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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar`s Director of Research Receives AIMR Graham and Dodd Award of Excellence

(CHICAGO) – Paul D. Kaplan, Ph.D., CFA, director of research for Morningstar, Inc., has received a Graham and Dodd Award of Excellence, a highly regarded honor given by the Association for Investment Management and Research® (AIMR®). Kaplan received the award for his work on the research paper, “Does Asset Allocation Policy Explain 40, 90, or 100 Percent of Performance?” that he co-wrote with Roger Ibbotson, chairman of Ibbotson Associates. Their paper was published in the January/February 2000 issue of AIMR’s Financial Analysts Journal.

The research paper reviews data on balanced mutual funds and pension funds and explores the ability of asset allocation policy to explain variability of returns across time, variation in returns across funds, and the average level of return. The results show that about 90 percent of the variability of returns of a typical fund across time can be explained by asset allocation policy; almost 40 percent of the variability of returns across funds is explained by policy; and that on average, nearly 100 percent of the return level is explained by policy return.

The Financial Analysts Journal’s editorial board selected Kaplan’s article as one of the best submissions in 2001. The Award of Excellence was established in 1960 to recognize excellence in financial writing and to honor Benjamin Graham and David L. Dodd for their enduring contributions to the field of financial analysis.

“The Graham and Dodd Award of Excellence is one of the most prestigious honors in the investment industry. We are thrilled that Paul has been recognized for his work on the important topic of asset allocation,” Don Phillips, managing director of Morningstar, said. “Paul has been instrumental in developing quantitative research methodologies for Morningstar’s fund analysis, stock analysis, online advice, tools for financial advisors, and international businesses.”

Kaplan conducts research on asset allocation, retirement planning, fund analysis, and portfolio construction. He has designed and developed asset allocation software, created forecasting and dynamic simulation of asset class behavior, performed asset-allocation analysis and developed and backtested portfolio-management strategies. Many of his research papers have been published in professional books and publications such as the Journal of Portfolio Management, the Journal of Investing, Investment Policy, the Journal of Performance Measurement, and Emerging Markets Quarterly. He is the mutual fund editor of the Journal of Investing and is a member of the Chicago Quantitative Alliance.

Kaplan Receives Graham and Dodd Award of Excellence 2-2-2

Before joining Morningstar in 1999, Kaplan was a vice president of Ibbotson Associates and served as the firm’s chief economist and director of research. Kaplan holds a bachelor’s degree in mathematics, economics and computer science from New York University and a master’s degree and a doctorate degree in economics from Northwestern University.

About AIMR
Headquartered in Charlottesville, Va., with a regional office in Hong Kong and an office about to be opened in London, the Association for Investment Management and Research includes 101 member societies and chapters in 27 countries. More than 86,000 Chartered Financial Analyst (CFA) candidates from 143 nations are preparing now to take the organization’s CFA exam in the June 2001. Along with the CFA program, AIMR is globally renowned for its stringent professional conduct standards and for its industry-leading advocacy and standard-setting work encouraging full and fair disclosure of financial information for investors and analysts. More information is available at www.aimr.org or 804-951-5499

About Morningstar
Chicago-based Morningstar, Inc. is an independent provider of investment information and analytical tools. Morningstar.com is listed among the top investing sites by publications such as The Wall Street Journal, Barron’s, SmartMoney, Money, Worth, and U.S. News and World Report. Morningstar provides investment information for a number of leading Web sites, including Microsoft MoneyCentral, Quicken.com, America Online, Yahoo! Finance, and Netscape Personal Finance.

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© 2001 by Morningstar, Inc. All rights reserved.

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