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Morningstar Quarterly Update: Q3 2021

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Multi-Asset Portfolios

Objective Selection of Top 3rd Party Managers

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Asset Allocation
  • Valuation driven – look to get more than we’ll pay for
  • Avoids expensive market areas
  • Pursues undervalued market areas
Portfolio Construction
  • Leading managers that fit well together
  • Mutual funds, pooled funds, ETFs
  • Uses active where active works best
  • Uses ETFs where passive works better
Monitoring/Adjusting
  • Regular monitoring and adjusting back to desired target weights
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Morningstar’s Army of Analysts

    • Get Morningstar’s global team working for you
    • More than:
      • 90+ investment professionals
      • 135+ manager research analysts
      • 550+ equity and credit analysts

  • Morningstar analysts apply a consistent and rigorous global methodology that focuses on the long term, fundamental valuation, competitive advantages, risk, financial health and stewardship.

5 Morningstar Portfolios

Aligned with Investor Profiles

  • Fixed Income
  • Equities
Morningstar
Conservative Portfolio
Morningstar
Conservative Portfolio
80%/20%
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80% Fixed Income. 20% Equities.

Morningstar Conservative Portfolio

Designed To:
Pursue modest long-term growth
Protect against capital losses
Recommended For
Investors looking for general stability of fixed-income securities
Risk Classification
Low
Morningstar
Moderate Portfolio
Morningstar
Moderate Portfolio
60%/40%
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Morningstar Moderate Portfolio

Designed To:
Pursue long-term growth
Provide some protection against capital losses
Recommended For
Investors looking for stability of fixed-income exposure with the opportunity for growth of captial
Risk Classification
Low to Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

Morningstar
Balanced Portfolio
Morningstar
Balanced Portfolio
40%/60%
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Morningstar Balanced Portfolio

Designed To:
Pursue long-term growth
Incur less volatility than equities
Recommended For
Investors looking for growth opportunities through varied equity and fixed-income exposure
Risk Classification
Low to Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

Morningstar
Growth Portfolio
Morningstar
Growth Portfolio
20%/80%
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Morningstar Growth Portfolio

Designed To:
Pursue long-term growth
Incur less volatility than equities
Recommended For
Investors with a primary objective of long-term growth
Risk Classification
Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

Morningstar
Aggressive Portfolio
Morningstar
Aggressive Portfolio
5%/95%
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Morningstar Aggressive Portfolio

Designed To:
Pursue long-term growth
Recommended For
Recommended For: Investors with a primary objective of maximum long-term growth
Risk Classification
Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

80% Fixed Income. 20% Equities.

Morningstar Conservative Portfolio

Designed To:
Pursue modest long-term growth
Protect against capital losses
Recommended For
Investors looking for general stability of fixed-income securities
Risk Classification
Low

*Portfolio’s allocation can vary +/- 15% based on asset allocation

60% Fixed Income. 40% Equities.

Morningstar Moderate Portfolio

Designed To:
Pursue long-term growth
Provide some protection against capital losses
Recommended For
Investors looking for stability of fixed-income exposure with the opportunity for growth of capital
Risk Classification
Low to Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

40% Fixed Income. 60% Equities.

Morningstar Balanced Portfolio

Designed To:
Pursue long-term growth
Incur much less volatility than the MSCI World Index
Recommended For
Investors looking for growth opportunities through varied equity and fixed-income exposure
Risk Classification
Low to Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

20% Fixed Income. 80% Equities.

Morningstar Growth Portfolio

Designed To:
Pursue long-term growth
Incur much less volatility than the MSCI World Index
Recommended For
Investors with a primary objective of long-term growth
Risk Classification
Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

5% Fixed Income. 95% Equities.

Morningstar Aggressive Portfolio

Designed To:
Pursue long-term growth
Recommended For
Investors with a primary objective of maximum long-term growth
Risk Classification
Medium

*Portfolio’s allocation can vary +/- 15% based on asset allocation

A choice for every investor.

Five portfolios, designed to accommodate varying risk propensities and time horizons.

Rollover a stack for a synopsis of design objectives, target investor profile and general risk level.

Click a stack to visit the profile page: featuring top ten holdings, composition and allocation, updated monthly.

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Investment Process

  • In-Depth Valuation Analysis
    We analyze capital markets with a valuation lens to find ways we can get more than we’ll pay for, and gauge market sentiment to help ensure we’re taking a contrarian look at markets.

  • Develop Asset Class Views
    Our asset allocation best thinking stems from valuation-based opportunities in stock and bond markets, as we seek to maximize return for a given level of risk.

  • Investment
    Selection
    Our manager research team meets personally with managers to evaluate their investment styles using a five-pillar system to identify the most appropriate strategies to include in our portfolios.

  • Portfolio
    Construction
    When building portfolios, we look at the whole picture. Considering risk and return characteristics of investments may adjust our asset class thinking as we bring pieces together into a portfolio.

  • Ongoing Monitoring/Adjusting
    As markets change, so do our portfolios. Our investment team monitors them each day to stay well-positioned and risk-aware through the market’s ups and downs.

Portfolio Management Team

  • A photo of Michael Keaveney
    Michael Keaveney,
    MSc., CFA     Head of Investment Management, Canada
    Michael Keaveney,
    MSc., CFA     Head of Investment Management,
    Canada, Morningstar Associates Inc.

    Michael Keaveney leads Morningstar’s Canadian institutional investment consulting and investment management practice. He oversees the delivery of investment solutions to domestic clients, with particular emphasis on asset allocation, investment strategy and product development. Prior to joining Morningstar in 2014, Michael had more than 18 years of investment industry experience. Michael holds a bachelor’s degree in Economics from the University of Waterloo, and master’s degree in finance from the University of London. He also holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Toronto.

  • A photo of Robert Miehm
    Robert Miehm,
    MBA., CFA     Senior Investment Analyst
    Robert Miehm,
    MBA., CFA     CFA Senior Investment Analyst in the Morningstar Investment Management group in Canada

    Robert has more than 15 years of investment industry experience. He has worked extensively in Product Development, Product Management and in Portfolio Management with Morningstar. He has consulted with institutional clients to develop equity strategies, and acted as a subject matter expert for the broader CPMS team within CPMS. Robert holds a bachelor’s degree in economics from McMaster University and a MBA from the University of Toronto. He also holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Toronto.

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Investor Centric Portfolios

Putting Your Needs Front & Centre – Where They Belong

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