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.

 
 
Nov 21, 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: Valuation for the Masses
The November issue of ETFInvestor is available for download.

This month's over-long cover story is on Research Affiliates' new asset-class valuation website. It is by far the best single source for valuation data on the Internet. I expect it will become widely known as the gold standard, replacing GMO's quarterly forecasts. However, I suspect many will take the forecasts at face value and not bother to dig into the methodology. I make the case for why you should care about valuation, why you should care about Research Affiliates' website, how their forecasts work, and how you can use them without hurting yourself.

Also in this issue:

- Fidelity just launched a trio of active bond exchange-traded funds, Fidelity Total Bond FBND, Fidelity Corporate Bond FCOR, and Fidelity Limited-Term Bond FLTB. These are ETF versions of existing Fidelity bond funds. Are they better than PIMCO's active ETFs or even passive alternatives?

- Wes Gray's long-anticipated (at least by quant-fund nerds like me) ValueShares US Quantitative Value QVAL just came out. I take a close look.

- Analyst Patricia Oey analyzes Market Vectors EM Local Currency Bond EMLC.

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 $
5.2
109.4
CASH$
N/A
1.0
3.6
60.3
3.8
63.9
-0.1
11.7
-8.3
21.8
13.5
32.5
5.0
40.5
11.2
24.3
Global Asset Allocation Portfolio
ETF
YTD Ret %
Price $
4.4
109.4
CASH$
N/A
1.0
3.6
60.3
-3.9
21.8
10.0
32.5
5.0
40.5
-5.1
39.6
6.9
81.6
11.2
24.3
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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