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Michael Herbst

Michael Herbst is director of manager research for fixed-income strategies, North America. He oversees Morningstar’s fixed-income manager research team comprising active and passive strategies and serves on the Morningstar Analyst Ratings Committee.

Before assuming his current role in 2014, he was director of manager research overseeing Morningstar’s North American active strategies team. He previously served as associate director of fund analysis and covered primarily fixed-income, real return, and multiasset strategies. During his tenure, he has served as primary analyst on firms including PIMCO, BlackRock, UBS, American Funds, Western Asset Management, Invesco, Waddell & Reed, and John Hancock. He helped coordinate the development and launch of the Morningstar Analyst Rating™ for funds and Global Fund Report as well as Morningstar’s Target-Date Fund Series Ratings and Reports.

Before rejoining Morningstar in 2011, Herbst was a senior investment analyst for EnnisKnupp & Associates, serving as consulting manager for endowment, defined-benefit, and defined-contribution clients representing $7 billion in assets under advisement. Earlier in his career, Herbst served as executive director of Incubator, Inc., a development consultancy serving 501(c)(3) not-for-profit organizations in the performing arts, public education, and adult literacy.

Herbst holds a bachelor’s degree in music and English from the University of Michigan and a master’s degree in business administration from the University of Michigan’s Stephen M. Ross School of Business.

Latest

Gross' departure will have definite repercussions at PIMCO, but the depth of the firm's research capabilities means investors can take some time to assess how Gross' exit will impact the firm before making an investment decision, says Morningstar's Michael Herbst.

It is still too early to know for sure, but pricing discrepancies in the Total Return ETF could be driven by a number of factors and may not necessarily reflect improprieties by PIMCO, says Morningstar’s Michael Herbst.

Medalist funds--those that receive Gold, Silver, and Bronze Analyst Ratings--are likely to outperform their category peers and benchmarks on a risk-adjusted basis over market cycles of at least five years.

Can the new Morningstar Analyst Ratings help investors pocket a bigger share of funds' gains?

Western Asset CIO and manager Steve Walsh describes the firm's reasoning for reducing risk in the Core and Core Plus bond funds.

Western Asset CIO and manager Steve Walsh says a fairly modest recovery in the U.S. economy followed by a fairly prolonged period of challenged growth doesn't support meaningfully higher rates.

Loomis Sayles' Kathleen Gaffney discusses her broader definition of "high yield" and where her team had recently been finding good yields for the risk.

Manager Kathleen Gaffney describes how Loomis Sayles is assessing and positioning their bond portfolios for what they expect to be a modest economic recovery.

Baird CIO Mary Ellen Stanek on finding the appropriate risk/reward trade-off for the core of an investor's bond portfolio.