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Susan Dziubinski: Hi, I m Susan Dziubinski with Morningstar. We ve seen a resurgence in value stocks and smaller companies during the past several months, leading investors to wonder how they might effectively diversify across variety of different market caps and investment styles. Joining me today to discuss some fresh research on the topic is Amy Arnott. Amy is a portfolio strategist with Morningstar.
Hi, Amy. Thank you for being here today.
Amy Arnott: Thanks, Susan. It s great to be here.
Dziubinski: So, you recently coauthored a paper looking at the correlations of a variety of different market capitalizations and investment styles against a broad U.S. equity portfolio. But let s start out by defining our terms. What are correlations?
Susan Dziubinski: Hi, I m Susan Dziubinski with Morningstar. In late April, Morningstar made some changes to the way it categorizes world-stock funds. Joining me today to discuss those changes is Russ Kinnel. Russ is Morningstar s director of manager research and editor of
Morningstar FundInvestor.
Hey, Russ. Thanks for being here today.
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Susan Dziubinski: Hi, I m Susan Dziubinski with Morningstar. Cryptocurrencies like bitcoin have been making headlines, but have they been making their way into fund portfolios? Joining me today to discuss that topic is Russ Kinnel. Russ is Morningstar s director of manager research and editor of
Morningstar FundInvestor. Hi Russ, thanks for being here today.
Russ Kinnel: Glad to be here.
Dziubinski: How common are cryptocurrencies in fund portfolios today, and do you expect to see sort of an uptake in cryptocurrency plays in 2021?
Kinnel: It s interesting. At this point, you don t to see any direct cryptocurrency ownership by mutual funds because of the challenges of liquidity. A mutual fund is a daily liquidity vehicle, and so to put something where you clearly cannot sell and turn that quickly into cash into a 40 Act fund is a problem. What we see instead is indirect ownership, and I think that s only going to increase. So, there are various plays that you can own in lieu of
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