Investment Strategy
We seek to pick winning funds with superior management and quantitative characteristics linked to strong performance. Our quantitative research uses the most comprehensive mutual fund database in the world to determine the best strategies for long-term investing success. We then supplement those studies with extensive qualitative research of portfolio managers, analysts, and traders through onsite visits and follow-up phone calls.
 
About the Editor
Russel Kinnel is director of manager research for Morningstar, Inc. and editor of Morningstar FundInvestor, a monthly print newsletter for individual investors. He also writes the Fund Spy column for Morningstar.com, the company's investment Web site.

Since joining the company in 1994, Kinnel has covered the Fidelity, Janus, T. Rowe Price, and Vanguard mutual fund families. He helped develop the new Morningstar Rating for funds and the new Morningstar Style Box methodology. He also is co-author of the company's first book, The Morningstar Guide to Mutual Funds: 5-Star Strategies for Success, which was published in January 2003.

 
 
Sep 26, 2016
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About Russel Russ' Photo
Russel Kinnel,
Director of Manager Research and Editor, Morningstar FundInvestor
Russel Kinnel is director of manager research for Morningstar, Inc. and editor of Morningstar FundInvestor, a monthly print newsletter for individual investors.
Featured Posts
American Century Equity Income to Close

American Century Equity Income TWEIX will close to new investors on Oct. 24. The fund had been in outflows the prior four years but has had $1.4 billion in inflows so far in 2016. That's not a big number, but it does take the fund to an all-time high of $11.4 billion in total. The likely reason for closing is that about one fourth of the portfolio is invested in convertibles and preferreds.

On the equity side, it’s unlikely there are many liquidity constraints. Top equity holdings Johnson & Johnson JNJ and Exxon Mobil XOM represent less than one day's trading volume. We give the fund a Morningstar Analyst Rating of Silver.

Fidelity Extended Market Upgraded
We upgraded Fidelity Extended Market Index FSEMX to Gold from Silver because of a fee cut.

The Premium shares now charge just 0.07% and require a $10,000 minimum investment, a fraction of the median mid-cap peer. That also compares favorably with its closest index competitors in terms of price and initial-investment requirements. Vanguard Extended Market Index VEXAX follows a similar index, but its Admiral shares charge 0.09% at a $10,000 minimum.

For those that can't meet that minimum, the fund's Investor shares carry a 0.10% expense ratio and require only a $2,500 initial investment, which offers an edge over Vanguard's Investor shares at 0.22%.

Morningstar Runs the Numbers
We looked at the week in figures here.

Jack Bogle Responds to Critics of Indexing
There have been some rather silly criticisms of indexing lately. You can hear Jack Bogle’s response in this video on Bloomberg.com.

Don't Expect Outperformance From Low-Volatility Stocks
Vanguard is trying to lower expectations for low- volatility stocks. In this video, Alex Bryan discusses the subject with Vanguard’s John Ameriks.

 

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