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 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.

 
 
Oct 17, 2017
Welcome !
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
Featured Posts
New Issue: The Evolution of Emerging Markets

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

The iPad version will be available in approximately 3 business days.

Per MSCI, emerging-markets stocks made up about 11.6% of the global stock market (using the MSCI All- Country World Index as a proxy) as of the end of September. Thirty years ago, these stocks represented less than 1% of the world’s investable equity market capitalization. These markets are dynamic by definition. They have changed dramatically in the past three decades, and the pace of change has only accelerated in recent years. In this month’s cover, I look at emerging-markets stocks’ long- and short-term performance, the most recent phase in their ongoing evolution, how their makeup may evolve in the future, and what this all might mean with respect to portfolio construction.

Also in this issue:

  • Phillip Yoo discusses Venezuela’s current debt crisis and its implications for investors in emerging-markets bond ETFs.
  • Daniel Sotiroff explores the relationship between economic growth and stock market performance.
  • I tell the tale of two seemingly similar but fundamentally different emerging-markets equity ETFs: iShares MSCI Emerging Markets ETF EEM and iShares Core MSCI Emerging Markets ETF IEMG.
  • I provide my latest take on Income and Asset Allocation Portfolio holdings PIMCO Dynamic Mortgage and Credit Income PCI and PIMCO Dynamic Income PDI.
  • Alex Bryan profiles iShares Edge MSCI Minimum Volatility Emerging Markets ETF EEMV, which carries a Morningstar Analyst Rating of Silver.
  • Phillip Yoo shares his analysis of Bronze-rated iShares JP Morgan USD Emerging Markets Bond ETF EMB.
  • In this month’s Sector Snapshot, I look at a notable change in sector leadership in the S&P 500 in September.

You can download this month's issue here:

http://etf.morningstar.com/Newsletter.aspx?download=currentIssue

Best,

Ben Johnson, CFA

Portfolio Holdings
Income Portfolio
ETF
YTD Ret %
Price $
2.4
106.6
CASH$
N/A
1.0
21.7
59.5
17.6
72.0
11.6
22.6
9.3
30.3
10.0
47.9
12.4
26.1
6.7
32.8
Global Asset Allocation Portfolio
ETF
YTD Ret %
Price $
2.4
106.6
CASH$
N/A
1.0
21.7
59.5
11.6
22.6
9.3
30.3
10.0
47.9
20.4
44.0
12.6
95.9
12.4
26.1
6.7
32.8
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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