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Kijk verder dan de sterren van een beleggingsfonds


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Morningstars San Lie, hoofd onderzoek beleggingsfondsen, legt in het programma Binck Beursvloer het verschil tussen de Morningstyar -sterren- Rating en de Morningstar Analyst Rating uit. Deze slides gebruikte hij als toelichting.

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Kijk verder dan de sterren van een beleggingsfonds

  1. 1. ©2014 Morningstar. All Rights Reserved. Algemene introductie Morningstar & verschillen tussen de Morningstar Rating en de Morningstar Analyst Rating San Lie, Head of Fund Research Benelux Beursvloer 10 juni 2014
  2. 2. Morningstar 2 Who We Are Chicago Toronto Amsterdam Copenhagen Frankfurt London Luxembourg Madrid Milan Munich Oslo Paris Stockholm Zurich Bangkok Hong Kong Seoul Shenzhen Singapore Taipei Tokyo Auckland Sydney Cape Town Dubai Mumbai Morningstar Global Operations Mexico City Santiago Sao Paulo ▶ We’re a leading provider of independent investment research. ▶ We serve clients globally through our presence in North America, South America, Europe, Asia, Australia, and the Middle East. ▶ Our 3,500 employees work in offices worldwide, offering local market expertise. ▶ Since 1984, we’ve been recognized for pioneering contributions to the investment industry. ▶ Our global database includes approximately 446,000 investments.
  3. 3. Our mission is to create great products that help investors reach their financial goals. We help individual investors, and the institutions and advisors that serve them. Morningstar 3 Who We Serve Worldwide AdvisorsIndividualsInstitutions 5,100 institutional clients 8,500+ Morningstar DirectSM licenses $152.1 billion in assets under advisement and management 24 million retirement plan participants with access to our retirement advice services through 237,000 plan sponsors and 26 plan providers 9.3 million individual investors 124,000 paid Premium Members of® One of the largest independent sources for equity and credit research 260,000 financial advisors About 25% of financial advisors worldwide have access to Morningstar’s solutions $7.3 billion in assets under management in Morningstar® Managed PortfoliosSM 169,000+ U.S. Morningstar® Advisor WorkstationSM and Morningstar OfficeSM licenses Assets under management and advisement as of Dec. 31, 2013.
  4. 4. Morningstar How We Serve Our Clients 4 Morningstar strengths form the foundation… …for innovative products and services… …that help clients meet their business challenges.
  5. 5. Independent Analyst Research 5 Trusted Investment Ideas, Analysis, and Ratings ▶ Fundamental, bottom-up approach to investment research ▶ Talented staff of approximately 270 investment research professionals ▶ 6,000+ fund and stock analyst reports ▶ Latest developments: ▶ Quantitative equity ratings ▶ Morningstar Analyst Rating™ for funds ▶ Stewardship Rating for stocks ▶ Corporate credit ratings ▶ Target-date fund series ratings ▶ Volatility-controlled portfolio management
  6. 6. Beleggingsfondsen 6 Verschillen tussen de Morningstar Rating en Morningstar Analyst Rating • Morningstar Rating TM – Achteruitkijkend. Objectief. Kwantitatief. • Morningstar Analyst Rating TM – Vooruitkijkend. Subjectief. Kwalitatief.
  7. 7. Beleggingsfondsen 7 De Morningstar Rating • 3, 5, 10 jaars en Overall Morningstar Rating op basis van rendement (na kosten) versus risico in een relevante vergelijkingsgroep • Geeft weer hoe goed een beleggingsfonds gepresteerd heeft ten opzichte van relevante concurrentie • De eerste en meest gebruikte rating voor beleggingsfondsen!
  8. 8. Beleggingsfondsen 8 De Morningstar Analyst Rating People Process & Portfolio Performance Parent Price
  9. 9. Beleggingsfondsen 9 Waar zijn de verschillende ratings te vinden?
  10. 10. Beleggingsfondsen 10 Waar zijn de verschillende ratings te vinden?
  11. 11. Beleggingsfondsen 11 Wat vinden Morningstar-analisten van Robeco N.V.
  12. 12. Beleggingsfondsen 12 Wat vinden Morningstar-analisten van Robeco N.V.
  13. 13. Conclusie 13 Op basis van een analyse van… • People • Process & Portfolio • Performance • Parent • Price …bepaal je je oordeel (en niet alleen op basis van de sterren)