Morningstar - Q3 2020 - 6

Contributors

Magazine

Amy Arnott

Amy Arnott rejoined Morningstar in 2019 and
pioneered the role of portfolio strategist with the
manager research group. It was a natural fit:
Her previous work at Morningstar included equity
and mutual fund analysis, and while away,
she worked directly with clients at Buckingham
Strategic Wealth. That experience, she says,
"drove home the point that real people are making
real decisions with money on the line." Arnott
has been working with Morningstar's target-date
and multi-asset fund analysts as well as the
manager selection team and collaborating with
director of personal finance Christine Benz.
This issue features research Arnott conducted
with Maciej Kowara on structured notes.
("With Structured Notes, It's Buyer Beware,"
Page 39.) Structured notes are an esoteric
investment that is gaining interest from advisors-
in fact, this research was prompted
by requests for more on the subject from
Morningstar's clientele.
"With the 10-year Treasury yield below 0.7% and not
keeping up with inflation, there is a legitimate
need for products that deliver income to investors,"
says Arnott. Unfortunately, structured notes
are not the answer. "What struck me was how
convoluted these products are, and difficult
to understand. The investment rationale just isn't
there. Don't get enticed by the headline yield
number because in almost every case it will come
with much more risk than you probably want."

Hyesu Lee

Cover illustrator Hyesu Lee was born and raised
in Seoul, South Korea, graduated from
the University of the Arts London with a BA in
illustration, then moved to New York City
and earned an MFA from the School of Visual Arts.
Today, she's a Brooklyn-based illustrator, artist,
muralist, and educator. "My belief is that anything
warm and cheerful is contagious," she says.
Lee emphasized the human element for this
issue's spotlight: "Drawing people-observing
them and learning about them-that's my
way of connecting. For this topic, I wanted to find
a perfect visual metaphor that represents not
only the concept but also the emotional aspects
behind it, to engage with readers."

Editor-in-Chief Jerry Kerns
Managing Editor Laura Lallos
Editorial Board Christine Benz, David M. Blanchett, Sarah Bush,
Elizabeth Collins, Lee Davidson, Adam Fleck, Sylvester Flood,
Jon Hale, Thomas M. Idzorek, Ben Johnson, Paul D. Kaplan, Haywood
Kelly, Dan Kemp, Grant Kennaway, Alex Morozov, Daniel
Needham, Don Phillips, Jeffrey Ptak, Hal Ratner, Daniel Rohr, Jeffrey
Stafford, Christopher Traulsen
Contributors Amy Arnott, Holly Black, Alex Bryan, Preston Caldwell,
Damien Conover, Michael Finke, Tancrede Fulop, Nicholas
Goralka, Richard Hilgert, Charles Keenan, Maciej Kowara, Tom Lauricella,
Jess Liu, Alec Lucas, Ryan O. Murphy, John Rekenthaler, Jonathan
Reuter, Ruth Saldanha, Laurence B. Siegel, Daniel Sotiroff, Aron Szapiro,
Steve Wendel, Tim Wong
Art Director Alex Skoirchet
Designers Katelyn Dirnberger, Paul Zdon
Illustrator Hyesu Lee
Photographers Matthew Gilson, David Lees, Matt Roth
Copy Editor Mike Eiler
Publisher Sheila Berleman
Director of Advertising Sales Stuart Roge
Regional Sales Directors Dan Atkinson, Tony Lignelli, Joanna Sawyer
Morningstar, Inc.
CEO Kunal Kapoor
Managing Director, Design David Williams
Chief Marketing Officer Rob Pinkerton
Editor-in-Chief Nicolas Owens
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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
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