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Morningstar DirectSM January 21, 2019 1© 2019 Morningstar. All Rights Reserved.
Morningstar DirectSM Release Notes January 21, 2019
OverviewThis document describes the following new features and enhancements in Morningstar DirectSM:
gHow can I view a fund’s recurring costs? (page 2)gWhat new ESG data points are available? (page 4)gWhat’s new when comparing holdings? (page 5)gWhat has changed with ISIN and CUSIP identifiers? (page 8)gWhat new data points are available for Separate Accounts? (page 9)gWhat Separate Account data points have been renamed? (page 9)gHow can I view returns in the Closed-End Fund Peer Group Index universe?
(page 12)gHow can I search in the Closed-End Fund Peer Group Index universe? (page 13)gHow can I find news in the UK Investment Trusts universe? (page 15)gHow can I receive a news alert for a UK Investment Trust? (page 16)gWhat’s new in the European MIRROR market? (page 18)gHow can I access a Morningstar UCITs Page for an EU fund? (page 18)gHow can I find Portuguese investments? (page 21)gWhat’s new in SITCA Categories? (page 22)gWhat new Japanese data point is available? (page 22)gWhat has changed in the Hong Kong Pension Funds categories? (page 23)g In Presentation Studio, how can I display the Alternative Style Box? (page 24)g In the Morningstar Excel Add-In, what are the new and changed in data points
and entitlements? (page 26)g In the Morningstar Excel Add-In, what’s new in ISIN and CUSIP identifiers?
(page 28)g In the Morningstar Excel Add-In, what new template is available for UK Closed-End
Funds? (page 29)
Morningstar DirectSM Release Notes January 21, 2019 How can I view a fund’s recurring costs?
Morningstar DirectSM January 21, 2019 2© 2019 Morningstar. All Rights Reserved.
How can I view a fund’s recurring costs?
With this release, “representative cost” data points are available to display recurring costs charged by a fund. The costs do not include the following:
g one-off costsg costs charged by third parties (such as advisers or platforms), andg costs charged on entry or exit.
The data points display the fees as follows:
gmonthly time series of feesg only the current month, and gnot annualized.
The two different types of representative cost data point are defined in the following table:
The data points display both current and historical values. They are found at the far right of the Fees and Expenses view in the following universes:
gAll OE/ETF universes, andgGlobal Funds (Open End and Exchange Traded Funds).
This Data Point… Shows you…
Representative cost inc transaction fees
An indication of the known reoccurring costs for the share class as levied by the management group, including transactions costs incurred by the fund in trading its holdings.
Representative cost ex transaction fees
An indication of the known, reoccurring costs for the share class as levied by the management group, excluding transactions costs incurred by the fund in trading its holdings.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 How can I view a fund’s recurring costs?
Morningstar DirectSM January 21, 2019 3© 2019 Morningstar. All Rights Reserved.
The names of the current and historical data points are shown in the following table:
This Data Point… Is available for current data… Is available for historical data…
Representative Cost Inc Transaction Fee Date
Yes No
Representative Cost Inc Transaction Fee (Annualized)
Yes Yes
Representative Cost Inc Transaction Fee (Unannualized)
Yes Yes
Representative Cost Ex Transaction Fee Date
Yes No
Representative Cost Ex Transaction Fee (Annualized)
Yes Yes
Representative Cost Ex Transaction Fee (Unannualized)
Yes Yes
Morningstar DirectSM Release Notes January 21, 2019 What new ESG data points are available?
Morningstar DirectSM January 21, 2019 4© 2019 Morningstar. All Rights Reserved.
What new ESG data points are available?
New environmental, social, and governance (ESG) data points expand the scope of information on funds’ ESG intentionality and exclusions. The data points are described in the following table:
The new data points are found in the Sustainability view.
Data Point Definition
Sustainable Investment - Overall A fund explicitly indicating any kind of sustainability, impact or ESG strategy in their prospectus or offering documents.
Sustainable Investment - ESG Fund Overall Sustainable funds incorporate ESG principles into the investment process or through engagement activities.
Sustainable Investment - Impact Fund Overall Impact funds intend to make a measurable impact in specific issue areas, such as gender diversity or community development, while delivering financial returns.
Sustainable Investment - Environmental Sector Overall Environmental sector funds are non-diversified funds invested in environmentally-oriented industries, such as renewable energy or water, while delivering financial returns.
Employs Exclusions - Overall Funds intending to avoid a certain industry or group of industries that do not align with the fund’s values.
Here you see some of the Employs Exclusions data points.
Morningstar DirectSM Release Notes January 21, 2019 What’s new when comparing holdings?
Morningstar DirectSM January 21, 2019 5© 2019 Morningstar. All Rights Reserved.
What’s new when comparing holdings?
Prior to this release, suppressed holdings were not included when comparing the holdings of multiple funds. Suppressed holdings are now included, affecting the data displayed in the following areas:
gHoldings Similarity chart, andgComparisons: Holdings report.
To generate a Holdings Similarity Chart, do the following:
1. In a list of funds, select the funds you want to compare.
2. From the Action drop-down field, select Charts…Holdings Similarity.
The Holdings Similarity chart opens. Note the following:g You can modify the chart settings and edit investments.g The numbers in the column headings correspond to the Portfolio Date legend at the
bottom of the chart.g The significance of the cell colors is described in the legend just below the chart.
Note the highlighted selections.
Click these icons to modify chart settings or edit the investments.
Cell color legend
This legend explains the column headings.
Morningstar DirectSM Release Notes January 21, 2019 What’s new when comparing holdings?
Morningstar DirectSM January 21, 2019 6© 2019 Morningstar. All Rights Reserved.
To generate a Comparison Holdings report, do the following:
1. In a list of funds, select two funds you want to compare.
2. From the Action drop-down field, select Reports…Comparison: Holdings. The Holdings Comparison dialog box opens.
3. From the Compare drop-down field, select one of the following:
g Stocksg Bonds, org Stocks and Bonds.
You can also do the following:g Select a portfolio date for each of the two investments.g Include standardized returns disclosure, andg Include general disclosure.
Note the highlighted selections.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 What’s new when comparing holdings?
Morningstar DirectSM January 21, 2019 7© 2019 Morningstar. All Rights Reserved.
4. Click OK. The report opens as a PDF.
Morningstar DirectSM Release Notes January 21, 2019 What has changed with ISIN and CUSIP identifiers?
Morningstar DirectSM January 21, 2019 8© 2019 Morningstar. All Rights Reserved.
What has changed with ISIN and CUSIP identifiers?
Morningstar products distribute third-party security identifiers (CUSIP, SEDOL, and to some extent, ISIN based on CUSIP) for equities and managed investments. ISIN is included for funds regulated by Standard & Poor’s (primarily for certain countries such as the United States and Canada).
Certain data points distributed by Morningstar are proprietary to Standard & Poor’s (CUSIP, CINS) and the London Stock Exchange (SEDOL); Morningstar clients must be licensed to use them. These entities have requested that Morningstar remove access for unlicensed clients.
Effective January 21, 2018, Morningstar Direct users have automatic View and Export rights to non-CUSIP-based ISIN. If you are currently entitled for CUSIP, you can access CUSIP, non-CUSIP-based ISIN, and CUSIP-based ISIN. No action is necessary.
If you are not currently entitled for CUSIP, you need to apply for CUSIP access for CUSIP-based ISINs. In the Content Catalog, you can request access to the following data:
gCUSIP & CUSIP based ISIN (View), andgCUSIP & CUSIP based ISIN (View + Export).
Note: Access to CUSIP & CUSIP based ISIN (View + Export) requires your company to have a separate license with S&P CGS, which will require additional time to validate with the vendor.
If you do not plan to license CUSIP data, you can instead reference investments by their Sec ID, rather than ISIN.
Click a slider to request access.
Morningstar DirectSM Release Notes January 21, 2019 What new data points are available for Separate Accounts?
Morningstar DirectSM January 21, 2019 9© 2019 Morningstar. All Rights Reserved.
What new data points are available for Separate Accounts?
Note the following new Separate Account data points:
gCustomized Separate Account: Minimum Account BalancegCustomized Separate Account: Tax Loss Harvest Report to BrokergPortfolios with Customization (%), andg Tax Customized Separate Account: Minimum Account Balance.
The data points are found at the far right in the Customization/Tax Efficiency view.
Note: The Customization/Tax Efficiency view is not available in every Separate Account universe.
What Separate Account data points have been renamed?
The renamed Separate Account data points are listed in the following table:
Old Name New Name
Exclude Securities Customized Separate Account: Exclude Securities
Harvest Tax Losses Tax Customized Separate Account: Tax Loss Harvesting
Tax Customized Separate Account: Tax Loss Harvesting Available
Tax Customized Separate Account: Tax Lot Trading
Firm Market Value by Asset Type: Cash Accounts
Firm Assets by Asset Type: Cash Accounts
Firm Market Value by Asset Type: Global Allocation Accounts
Firm Assets by Asset Type: Global Allocation Accounts
Firm Market Value by Asset Type: Global Bond Accounts
Firm Assets by Asset Type: Global Bond Accounts
Firm Market Value by Asset Type: Global Stock Accounts
Firm Assets by Asset Type: Global Stock Accounts
Firm Market Value by Asset Type: Non-US Allocation Accounts
Firm Assets by Asset Type: Non-US Allocation Accounts
Firm Market Value by Asset Type: Non-US Bond Accounts
Firm Assets by Asset Type: Non-US Bond Accounts
Firm Market Value by Asset Type: Non-US Real Estate Accounts
Firm Assets by Asset Type: Non-US Real Estate Accounts
Firm Market Value by Asset Type: Non-US Stock Accounts
Firm Assets by Asset Type: Non-US Stock Accounts
Firm Market Value by Asset Type: Other Accounts
Firm Assets by Asset Type: Other Accounts
Firm Market Value by Asset Type: US Allocation Accounts
Firm Assets by Asset Type: US Allocation Accounts
Firm Market Value by Asset Type: US Bond Accounts
Firm Assets by Asset Type: US Bond Accounts
Morningstar DirectSM Release Notes January 21, 2019 What Separate Account data points have been renamed?
Morningstar DirectSM January 21, 2019 10© 2019 Morningstar. All Rights Reserved.
Firm Market Value by Asset Type: US Real Estate Accounts
Firm Assets by Asset Type: US Real Estate Accounts
Firm Market Value by Asset Type: US Stock Accounts
Firm Assets by Asset Type: US Stock Accounts
Firm Market Value by Client Type: Cash Management Accounts
Firm Assets by Client Type: Cash Management Accounts
Firm Market Value by Client Type: Corporate Tax Exempt Accounts
Firm Assets by Client Type: Corporate Tax Exempt Accounts
Firm Market Value by Client Type: Corporate Taxable Accounts
Firm Assets by Client Type: Corporate Taxable Accounts
Firm Market Value by Client Type: Endowment/Foundation Accounts
Firm Assets by Client Type: Endowment/Foundation Accounts
Firm Market Value by Client Type: Individual Accounts
Firm Assets by Client Type: Individual Accounts
Firm Market Value by Client Type: Insurance Accounts
Firm Assets by Client Type: Insurance Accounts
Firm Market Value by Client Type: IRA/401K Accounts
Firm Assets by Client Type: IRA/401K Accounts
Firm Market Value by Client Type: Limited Partnership Accounts
Firm Assets by Client Type: Limited Partnership Accounts
Firm Market Value by Client Type: Multi-Employer/Taft-Hartley Accounts
Firm Assets by Client Type: Multi-Employer/Taft-Hartley Accounts
Firm Market Value by Client Type: Mutual Fund Accounts
Firm Assets by Client Type: Mutual Fund Accounts
Firm Market Value by Client Type: Other Accounts
Firm Assets by Client Type: Other Accounts
Firm Market Value by Client Type: Public Non-Pension Accounts
Firm Assets by Client Type: Public Non-Pension Accounts
Firm Market Value by Client Type: Public Pension Accounts
Firm Assets by Client Type: Public Pension Accounts
Firm Market Value by Client Type: Religious Accounts
Firm Assets by Client Type: Religious Accounts
Firm Market Value by Client Type: Wrap Platform Accounts
Firm Assets by Client Type: Wrap Platform Accounts
Firm Market Value by Investment Channel: Collective Investment Trust Accounts
Firm Assets by Investment Channel: Collective Investment Trust Accounts
Firm Market Value by Investment Channel: Mutual Fund Accounts
Firm Assets by Investment Channel: Mutual Fund Accounts
Old Name New Name
Morningstar DirectSM Release Notes January 21, 2019 What Separate Account data points have been renamed?
Morningstar DirectSM January 21, 2019 11© 2019 Morningstar. All Rights Reserved.
Firm Market Value by Investment Channel: Other Accounts
Firm Assets by Investment Channel: Other Accounts
Firm Market Value by Investment Channel: Separate Account Taxable Accounts
Firm Assets by Investment Channel: Separate Account Taxable Accounts
Firm Market Value by Investment Channel: Separate Account Tax-Exempt Accounts
Firm Assets by Investment Channel: Separate Account Tax-Exempt Accounts
Firm Market Value by Investment Channel: Unit Investment Trust Accounts
Firm Assets by Investment Channel: Unit Investment Trust Accounts
Firm Market Value of Tax Exempt Assets Firm Tax Exempt Assets
Firm Market Value of Taxable Assets Firm Taxable Assets
Strategy Market Value of Accounts <$250K Strategy Assets in Accounts <$250K
Strategy Market Value of Accounts $10M to $25M
Strategy Assets in Accounts $10M to $25M
Strategy Market Value of Accounts $1M to $10M
Strategy Assets in Accounts $1M to $10M
Strategy Market Value of Accounts $250K to $1M
Strategy Assets in Accounts $250K to $1M
Strategy Market Value of Accounts $25M to $50M
Strategy Assets in Accounts $25M to $50M
Strategy Market Value of Accounts $50M to $100M
Strategy Assets in Accounts $50M to $100M
Strategy Market Value of Accounts >$100M Strategy Assets in Accounts >$100M
Strategy Market Value of Tax Exempt Accounts
Strategy Tax Exempt Assets
Strategy Market Value of Taxable Accounts Strategy Taxable Assets
Old Name New Name
Morningstar DirectSM Release Notes January 21, 2019How can I view returns in the Closed-End Fund Peer
Group Index universe?
Morningstar DirectSM January 21, 2019 12© 2019 Morningstar. All Rights Reserved.
How can I view returns in the Closed-End Fund Peer Group Index universe?
The following groupings of data points are now available in the Closed-End Fund Peer Group Index universe:
gReturns (Daily)gReturns (Month-End)gReturns (Quarter-End)gReturns (Calendar Year), andgHistorical Price and Return Data.
The Closed-End Fund Peer Group Index universe is found in Category/Sector Avg.
To add the data points to an existing view, do the following:
1. Select Global Databases…Funds/Managed Products…Category/Sector Avg…Closed-End Fund Peer Group Index.
2. Click Edit Data.
Note the highlighted selections.
Note the pre-built views available here.
Morningstar DirectSM Release Notes January 21, 2019 How can I search in the Closed-End Fund Peer Group Index universe?
Morningstar DirectSM January 21, 2019 13© 2019 Morningstar. All Rights Reserved.
How can I search in the Closed-End Fund Peer Group Index universe?
The Closed-End Fund Peer Group Index universe is not available in Basic or Advanced Search. To create a list of investments in the Closed-End Fund Peer Group Index universe, do the following:
1. At the top of the Morningstar Direct window, click New, then select Investment List. The Select Investment dialog box opens.
2. Select Multiple Investments, then click OK. The Find Investments dialog box opens.
Note the highlighted selections.
Select this option.
Morningstar DirectSM Release Notes January 21, 2019 How can I search in the Closed-End Fund Peer Group Index universe?
Morningstar DirectSM January 21, 2019 14© 2019 Morningstar. All Rights Reserved.
3. The option for Universes should be selected by default. From the drop-down field at the top of the dialog box, expand the option for Morningstar Category, then select Closed-End Fund Peer-Group Index.
4. Select the investments you want to see, then click Add.
5. When the list is complete, click OK.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 How can I find news in the UK Investment Trusts universe?
Morningstar DirectSM January 21, 2019 15© 2019 Morningstar. All Rights Reserved.
How can I find news in the UK Investment Trusts universe?
In the UK Investment Trusts universe, News Search is no longer available. It has been replaced by the news service UK Closed End Fund News.
To view UK Closed End Fund news, do the following:
1. Select the Global Databases module. Then select Funds/Managed Products… Closed End Funds… UK Investment Trusts.
From the Action drop-down field, select UK Closed End Fund News. The Morningstar Integrated Web Tools window opens.
Note the highlighted selections.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 How can I receive a news alert for a UK Investment Trust?
Morningstar DirectSM January 21, 2019 16© 2019 Morningstar. All Rights Reserved.
2. From the Announcement Types drop-down field, select the type of news you want to view.
You can also do the following:g select a date range, andg search for a key word.
The most-recent articles is displayed at the top of the list.
How can I receive a news alert for a UK Investment Trust?
The new alert types and their locations in the Morningstar Alerts window are described in the following table:
Scroll down to see more Announcement Types.
Alert TypeGrouping in Morningstar Alerts
Fund Manager Change Nuts & Bolts
Director Change Nuts & Bolts
Ticker Change Listing
Name Change Listing
Fiscal Year End-Month Change Operations
Prospectus Strategy (Investment Policy) Change Operations
Firm Name Change Operations
Management Fee Contract Change Operations
Wind-Up Provision Change Operations
Distribution Policy Change Operations
Latest Distribution Change Actions
Morningstar DirectSM Release Notes January 21, 2019 How can I receive a news alert for a UK Investment Trust?
Morningstar DirectSM January 21, 2019 17© 2019 Morningstar. All Rights Reserved.
To create a news alert for a UK Investment Trust, do the following:
1. From the Home module, select Alerts. On the Alerts page, click Add, then select Morningstar Alerts from the drop-down field.
2. In the Add Morningstar Data Point Alerts window, in the Security search field, enter the name of the UK Investment Trust.
3. Expand the grouping the alert type is found in. The new alert types are found in the following groupings:
g Listingg Actionsg Operations, andg Nuts & Bolts.
4. In the list of alert types in the grouping, click the checkbox for the alert type you want.
5. Select at least one of the following actions for the alert:
g Make Inactive After First Alertg Send Email, andg Auto Delete.
6. (Optional) Set up addition alert types for the UK Investment Trust.
7. At the bottom of the window, click Save.
Note the highlighted selections.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 What’s new in the European MIRROR market?
Morningstar DirectSM January 21, 2019 18© 2019 Morningstar. All Rights Reserved.
What’s new in the European MIRROR market?
In the Asset Flows module, ETFs are now included in the European MIRROR market (Mirror - Europe OE ex MM ex FoF market). The market is now named Mirror - Europe OE & ETF ex MM ex FoF market.
How can I access a Morningstar UCITs Page for an EU fund?
Prior to this release, a Morningstar UCITs Page was available for Morningstar analyst-covered US funds. Now, a monthly Morningstar UCITs Page for EU funds is also available. The report is a PDF and can be viewed for 8,000 Morningstar analyst-covered funds in the following universes:
gOpen End Funds (except United States Mutual Funds), andg Funds (Open End and Exchange-Traded Funds).
The new data point Morningstar UCITs Page Date displays the date of the most current Morningstar UCITs Page and is found at the far-right side of the Snapshot view. If a value is not displayed for Morningstar UCITs Page Date in a fund’s row, a Morningstar UCITs Page is not available for the fund.
In addition to viewing the report, you can do the following:
g save the report to the Saved Reports area, andg email the report.
To view a fund’s report, do the following:
1. First, confirm the report is available. In a list or search of analyst-covered funds (those with a Morningstar Analyst Rating) from the supported universes, display the Snapshot view.
2. Scroll right to view the Morningstar UCITs Page Date column.
This new column indicates whether a report is available for a fund.
Morningstar DirectSM Release Notes January 21, 2019 How can I access a Morningstar UCITs Page for an EU fund?
Morningstar DirectSM January 21, 2019 19© 2019 Morningstar. All Rights Reserved.
3. Right-click and select Reports…Morningstar UCITs Page. The report opens as a PDF.
Note the new report option available here.
Morningstar DirectSM Release Notes January 21, 2019 How can I access a Morningstar UCITs Page for an EU fund?
Morningstar DirectSM January 21, 2019 20© 2019 Morningstar. All Rights Reserved.
Data through 30-11-2018 FINRA members: For internal or institutional use only
UnitedKingdom
GBP 3.3% 1606 mil GBP GBP CautiousAllocation
Morningstar UK Cautious
19/07/2018 06:53:00 UTC
Process PositivePerformance PositivePeople PositiveParent NeutralPrice Negative
The Morningstar Analyst Rating for Funds is a forward-looking analysisof a fund based on five key pillars (People, Parent, Process,Performance, and Price), which its analysts believe lead to funds thatare more likely to outperform over the long term on a risk-adjustedbasis. Morningstar Analyst Ratings are assigned on a five-tier scalerunning from Gold to Negative. Past performance of a security may ormay not be sustained in future and is no indication of futureperformance. Please see the Disclosures for additional information andvisit http://global.morningstar.com/managerdisclosures for themethodology behind the Morningstar Analyst Rating.
10K
12K14K16K
8K
6K
30-11-2018
Growth of 10,000Annualised
GBP
Fund 14,401Category 9,195Index 12,086
5 7 23 5 11 17 43 66 30 15 78 Percentile Rank in Category-29.86 51.46 6.50 6.33 19.57 10.38 -0.42 -5.80 -8.80 15.79 -8.43 Total Return GBP-38.86 32.25 5.29 0.03 13.72 7.58 -0.73 -5.17 -9.79 14.22 -7.56 +/- Category-15.05 11.87 5.37 11.31 7.47 -0.45 4.79 -4.45 -4.12 11.65 -6.31 +/- Index
Equity Style Box
Fixed Income Style Box
0.92 0.90 0.91 0.91 0.91 0.91 0.91 0.91 KIID Ongoing Charge
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total2014 2.53 4.87 -4.99 -2.53 -0.422015 -4.00 4.92 -4.99 -1.56 -5.802016 -1.43 -6.19 0.97 -2.33 -8.802017 2.39 6.51 4.25 1.84 15.792018 3.34 -6.89 -0.64 — —
TotalReturn%
+/- Idx +/-Category
%RankCat
Growth of10,000
3 Mo -3.62 -0.03 -3.65 39 9,6386 Mo -6.08 -0.16 -5.59 76 9,3921 Yr -8.28 -3.19 -6.99 83 9,1723 Yr Ann -1.99 -1.38 -2.37 34 9,4165 Yr Ann -1.65 -1.72 -1.60 43 9,20110 Yr Ann 7.09 3.51 4.19 1 19,82915 Yr Ann — — — — —
30-11-2018TimePeriod
TotalReturn %
MorningstarRtn vs Cat
MorningstarRisk vs Cat
MorningstarRisk-Adj Rating
1 Yr -8.283 Yr -1.99 Avg +Avg5 Yr -1.65 Avg Avg10 Yr 7.09 High +AvgIncept 3.51
Standard IndexAlpha 3.9 Standard Deviation 11.46Beta -0.16 Tracking Error 8.94R-Squared 8 Sharpe Ratio -0.21
30-11-2018
Share change since 31-10-2018 Sector % Assets
Date ofMaturity Amount 000
Value$000
%Assets
United States Treasury — 18 -2,148,428 12.99United Kingdom of Great — 17 -2,099,106 12.69United States Treasury — 21 1,863,913 11.27Germany (Federal Republ — 12 -1,742,054 10.53United States Treasury — 14 1,283,192 7.76Germany (Federal Republ — 8 -1,273,982 7.70
Market Cap % Cat % Idx %Giant 55.7 46.3 —Large 42.1 29.4 —Medium 1.9 19.2 —Small 0.2 4.4 —Micro 0.1 0.7 —Avg $mil: 39,045Value MeasuresPrice/Earnings 8.21 12.86 —Price/Book 0.89 1.76 —Price/Sales 0.68 1.18 —Price/Cash Flow 1.34 5.19 —Dividend Yield % 6.02 3.77 —Growth MeasuresLT Earnings 8.48 9.85 —Book Value -1.51 — —Sales -15.48 — —Cash Flow -14.46 — —Historical Erngs 26.27 — —
Avg Eff Duration —Avg Eff Maturity —Avg Credit Quality BBBAvg Wtd Coupon 3.85%Avg Wtd Price 100.27% figure provided by fund as of 30-11-2018
% ofStks
RelCat
RelIdx
Cyclical 65.25 1.53 —BasicMat 0.00 0.00 —CnsmrCyc 19.25 1.45 —FinanSvcs 46.00 2.37 —Real Est 0.00 0.00 —Sensitive 65.25 2.03 —Comm 4.86 1.24 —Energy 0.32 0.03 —Industrials 1.02 0.10 —Technlgy 0.00 0.00 —Defensive 65.25 2.58 —CnsmrDef 9.29 0.83 —Hlthcare 11.73 1.15 —Utilities 7.53 1.90 —
by Ashis Dash, Associate Director 19-07-2018Our conviction in M&G Optimal Income largelystems from our confidence in manager RichardWoolnough. Woolnough’s expertise in macroeconomicanalysis and ability to allocate across the fixed-incomeuniverse underpin the fund's unconstrained approach.Having started his career in 1985, Woolnough is one ofthe more experienced fixed-income managers in theindustry. He joined M&G in 2004 and has managedthe fund since its launch in 2006. He is backed bydeputy manager Stefan Isaacs and M&G'srelatively stable retail fixed-income team of 10 otherfund managers, with their own areas of expertise.Thefund is the most flexible fund managed by Woolnough,allowing exposures up to (with no minimum) 100% ininvestment-grade, high-yield, and government bonds,and up to 20% in equities. Its duration is also activelymanaged, often using a derivatives overlay. Theinvestment process combines Woolnough’smacroeconomic views with bottom-up creditrecommendations from M&G's 30 credit analysts.Woolnough has used this flexibility well; the fund
comfortably outperformed its GBP cautious allocationMorningstar Category since its inception in December2006 through June 2018, both on an absolute and risk-adjusted basis. That said, the fund’s aggressiveunderweight-duration stance largely held back returnsfrom 2014 to mid-2016. Its performance picked up inlate 2016, benefitting from a combination of its lowerduration (in a rising bond yield environment) and atimely addition to high yield and financials. However,this duration stance along with the fund’s credit riskbias hurt recently over May-June 2018. Meanwhile, thefund has seen strong inflows over the past two yearstaking its assets to GBP 23.6 billion as at June 2018after bottoming at around GBP 14.5 billion in mid-2016.That said, Woolnough feels comfortable running it atthis level given the fund’s wide investment universe.Overall, while we criticise the fund’s high fees, thecombination of an experienced manager with a solidtrack record, ample resources, and a tried-and-testedstrategy affirm our conviction in this fund, and it retainsits Morningstar Analyst Rating of Silver.
The conduct of Morningstar's analysts is governed by Morningstar's Code of Ethics, Securities Trading and Disclosure Policy, and MorningstarManager Research Integrity Policy. For information regarding conflicts of interest, please click http://global.morningstar.com/managerdisclosures
Address: M&G Securities Ltd Share Class Inception: 08-12-2006Laurence Pountney Hill, Fund Inception: 08-12-2006+44 (0)800 390 390 Share Class Fee Basis: Clean (Mgmt Fee only)
Web Address: www.mandg.co.uk Management Fee: 0.75%Manager Name: Richard Woolnough KIID Ongoing Charge: 0.91Mgr Tenure (Longest): 12.1 Years Performance Fee: —ISIN: GB00B1H05601
©2018 Morningstar All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete oraccurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages orother losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or inpart, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research ServicesLLC, registered with and governed by the U.S. Securities and Exchange Commission.
Here you see a sample of a Morningstar UCITs Page.
Morningstar DirectSM Release Notes January 21, 2019 How can I find Portuguese investments?
Morningstar DirectSM January 21, 2019 21© 2019 Morningstar. All Rights Reserved.
How can I find Portuguese investments?
You can now screen for Portuguese investments, using the new APF Local Category, Fundos de Acções Ibéricas.
1. Select the Workspace module, then select Search Criteria…My Search Criteria.
2. From the New drop-down field, select Advanced Search…All Managed Investments. The Search window opens.
3. At the bottom of the Search window, in the View Field Names area, select the Alphabetically option.
4. Make selections from the Row 1 drop-down fields as follows:
5. Click Run Search.
Field Name Operator Value
APF Category = Fundos de Acções Ibéricas
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 What’s new in SITCA Categories?
Morningstar DirectSM January 21, 2019 22© 2019 Morningstar. All Rights Reserved.
What’s new in SITCA Categories?
Effective December 25, 2018, the Taiwan Securities Investment Trust and Consulting Association launched four new categories, which are found in the Taiwan SITCA category average universe. The categories are listed in the following table:
What new Japanese data point is available?
The new data point Base Unit is defined as a unit for calculating the per-unit prices based on a fund’s NAV, as follows:
where:
NPU: NAV per unit
N: NAV
B: Base Unit
The data point is found in the views and universes described in the following table:
Name Chinese (Taiwan) Name
International Equity - Regional - ETF 股票型/跨國投資/指數股票型/區域型/區域型-一般型ETF
International Equity - Regional - Index 股票型/跨國投資/指數股票型/區域型/區域型-指數型(非ETF)
International Equity - Regional - 2X Leveraged ETF
股票型/跨國投資/指數股票型/區域型/區域型-二倍槓桿型ETF
International Equity - Regional - Inverse ETF 股票型/跨國投資/指數股票型/區域型/區域型-反向型ETF
Data PointData Point (Japanese) View Universes
Base Unit 基準価額表示口数 Snapshot Japan Open-End Funds (AFS)
Japan Closed-End Funds
Japan Exchange Traded Funds
Operations Japan Open-End Funds (AFS)
Japan Closed-End Funds
Japan Exchange Traded Funds
Global CE
Global ETF
Operations (Global)
Global OE Funds
Global Funds (Open End and Exchange Traded Funds)
NPU NB-----=
Morningstar DirectSM Release Notes January 21, 2019 What has changed in the Hong Kong Pension Funds categories?
Morningstar DirectSM January 21, 2019 23© 2019 Morningstar. All Rights Reserved.
What has changed in the Hong Kong Pension Funds categories?
MPF Sector is no longer available in the modules and areas described in the following table:
Module MPF removed from this area… Use this instead
Performance Reporting
Group Settings…Available Grouping…Morningstar Recommended…MPF Sector
Group Settings…Available Grouping…Morningstar Recommended…Investment Type
Search Name…Snapshot…MPF Category Name…Snapshot…MPF Category…Morningstar Category
or
Name…Snapshot…MPF Category…Morningstar Rating Overall
Morningstar DirectSM Release Notes January 21, 2019 In Presentation Studio, how can I display the Alternative Style Box?
Morningstar DirectSM January 21, 2019 24© 2019 Morningstar. All Rights Reserved.
In Presentation Studio, how can I display the Alternative Style Box?
In a Presentation Studio report on a managed alternative fund, you can now display the Alternative Style Box. The following data displays in the Alternative Style Box:
gAlternative Style Factor Correlation (the y-axis)gAlternative Style Factor Relative Volatility (the x-axis), andgAlternative Style Box Index.
To display the Alternative Style Box, do the following:
1. In a Presentation Studio report, select or insert a Morningstar Style Box.
2. With the Morningstar Style Box selected, click Chart Settings. The Chart Settings window opens.
3. From the Data drop-down field, select Alternative Overall Style.
The blue outline indicates the component is selected.
Click here to open the Chart Settings window.
Note the highlighted selections.
Morningstar DirectSM Release Notes January 21, 2019 In Presentation Studio, how can I display the Alternative Style Box?
Morningstar DirectSM January 21, 2019 25© 2019 Morningstar. All Rights Reserved.
4. In the upper-right corner of the window, click the X to close it.
The Style Box reflects the data shown here.
Alternative Style Factor Relative Volatility
Alternative Style Factor Correlation
Morningstar DirectSM Release Notes January 21, 2019In the Morningstar Excel Add-In, what are the new and
changed in data points and entitlements?
Morningstar DirectSM January 21, 2019 26© 2019 Morningstar. All Rights Reserved.
In the Morningstar Excel Add-In, what are the new and changed in data points and entitlements?
This release of the Morningstar Excel Add-In includes the following new or changed data points and entitlements:
gNew data points (page 26)gRenamed data points in Separate Accounts (page 26)gRenamed data points short names (page 27), andgCUSIP and ISIN entitlement changes (page 28).
The new data points are described in the following table:
In Separate Accounts, the renamed data points are described in the following table:
New Data Point Short Name Universe
Cum-Fair NAV Unweighted DRI Date Cum_Fair_NAV_Unweighted_DRI Closed-End Fund Peer Group Index
Cum-Fair NAV Unweighted DRI Cum_Fair_NAV_Unweighted_DRI_Date
Last Close Prior Charges (Market Value)
Last_Close_Prior_Charges_Market_Value Close End Fund
Last Close Prior Charges (Par Value) Last_Close_Prior_Charges_Par_Value
Last Close Prior Charges Date Last_Close_Prior_Charges_Date
Surveyed Currency South African Rand % (Long Rescaled)
Surveyed_Currency_South_African_Rand Open-End Funds
Closed-End Funds
Exchange-Traded Funds
Money Market Funds
Insurance and Pension Funds
Separate Accounts/CITs
Unit Investment Trust
Surveyed Currency South African Rand % (Long)
Surveyed_Currency_South_African_Rand_%_Long
Surveyed Currency South African Rand % (Short)
Surveyed_Currency_South_African_Rand_%_Short
Surveyed Currency South African Rand % (Net)
Surveyed_Currency_South_African_Rand_%_Net
Old Name New Name
Exclude Securities Customized Separate Account: Exclude Securities
Harvest Tax Losses Tax Customized Separate Account: Tax Loss Harvesting
Tax-Lot Trading Tax Customized Separate Account: Tax Lot Trading
Market Value of Tax Exempt Accounts Firm Tax Exempt Assets
Market Value of Taxable Accounts Firm Taxable Assets
Morningstar DirectSM Release Notes January 21, 2019In the Morningstar Excel Add-In, what are the new and
changed in data points and entitlements?
Morningstar DirectSM January 21, 2019 27© 2019 Morningstar. All Rights Reserved.
Data point short names renamed for consistency are described in the following table:
Name (Unchanged) Old Short Name New Short Name
Equity Econ Sector Basic Materials % (Long)
Equity_Econ_Super_Sector_Cyclical_Net
Equity_Econ_Sector_Basic_Materials_Long
Equity Econ Sector Basic Materials % (Net)
Equity_Econ_Sector_Basic_Materials_Long
Equity_Econ_Sector_Basic_Materials_Net
# of Investments 1 Mo (Mo-End) of_Investments_1_Mo_Mo_End #_of_Investments_1_Mo_Mo_End
# of Investments 1 Yr (Mo-End) of_Investments_1_Yr_Mo_End #_of_Investments_1_Yr_Mo_End
# of Investments 10 Yr (Mo-End) of_Investments_10Yr #_of_Investments_10Yr
# of Investments 15 Yr (Mo-End) of_Investments_15_Yr_Mo_End #_of_Investments_15_Yr_Mo_End
# of Investments 3 Mo (Mo-End) of_Investments_3_Mo_Mo_End #_of_Investments_3_Mo_Mo_End
# of Investments 3 Yr (Mo-End) of_Investments_3Yr #_of_Investments_3Yr
# of Investments 5 Yr (Mo-End) of_Investments_5Yr #_of_Investments_5Yr
# of Investments 6 Mo (Mo-End) of_Investments_6_Mo_Mo_End #_of_Investments_6_Mo_Mo_End
# of Investments YTD (Mo-End) of_Investments_YTD_Mo_End #_of_Investments_YTD_Mo_End
# of Investments 1 Mo (Qtr-End) of_Investments_1_Mo_Qtr_End #_of_Investments_1_Mo_Qtr_End
# of Investments 3 Mo (Qtr-End) of_Investments_3_Mo_Qtr_End #_of_Investments_3_Mo_Qtr_End
# of Investments 6 Mo (Qtr-End) of_Investments_6_Mo_Qtr_End #_of_Investments_6_Mo_Qtr_End
# of Investments 1 Yr (Qtr-End) of_Investments_1_Yr_Qtr_End #_of_Investments_1_Yr_Qtr_End
# of Investments 3 Yr (Qtr-End) of_Investments_3_Yr_Qtr_End #_of_Investments_3_Yr_Qtr_End
# of Investments 5 Yr (Qtr-End) of_Investments_5_Yr_Qtr_End #_of_Investments_5_Yr_Qtr_End
# of Investments 10 Yr (Qtr-End) of_Investments_10_Yr_Qtr_End #_of_Investments_10_Yr_Qtr_End
# of Investments 15 Yr (Qtr-End) of_Investments_15_Yr_Qtr_End #_of_Investments_15_Yr_Qtr_End
# of Investments YTD (Qtr-End) of_Investments_YTD_Qtr_End #_of_Investments_YTD_Qtr_End
# of Investments 5 Yr of_Investments_5Yr #of_Investments_5Yr
Semi-Annual Report Net Expense Ratio History
Semi-Annual_Report_Net_Expense_Ratio_History
Semi_Annual_Report_Net_Expense_Ratio_History
Morningstar DirectSM Release Notes January 21, 2019In the Morningstar Excel Add-In, what’s new in ISIN
and CUSIP identifiers?
Morningstar DirectSM January 21, 2019 28© 2019 Morningstar. All Rights Reserved.
In the Morningstar Excel Add-In, what’s new in ISIN and CUSIP identifiers?
Morningstar products distribute third-party security identifiers (CUSIP, SEDOL, and to some extent, ISIN based on CUSIP) for equities and managed investments. ISIN is included for funds regulated by Standard & Poor’s (primarily for certain countries such as the United States and Canada).
Certain data points distributed by Morningstar are proprietary to Standard & Poor’s (CUSIP, CINS) and the London Stock Exchange (SEDOL); Morningstar clients must be licensed to use them. These entities have requested that Morningstar remove access for unlicensed clients.
Effective January 21, 2018, Morningstar Direct users have automatic View and Export rights to non-CUSIP-based ISIN. If you are currently entitled for CUSIP, you can access CUSIP, non-CUSIP-based ISIN, and CUSIP-based ISIN. No action is necessary.
If you are not currently entitled for CUSIP, you need to apply for CUSIP access for CUSIP-based ISINs. In the Content Catalog, you can request access to the following data:
gCUSIP & CUSIP based ISIN (View), andgCUSIP & CUSIP based ISIN (View + Export).
Note: Access to CUSIP & CUSIP based ISIN (View + Export) requires your company to have a separate license with S&P CGS, which will require additional time to validate with the vendor.
If you do not plan to license CUSIP data, you can instead reference investments by their Sec ID, rather than ISIN.
Click a slider to request access.
Morningstar DirectSM Release Notes January 21, 2019In the Morningstar Excel Add-In, what new template is available for UK
Closed-End Funds?
Morningstar DirectSM January 21, 2019 29© 2019 Morningstar. All Rights Reserved.
In the Morningstar Excel Add-In, what new template is available for UK Closed-End Funds?
The Capital Changes template for UK CEFs is available from the template library. Use this template to List capital changes for customized fund universes and date ranges.
Scroll down to Capital Changes.xls.