|By PR Newswire||
|January 3, 2013 01:46 PM EST||
CHICAGO, Jan. 3, 2013 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced its 2012 U.S. Fund Manager of the Year award winners. The awards acknowledge managers who not only delivered impressive performance in 2012, but also excellent long-term risk-adjusted returns, and who have been good stewards of fund shareholders' capital. This year, Morningstar introduced new awards for two types of strategies—allocation and alternatives—in addition to domestic stock, international stock, and fixed income. To recognize outstanding fund managers each year, Morningstar selects leaders in each type of strategy. The 2012 Fund Manager of the Year award winners in the United States are:
Domestic-Stock Fund Manager of the Year:
Bill Frels and Mark Henneman, Mairs & Power Growth (MPGFX)
International-Stock Fund Manager of the Year:
Rajiv Jain, Virtus Foreign Opportunities (JVIAX) and Virtus Emerging Markets Opportunities (HEMZX)
Fixed-Income Fund Manager of the Year:
Mark Kiesel, PIMCO Investment-Grade Corporate Bond (PIGIX)
Alternatives Fund Manager of the Year:
The team of Eric Newman, Kevin Gates, Larry Eiben, Richard Gates, Chao Chen, and Yan Liu, TFS Market Neutral (TFSMX)
Allocation Fund Manager of the Year:
David Giroux, T. Rowe Price Capital Appreciation (PRWCX)
"Despite a high level of economic and political uncertainty this past year, broad swaths of the market performed better than many investors would have expected, and each of our fund managers of the year have added value relative to their own benchmarks and broader peer groups, not just in 2012 but over the long haul," said Scott Burns, director of North American fund research for Morningstar. "We introduced awards for fund managers overseeing allocation and alternative strategies this year to recognize the growing investor interest in these areas. Interest in strategies using multiple asset classes has grown over the past 20 years, especially with the emergence of target-date funds and more flexible, go-anywhere funds pursuing a range of different goals. Assets in funds employing alternative strategies rose about 21 percent in 2011, and then another 16 percent through November 2012."
Domestic-Stock Fund Manager of the Year: Bill Frels and Mark Henneman, Mairs & Power Growth (MPGFX)
At Mairs & Power Growth, Bill Frels and Mark Henneman have produced one of the best long-term records of any large-blend fund. Since Frels became co-manager in 1999, the fund has beaten all but one of its large-blend category peers and trounced the S&P 500 with an 8.2 percent annualized gain through year-end 2012.
"The managers follow an extremely patient approach—of the fund's top 25 holdings, 18 were bought in the 1990s and 17 of those have remained in the portfolio for at least 10 years," said Michael Herbst, director of active fund research for Morningstar. "The managers' success stems from a deep understanding of their holdings and their preference for companies that can increase earnings in difficult economic environments. While the basic materials and industrials sectors were two of the worst-performing sectors in 2012, the fund's holdings in those sectors boosted its returns, including paint and coatings firm Valspar, cleaning-products maker Ecolab, and chemicals firm H.B. Fuller."
The $2.5 billion fund has a Morningstar Analyst Rating™ of Silver, the company's second-highest Medalist rating, along with a Morningstar Rating™ of 5 stars for its past risk-adjusted performance. Among all the 2012 nominees for Domestic-Stock Fund Manager of the Year, Mairs & Power Growth offers the lowest fees with a 0.72 percent expense ratio.
International-Stock Fund Manager of the Year: Rajiv Jain, Virtus Foreign Opportunities (JVIAX) and Virtus Emerging Markets Opportunities (HEMZX)
Rajiv Jain has managed Virtus Foreign Opportunities since 2002, and Virtus Emerging Markets Opportunities since 2006. He follows a high-conviction approach regardless of market trends and is willing to hold portfolios that look very different than the benchmark. The strategy has served him well—his funds have landed in the top decile of performance for most periods under his management. Through Dec. 31, 2012, the $1.3 billion JVIAX posted a 11.1 percent annualized return for the 10-year period while HEMZX, with $6.7 billion in assets, had a 17.4 percent annualized return for the same period.
"Jain's approach has produced attractive risk-adjusted returns over his tenure, especially compared with other emerging-markets funds. His relatively high exposure to Indian stocks worked well for the fund in both 2011 and 2012 despite a lagging Indian market in 2011," Herbst said. "He looks for companies with strong balance sheets, steady growth rates, and straightforward business models, with a heavy tilt to consumer-product companies, which have helped him weather market downturns."
He has more than $1 million invested in the two funds combined. JVIAX and HEMZX have a 1.47 percent and 1.62 percent expense ratio, respectively. Both funds have a Silver Analyst Rating and a 5-star Morningstar Rating for risk-adjusted performance. Jain is employed by Vontobel Asset Management, which sub-advises the Virtus funds.
Fixed-Income Fund Manager of the Year: Mark Kiesel, PIMCO Investment-Grade Corporate Bond (PIGIX)
Mark Kiesel is the 10-year manager of one of the best-performing corporate bond funds over both long- and short-term periods: the fund has an 11.1 percent three-year annualized return and a 10.7 percent five-year annualized return. The fund's average annual gain of 8.2 percent since he joined in December 2002 through April 2012 is the second-best showing in the intermediate-term bond category. For 2012, the $10.2 billion fund gained 15 percent.
"Kiesel's long-standing bet on banks paid off this year, along with his selective exposure to companies in cyclical industries. He balances PIMCO's overall firm views on the global economy with his ability to pick securities from the bottom up," Herbst said. "There's a lot of complexity to the techniques employed in the portfolio, and Kiesel has executed them well. He looks for margins of safety but doesn't shun credit risk—the fund's exposure to contingent capital securities issued by Lloyds TSB, a more esoteric and riskier type of holding, was one of his best-performing positions this year."
The fund has a Silver Analyst Rating, a 5-star Morningstar Rating for risk-adjusted performance, and an expense ratio of 0.5 percent. In 2010, Kiesel was nominated in the same category.
Alternatives Fund Manager of the Year: The team, TFS Market Neutral (TFSMX)
TFS Market Neutral is one of the oldest funds in the market-neutral category, with an eight-year track record and $1.8 billion in assets. In 2012, the fund achieved the highest absolute return of 7.8 percent in its category, and its risk-adjusted return (daily annualized Sharpe ratio) ranked fourth. The fund's quantitative small-cap equity-focused strategy also produced a significant positive alpha relative to the Russell 2000, as it has done in all but two years since inception.
"It's unusual for a quantitative fund to have such consistent, positive performance, but the team behind the models is really what drives results. The six listed portfolio managers come from quantitative backgrounds and are supported by a small group of analysts, programmers, and traders who regularly help test existing models and build new ones," said Nadia Papagiannis, CFA, director of alternative funds research for Morningstar. "The team is also always looking for new strategies, and performs back-testing analysis at least once a year, or if a strategy performs unexpectedly."
TFS Market Neutral is currently the only alternative mutual fund with a Gold Analyst Rating. The fund has a 5-star Morningstar Rating for risk-adjusted performance, and a 2.47 percent expense ratio. Five of the six portfolio managers on the team are equity partners at the employee-owned firm, which requires management to invest 50 percent of their liquid net worth in TFS' managed products.
This is the first year Morningstar has awarded an Alternatives Fund Manager of the Year award. Morningstar defines alternative investments as those that do not fit neatly in its traditional equity or fixed-income style boxes—either because they invest in different asset classes, take long and short positions, or because they are illiquid.
Allocation Fund Manager of the Year: David Giroux, T. Rowe Price Capital Appreciation (PRWCX)
David Giroux joined the fund in 2006, and since then has beaten 97 percent of moderate-allocation category peers, delivering top-decile returns on a risk-adjusted basis. Giroux follows a straightforward asset allocation approach, generally investing 55-65 percent of assets in equities and the rest in a mix of fixed income and cash. For most of his tenure, Giroux has favored convertible bonds, and more recently, leveraged loans, in the fixed-income segment of the fund.
"Giroux's stellar performance in 2012 came from multiple areas, including his stock selection and a strong showing from the fund's bank loan stake. Top holdings across multiple sectors, such as Thermo Fisher Scientific, Walt Disney, and Invesco, fueled the fund's gains in 2012, but Giroux has successfully taken full advantage of T. Rowe Price's deep research operation over the long term, too," said Laura Lutton, director of fund-of-funds research for Morningstar. "The $13.7 billion fund returned nearly 14.7 percent for the year, and remains an excellent core holding."
The fund has earned a Gold Analyst Rating and has a 5-star rating for risk-adjusted performance. Giroux has more than $1 million invested in the fund, and the fund's 0.71 percent expense ratio is below average for the category.
This is the first year Morningstar has awarded an Allocation Fund Manager of the Year award. Fund managers considered for this award must run funds that combine at least two asset classes in a single portfolio.
Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst Rating of Gold, Silver, or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth qualitative evaluation by its fund analysts.
All year-end figures cited in this press release are preliminary and subject to change.
For Morningstar's article about the winners, go to: http://www.morningstar.com/goto/fmoy2012. For the complete list of past and current winners, go to: http://corporate.morningstar.com/FMOYhalloffame.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has approximately $195 billion in assets under advisement and management as of Sept. 30, 2012. The company has operations in 27 countries.
Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar's current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar's expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund's or the fund's underlying securities' creditworthiness.
©2013 Morningstar, Inc. All Rights Reserved.
Nadine Youssef, +1 312 696-6601 or [email protected]
SOURCE Morningstar, Inc.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 23, 2014 12:00 PM EST Reads: 1,556
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Nov. 23, 2014 07:45 AM EST Reads: 1,409
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Nov. 22, 2014 10:00 PM EST Reads: 1,242
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
Nov. 22, 2014 05:30 PM EST Reads: 1,378
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Nov. 22, 2014 05:30 PM EST Reads: 1,219
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Nov. 22, 2014 05:30 PM EST Reads: 1,420
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Nov. 21, 2014 09:15 PM EST Reads: 1,309
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Nov. 21, 2014 08:00 PM EST Reads: 1,387
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Nov. 21, 2014 08:00 PM EST Reads: 1,328
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 21, 2014 07:00 PM EST Reads: 1,249
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
Nov. 20, 2014 09:15 PM EST Reads: 1,343
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Nov. 20, 2014 06:00 PM EST Reads: 1,293
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
Nov. 20, 2014 04:45 PM EST Reads: 1,078
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
Nov. 20, 2014 01:00 PM EST Reads: 1,542
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Nov. 20, 2014 12:30 PM EST Reads: 1,770
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Nov. 18, 2014 09:00 PM EST Reads: 2,002
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Nov. 18, 2014 08:15 PM EST Reads: 1,581
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Nov. 18, 2014 08:15 PM EST Reads: 1,531
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Nov. 18, 2014 01:30 PM EST Reads: 1,996
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.
Nov. 13, 2014 05:00 AM EST Reads: 3,536