When we make a mistake, we acknowledge the error and correct it. When we publish material that’s incomplete or requires additional context, we revise the content and issue a clarification.
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Correction (Dec. 27, 2022): A previous version of Your 2023 Tax Fact Sheet and Calendar stated that the 2023 exemption amounts for the Alternative Minimum Tax phase-out for single filers with alternative minimum taxable incomes of less than $578,150, and $1,156,300 for married couples filing jointly. This has been corrected to more than $578,150, and $1,156,300.
Correction (Dec. 22, 2022): A previous version of 2022′s Best-Performing Bond Funds included an incorrect ticker for BrandywineGlobal High Yield fund (BGHSX).
Correction (Dec. 21, 2022): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished these reports on Dec. 21 to restore the missing content. Although there were no material updates to the reports, they now show the Dec. 21 republication date. The following companies were affected: AstraZeneca, Aurora Cannabis, Caesars Entertainment, Church & Dwight, Daifuku, Envestnet, EOG Resources, Essential Utilities, Genting Singapore, Itau Unibanco Holding, Occidental Petroleum, TechnipFMC, VeriSign, and Wynn Resorts.
Correction (Dec. 21, 2022): A previous version of 4 Things That Mattered to Your Portfolio misstated the price a virtual yacht sold for in the metaverse. It was $650,000.
Correction (Dec. 13, 2022): The original Dec. 12 version of Investment Lessons From the World Cup incorrectly stated that Morocco won on penalty kicks after holding Portugal to a scoreless draw. Morocco won the match 1-0.
Correction (Dec. 7, 2022): Previous versions of the Principal LifeTime, Principal LifeTime Hybrid, and Principal LifeTime Hybrid CIT series reports stated that five analysts were removed from the team. This has been corrected to state that two of those analysts, including group head Rick Teisch, left on their own accord.
Correction (Dec. 1, 2022): The original Dec. 1 version of Strong Profitability for Salesforce, but Demand Environment Is Not Improving; FVE Cut to $220 and the stock analyst update based on that note misspelled the first name of co-CEO Bret Taylor.
Correction (Nov. 30, 2022): The original Nov. 29 version of Intuit Beats in Q1, but Outlook Cautious With Credit Karma Vulnerability; Shares Attractive referred incorrectly to the period being reported. It is the fiscal first quarter.
Clarification (Nov. 23, 2022): U.S. Fund Flows: Investors Continued to Pull Back in October was revised to make clear that though taxable-bond funds experienced inflows in August, flows were still negative on a trailing three-month basis.
Correction (Nov. 22, 2022): The Analyst Report for Western Asset Core Bond was corrected to indicate that the return of the institutional shares was a 20.2% loss.
Correction (Nov. 16, 2022): The Maslow quotes were corrected in Hate Budgeting? Try Rethinking It.
Correction (Nov. 16, 2022): The original Vanguard table in Which Popular Funds Will Hit Investors With Losses and Capital Gains Distributions This Year? had two repeated entries. It was fixed.
Correction (Nov. 14, 2022): Creating an Environment Where Clients Feel Safe has been corrected to indicate that Harris & Harris Wealth Management is based in Upper Marlboro, Maryland. A previous version of the article misidentified the location.
Correction (Nov. 11, 2022): An earlier version of 4 Stock Funds Where Talent Tops Mediocre Processes misspelled the name of Michael Bennett as Bennet, and Sprucegrove as SpruceGrove.
Correction (Nov. 9, 2022): The Parent rating in the text of the NJBEST 529 College Savings Plan report has been corrected. It is Below Average, not Above Average.
Correction (Nov. 7, 2022): An earlier version of the NM Scholar’s Edge 529 report used an incorrect spelling for the last name of New Mexico Education Trust Board appointee Natalie Cordova as Cordoba.
Correction (Nov. 7, 2022): Getting a Second Opinion on Retirement Readiness was updated to make clear that the author has a position in VWIUX.
Correction (Nov. 7, 2022): When Inflation Surfaced, TIPS Flopped noted incorrectly that the Treasury made the April 12 announcement; it was the Department of Labor.
Correction (Nov. 7, 2022): Are TIPs a Bargain? was corrected to note that the real yield on TIPS since 2013 had not always been negative. It had always been below 1%.
Correction (Nov. 2, 2022): Strong Q3 Indicates Uber May Be Resistant to Macro Uncertainties listed an incorrect author. It was written by Ali Mogharabi, not Michael Hodel.
Correction (Nov. 1, 2022): American Funds EuroPacific Growth originally appeared in The Thrilling 31: A List of Great Funds. The fund is just 1 basis point above the fee cutoff and so has been removed from the article.
Correction (Nov. 1, 2022): How to Find Impact Investments for Your Portfolio was corrected to show that Calvert Impact Capital’s Community Investment Notes pay out 1% to 4% per year, not 0.5% to 3% per year, over one to 10 years, and that Calvert is only expected to offer notes at a higher rate next year.
Correction (Oct. 31, 2022): An earlier version of Big China Stock Bets Continue to Hit Emerging-Markets Funds should have said that the growth of China’s GDP since 1992 was over 4,000%, not 984,411%.
Correction (Oct. 28, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the group of funds analyzed was revised to exclude funds referencing benchmarks other than U.S. stocks, as well as funds that invest in other buffer funds or funds that previously had a different mandate. The data references and exhibits have been updated to reflect these changes. The first buffer funds had inception dates of 2015, not 2016. We also revised the text to clarify that not all buffer funds are linked to a price-based benchmark and that these products are mainly sold to risk-averse investors, not necessarily beginning investors.
Correction (Oct. 28, 2022): In Apple Reports Strong Earnings, but Stock Still Overvalued, the name of the author was incorrectly attributed to Abhijay Gupta. It was written by Abhinav Davuluri.
Correction (Oct. 25, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the name of the Innovator Buffer series of ETFs was corrected. Every fund in the test group posted negative returns for the year to date, not “nearly” every.
Correction (Oct. 24, 2022): A previous version of Will the 60/40 Portfolio Start to Work Again? misspelled the name of Roger Aliaga-Diaz, the head of portfolio construction and chief Americas economist at Vanguard Group.
Correction (Oct. 12, 2022): An earlier version of How MeToo Forced Companies to See the Business Risks of Sexual Misconduct misspelled the last name of Haleh Moddasser as Modasser.
Correction (Sept. 27, 2022): Market Volatility Hasn’t Helped Active Funds Beat Their Passive Peers was originally published with incorrect data. The exhibits and some of the figures have been revised.
Correction (Sept. 27, 2022): Have Stocks Become Cheap? has been updated to correct Exhibit 4′s labels.
Correction (Sept. 23, 2022): An earlier version of 6 Takeaways for Investors From the Fed Meeting misspelled the name of Richard Weiss, chief investment officer for multi-asset strategies at American Century Investments.
Correction (Sept. 19, 2022): A previous version of Is It Still Worth It to Buy I Bonds? incorrectly stated that I Bonds are subject to state and local taxes. I Bonds are exempt from these taxes.
Correction (Aug. 30, 2022): A previous version of 7 Undervalued Small- and Mid-Cap Quality Stocks had a table with a mislabeled column. The column should have been labeled “economic moat,” not “value-growth score.”
Correction (Aug. 24, 2022): A previous version of Why ‘Free’ Robo-Advisors Aren’t Really Free cited the 0.05% rate that Schwab Bank was paying for its high-yield savings account rather than the 0.13% rate the Schwab Intelligent Portfolios program was then paying on cash.
Correction (Aug. 26, 2022): The Inflation Reduction Act’s Impact on Retirees incorrectly stated that hearing benefits were expanded last year. They remain unfinished business.
Correction (Aug. 10, 2022): Coinbase Q2 Earnings Show Ongoing Pressure as Low Crypto Prices Drive Lower Trading Volume has been updated to correct the name of the author to Michael Miller.
Correction to Run, Don’t Walk, for I Bonds (Aug. 10, 2022)—This article was corrected to indicate that the original I Bonds issued by the Treasury could indeed have a negative inflation adjustment, though their yield would never be negative.
Correction to Advanced Micro Devices Q2 Results Show Impressive Execution on Product Roadmap Aug. 4, 2022—An earlier version of this article included the wrong fair value estimate for AMD. It is $130.
Correction to In Praise of Wall Street Aug. 2, 2022—An earlier version of this article incorrectly spelled the last name of author Patrick O’Brian as O’Brien.
Correction to Morgan Stanley Emerging Markets Corporate Debt Is Under Review Because of a Manager Change July 29, 2022—This analyst note was corrected to amend the departure date of former comanager Eric Baurmeister. He left the firm in February 2022, not November 2021.
Corrections to Schroder ISF QEP Global Quality and Schroder QEP Global Core July 18, 2022—These fund reports were corrected to state that Stephen Langford is the co-head of the QEP team, not Stephen Regland.
Correction to Robeco Euro Credit Bonds July 15, 2022—This fund report was corrected to include the correct comanagers.
Correction to Why Higher Fiduciary Standards Help Everybody July 12, 2022—Article was corrected to include Michel André Maréchal’s full name.
Correction to Rating Morningstar’s Fund Ratings July 8, 2022—Ex. 16 was updated to label the globes correctly.
Correction to Schroder Investment Management June 28, 2022—This Parent text was updated to correct the firm’s assets under management to GBP 753 billion from GBP 753 million.
Correction to Matthews Hires a New CEO in an Expected Development June 21, 2022—This analyst note was updated to indicate that Bill Hackett’s tenure as CEO was 13 years instead of roughly nine years.
Correction to The Real Problem With Inflation June 16, 2022—This article was corrected to change the timeline for future inflation expecations to 10 years from five years.
Correction to 4 Undervalued, Recession-Resilient Software Stocks June 15, 2022—This article was updated to reflect a new outlook for Okta. The Morningstar analyst covering Okta has changed, and he lowered the company’s fair value estimate to $193 from $280 since the original time of writing.
Correction to The Real Problem With Inflation June 15, 2022—The table has been updated to correct and update data for the most recent period.
Correction to How Much Are 529 Plans’ Tax Benefits Worth? June 9, 2022—The original article had incorrectly classified Utah’s tax benefit as a deduction. It should be classified as a tax credit.
Correction to What Does Amazon’s Stock Split Mean for Investors? June 6, 2022—This article was updated to correct Amazon’s fair value estimate to $192 per share from $192.50.
Correction Aditya Birla Sun Life Mid Cap May 27, 2022—The report was updated with the correct fund information.
Correction to Vanguard Maintains Its Lead in 529 Plans May 18, 2022—Capital Group manages $93 billion in 529 assets, not $93 million.
Correction to Goldman Sachs Emerging Market Debt May 13, 2022—The report was updated with current text; it had been published with the previous year’s information.
Correction to Climate, Diversity Resolutions Among Key Themes in This Year’s Proxy Season May 6, 2022—An earlier version of this article incorrected stated that a resolution at Amazon asking it to abandon its dual-class share structures made a total of 15 resolutions. The company is Alphabet and a total of 17, not Amazon.
Correction to Royce Total Return’s New Name and Assistant Portfolio Manager Change Do Not Affect Ratings May 5, 2022—This fund analyst note was updated with information about a change in comanagers.
Correction to Autocracy Is a Bad Investment May 3, 2022—This article was updated to remove an incorrect reference to Morningstar analyst Sam Lo regarding BlackRock Emerging Markets.
Correction to The Worst Robo-Advisors of 2022 May 3, 2022—This article has been updated to remove an incorrect advisor for E-Trade Core Portfolios.
Correction to Why ‘Free’ Robo-Advisors Aren’t Really Free April 28, 2022—A previous version of the article cited the wrong rate for Schwab Bank High Yield Investor Savings accounts. The rate paid in the Schwab Intelligent Portfolios program is 0.13%, not 0.05%.
Correction to Schwab U.S. Large-Cap Value ETF April 13, 2022—The fund report was updated after it had been published with the incorrect Parent Pillar text and rating.
Correction to How the Largest Bond Funds Fared in the First Quarter April 11, 2022—A previous version of this article failed to specify that the funds listed in the table and discussed in the story involve the oldest share class of each respective fund.
Correction to Harding Loevner International Equity April 11, 2022—In this Analyst Report, we corrected the start dates and years of experience for Babatunde Ojo. He became a comanager of the Harding Loevner Emerging Markets fund in 2014 and became co-lead in 2016. He has 16 years of experience. We also corrected the range of investment experience for Bryan Lloyd, Patrick Todd, and Batunde Ojo to between 16 and 25 years. We also clarified Ferrill Roll’s roles and tenure with the fund.
Correction to Which Value Stocks Are Leading the Way Over Growth? April 7, 2022—The Morningstar U.S. Large Value Index beat the Morningstar U.S. Growth Index by 15 percentage points in the first three months of 2022. A previous version of this story incorrectly stated that the difference between the two was 15%.
Correction to Best- and Worst-Performing Stocks Quarterly Update April 7, 2022—The number of stocks listed on U.S.-exchanges covered by Morningstar analysts is 863. A previous version of this story incorrectly stated that that was the total number of companies covered by Morningstar analysts.
Correction to 4 Dangerous Assumptions That Could Hurt Your Retirement Plan March 31, 2022—This article was updated to correct the Shiller P/E ratio to 37.
Correction to The Best Target-Date Funds for 2022 and Beyond March 23, 2022—The table and article were corrected to include mention of Fidelity Advisor Freedom’s upgrade.
Corrections to How MeToo Forced Companies to See the Business Risks of Sexual Misconduct and Special Report: How Women Are Breaking the Bias in 2022 March 8, 2022—Previous versions of these articles incorrectly identified Julie Gorte as executive vice president at Pax World Funds. She is senior vice president for sustainable investing at Impax Asset Management
Correction to How Have Top Bond Managers Handled the Russia-Ukraine War? March 7, 2022—This article was updated to correct the weightings in TGEIX and TGWIX.
Correction to 4 Good Reasons to Sell Stocks Now March 3, 2022—The article was corrected to note that if one plans to rebuy the same or a substantially identical security within 30 days of making the sale, the tax loss is disqualified. The number of days was previously incorrect.
Correction to Russia Invasion Sparks Renewable Energy Stock Surge March 2, 2022—A previous version of this article incorrectly identified Joe Keefe as the CEO of Pax World Funds. He is the president of Impax Asset Management.
Correction to Amid Russia Attack, Cybersecurity Stocks Gain March 1, 2022— An earlier version of this story incorrectly stated that Okta shares hit a 52-week high. The shares had hit a 52-week low.
Correction to Why Are Growth Stocks Still Struggling? Feb. 25, 2022—In the original version of this article, the January 2022 values in the “Price/Fair Value Ratios of the Morningstar Equity Style Box” chart were incorrect. The chart has been updated with the correct values.
Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 23, 2022—An earlier version of this article incorrectly included Grayscale Bitcoin Trust (BTC) GBTC and Grayscale Ethereum Trust (ETH) ETHE as active exchanged-traded funds. They are legally designated as grantor trusts.
Correction to Asset Allocation: The Power of Traditional Thinking Feb. 20, 2022—This column was updated to correct the 30-year return figures in Exhibit 2. The nominal annualized return of the informed portfolio was 8.3% and trailed the conventional portfolio by roughly 0.50%, not 10.8% to trail the conventional portfolio by 1.7 percentage points, as previously depicted.
Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 18, 2022—An earlier version of this article incorrectly listed the 2021 net flows of Dimensional US Core Equity 2 ETF DFAC, Dimensional US Targeted Value ETF DFAT, and Dimensional US Equity ETF DFUS. The correct 2021 net flows (in USD, billions) are 0.86, 0.47, and 0.13, respectively.
Correction to What Your Net Worth Statement Is Telling You Feb. 16, 2022—The Cash Total in Exhibit 1 was corrected to $90,600 from $181,200. Total Assets was corrected to $1,654,100 from $1,744,700. Net Worth was corrected to $952,100 from $1,042,700.
Correction to Fidelity Contrafund Feb. 9, 2022—In the analysis from Feb. 12, 2021, Fidelity Contrafund’s asset base was updated to $235 billion from $180 billion.
Correction to Why Have Tech Stocks Been Hit So Hard? Jan. 25, 2022—This article was corrected with new “Undervalued Technology Stocks” and “Technology Stocks to Avoid” tables.
Correction to BlackRock Wins One, Loses Another Jan. 11, 2022—This article was updated to correct the Morningstar Analyst Ratings for Loomis Sayles Small Cap Growth.
Correction to What Makes a Company Great? Jan. 10, 2022—An earlier version of this article incorrectly stated that the Morningstar Wide Moat Focus Index had only 20 constituents. It was also corrected to specify that the index consists only of stocks listed in the United States.
Correction to ETFs Cap Off Another Record Year of Flows With a Stellar December Jan. 3, 2022—This was corrected to indicate that U.S. long-term bond ETFs collected $836 million, not billion.
Correction to “ETFs Proved Their Tax Advantages Are Still Strong in 2021″ Dec. 29, 2021—An earlier version of this article stated an incorrect number of Dimensional ETFs distributing capital gains in 2022. The article and exhibits have been updated to reflect the accurate data.
Correction to “My 33 Investment Years” Dec. 27, 2021—The reference after Exhibit 2 to the 1988 figure was corrected to trillion, not billion.
Correction to “These ESG Funds Have Style” Nov. 9, 2021—An earlier version of this article described Calvert’s ESG process as exclusionary. The article was updated to reflect more nuances in its approach.
Correction to “What’s Inside the 4 Largest Clean Energy ETFs” Dec. 7, 2021—This was updated to correct the underlying indexes for First Trust Nasdaq Clean Edge Green Energy ETF QCLN and Invesco WilderHill Clean Energy ETF PBW.
Correction to “What’s a Safe Retirement Spending Rate for the Decades Ahead?” Nov. 29, 2021—The starting withdrawal rate in Ex. 1 in this article was corrected.
Correction to “Investors Return to U.S. Equity Funds in October” Nov. 19, 2021—A previous version of this report underestimated the trailing 12-month flows for Dimensional Fund Advisors by approximately $4.7 billion because of an error in the September flows for one fund, Dimensional World ex US Core Equity 2 ETF DFAX. DFA’s total TTM estimated flows were negative $16.3 billion at the end of October rather than negative $20.5 billion.
Correction to “How a Little Bitcoin Can Change Your 60/40 Portfolio a Lot” Nov. 11. 2021—This article was updated to correct the omission of a drawdown period in Exhibit 4.
Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This article was updated to include the correct 2021 information for Harbor Funds.
Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This version of the article has a corrected Flows table and removed reference to the number of top flow-getters launched in the third quarter.
Correction to “What Banks’ Climate Pledges Mean for Energy and Utility Stocks” Nov. 5, 2021—The article was updated to correct the name of the analyst from Calvert. His name is Dan Dorman.
Correction to “Investors Turn to Foreign Stocks in August” Oct. 4, 2021—The final exhibit of this article was corrected to show that Dimensional Fund Advisors recorded inflows of $176 million in August 2021 instead of $80 million in outflows.
Correction to “Green Muni Bonds Are Blooming Slowly” Oct. 1, 2021—This article was updated to correct the market caps of the S&P Municipal Bond Index and the S&P U.S. Municipal Green Bond Index.
Correction to “Why Funds Die” Sept. 28, 2021—This article was updated to correct the information about Invesco in the Fund Closures by Fund Provider exhibit.
Correction to Delaware Ivy International Core Equity Sept. 13, 2021—This analysis from Aug. 27, 2021, was corrected to reflect a Parent rating of Above Average rather than the Average rating that was initially published. This resulted in the Morningstar Analyst Ratings for the I and R6 share classes being changed to Silver from the incorrect Bronze ratings that were initially published for those share classes. All other pillar ratings and share class ratings were correct.
Correction to “Vanguard Total Bond Market: A Success Story” Aug. 20, 2021—Edited after publication to correct the initial investment mentioned in Exhibit 5. Correction to “Sequence of Returns: What It Means and How to Deal” Aug. 10, 2021—Numbers in Exhibit 2 were corrected.
Correction to “Using Annuities During Retirement” Aug. 2, 2021—Numbers in Exhibit 2 were corrected.
Correction to “The Promise and Peril of Ethereum, Part II” Aug. 2, 2021—This article was corrected to remove a reference to ether recovering most of its losses since its May price drop.
Correction to “T. Rowe Price’s CEO to Retire” July 30, 2021—This article was corrected to indicate that Bill Stromberg’s start date as T. Rowe Price’s chair of the board of directors was 2019, not 2016.
Correction to MFS Emerging Markets Equity July 26, 2021—This July 22, 2021, report was changed to add the correct reasons for the future departures of Robert Lau and Jose Luis Garcia.
Correction to “Using History’s Lessons to Evaluate Today’s Investments” May 25, 2021—This article corrected the reference to Exhibit 1. It addresses the interest rate of long-term government bonds, not corporate bonds.
Correction to “David Swensen: The Peter Lynch of Institutional Investing” May 12, 2021—The name and ticker symbol of Vanguard Wellington VWELX were corrected.
Correction to “A Process Tweak at Brown Capital Management Small Company Doesn’t Impact Ratings” April 26, 2021—This fund analyst note was corrected to state that Brown Capital Management changed the fund’s prospectus to say it now seeks companies with up to $500 million of operating revenue, not at least $500 million of such revenue.
Correction to “Vanguard Mishap Leads to an Estimated $200 Million Windfall for Investors” April 22, 2021—This article was updated to indicate that Vanguard has taken sole responsibility for crafting the unintentionally riskier allocations in The Vanguard 529 Plan.
Correction to “How and When to Take Your RMD” April 15, 2021—The reference to the elimination of the RMD requirement was changed to correct the year to 2020.
Correction to “Emerging-Markets Equities: A Promise Half-Fulfilled” April 12, 2021—This article was edited to add a clarification about the average net worth of China’s parliamentary members.
Correction to BlackRock LifePath Index Series March 31, 2021—Because of an error, the Morningstar Analyst Rating for the 2030 fund’s class 15 and 35 share classes were incorrect. We have corrected the Analyst Ratings to Silver and Gold, from Gold and Silver, respectively.
Correction to “Did GameStop Put Congress on the Right Track to Improving Trading Regulation?” March 28, 2021—An earlier version of this article incorrectly attributed a statement to Citadel CEO Kenneth Griffin. The full quote, “When your broker is being paid for order flow, you get a worse execution,” was said by Rep. Brad Sherman, D-California, during the U.S. House Financial Services Committee hearing last month.
Correction to “Your 2021 Tax Fact Sheet and Calendar” March 26, 2021—An earlier version of this article incorrectly stated that May 17, 2021, is the deadline for estimated taxes for the first quarter of 2021. The deadline is April 15, 2021.
Correction to Analyst Note for American Funds Income Fund of America March 9, 2021—Morningstar published an analyst note that incorrectly stated that American Funds Income Fund of America’s dividend is being cut. This note has since been published for the correct fund, American Funds Capital Income Builder. Correction to VMware CEO Departure Provides Buying Opportunity March 4, 2021—This Stock Analyst Update was corrected to list author Mark Cash.
Correction to Baird Aggregate Bond Report Feb. 19, 2021—The Feb. 11, 2021, report included a Morningstar Analyst Rating of Silver for Baird Aggregate Bond Institutional BAGIX. This was in error, and it has since been corrected to a Morningstar Analyst Rating of Gold.
Correction to “Required Minimum Distributions: Why All the Tinkering?” Feb. 17, 2021—An earlier version of this article stated that the QLAC purchase limit was $125,000. This was corrected to $135,000.
Feb. 24, 2021—An earlier version of this article stated that the SECURE Act lifted the age at which you must take RMDs to 72 1/2. This was corrected to 72.
Correction to How Fares the World’s Largest 401(k) Plan? Feb. 16, 2021—This article was been updated to correct the asset allocation of Lifecyle Income.
Correction to “Vanguard’s Target-Date Fund Flows Plummet in 2020″ After publication, Exhibit 2 was corrected regarding American Funds’ 2020 net flows and percentage change.
Correction to “Funds for 2021 and Beyond” The January 2021 issue of FundInvestor incorrectly stated that Artisan International Value ARTKX gained just 1% in 2020. The correct figure was 8.5%, which was just slightly below the return of category peers and benchmark. The text in this article has been changed to remove the incorrect reference to Artisan’s returns in 2020.
Correction to “Does Your Portfolio Need Bitcoin?” This article was updated to remove a reference to Guggenheim Macro Opportunities GIOIX seeking SEC approval to invest up to 10% of its assets in Grayscale Bitcoin Trust GBTC. After the article went to press, we were informed that this is no longer the case. We also revised the article to clarify that Osprey Bitcoin Trust is currently available as a private placement.
Correction to “Indirect Roth IRA Contributions: Backdoor or Trapdoor?” Jan. 20, 2021—An earlier version of this article reversed the terminology in the Don examples. It has been corrected to list taxable and income-excludible where appropriate.
Correction to “Your 2021 Tax Fact Sheet and Calendar” Jan. 19, 2021—An earlier version of this article incorrectly stated that catchup contributions are available for SEP IRAs. The total contribution limit for SEP IRAs is $58,000 in 2021 regardless of the contributor’s age.
Correction to Morningstar Quantitative Ratings An error was detected with the Morningstar Quantitative Ratings published as of Oct. 31, 2020, and Nov. 30, 2020. Some of these Morningstar Quantitative Ratings consumed missing and incorrect data as part of the process to generate the final ratings.
All Morningstar Quantitative Ratings for open-end mutual funds, exchange-traded funds, annuity subaccounts, and separate accounts published as of Oct. 31, 2020, and Nov. 30, 2020, have been removed. Morningstar Quantitative Ratings are being displayed as of Sept. 30, 2020.
Correction to Market Update “Contrarian Tilts for Your Portfolio” The original version of this article published on Jan. 4, 2021, incorrectly stated the Morningstar Quantitative Ratings for four funds. In Exhibit 4, the ratings for iShares Global Energy ETF, iShares U.S. Oil & Gas Exploration & Production ETF, and John Hancock Multifactor Energy ETF were changed to Silver from Gold. In Exhibit 6, TCW Enhanced Commodity Strategy’s rating was corrected to Silver from Gold (Jan. 6, 2021).
An earlier version of the article displayed data and ratings for iShares Global Financials ETF in Exhibit 5. The fund was replaced with iShares U.S. Financials ETF (Jan. 6, 2021).
Exhibits 4, 5, and 6 were updated to indicate that the Morningstar Quantitative Ratings were as of Sept. 30, 2020 (Jan. 6, 2021).
Correction to “Required Minimum Distributions: Why All the Tinkering?” An earlier version of this article stated that the QLAC limit was $125,000. This has been corrected to $135,000.
Correction to Advisor Digest e-newsletter The e-newsletter from Dec. 8, 2020, included an incorrect headline. Dan Fuss is not retiring from Loomis Sayles; he is stepping away from portfolio management duties.
Correction to Credit Suisse Asset Management Parent Analysis The analysis from Nov. 13, 2020, was corrected to identify the firm’s new head of the Americas.
Correction to Analyst Report—SPDR Portfolio S&P 500 Growth ETF The report for SPDR Portfolio S&P 500 Growth ETF SPYG that was published on April 30, 2020, had the fund’s Morningstar Analyst Rating listed as Bronze. It has been corrected to Silver.
Disclosure Correction to Several Articles Nov. 30, 2020—An earlier version of several articles/videos incorrectly stated that the primary analyst did not own any shares in any of the securities mentioned. At the time of publication of each article, a family member of the analyst owned shares in Stryker SYK in an account managed by a third party. Morningstar has confirmed that her ownership of Stryker did not influence any ratings or analysis. This correction applies to:
- July 2020: “Backlog Grows for Orthopedic Procedures”
- December 2019 video: “Orthopedic Robots Have a Promising Future”
- July 2018: “Stryker Posts Another Strong Quarter”
- December 2017: “We Like Zimmer’s Pick for CEO”
- August 2016: “Will Robots Take Their Place in Orthopedics?”
- May 2016 video: “This Medical Device Maker Is Ankles and Shoulders Ahead”
Correction to GA Path2College 529 Plan Oct. 30, 2020—The report from Oct. 27, 2020, was corrected to show the accurate deductions and equity stakes.
Correction to Advisor Insights “Providing for Minor Children After SECURE” Oct. 13, 2020—An earlier version of this article incorrectly stated the ages for full distribution of traditional IRA-funded trusts.
Correction to Commentary “How Big Fund Families Voted on Climate Change: 2020 Edition” Oct. 2, 2020—An earlier version of this article incorrectly stated the level of Fidelity ex-Geode’s support of disclosure requests. Geode supported a majority of climate-related disclosure requests, not both Fidelity ex-Geode and Geode.
Correction to Analyst Note—MFS Massachusetts Investors Trust Sept. 9, 2020—The Analyst Note about MFS Massachusetts Investors Trust MITTX that was published on June 30, 2020, had an incorrect date regarding the retirement of manager Kevin Beatty. He will retire on Sept. 30, 2021, not 2020.
Correction to Stock Analyst Note—China Telecom Aug. 19, 2020—In the China Telecom note published Aug. 19, we replaced the retail section of the original note, which had been published with old information.
Here is the corrected text:
China Telecom reported a reasonable first-half result in the circumstances with revenue increasing by 2% and both EBITDA and net profit broadly flat. It did report the best revenue growth numbers in the Chinese telecom sector in the second quarter with service revenue growing 4.3% compared with the industry average of 3.4% but second-quarter operating profit was down 3.6% with operating costs up 6.1%. Revenue growth for China Telecom was much more evenly spread with mobile services and wireline services both growing at around 2.5% for the first half.
We retain our fair value estimate for China Telecom at HKD 4.54 (USD 59 per ADR) representing only 17.3 times 2020 forecast earnings per share. The stock has moved back to 4-star territory after the 20% share price rise over the past 2 weeks but still looks reasonable value. We make no changes to our no-moat rating for China Telecom which stems from its returns remaining below WACC. Its returns have remained below WACC for each of the past 10 years and we expect this to remain the case in our forecast period despite our expectation that returns will improve. We forecast operating income to grow at an average of 5% per year over the next five years.
China Telecom’s mobile services revenue, which accounts for 48% of the total, was up 2.5% in the first half. This continues the trend of China Telecom taking market share in mobiles given China Unicom’s mobile services revenue was down 2.8% and China Mobile’s was down 1.6% over the same period. Mobile data pricing trends indicate competition levels are declining. Industry unit mobile data pricing declined at an average of around 50% per year from 2016 until the first half of 2019. This pricing decline was down to 22% in first-half 2020. We see this as a sign of more rational competition among the mobile operators.
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Correction to Analyst Report—Nuveen All-American Municipal Bond R6 Aug. 6, 2020—In the analysis published on July 17, 2020, the Morningstar Analyst Rating for Nuveen All-American Municipal Bond R6 FAAWX was incorrect due to an error in the prospectus adjusted operating expense ratio. The share class’ rating has been corrected to Bronze.
Correction to Investing Specialists “Understanding the 4 Key Annuities Types” Aug. 3, 2020—An earlier version of this article incorrectly stated the amount that an investor can use in a qualified longevity annuity contract. A QLAC allows an individual to steer up to $135,000 ($270,000 for married couples) from an IRA into a deferred annuity, not $125,000 ($250,000 for married couples).
Correction to Analyst Report—First Trust High Yield Long/Short Aug. 3, 2020—First Trust High Yield Long/Short HYLS was republished with a correct Morningstar Analyst Rating of Neutral after an error in the prospectus adjusted operating expense ratio was corrected.
Correction to Sept. 10, 2019, article July 23, 2020—A previous version of the Sept. 10, 2019, article by Sarah Newcomb titled “The Present Bias Booby Trap” incorrectly stated that Amos Tversky won a Nobel Prize for his work on Prospect Theory.
Correction to July 13, 2020, Fund Spy July 14, 2020—An earlier version of the Fund Spy titled “The 10 Biggest Fee Cuts of the Year” mistakenly included two FPA funds. FPA Crescent’s FPACX fee actually declined just 2 basis points, and FPA International Value’s FPIVX was flat at 1.29%. We have removed them from the text and table.
Correction to Structured Notes: Buyer Beware May 26, 2020 June 5, 2020—An earlier version of this white paper incorrectly included simulated results on Page 6 based on a two-year maturity length instead of a 2.5-year maturity length. The corrected results show a $1,042 expected value of all payouts, a 1.67% mean rate of annualized return, and 2,048 different payout-stream possibilities (instead of $1,033, 1.65%, and 512, respectively).
Correction to Sustainability Matters April 9, 2020 June 2, 2020—Exhibit 1 was replaced with a corrected version.
Correction to Morningstar Quantitative Ratings Feb. 7, 2020—During the January 2020 production of Morningstar Quantitative Ratings for funds, pillar scores did not update for a portion of the global universe, with 0.5% of share classes affected. Those share classes were rated using the prior month’s pillars. The issue has been corrected and will update during February’s production.
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