Morningstar
Investment Conference

June 3–5, 2020
McCormick Place, Chicago

See the Future of Investing

The Morningstar Investment Conference is designed to help investing professionals recognize lessons from the past, understand what’s happening right now, and peek around the corner to see what’s next.

2020 Speakers

The conference brings together some of the financial industry’s top minds.

James Anderson

Baillie Gifford

James Anderson has been the Manager and then Joint Manager of Scottish Mortgage Investment Trust since 2000 and is a co-manager of the International Concentrated Growth Strategy. He Chaired the International Growth Portfolio Group from its inception in 2003 until July 2019 and remains co-manager of Vanguard International Growth. In 2003, Anderson also co-founded Baillie Gifford’s Long Term Global Growth Strategy. Prior to this, he headed the European Equity Team. Anderson has served as a member of the Advisory Board of the government sponsored Kay Review and as Chair of the subsequent industry working group that set up the UK Investor Forum. He joined Baillie Gifford in 1983 and became a Partner in 1987. Anderson graduated BA in History from the University of Oxford and after postgraduate study in Italy and Canada he gained an MA in International Affairs in 1982. He is a Trustee of the Johns Hopkins University.

Christine Benz

Morningstar

Christine Benz is director of personal finance for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance. She is a frequent public speaker and is widely quoted in the media, including The New York Times, The Wall Street Journal, Barron’s, CNBC, and PBS.

She is author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances (Wiley, 2010). Benz is also co-author of Morningstar® Guide to Mutual Funds: 5-Star Strategies for Success, a national bestseller published in 2003, and author of the book’s second edition, which was published in 2005. Before assuming her current role in 2008, Benz served as Morningstar's director of mutual fund analysis and was editor of Morningstar Mutual Funds and Morningstar FundInvestor. Crain’s Chicago Business named her a Notable Woman in Finance in 2019.

Benz holds a bachelor’s degree in political science and Russian/East European studies from the University of Illinois at Urbana-Champaign. She is a board member of the John C. Bogle Center for Financial Literacy. Benz is also a member of The Alpha Group, a group of thought leaders from the wealth management industry from across the country. In her free time, she works with underprivileged women to facilitate their understanding of personal finance concepts.

Rupal Bhansali

Ariel Investments

Bhansali is Chief Investment Officer and Portfolio Manager for Ariel’s international and global equity strategies. In this capacity, she manages approximately $7 billion in portfolios for both institutional and retail clients.

Her career and investment approach can be described in one word: “Unconventional.” Unlike most long-only managers, Bhansali's buyside career began over 20 years ago on the long-short side at Soros Fund Management. This formative experience taught Bhansali how to think about both the long and short sides of a trade. She is among the rare breed of value managers who has outperformed her benchmarks during the last two decades.

Bhansali credits her uncommon investment success to her uncommon investment process--one where non-consensus thinking and the courage to go against the grain play a pivotal role. It is not surprising that Barron's christened her a "Global Contrarian," Forbes called her a "Global Guru," and PBS’ Consuelo Mack referred to her as an “unconventional thinker.” In January 2019, Bhansali became the newest member of the prestigious Barron’s Investment Roundtable, which showcases “10 of Wall Street’s smartest investors.” Bhansali was named the 2019 North America Industry Leadership Honoree by 100 Women in Finance, a global network of professional women and men in the finance and alternative investment industries. She is also the author of the book, Non-Consensus Investing: Being Right When Everyone Else Is Wrong, published by Columbia Business School Publishing.

Bhansali earned a bachelor’s degree and a Master of Commerce degree in finance from the University of Mumbai. She later earned an MBA in finance from the University of Rochester, where she was a Rotary Foundation Scholar.

Bill Browder

Hermitage Capital Management

William Browder, founder and CEO of Hermitage Capital Management, was the largest foreign investor in Russia until 2005, when he was denied entry to the country for exposing corruption in Russian state-owned companies.

In 2009 his Russian lawyer, Sergei Magnitsky, was killed in a Moscow prison after uncovering and exposing a $230 million fraud committed by Russian government officials. Because of their impunity in Russia, Browder has spent the last 10 years conducting a global campaign to impose visa bans and asset freezes on individual human rights abusers, particularly those who played a role in Magnitsky’s false arrest, torture and death.

The United States was the first to impose these sanctions with the passage of the 2012 “Magnitsky Act.” A Global Magnitsky Bill, which broadens the scope of the U.S. Magnitsky Act to human rights abusers around the world, was passed at the end of 2016. The U.K. passed a Magnitsky amendment in April 2017. Magnitsky legislation was passed in Estonia in December 2016, Canada in October 2017, and in Lithuania in November 2017. Similar legislation is being developed in Australia, France, Denmark, Netherlands, South Africa, Sweden, and Ukraine.

In February 2015, Browder published the New York Times bestseller Red Notice, which recounts his experience in Russia and his ongoing fight for justice for Sergei Magnitsky.

Cathy Curtis

Curtis Financial Planning

Cathy Curtis is the founder and CEO of Curtis Financial Planning, an independent RIA based in the San Francisco Bay Area since 2001. Her firm’s mission is to help women reach their goals and create lives they love through smart financial planning and investing. Curtis helps educate women about personal finance as a member of the CNBC Digital Financial Council and as a frequent public speaker and social media influencer.

Larry Fink

BlackRock

Laurence D. Fink is Founder, Chairman and Chief Executive Officer of BlackRock, Inc. He and seven partners founded BlackRock in 1988, and under his leadership, the firm has grown into a global leader in investment and technology solutions to help investors build better financial futures. Today, BlackRock is trusted to manage more money than any other investment firm in the world. Mr. Fink has been named one of the "World's Greatest Leaders" by Fortune, and Barron's has named him one of the "World's Best CEOs" for 13 consecutive years.

Prior to founding BlackRock in 1988, Mr. Fink was a member of the Management Committee and a Managing Director of The First Boston Corporation. .

He serves as a member of the Board of Trustees of New York University (NYU) and the World Economic Forum, and is Co-Chairman of the NYU Langone Medical Center Board of Trustees. In addition, he serves on the boards of the Museum of Modern Art, and the Council on Foreign Relations. He also serves on the Advisory Board of the Tsinghua University School of Economics and Management in Beijing and on the Executive Committee of the Partnership for New York City. .

Mr. Fink earned an MBA with a concentration in real estate from the University of California at Los Angeles (UCLA) in 1976 and a BA in political science from UCLA in 1974.

Rezo Kanovich

Artisan Partners

Rezo Kanovich is a managing director of Artisan Partners and the sole portfolio manager for the Artisan Non-U.S. Small-Mid Growth Strategy, including Artisan International Small-Mid Fund. Prior to joining Artisan Partners in October 2018, Kanovich was a portfolio manager for OppenheimerFunds, where he managed the International Small-Mid Cap strategy from January 2012 to 2018. Before that, Kanovich worked as an analyst with Boston Biomedical Consultants, an investment banker with the Lehman Brothers mergers & acquisitions team and as a consultant at PricewaterhouseCoopers. Kanovich holds a bachelor’s and master’s degree in international economics and finance from Brandeis University and a master’s degree in business administration, dual concentration in finance and health care systems, from the Wharton School, University of Pennsylvania.

Kunal Kapoor

Morningstar

Kunal Kapoor, CFA, is chief executive officer of Morningstar. Before assuming his current role in 2017, he served as president, responsible for product development and innovation, sales and marketing, and driving strategic prioritization across the firm.

Since joining Morningstar in 1997 as a data analyst, Kapoor has held a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.

Kapoor holds a bachelor’s degree in economics and environmental policy from Monmouth College and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation, is a member of the CFA Society of Chicago, and served on the board of PitchBook, a private firm that provides a comprehensive private equity and venture capital database, prior to its acquisition by Morningstar in late 2016. Kapoor is also a member of the board of trustees of The Nature Conservancy in Illinois. In 2010, Crain’s Chicago Business named him to its annual 40 Under 40 class, a list that includes professionals from a variety of industries who are contributing to Chicago’s business, civic, and philanthropic landscape.

Rob Lovelace

Capital Group

Robert W. Lovelace is vice chairman of the Capital Group Companies, home of the American Funds. He serves on the Capital Group Management Committee and is also an equity portfolio manager. Lovelace has 33 years of investment experience, all with Capital Group. Earlier in his career, Lovelace was an equity investment analyst at Capital covering global mining & metals companies and companies domiciled in Mexico and the Philippines. He holds a bachelor’s degree in mineral economics (geology) from Princeton University graduating summa cum laude and Phi Beta Kappa. He also holds the Chartered Financial Analyst® designation. Lovelace is based in Los Angeles.

Cynthia Marshall

Dallas Mavericks

Marshall has been a dynamic force for inclusion and diversity within the Mavericks organization and over a 36-year career at AT&T. When Marshall was hired as new the CEO of the Mavs in March 2018, she set her sights on a culture transformation. Her vision was for the Mavericks organization to become the NBA standard for inclusion and diversity, and brought transparency, trust and her values-based leadership style that evolved the company culture in her first 100 days.

Prior to her joining the Mavs, Marshall founded Marshalling Resources, a consulting firm specializing in Leadership, Diversity & Inclusion, Culture Transformation and overall optimization of people resources. Upon the company naming its first Chief Inclusion Officer in June 2017, Marshall worked with The Dow Chemical Company to develop and implement a strategy for institutionalizing an inclusive culture.

Marshall’s notoriety began many years ago as a young Officer at AT&T and grew exponentially when she served as Senior Vice President – Human Resources & Chief Diversity Officer at AT&T. There she was responsible for identifying and developing leaders, aligning employees with the company’s vision and priorities, overseeing major business unit HR support, performance development, employee engagement, skills transformation initiatives, EEO and Affirmative Action. Marshall also led the team that created a world class Diversity and Inclusion culture, landing AT&T in the top 3 on Diversity Inc’s 2017 Top 50 list of companies. She also spearheaded the work that for the first time placed AT&T on Fortune’s 100 Best Companies to Work For list in 2017, one of only two Fortune 50 companies.

Before her SVP-Human Resources and Chief Diversity Officer roles, Marshall served as President-of AT&T North Carolina, where she became the first African-American chair of the North Carolina State Chamber of Commerce. Prior to her North Carolina appointment, Marshall held a variety of executive line and staff, technical and non-technical positions at AT&T and its predecessor companies.

Widely recognized for her visionary leadership and ability to get things done Marshall is the recipient of several honors and awards. Most recently, Marshall was touted as one of Adweek’s 30 Most Powerful Women in Sports and was selected as one of the 2019 Women of Power Legacy Award honorees by Black Enterprise. In 2017, she was honored by The Network Journal as one of the 25 Most Influential Women in Business. In 2017, Marshall was awarded the ATHENA® Leadership Program Award by the Dallas Regional Chamber, which recognizes exceptional women who excel in their careers, contribute to their communities and develop women leaders. This annual award is presented by chambers of commerce, women’s organizations and universities worldwide. In 2019 and three times prior, she was selected as one of the “50 Most Powerful Women in Corporate America” by Black Enterprise magazine and named to Ebony magazine’s 2016 “Power 100” list. In 2014, industry analysts and members of the press conferred on Marshall the HR Executive of the Year - Best in Biz Award. For her efforts on behalf of the people of North Carolina, in 2013 Marshall received the prestigious Leadership North Carolina Governor’s Award, which honors just one citizen each year for lifetime achievements.

Marshall graduated from the University of California-Berkeley with degrees in Business Administration and Human Resources Management and holds four honorary Doctorate degrees. She has chaired a variety of non-profit boards and is currently on the board of Dallas CASA, Dallas Regional Chamber, Texas Women’s Foundation and a member of the Executive Leadership Council.

Anne N. Mathias

Vanguard

Anne N. Mathias is the global interest rate and foreign currency strategist in Vanguard Fixed Income Group and is a member of the Senior Investment Committee for the active fixed income funds. She is responsible for analyzing interest rates, currency valuations, economic developments, political risks, and making longer-term strategic investments in sovereign bonds and related securities across Vanguard’s active fixed income funds.

Before joining Vanguard in 2017, Mathias was the senior macro strategist for Guggenheim Partners Investment Management in Los Angeles. She also spent an earlier part of her career on the sell side, producing her own research and managing U.S.-based research teams for MF Global, Charles Schwab, and others. In these roles, she led the Washington Research Group team which provided political, economic, and industry research for investors and was consistently ranked among the top three in the Institutional Investor "All-America Research Team" poll. Mathias was a private equity investor with the Global Environment Fund and spent five years with Deloitte & Touche as a senior consultant specializing in emerging market privatization and enterprise restructuring.

Mathias earned a B.A. from the University of Maryland and an M.S. in international affairs from Georgetown University's School of Foreign Service. She is a CFA® charterholder and a member of the CFA Society of Los Angeles and the CFA Institute.

Michael Mauboussin

Counterpoint Global

Michael J. Mauboussin is Head of Consilient Research at Counterpoint Global in New York. Previously, he was Director of Research BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin joined Credit Suisse in 1992 as a packaged food industry analyst and was named Chief U.S. Investment Strategist in 1999.

Mr. Mauboussin is the author of three books, including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns.

Mr. Mauboussin has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also the chairman of the board of trustees at the Santa Fe Institute, a research center devoted to the study of complex systems. He earned an A.B. from Georgetown University.

Alan Moore

XY Planning Network

Alan Moore, MS, CFP® is the co-founder of the XY Planning Network, a support network for advisors looking to serve next generation clients. He is also the CEO of AdvicePay, the first and only compliant payment processor for financial advisors. He is passionate about helping financial planners start and grow their own fee-only firms to serve Gen X & Gen Y clients largely ignored by traditional firms. Alan has been recognized by Investment News as a top “40 Under 40″ in financial planning, and a "2020 Icon & Innovator″, and was the first recipient of the NAPFA Young Professional award in 2015. Alan frequently speaks on topics related to technology, marketing, and business coaching, and has been quoted in publications including The Wall Street Journal, Forbes and The New York Times. He is also the host of XYPN Radio, one of the largest podcasts for independent financial advisors. He currently lives in Bozeman, MT so that he can hit the slopes on powder days.

Don Phillips

Morningstar

Don Phillips is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of its flagship print publication, Morningstar® Mutual Funds™, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box™, the Morningstar Rating™, and other distinctive, proprietary Morningstar innovations that have become industry standards. Phillips has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time, non-management role.

Phillips had garnered a number of accolades during his career. He received the Matthew R. McArthur Industry Pioneer Award from the Investment Management Consultants Association in 2016 and the Fund Industry Intelligence Lifetime Achievement Award in 2014. In 2011, PlanAdviser named him to the magazine’s inaugural “Legends” list, recognizing five individuals who have made a significant impact on the retirement plan industry and the advisers who support it. In 2010, Phillips received a Tiburon CEO Summit award with Joe Mansueto, chairman and chief executive officer of Morningstar. Also in 2010, MutualFundWire.com named Phillips to its list of the 100 Most Influential People, and in 2003, 2004, and 2010, Investment Advisor magazine named him to its list of the most influential people in the financial planning industry. He received an honorable mention in 2006. Financial Planning magazine named Phillips one of the planning industry’s “Movers & Shakers” in 2003, and Registered Rep. named him one of the investment industry’s 10 key players in 2002.

Phillips served on Morningstar’s board of directors from 1999 to 2016. He holds a bachelor's degree from the University of Texas and a master's degree from the University of Chicago.

Rick Rieder

BlackRock

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Global Allocation Investment Team, a member of BlackRock's Global Operating Committee and Chairman of the firm-wide BlackRock Investment Council.

Before joining BlackRock in 2009, Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and is currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets.

Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013.

From 1987 to 2008, Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Rieder was a credit analyst at SunTrust Banks in Atlanta.

Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

Rieder serves as Chairman of the Board of North Star Academy's thirteen Charter Schools in Newark, New Jersey and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is a Trustee for the US Olympic Foundation, and is on the International Advisory Council and Board of Advisors for the Hospital for Special Surgery. He serves on the National Leadership Council of the Communities in Schools Educational Foundation and on the board of Big Brothers/Big Sisters of Newark and Essex County, Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Steven Romick

FPA

Romick joined FPA in 1996. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Romick was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Romick earned a Bachelor’s degree in Education from Northwestern University. He is a CFA® Charterholder.

On the Agenda


8:00 a.m.–5:30 p.m.

Registration Open


10:00 a.m.–11:00 a.m.

Reg BI, the SECURE Act & the Future of Regulation

Morningstar Research Showcase — Future of Investing Track

Lia Mitchell, Morningstar/ Jasmin Sethi, Morningstar / Aron Szapiro, Morningstar

With Regulation BI around the corner and the SECURE Act coming online, advisors haven’t been more pressed to be current on regulatory changes in years. In this session, we’ll inform you of what you need to know about now and about what Morningstar thinks is coming the next few years, including the possible impacts of U.S. elections in the fall of 2020.

Dividends, Buybacks & Shareholder Yield

Morningstar Research Showcase — Active Track

David Harrell, Morningstar / Daniel Lefkovitz, Morningstar / George Metrou, Morningstar Investment Management

Based on Morningstar’s investor website statistics, there’s one thing investors the world over agree on: They love dividends, whether via funds or stocks. What’s the best way for firms to return capital to shareholders? Do dividend-yield weighted indexes really work? Do dividend investors pay enough attention to valuation? In this session, we’ll address these questions and discuss various ways that investors try to deliver dividends to their portfolios, including best practices and common pitfalls.

Key Takeaways From the Investor Success Program

Morningstar Research Showcase — Future of Investing Track

Samantha Lamas, Morningstar / Stan Treger, Morningstar / Steve Wendel, Morningstar

Morningstar has undertaken a multiyear effort to understand the investor herself, beginning with the application of behavioral science toolsets to address such questions as “What’s really required for investor success?” and “What is personalization in investing, and why does it matter?” In this session, we’ll provide advisors with tools to deliver guidance to their clients for navigating these sometimes-difficult questions.


11:00 a.m.–12:00 p.m.

Gradually, Then Suddenly: What’s New in Sustainability in 2020

Morningstar Research Showcase — Future of Investing Track

Jackie Cook, Morningstar / Jon Hale, Morningstar

Sustainable investing is evolving fast. Join Morningstar researchers to discuss recent developments. We’ll talk about what’s new in the sustainable funds universe, emerging categories of sustainability funds, and the most dramatic areas of growth. We’ll explore different dimensions of impact, including proxy voting and the tools that asset managers use to influence corporate decision-making and behavior. We’ll examine ESG factors and how the Morningstar Sustainability Rating can help investors understand ESG risk in their portfolios. Finally, we’ll discuss the most dominant investment themes of 2020, including investing in a period of climate transition.

Morningstar Ratings for Funds & ETFs: Methodologies and Performance

Morningstar Research Showcase — Active Track

Sarah Bush, Morningstar / Jeffrey Ptak, Morningstar

The Morningstar Analyst Rating for funds underwent a major enhancement in November 2019. In this session, we’ll explain the changes we made to the methodology and the reasons we made them. We’ll also review how the changes have impacted the ratings of fund groups that are important to independent advisor success.

Retirement Research Roundup

Morningstar Research Showcase — Rethinking Retirement Track

David Blanchett, Morningstar / Paul Kaplan, Morningstar / Stan Treger, Morningstar

Our award-winning retirement research team will present two new papers, “A Retirement Spending Rule That Works” and “Guaranteed Income: The Forgotten Retirement Asset.” We’ll also learn the key takeaways from our behavioral science team’s new “ESG’s Role in U.S. Defined Contribution Plans” report.


12:00 p.m.–1:00 p.m.

Lunch


1:00 p.m.–2:00 p.m.

The World in 2030: China, 5G, EVs, Renewables, and Pharma

Morningstar Research Showcase — Future of Investing Track

Karen Andersen, Morningstar / Preston Caldwell, Morningstar / Seth Goldstein, Morningstar / Michael Hodel, Morningstar / Travis Miller, Morningstar / Moderator: Susan Dziubinski, Morningstar

Dig beneath the headlines of today’s hot topics for genuine insight and investing ideas. Senior stock analysts will share their long-term forecasts and recommendations for a rapidly-evolving world.

ETF and Passive Investments Research Highlights

Morningstar Research Showcase — Passive Track

Hortense Bioy, Morningstar / Alex Bryan, Morningstar / Ben Johnson, Morningstar

Join our research analysts for a highlight reel of recent research within the realm of exchange-traded funds and index funds. Topics will include the latest trends in the global market for strategic-beta exchange-traded products and our framework for analyzing and rating factor-based funds.

Highlights From the Quant Team: Factors, ESG, and More

Morningstar Research Showcase — Future of Investing Track

Timothy Strauts, Morningstar

We’ll review the most actionable insights from our recent research, including an evaluation of whether investing with an ESG preference has a performance cost, our latest work on investment factors, a discussion of one of the best predictors of future equity fund performance, and our latest work on variable annuity modeling which will be the basis for a new annuity rating.


2:00 p.m.–3:00 p.m.

Welcome / Opening Break in the Exhibit Hall


3:00 p.m.–3:30 p.m.

Opening Keynote: Kunal Kapoor, CEO, Morningstar

Keynote

Kunal Kapoor, CEO, Morningstar


3:30 p.m.–4:30 p.m.

The Role of Luck, Skill, and Counterintuition in Investing

Keynote

Michael Mauboussin, Counterpoint Global

Michael Mauboussin is an author, investor, and thinker who has published four thought-provoking, popular books including, The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, and numerous notable research papers. In this session, Michael will take the best of his most impactful and recent research to provide the audience with decidedly unconventional perspectives on topics as diverse as incentives, the nature of the corporation, and the impact of behavioral biases on investing decisions and outcomes.


4:35 p.m.–5:30 p.m.

The Search for Yield

Active Track

Anne Mathias, Vanguard / Rick Rieder, BlackRock / Moderator: Sarah Bush, Morningstar

In 2019, investors poured $1 trillion into bond funds globally even as yields remained stubbornly low. In this macro-focused discussion, our panelists will share their outlooks for economic growth, inflation and interest rates and reveal where there still might be pockets of value for bond investors.


7:00 p.m.–10:00 p.m.

Investors First Celebration at the House of Blues


7:30 a.m.–6:30 p.m.

Registration Open


7:30 a.m.–8:00 a.m.

Breakfast in the Exhibit Hall


8:00 a.m.–9:00 a.m.

The Future of Advice

Future of Investing Track

Cathy Curtis, Curtis Financial Planning / Alan Moore, XY Advisors / Don Phillips, Morningstar / Moderator: Christine Benz, Morningstar

The panelists will explore key issues in independent investment advisory practices today, from business models and attracting new, younger clientele to dealing with ever-increasing personalization requirements and ESG considerations.


9:10 a.m.–10:00 a.m.

Is Value Dead?

Active Track

Chuck Bath, Diamond Hill Capital Management / Ramona Persaud, Fidelity Investments / David Wallack, T. Rowe Price / Moderator: Linda Abu Mushrevova, Morningstar

Large value has been one of the most difficult factors to own since the end of the global financial crisis. More than 11 years on, it hasn’t gotten any easier for investors, as growth and core strategies have continued to trounce value, wounding the pride of many fundamental investors. Should you and your clients continue to stick it out?

Direct Indexing Is Neither Direct nor Indexing. Discuss.

Passive Track

Jana Haines, MSCI / Jennifer Sireklove, Parametric / Patrick O'Shaughnessy, O'Shaughnessy Asset Management / Moderator: Ben Johnson, Morningstar

Direct indexing is being heralded by many as the next big thing in the mass customization of investment portfolios. The panel will discuss the pros and cons of this approach relative to more traditional methods of portfolio construction.

Is Digital Finance Eating My World?

Future of Investing Track

Lawrence Johnson, Morningstar / Jeff Schwantz, Morningstar / Ian Sheridan, Vestigo

The eight core fintech values are reshaping independent investment advisors’ practices and investor expectations. Technologies, business models, and platforms are converging, and independent advisors are right in the middle of the fray. Our panel of experts will share their visions of the future of wealth management to help you not only survive but also thrive.

Agreeing to Disagree on How to Build a Better Retirement

Rethinking Retirement Track

David Blanchett, Morningstar / Daniel Bruns, Morningstar / Aron Szapiro, Morningstar / Moderator: Steve Wendel, Morningstar

Should U.S. policymakers consider mandatory participation for workers? Should total defined-contribution plan fees be capped? Are target-date funds the best default choice for plan participants? All of these questions and more will be addressed by our panel of experts.

Build Goals That Matter

Solutions Track

Ryan Murphy, Morningstar / Jason Stipp, Morningstar

As goals-based planning gains popularity, advisors need next-generation tools to assess risk and recommend investment strategies to achieve clients’ goals. Our Goals-Based Risk methodology quickly maps client goals to portfolio plans that can achieve them, then measures a client's "risk reactivity" with a portfolio "test drive" simulation. Learn how you can center portfolio recommendations around goals first, frame risk assessment around recommended portfolios—not hypothetical questions—and assess risk tolerance by client behavior and stated preference.


10:00 a.m.–11:00 a.m.

Break in the Exhibit Hall


11:00 a.m.–11:50 a.m.

A High-Yield State of Mind

Active Track

Bryan Krug, Artisan Funds / Harley Lank, Fidelity Investments /Elaine Stokes, Loomis Sayles and Co. / Moderator: Brian Moriarty, Morningstar

High-yield bonds have been on an impressive run in recent years, but the global search for yield keeps pushing prices higher. Our panelists will share their thoughts on where value exists in the sector, how they’re managing the risks, and what the growth of the bank loan market means for high-yield investors.

Has Indexing Gotten Too Big for Its Breeches?

Passive Track

Samara Cohen, BlackRock / Moderator: Alex Bryan, Morningstar

The growth of indexing has raised concerns among stakeholders of all stripes about the potential impact on everything from price discovery to corporate governance. The panel will discuss whether these concerns are well-founded and the implications for investors.

Everything You Wanted to Know About Model Portfolios But Were Afraid To Ask

Future of Investing Track

Lisa O'Connor, BlackRock / Moderator: Jason Kephart, Morningstar

Third-party model portfolios are getting a lot of media buzz, but are they worth the hype? The panelists will discuss the pros and cons of model portfolios, including how they can help advisors grow their practice, important due diligence questions to ask, and what pitfalls to watch out for.

Building Quality Investment Menus for Plan Sponsors

Solutions Track

Peter Di Teresa, Morningstar Investment Management / Jim Licato, Morningstar Investment Management

The process of prudently selecting and monitoring plan investments plays a crucial role in retirement outcomes for participants. At Morningstar Investment Management LLC, we consider a variety of quantitative and qualitative factors when selecting funds for use in a plan lineup. During this session, two of our investment professionals will walk through their approach in creating and overseeing investment lineups, including: designing a menu that offers appropriate choice and diversification; identifying quality investment managers; and providing ongoing monitoring to ensure your portfolio remains on track.


12:00 p.m.–1:30 p.m.

Leading With Heart

Keynote

Cynthia Marshall, CEO, Dallas Mavericks

Cynthia Marshall’s path to becoming the CEO of the Dallas Mavericks was not a straight one, but one constant was her focus on building and using her values-based leadership skills. While it may sound simple, putting people first in organizations is what matters the most. Cynthia’s vibrant attitude and passion for her job are contagious. She hopes to have you dancing in your seat by the time you’re finishing dessert.


1:40 p.m.–2:30 p.m.

Small- and Mid-Cap Strategies From Our Prospects List

Active Track

Laird Bieger, Baron Capital / Mark Wynegar, Tributary Capital Management / Amy Zhang, Alger Funds / Moderator: Connor Young, Morningstar

Our manager research team has been publishing its semiannual Morningstar Prospects report for several years. Prospects are strategies that often graduate to full analyst coverage. At this session, we’ll look at small- and mid-cap strategies that may soon get called up to the big leagues.

Nontransparent Active ETFs

Passive Track

Scott Livingston, T. Rowe Price / Dan McCabe, Precidian / Mark Roberts, Fidelity Investments / Moderator: Ben Johnson, Morningstar

The SEC has approved a variety of new ETF formats that may open the doors to a flood of new active managers in the ETF space. Panelists will explore the prospective benefits and drawbacks of these new vehicles.

Climate Change: How to Position Your Portfolio—and Your Practice

Future of Investing Track

Speaker info coming soon.

Climate change will impact investors' portfolios. What choices do they face as they prepare for the future? In this panel, we’ll speak with portfolio managers about climate risk and opportunity—what are they? How are they measured? We’ll discuss implications for portfolio strategies and how advisors can apply new thinking in this area to their practice. Join us for a conversation about key climate focus areas and a discussion of how best to communicate what’s ahead for your clients.

Annuities: Past, Present, and Future

Rethinking Retirement Track

Matt Carey, Blueprint Income / Kelli Hueler, Hueler Income Solutions / David Lau, DPL / Moderator: David Blanchett, Morningstar

Despite the noted potential benefits of annuitization, utilization remains relatively low. We’ve assembled a panel of industry experts to provide a variety of perspectives on the potential role of annuities today and how they are evolving to meet advisor demands.

Meeting Income Goals With a Multi-Asset High Income Portfolio

Solutions Track

Hong Cheng, Morningstar / Marta Norton, Morningstar

Interest rates have been low for more than a decade, pushing income investors to consider a total-return approach for withdrawal strategies instead of holding bonds. Total return has its charms, but an income approach may still be right for investors who prioritize stability of income over other outcomes. We’ll argue that a valuation-driven approach to income investing can help keep us on the narrow road between reaching for yield and being stifled by low rates.


2:30 p.m.–3:30 p.m.

Break in the Exhibit Hall


3:30 p.m.–4:25 p.m.

Gung-Ho for Growth: Absolutely Brilliant or Absolutely Nuts?

Keynote

James Anderson, Baillie Gifford / Steve Romick, FPA / Moderator: Katie Reichart, Morningstar

Who doesn’t quietly wish they had owned Amazon.com since at least 2006 or bought Tesla at $250? Probably Steve Romick. Meanwhile, James Anderson has done both. In what is sure to be a lively debate, these portfolio managers of Gold- and Silver-rated funds (respectively) debate the nature of value, safety, and the characteristics of businesses that shareholders should own for the long term.


4:35 p.m.–5:30 p.m.

A True Story of High Finance, Murder, and One Man's Fight for Justice for His Friend

Keynote

Bill Browder, Hermitage Capital Management

While the 2016 meeting between Donald Trump Jr., Jared Kushner, Paul Manafort, and a Russian lawyer caused a stir both during and after the presidential election campaign, less covered was the reason for the meeting: to discuss the Magnitsky Act, which former hedge fund manager Bill Browder instigated to achieve a measure of justice after his friend and lawyer, Sergei Magnitsky, died mysteriously in 2009 while in Russian custody. Browder’s harrowing journey, as told in his best-selling book Red Notice, will scare, amaze, and ultimately inspire you to fight injustice.


5:30 p.m.–6:30 p.m.

Networking Power Hour in the Exhibit Hall


7:00 a.m.–12:00 p.m.

Registration Open


7:30 a.m.–8:00 a.m.

Breakfast in the Exhibit Hall


8:00 a.m.–9:00 a.m.

Incorporating Climate-Change Risk in Investment Analysis Is No Longer a Choice

Future of Investing Track

Jackie Cook, Morningstar / Haywood Kelly, Morningstar / Aron Szapiro, Morningstar

Climate-change risk has arrived at investors’ doorsteps. There is no way to avoid incorporating these risks, if for no other reason than a growing array of prominent asset owners are increasingly influenced by climate-related considerations. In this session, leaders from Morningstar’s investment research team will explain why these risks are important to understand, demonstrate how their incorporation are reflected in the bottom-up research Morningstar supplies to investors, and illustrate why the web of interests involved make climate risk impossible to ignore. We hope to convince you that concern about climate change isn’t confined to ESG advocates. It is a new class of risks that is not well understood and demands attention from investors.


9:10 a.m.–10:00 a.m.

A Conversation With BlackRock’s Larry Fink

Keynote

Laurence Fink, BlackRock / Moderators: Christine Benz, Morningstar and Jeffrey Ptak, Morningstar

BlackRock grabbed more than its share of headlines in January when Larry Fink’s letter to America’s CEOs hit their inboxes announcing that the asset manager would become more actively involved in influencing its portfolio companies’ votes on matters related to climate change. This initiative is fresh in our minds, but there’s much more to BlackRock that is of interest to independent investment advisors. Among the questions we expect: What are the company’s plans in helping advisors to serve their clients? What can we expect in terms of model portfolio evolution? This interview will be recorded for Christine and Jeff’s popular The Long View podcast.


10:00 a.m.–11:00 a.m.

International Equities: Moving Beyond a Lost Decade

Active Track

Rupal Bhansali, Ariel Investments / Rezo Kanovich, Artisan Partners / Rob Lovelace, Capital Group / Moderator: Kevin McDevitt, Morningstar

While U.S. stock markets enjoyed an exceptionally robust, and (as always) unexpected decade of the 2010s, international equities languished. Will international equities shine in the 2020s or continue to disappoint? In this session, three portfolio managers explore where the best ex-U.S. opportunities lie, whether in developed or emerging markets or small/mid-caps or large caps.


11:00 p.m.–11:30 a.m.

Break in the Exhibit Hall


11:40 a.m.–12:30 p.m.

Finding Opportunities in Muni Bonds

Active Track

Rob Amodeo, Western Asset Management / Susan Courtney, PGIM Investments / Jim Murphy, T. Rowe Price / Moderator: Elizabeth Foos, Morningstar

Muni funds enjoyed record inflows for most of 2019, a reflection of growing client demand and swelling American wealth. In this session, we’ll probe a panel of leading managers about dipping back into Puerto Rico debt and explore other potential hotspots, such as the U.S. Virgin Islands, Chicago, and lifecare facilities.

Tricks of the (ETF) Trade

Passive Track

Anita Rausch, WisdomTree / David Graichen, WisdomTree

ETF trading can be tricky business. In this perennially popular presentation, Anita Rausch will share best practices to help ensure best execution.

Tax Strategies With ETFs

Future of Investing Track

Andrew Miller, Miller Financial / Shana Sissel, Orion Advisor Solutions / Moderator: Ben Johnson, Morningstar

Many advisors use ETFs to implement tax-loss harvesting strategies. In this session, the panelists will discuss the methods and minutiae of this practice, as well of the vagaries of IRS wash-sale rules.

Outcome-Based Investing in the Era of Reg BI

Rethinking Retirement Track

Cindy Galiano, Morningstar / Marta Norton, Morningstar / Matt Radgowski, Morningstar / Jasmin Sethi, Morningstar

To operate as a fiduciary under the new best-interest regulations, advisors need to manage a range of capabilities that require oversight and attention. These additional tasks can prove especially burdensome to those advisors who differentiate themselves as investment specialists or managers, requiring additional attention to disclosures, a deeper standard of care, and mitigation of conflicts of interest. We’ll explore how working with a managed portfolios provider can help advisors spend more time understanding clients’ goals and how using outcome-based managed portfolios allows an advisor to easily match each client goal with an appropriate portfolio.

Using Software to Support Great Advice

Solutions Track

Speaker info coming soon.

Hear from peer advisors about how they leverage Morningstar Office and Morningstar Advisor Workstation to better support their clients. Our panelists will share how they serve their current clients, what they are focusing on for the next generation of clients, the trends they are keeping in mind, and the role technology plays in their practices.

The agenda is subject to change.

Celebrate With Buddy Guy

Few people are more “Chicago” than blues legend Buddy Guy, and the Morningstar Investment Conference is your chance to see him play live at our Investors First Celebration at House of Blues Chicago.

Note: this event is not open to the public and only for eligible registered conference attendees.

Welcome to Chicago

Chicago is Morningstar’s home and a hub for business and culture, and our conference is just a 10-minute cab ride away from downtown. The McCormick Place convention center is right off Lake Michigan and steps away from our partner hotels. Book by May 12 to get a special discount.

Hyatt Regency McCormick Place

Flexible booking policy

Marriott Marquis Chicago

Flexible booking policy

Morningstar does not hire or authorize anyone to contact you to book your hotel rooms at the Hyatt McCormick Place or Marriott Marquis Chicago for the Morningstar Investment Conference. If you are contacted by a third party to book your room at the Hyatt for the Morningstar Investment Conference, please contact: daniel.skelton@morningstar.com.

Sponsorship Opportunities

Conference sponsorships let your firm join our lively conversation. Past sponsors know that the Morningstar Investment Conference is more than just a way to show off your logo—it’s a chance to connect with an engaged audience of decision-makers.


Principal Sponsor


Lead Sponsor


Major Sponsors


Coffee Bar Sponsor


Social Digital Hub Sponsor

See You in the Exhibit Hall

Network with people from more than 100 organizations including asset management firms, fintech companies, and media groups. Morningstar experts will be on hand, too—ready to answer questions.

  • Credit Suisse Asset Management
  • Davis ETFs
  • Diamond Hill Capital Management
  • Dodge & Cox
  • Domini Impact Investments
  • DPL Financial Partners
  • Edgewood Management, LLC
  • Envestnet
  • eMoney
  • eMoney Advisor
  • Envestnet MoneyGuide
  • Loomis Sayles & Company
  • Lord Abbett
  • Magnetar Capital
  • Mairs & Power
  • MFS Investment Management
  • Money Management Institute
  • Morgan Stanley Investment Management
  • Natixis Investment Managers
  • Neuberger Berman
  • Nicholas Funds
  • Oakmark Funds
  • Orion Advisor Technology, LLC
  • Pacific Funds
  • Palmer Square Capital Management, LLC
  • Parnassus Investments
  • PGIM Investments, LLC
  • PIMCO
  • Principal Global Investors
  • Redtail Technology
  • Resolute Investment Managers
  • RightCapital
  • Riskalyze
  • Riverbridge
  • Riverpark Funds
  • Schafer Cullen Capital Management
  • Select Sector SPDRs
  • Sit Mutual Funds
  • Sound Shore Management
  • State Street Global Advisors SPDR
  • Stoxx
  • Sustainalytics
  • T. Rowe Price Associates, Inc.
  • Wealth Management
  • Westchester Capital Management
  • William Blair
  • XY Planning Network

Discounted Rates Still Available

Because of the uncertainty surrounding the spread of coronavirus, we’re extending our registration discount through April 17. All registrations are fully refundable through June 3.

New

$1,199 $1,099 until 4/17

Get the red carpet treatment with exclusive access to fund managers, Morningstar analysts, and keynote speakers; VIP seating at our House of Blues Investors First Celebration, special swag, and more.

All Access pass benefits

    Everything in the General Access pass, plus:

  • Live streams for all of the keynotes as they happen, and access to recordings as soon as the sessions are over
  • Post-conference videos of the most popular sessions
  • Private lounge and box seating at our House of Blues Investors First Celebration on Wednesday night
  • A gift package including a book from a featured speaker and a Morningstar swag bag with a Nike hat, snazzy socks, and a water bottle
Best Value

$899 $799 until 4/17

General Access gives you everything you’ve come to expect from Morningstar: Three days of keynotes, breakout sessions, and community, plus audio recordings of every session and more.

General Access pass benefits

    Get access to:

  • The full conference agenda, including seven keynotes, 20 breakout sessions, and the Morningstar research showcase
  • A daily email recapping each day
  • 10-12 CE credits
  • Post-conference audio recordings of all sessions
  • 170 firms in the Exhibit Hall
  • House of Blues Investors First Celebration on Wednesday night
  • Thursday networking break at closing
  • Networking lunch, welcome break, and entertainment Wednesday
  • Breakfast, morning break, keynote luncheon, and afternoon break on Thursday
  • Breakfast and morning break on Friday

$599

If you can’t make all three days of the conference, these passes are just the ticket. Get access to the keynotes, sessions, and Exhibit Hall on Wednesday, Thursday, or Friday—your choice.

1-Day Access pass benefits

    Get a daily email recapping each day’s events, plus access to one day’s agenda, including:

  • Wednesday: Three keynotes, exhibit hall entry, a networking lunch, welcome break snacks, and aftershow drinks/entertainment
  • Thursday: Three keynotes, 15 breakout sessions, exhibit hall entry, breakfast, morning break snacks, keynote luncheon, and afternoon break snacks.
  • Friday: Two keynotes, five breakout sessions, exhibit hall access, breakfast, and morning break snacks
Press Registration