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.

 
 
Mar 05, 2015
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: If You're Going to Time the Market...
…you might as well do it in a way that could work.

The February issue of ETFInvestor is now available for download.

In the cover story, I discuss the practical aspects of the classic trend-following strategy. It seems to work well on virtually all asset classes, but it has some major pitfalls. In the past, trend-following would not have been profitable after fees, spreads, and taxes. Today it’s possible to implement at virtually no cost. However, the strategy incurs extraordinary tracking error. Most investors, professional or amateur, do not have the fortitude to suffer decades of potential underperformance. I discuss a way to “save” trend-following from it.

Also in this issue:

- Jane, my third and last portfolio case study, is considering hiring an advisor. He’s terrible. I suggest some alternatives.

- In my analysis of Vanguard Emerging Markets Government Bond VWOB, I examine why emerging-markets bonds outperformed stocks.

- The newly launched iShares MSCI International Developed Momentum Factor IMTM is the final piece of the multi-factor foreign stock ETF strategy. How should it be used?

- Why size is the worst of the well-known factors, and not worth targeting for its own sake.

- An update on GMO and Research Affiliates’ year-end forecasts.

- What should you do now that Bill Gross has begun selling his closed-end funds?

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

Regards,
Samuel Lee
Strategist
Editor, Morningstar ETFInvestor

Portfolio Holdings
Income Portfolio
ETF
YTD Ret %
Price $
2.0
109.3
CASH$
N/A
1.0
3.1
58.4
7.1
66.1
1.4
11.6
1.1
20.9
-2.2
30.1
1.3
40.4
-1.3
24.4
Global Asset Allocation Portfolio
ETF
YTD Ret %
Price $
2.0
109.3
CASH$
N/A
1.0
3.1
58.4
1.1
20.9
-2.2
30.1
1.3
40.4
6.3
40.3
1.6
82.4
-1.3
24.4
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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