Morningstar - Q4 2023 - 4

Contributors
Morningstar Magazine
Volume 15, Issue 4
Andrew Daniels
This issue's Spotlight features an in-depth report
from Morningstar Research Services LLC
( " Ascendent Returns, " Page 29). " We thought the
U.S. market's dramatic outperformance since
the global financial crisis warranted a closer look, "
says Andrew Daniels, associate director, U.S.
equity strategies.
Adam Sabban
The findings may be surprising. Coauthor
Adam Sabban, a senior analyst on the team, says
that " some common narratives about the
performance gap between U.S. and non-U.S.
stocks weren't supported by the data, such as the
view that only a few star U.S. stocks explained
the differential. " Daniels adds, " Currency
movements and sector composition of market
indexes explain some of the performance
divergence, but the bottom line is that U.S.
companies have had better fundamentals and
produced higher returns on capital, even
after accounting for tech-related giants like
Amazon.com, Apple, and Microsoft. "
David Carey
In " Unlikely Partners " (Page 58), Morningstar
associate manager research analyst David Carey
introduces readers to YCG Asset Management,
founded by Brian Yacktman, son of wellknown
investor Don Yacktman. " The Yacktman
name initially drew me to the strategy, " Carey says,
" but the managers' approach made me want
to learn more. What struck me was their passion
for investing and their genuine pursuit of doing
the right thing for investors. " While some elements
of their stock-picking process are standard
procedure, says Carey, their focus on network
effects and the options enhancement sleeve of the
portfolio set the strategy apart.
Luca D'Urbino
Cover illustrator Luca D'Urbino is an awardwinning
digital artist who conveys complex issues
with simple, direct visual language. For this
issue's Spotlight, he landed on " hot air balloons
to show the situation of U.S. stocks in comparison
to other countries. " The U.S. balloon flies
high above the rest-but balloons can descend.
D'Urbino is based in Italy and illustrates for
brands, newspapers, and magazines, including
Volkswagen, The Wall Street Journal, and
The Economist.
4
Morningstar Q4 2023
Editor-in-Chief Jerry Kerns
Managing Editor Laura Lallos
Editorial Board Bryan Armour, Hortense Bioy, Wing Chan, Lee Davidson,
Adam Fleck, Charles Gross, Mathew Hodge, Michael Holt, Thomas M.
Idzorek, Dan Kemp, Alec Lucas, Alex Morozov, Don Phillips, Jeffrey Ptak,
Katie Rushkewicz Reichert, Daniel Rohr, Janet Yang Rohr, Madison Sargis,
Jeffrey Stafford, Timothy Strauts, Lorraine Tan
Contributors Amy C. Arnott, Valerio Baselli, David Carey, Brian Colello,
Andrew Daniels, Madeline Hume, Charles Keenan, Russel Kinnel, Danielle
LeClair, Callan Maclennan, John Rekenthaler, Sheryl Rowling, Adam
Sabban, Jack Shannon, Alyssa Stankiewicz, Lindsey Stewart, Lukas Strobl,
Larry Swedroe, Gregg Wolper, Janet Yang Rohr
Art Director Alex Skoirchet
Designer Paul Zdon
Illustrator Luca D'Urbino
Photographers Christopher Lane, Cathlin McCullough, Chris Renton,
Matt Roth
Copy Editor Mike Eiler
Proofreader Mary Kate Chambers
Publisher Sheila Berleman
Director of Advertising Sales Stuart Roge
Regional Sales Directors Dan Atkinson, Emily Martin, Lisa Turner
Morningstar, Inc.
CEO Kunal Kapoor
Managing Director, Design David Williams
Editor-in-Chief Adley Bowden
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Morningstar - Q4 2023

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