About the Editor
Samuel Lee is an ETF strategist for Morningstar and editor of Morningstar ETFInvestor, a monthly investment newsletter. Prior to becoming editor, Lee was a fund analyst on Morningstar's passive funds research team, where he covered alternative, dividend, and actively managed ETFs and performed quantitative modeling of ETF strategies.

Lee joined Morningstar in 2008 as a data analyst, where he evaluated ways to measure and improve the firm's data quality.

Lee holds a bachelor's degree in economics, with honors, from Grinnell College.


Investment Strategy
Morningstar ETFInvestor scans the globe for value and improving fundamentals across virtually all asset classes. Editor Samuel Lee draws upon academic and practitioner research — including Morningstar's sizeable bench of stock, bond and fund analysts — to find reliable drivers of outperformance.

Morningstar ETFInvestor features two real-money portfolios.

The ETF Income Portfolio assembles a high-quality collection of income-generating ETFs with the goal of earning 5% in excess of the 30-day T-bill rate over a full business cycle. The portfolio adheres to a benchmark-agnostic strategy in its search for absolute returns.

The ETF Global Asset Allocation Portfolio, on the other hand, is more benchmark sensitive. It seeks undervalued asset classes with improving fundamentals. The strategy seeks to beat the 60/40 MSCI ACWI/Barclays US Aggregate benchmark over a full business cycle, with the least risk possible.

 
 
Jul 25, 2014
Welcome !
About Editor Editor's Photo
Samuel Lee,
Editor, Morningstar ETFInvestor
Samuel Lee is an ETF strategist for Morningstar and editor of Morningstar ETFInvestor, a monthly investment newsletter. Prior to becoming editor, Lee was a fund analyst on Morningstar's
Featured Posts
New Issue: The Trouble With Discount Rates
The July issue of ETFInvestor is available for download.

This issue begins with some observations on the difficulty of using the right discount rates. Contrary to popular thinking, getting discount rates right is an extremely hard problem in its own right—so hard that I think it makes sense to chuck the whole thing out and just look at normalized cash-flow yields.

Also in this issue:

-- I analyze iShares Core High Dividend HDV, which now sports a fantastic 0.12% expense ratio and tracks the Morningstar Dividend Yield Focus Index.

-- An overview of State Street’s new MSCI Quality Mix funds. I like them—a lot.

-- Alex Bryan’s analysis of PowerShares FTSE RAFI US 1000 PRF. It’s a good fund, but not competitive today.

-- New analyst Tom Boccellari’s take on Vanguard Total International Bond Index BNDX. It’s a bad fund no one should own.

-- A meditation on diversification and knowledge. The more you know, the less you should diversify.

-- The three reasons I make so few trades.

-- What happened in early July that sent PIMCO Dynamic Income's PDI price tumbling?

You can download the issue at http://etf.morningstar.com/newsletter.aspx

Best regards,

Samuel Lee
Strategist
Editor, Morningstar ETFInvestor
Portfolio Holdings
Income Portfolio
ETF
YTD Ret %
Price $
4.2
109.2
CASH$
N/A
1.0
5.4
61.4
6.5
65.6
7.7
12.6
2.8
23.4
13.5
32.5
5.9
35.1
4.8
22.9
Global Asset Allocation Portfolio
ETF
YTD Ret %
Price $
4.2
109.2
CASH$
N/A
1.0
5.4
61.4
3.8
23.4
11.9
32.5
5.9
35.1
1.5
42.3
2.3
77.7
4.8
22.9
Most Popular ETFs
ETF Name
YTD Rtn %
3 Yr Rtn %
Trading Vol.
NASDAQ 100 Trust Shares
-10.76
1.45
125,000,944
SPDRs
-3.64
2.68
87,466,496
Semiconductor HOLDRs
-6.23
-11.66
26,838,700
iShares MSCI Japan Index
-6.59
7.18
17,256,500
iShares Russell 2000 Index
-7.46
6.43
16,210,700
Energy Select Sector SPDR
15.88
15.50
14,900,000
Financial Select Sector SPDR
-8.42
2.61
11,612,800
DIAMONDS Trust, Series 1
-3.75
2.21
7,350,600
Utilities Select Sector SPDR
6.84
6.82
3,848,200
Materials Select Sector SPDR
-4.31
8.50
2,179,300
 
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