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«© 2012 Morningstar, Inc. All rights reserved. 1 The information contained in this document is the proprietary material of Morningstar. Reproduction, ...»

-- [ Page 1 ] --

Morningstar & Barron’s

2011 Alternative Investment Survey of

U.S. Institutions and Financial Advisors

May 2012

© 2012 Morningstar, Inc. All rights reserved.

1 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means,

#

in whole or in part, without the prior written consent of Morningstar, is prohibited.

2011 Survey Overview

× Survey aims to capture trends in alternative investing among institutions and advisors.

× 6th annual nationwide survey, conducted in January 2012.

× 264 institutional investors and 365 advisors participated.

× Institutional survey included 19 questions; advisor survey had 25.

× Five free-response questions tackling new topics like tail-risk hedging and alternative investment process formulation.

2 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Key Takeaways Alternatives continue to gain assets, bucking the trend in U.S. equities, × but growth and excitement is cooling Alternative funds saw inflows of $23.2 billion in 2011($14.2 billion excluding the × nontraditional bond category), while U.S. equity mutual funds bled $84.7 billion.

However, inflows were lower than prior years. Alternative ETF inflows for 2011 were × only $11.6 billion, the lowest level since 2006. Inflows for alternative mutual funds were $1.8 billion less than the prior year.

Approximately 65% of advisors and 67% of institutions indicated that alternative × investments are as important or more important than traditional investments, down slightly from last year’s survey.

From 2008 through 2010, institutions indicated rising interest and investment in × alternative investments, but this year’s survey saw some retreat. Among the institutions surveyed, 26% indicated they plan to allocate more than a quarter of their portfolios to alternative investments, down from 37% in the last survey.

3 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Key Takeaways (continued) Sentiment has cooled to more established equity-based alternatives, but × not to non-equity-based strategies like managed futures and currencies, despite poor performance Managed futures and currency mutual fu

–  –  –

4 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Key Takeaways (continued) Unanimously, advisors and institutions both agreed that diversification × was driving alternative investments; high fees and lack of liquidity were holding them back Institutions stated lack of liquidity was the greatest impediment, while advisors cited × higher fees. Uncertain benefits and lack of transparency were also top detractors.

Over the years, the percent of advisors concerned about lack of liquidity has fallen × sharply, from 60% in 2009 to 40% in the most recent survey, coinciding with the launch of many new liquid alternative products.

5 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Main Topics × Alternative Mutual Fund and ETF Growth × Institutional and Advisor Survey Participant Profile × Defining Alternative Investment Strategies × Past Growth and Future Growth—Assumptions × Alternative Investment Drivers and Disincentives × Hot Topics in 2011: Commodity Investing, Tail-Risk Hedging, Fee Concessions, and the Alternative Investment Process 6 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative Mutual Fund and ETF Growth 7 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative Mutual Fund and ETF Growth × Allseven Morningstar alternative mutual fund categories have seen tremendous inflows over the past five years.

× Nontraditional bond mutual funds have gathered the most assets, but managed futures strategies are also gaining steam.

× The long-short equity and multialternative mutual fund categories jumped in terms of new launches in 2011, adding 17 and 24 new funds, respectively.

× Alternative ETFs saw net inflows of $45 billion in 2009.

× Commodity ETFs are the most popular strategies.

× Over the last several years, the trading ETF category has seen the most launches.

8 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.





Alternative Mutual Fund Flows 9 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Total Assets in Alternative Mutual Funds 10 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Annual Alternative Mutual Funds Launches by Category 11 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative ETF Flows 12 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative ETF Assets 13 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Alternative ETF Launches by Category 14 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

2011 Survey Participation 15 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutional Investor 2011 Survey Participation 264 Responses 16 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutional Investors’ AUM Compared to Previous Years 17 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

365 Advisors Participated in the 2011 Survey 18 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors’ AUM Compared to Previous Years 19 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors 2011: Most Serving 100 or More Clients 20 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Defining Alternative Strategies—2011 21 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: What are Alternative Investment Strategies?

Top 12, ranked by 2011 % agreement 22 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: What are Alternative Investment Strategies?

Bottom 12, ranked by 2011 % agreement 23 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Other Alternative Strategies × Event-driven, special situations, activism × Farmland and timberland × Master Limited Partnerships (MLPs) × Insurance-linked & catastrophe bonds × Funds of hedge funds × Several participants listed this response under “other strategies,” highlighting the confusion between alternative strategies and the vehicles in which they are offered.

24 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: What are Alternative Investment Strategies?

Top 12, ranked by 2011 % agreement 25 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: What are Alternative Investment Strategies?

Bottom 12, ranked by 2011 % agreement 26 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Other Alternative Strategies × Asset-backed lending × Merger arbitrage/event-driven × Timberland, farmland × MLPs, oil & gas 27 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Past and Future Alternatives Growth 28 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Average Annual Growth in Alternative AUM Over Past Five Years What has been your estimated average annual growth in alternative assets under management over the last five years?

29 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Estimated Average Annual Growth in Alternative AUM Over Last Five Years What has been your estimated average annual growth in alternative assets under management over the last five years?

30 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Strategies Representing Largest Alternative Allocation Over Last Five Years Over the last five years, which ONE alternative STRATEGY has come to represent the largest (%) allocation of your investment portfolio?

31 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: Alternative Strategy That Provided Greatest Growth to Business Over Last Five Years Over the last five years, which ONE alternative STRATEGY has provided the greatest growth to your business/your book of business?

32 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Advisors: “Other” Growth-Driving Alternative Strategies × MLPs × Senior secured notes × Structured products × Commodity ETFs × Microcap long-only × Hedge funds and funds of hedge funds × Again, this highlights participant confusion between alternative strategies and investment vehicles 33 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions: Allocation to Alternative Investments Over Time What was the average percent allocated to alternative investments?

*19% said alternatives make up 40% of holdings 34 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Institutions and Advisors:

Allocation to Alternative Investments in 2011

What percent of your clients are currently using alternative investments?



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