different companies separated from each other,
on their protective virtual islands."

Editor-in-Chief Jerry Kerns
Managing Editor Laura Lallos
Editorial Board David Blanchett, Andrew Carter, Elizabeth Collins, Lee
Davidson, Adam Fleck, Sylvester Flood, Jon Hale, Michael Holt, Thomas
Idzorek, Ben Johnson, Paul D. Kaplan, Haywood Kelly, Dan Kemp,
Grant Kennaway, Laura Lutton, Alex Morozov, Daniel Needham, Don
Phillips, Jeffrey Ptak, Hal Ratner, Tricia Rothschild, Anthony Serhan,
Christopher Traulsen
Contributors Christine Benz, Mathieu Caquineau, Dylan Cox, Ashis Dash,
Christopher Davis, Danny Goode, Eric Jacobson, Lawrence Johnson,
Russel Kinnel, Mark Laidlaw, Andrew Lane, Tom Lauricella, Hari Narayan,
Patricia Oey, John Rekenthaler, Carl Richards, Aron Szapiro, Ralph
Wanger, Dan Wasiolek, Tom Whitelaw, Phillip Yoo
Art Director Alex Skoirchet
Designers Zach Sherwood, Paul Zdon
Illustrator Julien Pacaud
Photographers Alex Chessare, Graham Jepson, Matthew Johnson,
Lauren Justice
Proofreader Mike Eiler
Publisher Leslie Marshall
Design Directors Jason Ackley, Renee Benz
Director of Advertising Sales Mary Uribe
Regional Sales Directors Dan Atkinson, Tony Lignelli, Stuart Roge
Morningstar, Inc.
CEO Kunal Kapoor
Managing Director, Design David Williams
Chief Marketing Officer Rob Pinkerton
Head of Brand Kristin Mateja
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based on Morningstar indexes.

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