By Ian Salisbury
Morningstar, the influential research firm that has for years bestowed stars on top-performing mutual funds, is adding a new investment to it universe: ETF managed portfolios.
This week, the Chicago-based researcher unveiled a new section of its web site where it will publish standardized returns for the ETF products – which typically represent a portfolio of exchange-traded funds selected by a professional investment manager. It will also include Morningstar’s classic star rankings and analyst write-ups of the new investments.
The most detailed data on ETF managed portfolios will be available only to financial advisers – the investments are marketed to these pros by Wall Street firms. But individual investors should take note, say experts: Morningstar’s effort could bring clarity to a corner of the investment universe ultimately targeting mom and pop where solid information is sometimes hard come by.
The strategies, recently profiled by the Wall Street Journal, are gaining fans quickly: they held $45 billion at the end of the first quarter, up roughly a third in just six months, according to Morningstar.
Among the reasons experts say they’re popular: An ability to capitalize on the buzz around fast-growing exchange-traded funds and an emphasis on annual investment fees rather than up front commissions. Since many advisers themselves are moving to charging investors annual fees, the pricing structure meshes well with their business model.
But there are some reasons to be skeptical. The new strategies can be pricey and managed accounts aren’t subject to many of the same rules designed to protect investors who own mutual funds, according to experts like John McGuire, partner at Bingham McCutchen LLP. “You don’t have the same magnitude of regulation,” he says.
For investors looking at these strategies here are some things investing pros say to keep in mind.
*Benchmarking can be tricky. The record for mutual fund managers is clear — and not veryinspiring. Over the past five years, only about a third have beaten their stock or bond benchmark. While the new strategies are essentially a bet that WallStreet can do better by shifting money between those various benchmarks, experts say it’s unclear how success should be measured. For strategies that involve only U.S. stocks, traditional indexes used to judge mutual funds might still work, but what about strategies that mix US and foreign stocks or stocks and bonds? “The user has to decide what they want to accomplish then ask ‘Is this something you can do on your own’” with a discount brokerage account or target-date fund? says Morningstar analyst Andrew Gogerty.”
*While ETFs gained popularity largely because they lowered investment costs, the new strategies, which use ETFs but also employ an active investment manager, risk neutralizing that advantage. Unlike mutual funds, managed account fees are negotiable so it’s difficult to judge what the average investor truly pays. But the Wall Street Journal reports all-in fees between the ETFs, the investment strategist and the financial adviser could range up to $200 for every $10,000 invested, a difficult hurdle.
*While a few of the ETF managed portfolios have been around for decades, many are brand new. Of the 500 in Morningstar’s database, about half have appeared since 2007. Perhaps, more important, reporting returns is voluntary. That means even firms that appear to have strong track records are hard to judge. For instance, a manager with three market-beating strategies might five years ago have offered six, half of which failed and were shuttered, disappearing from the record. Some big players, such as Envestnet, don’t report to Morningstar at all. Envestnet, which itself analyzes investment managers as well as marketing its own strategies, sees Morningstar as competition, says Tim Clift, chief strategist of the company’s investment arm.
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Dribbble – Updating my favourite icon creator… by Ian Tearle
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The original version from Michael Flarup pixelresort.com/blog/app-icon-template/ has not been updated yet, I needed the icons now, so I updated his template. If you’d like it then please ask, I don’t want to step on Micheal’s feet and spoil his hard work. He should get all credit.
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On Friday,an update was released by Facebook that didn’t exactly thrill the masses. Upon installing,users noticed that they now had 3 icons from Facebook
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Facebook Update Adds Little Facebook Icons to Camera and Messenger Shortcuts, We Still Think It’s a Dirty Little Trick
- droid-life.com |
April 24, 2012
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On Friday, an update was released by Facebook that didn’t exactly thrill the masses. Upon installing, users noticed that they now had 3 icons from Facebook in their app drawers: В Camera, Messenger, and Facebook. The camera app was a shortcut so that you could instantly take photos and then load them into FB, while theВ messengerВ shortcut was exactly what you would expect it to be, a shortcut to their messenger service. As I mentioned earlier, many of you were not excited to now have Facebook in 3 different spots, especially right next to two of the most used native apps on your phone. You now had to be careful when you hit “Camera” or “Messenger/Messages” as these are the …
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Facebook Update Adds Little Facebook Icons to Camera and Messenger Shortcuts, We Still Think It’s a Dirty Little Trick
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