About the Editor
Ben Johnson, CFA, is director of global ETF research for Morningstar. Before assuming his current role in 2012, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.

Johnson holds a bachelor’s degree in economics from the University of Wisconsin. He also holds the Chartered Financial Analyst® designation. In 2015, Fund Directions and Fund Action named Johnson among the 2015 Rising Stars of Mutual Funds.


Investment Strategy
Morningstar ETFInvestor scans the globe for value and improving fundamentals across virtually all asset classes. Editor Ben Johnson 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 five model portfolios.

The Basic Portfolio harnesses the market's collective wisdom with ultra-low-cost funds and is the baseline portfolio against which the three other portfolios will be compared.

The Defensive Portfolio aims to provide lower volatility, better downside protection, and better risk-adjusted performance than the basic portfolio over the long-term.

The Factor Portfolio is designed to earn higher returns than the basic portfolio over the long-term.

The Income Portfolio attempts to earn a higher distribution yield than the basic portfolio, without taking a lot more risk.

The ESG Portfolio targets firms with strong corporate governance and sustainable environmental and social practices, while offering competitive returns and similar risk to the basic portfolio.

 
About Editor Editor's Photo
Ben Johnson, CFA
Director, Global ETF Research and Editor
Ben Johnson, CFA, is director of global ETF research for Morningstar. Before assuming his current role in 2012, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.
Featured Posts
New Issue: Do Commodities Have a Place in Your Portfolio?

The PDF version of the November issue of ETFInvestor is now available for download.

If the link above doesn’t work, you can download this month's issue by copying this address into your browser: http://etf.morningstar.com/Newsletter.aspx?download=currentIssue

If you’ve been to the grocery store or stopped at the gas station lately, you’ve probably noticed that your dollar isn’t getting you as much milk or gasoline as it was just a few months ago. Inflation has spiked. And it’s not just grocery shoppers and drivers that have taken notice. Investors have, too.

Through October, investors added $34 billion in new money to Treasury Inflation-Protected Securities exchange-traded funds. This is twice these funds’ prior annual record haul. Commodities funds have also seen renewed investor interest. Funds in the commodities broad basket Morningstar Category gathered $14.8 billion in net new assets through the first 10 months of the year. This is the largest amount of inflows the category has seen since 2010, when commodity prices surged from their post-crisis lows and inflation fears were running high.

Commodities can be a good hedge when inflation spikes.1 That said, trying to time episodes of inflation is a fool’s errand. So, is it worth carving out a permanent spot for a commodity allocation in a diversified portfolio?

I dig in in this month’s cover.

Here’s a rundown of what else you’ll find in this month’s issue:     

  • The adjusted Basic portfolio adds an increment of broad-basket commodities futures exposure
  • A spotlight on Vanguard Short-Term Inflation-Protected Securities ETF VTIP
  • A look at the drawbacks of recently launched Bitcoin futures ETFs
  • Bryan Armour shows how negative roll yields can take a big bite out of the returns to commodity futures funds
  • Ryan Jackson shows that funds that invest in commodity producer stocks are a poor proxy for more direct investment

Best,

Ben

P.S. Don’t forget that you can now download the Equity Watchlist and Bond Watchlist data from the ETFInvestor Web site. Starting from the home page, simply click on the Equity or Bond Watchlist tab, scroll down to the bottom, and click on the “Download Data” button in the bottom right-hand corner. We hope you enjoy playing with the data as much as we do!

 
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Contact Your Editor
 
About the Editor


Ben Johnson, CFA, is director of global ETF research for Morningstar. Before assuming his current role in 2012, he was director of ETF research for Europe and Asia. He also previously served as a senior equity analyst, covering the agriculture and chemicals industries. Before joining Morningstar in 2006, he worked as a financial advisor for Morgan Stanley.

Johnson holds a bachelor’s degree in economics from the University of Wisconsin. He also holds the Chartered Financial Analyst® designation. In 2015, Fund Directions and Fund Action named Johnson among the 2015 Rising Stars of Mutual Funds.

Investment Strategy


Morningstar ETFInvestor scans the globe for value and improving fundamentals across virtually all asset classes. Editor Ben Johnson 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 five model portfolios.

The Basic Portfolio harnesses the market's collective wisdom with ultra-low-cost funds and is the baseline portfolio against which the three other portfolios will be compared.

The Defensive Portfolio aims to provide lower volatility, better downside protection, and better risk-adjusted performance than the basic portfolio over the long-term.

The Factor Portfolio is designed to earn higher returns than the basic portfolio over the long-term.

The Income Portfolio attempts to earn a higher distribution yield than the basic portfolio, without taking a lot more risk.

The ESG Portfolio targets firms with strong corporate governance and sustainable environmental and social practices, while offering competitive returns and similar risk to the basic portfolio.