ࡱ> q` 0>bjbjqPqP 8V::63@@@@@@@T8T4$T(       $Ah0@0@@EX@@   @@V @щsxX" [0*,ukuVu@V005XTTTd dTTTTTT@@@@@@ Selection Process for Mutual Funds -William H. Keffer, ChFC May 26, 2007 Scope of this Paper In general, most middle-American clients for whom we do plans will be best-served by some combination of the basic three investment categories: stocks, bonds, and cash. The proportion of their assets that we allocate to each class depends upon their risk tolerance, time horizon, overall wealth, and objectives. This is the first and most important step in formulating an investment plan. The specifics of how that allocation decision is made, however, will be covered in a separate piece on asset allocation. This discussion is more narrowly focused on the selection of the specific investments that we recommend. Once the asset allocation is determined, the next major decision has to do with the appropriate investment vehicle. This means choosing among individual securities (stocks or bonds), separately managed accounts, exchange traded funds, and mutual funds. For our purposes in this paper, we will focus on mutual funds. The majority of our clients benefit from the professional management, diversification, and efficiencies that mutual funds offer, compared to selecting, buying and owning individual stocks and bonds. As with asset allocation, a more detailed discussion of this decision-making process will be offered in a separate article. In this paper, we will outline our process for selecting individual mutual funds for clients. Backdrop For evaluating, screening, and selecting mutual funds, we use Principia, a Morningstar software program for financial advisors. When opening Principia, the first thing the user sees is the entire universe of mutual funds. One notices immediately that there are 23,761 mutual funds in Morningstars data base. Screening out the multiple share classes that are available for the same funds, the number drops to 7,026. These are just the mutual funds. If we were also considering individual stocks and bonds, exchange traded funds, managed accounts, and variable annuities, there would obviously be many more. This is a lot of choices for a financial advisor to sift through, let alone a normal consumer who will most likely be less sure about a logical selection process. Principia, which Morningstar describes as investment research and portfolio diagnostic software for financial advisors, offers the researcher a number of screening tools to narrow the search to much more manageable numbers. Each advisor must select the optimal screening criteria for his search. The results will be quite different from advisor to advisor as there are literally dozens of screening criteria. For most criteria, one can also choose to search for funds that are equal to or not equal to or greater than or less than that criterion. The criteria that the planner selects will reflect his or her background, education, training, experience, and philosophy, not only with respect to investing, but also relative to money in general. Planners set up their screens in accordance with how they answer questions such as these: Is the best five-year return more important than expenses and risk? How crucial are consistency and longevity of management? Selection Process The goal of our fund research process is to establish a standing list of three to four mutual funds for each of the eleven stock, four bond, and two cash asset categories we use in planning. We wanted to be able to say to a client that we had researched and screened the thousands of available funds to find three to five selections that had demonstrated quality and consistency over time. In general, to make the list, a fund must have demonstrated above average performance, average or below average risk, low expenses, adherence to its stated investment style, and broad diversification. In addition, recommended funds must be no-load and available to average investors (not limited to very high minimums or institutional accounts). Specific explanations follow. Criterion 1: Morningstar Star Rating As a starting point, we screen for funds that have earned Morningstars overall star rating of four or five on a scale of one to five. Morningstar describes the rating system as follows: The Morningstar RatingTM is based on expected utility theory, which recognizes that investors are a) more concerned about a possible poor outcome than an unexpectedly good outcome and b) willing to give up some portion of their expected return in exchange for greater certainty of return. The rating accounts for all variations in a funds monthly performance, with more emphasis on downward variations. It rewards consistent performance and reduces the possibility of strong short-term performance masking the inherent risk of a fund. By screening for four and five-star rated funds only, we are admitting for consideration only the top 32.5% of funds in each category. But, since Morningstar already offers an off-the-shelf rating system why not just use five-star funds and be done with it? In doing the research, we had initially set the minimum star rating at five stars. We had also set a criterion that our recommended funds not be rated as High Risk. The result, in a few categories was that no funds qualified. In other words, funds that had taken higher risk comprised virtually all of the top 10%. This was more risk than we felt comfortable in recommending to our middle income clients. In Morningstars own words, relative to the 2002 change to its current rating system and the risk in funds: However, the change also means that some extremely risky funds will now receive 5 stars (those with the best risk-adjusted return within their category), which was difficult under the old methodology. In further support of the notion of expanding the search to include four-star funds, we had observed that some excellent long-term performers were excluded from any five-star-only set of criteria. Moreover, admitting four-star funds means we are still excluding any fund that didnt perform in the top one third of its category. Criterion 2: Prospectus Net Expense Ratio The expenses a fund charges investors is one of the most important considerations planners and their clients should make. This is important for two reasons: Fund expenses represent a substantial percentage of returns. According to the Investment Company Institutes 2006 Mutual Fund Fact Book, the average stock mutual funds expense ratio is in 2006 was 1.07%. For bond funds, the number was .84%. These ratios have come down dramatically over the past 20 years as investment in 401(k) programs and index funds has surged. Many actively managed funds still charge fees well in excess of 1.5% and even 2%. When market returns are well into the teens and higher, this seems inconsequential. But when more modest returns are the case, say 6% after tax, this average expense ratio eats up fully 20% of the investors return. According to Morningstar, the S&P 500 has returned 8.28%, annualized, from January 1997 through March of 2007. Assuming a combined income tax rate of 28%, the return becomes 5.96% after tax. Of this, a 1.2% fund expense load would eat up over 20% of our clients hard earned return. Fund expenses are one of the few significant components of our clients returns that are controllable. We do not know, and have no way to know, what markets will do over a given period of time. We can, however, select funds with low published expense ratios. Being able to cut the expense erosion in our clients returns from 20% to say 5% by recommending a Vanguard index fund is a major contribution thats a known commodity. We mention expenses as the second criterion because of its importance. In the process of screening, however, we did not use a hard and fast number for all fund categories. Small-cap stock, high-yield bond, and foreign funds work in less efficient markets where information is less readily available. Therefore, they have higher research expenses than large stock and bond funds. Accordingly, we adjusted our maximum acceptable expense ratio from category to category, always seeking to be in the lowest half or third of the cost spectrum. Elsewhere in the screening process, we have kept the criteria as consistent as possible, across all asset categories, and then used expense ratio as a variable to narrow the field of available options. For example, with the expense criterion set at less than or equal to 1%, a given category search might yield 12 possible funds. As the goal was to have a workable three to five choices, we would then adjust the maximum expense ratio downward until only the desired number of funds remained. There is also a significant difference in expenses between actively managed (traditional) funds and passively managed (especially index) funds. Our screening process was duplicated for actively managed and index funds giving us two sets of recommendations. Criterion 3: Percentage Rank in Category Although Morningstars star rating system groups funds by percentile according to their risk-adjusted performance criteria, we wanted only funds that were in the top 40% of their group based on pure returns for three- and five-year periods. Criterion 4: Risk Next, we screened out any funds that were rated as High Risk for three- or five-year measurement periods. Morningstar defines these as having the most variation in monthly returns (with heavier weighting on negative returns). To be High Risk, a fund would have to score in the top 10% of this category. We also scanned the risk profiles of the finalists in each category to make sure there were options in the Average, Below Average, and or Low categories. We do have a number of recommended funds that are rated as Above Average risk. These are suitable for investors with greater risk tolerance and longer time horizons. Criterion 5: Style Consistency Given that basic asset allocation is the most important element of ones investment strategy, it would not be acceptable to have a fund chosen to meet the clients need in a given category then meaningfully deviate from its stated investment style. The result could be significantly different risk and return characteristics than originally bargained for. Morningstar scores stock funds on the degree to which they veer off course on the dimensions of value/growth and size. Criterion 6: Diversification One of the inherent benefits of mutual fund investing is their generally broad diversification across many stocks and or bonds within their asset class. Some fund managers have, however, sought to enhance returns by concentrating more heavily on a particular company or companies that they believe will outperform the market. This can be successful but it also leads to more risk. Therefore, we set a criterion to exclude funds identified as non-diversified. Criterion 7: No-Load As our financial planning service is based on an hourly business model, the assumption is that clients will implement our recommendations in a self-directed account with a low cost broker, such as Ameritrade, Schwab, or Vanguard. This is a core of the value we can bring to my clients. To pay a commission of 5% up front or 1% level would make little sense. Therefore, we screened out all but no-load funds. Criterion 8: Index Funds versus Actively Managed We believe in diversification among actively and passively managed funds. As it is a matter of pure mathematical logic that 50% of actively managed investments under-perform their market indices, we are biased toward the lower costs and tax efficiency of indexing for a major portion of most clients investments. There are, however, several valid reasons for including actively managed funds in a portfolio. For one thing, there is solid evidence that active managers can beat the market when it is on its way down. The index fund has no way to bail out when a ship is obviously sinking. Another compelling argument for active management is in the less efficient markets, especially small cap and foreign markets. Theoretically, good research should be able to turn up opportunities and threats in these market segments, while in more efficient markets (such as for large cap U.S. stocks) any potential competitive advantage is so quickly priced into the stock that there is almost no chance to take advantage. Finally, some clients just prefer to have some money riding on an active manager who they hope can get them above-market returns. Therefore, our screening process included two searches in all categories: one for top index funds; the other for top actively managed funds. Which will we recommend to a given client? The answer depends upon the clients tastes and risk tolerance, as well as the amount of money to be invested in a given category. If the client has no predisposition, one way or another, and there is enough money in each category to do it, we would probably suggest splitting the category between an index fund and a top-ranked, low-cost actively managed fund. If the amount allocated for the riskier classes (small cap and emerging markets, for example) is more modest, we would probably recommend indexing the large cap and developed international and using active managers for the smaller allocations. Remaining Criteria: Purchase Constraints and Availability Finally, several screening criteria were established to ensure that the recommended funds would be available to the vast majority of our middle-American clientele. These include screens for institutional, qualified access, and closed funds, as well as availability in a low cost brokerage fund account, such as Schwab or Vanguard. Vanguards brokerage accounts offer 2,600 non-Vanguard funds from over 300 fund families, 900 of which are available without transaction fees. Therefore, very few of the funds that passes all of the other tests were not available on this platform.      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