morningstar directsm release notes january 21, 2019 · column headings. morningstar directsm...

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)

http://morningstardirect.morningstar.com/clientcomm/ABC.pdf#page=11

Morningstar DirectSM Release Notes January 21, 2019 How can I view a fund’s recurring costs?


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?


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?


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?


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.


Click these icons to modify chart settings or edit the investments.

Cell color legend

This legend explains the column headings.



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.





4. Click OK. The report opens as a PDF.

Morningstar DirectSM Release Notes January 21, 2019 What has changed with ISIN and CUSIP identifiers?


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?


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?


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?


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 $250K to $1M

Strategy Assets in Accounts $250K to $1M





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?


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 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?


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.


Select this option.

Morningstar DirectSM Release Notes January 21, 2019 How can I search in the Closed-End Fund Peer Group Index universe?


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.


Morningstar DirectSM Release Notes January 21, 2019 How can I find news in the UK Investment Trusts universe?


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.



Morningstar DirectSM Release Notes January 21, 2019 How can I receive a news alert for a UK Investment Trust?


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?


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.



Morningstar DirectSM Release Notes January 21, 2019 What’s new in the European MIRROR market?


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?


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?


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?


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


Morningstar DirectSM Release Notes January 21, 2019 What’s new in SITCA Categories?


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?


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?


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.


Morningstar DirectSM Release Notes January 21, 2019 In Presentation Studio, how can I display the Alternative Style Box?


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?


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?


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 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 1 Yr (Qtr-End) of_Investments_1_Yr_Qtr_End #_of_Investments_1_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?


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?


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.

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