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RESEARCH LIBRARY
In addition to analyzing thousands of stocks, funds, bonds, and ETFs from the
bottom up, hundreds of Morningstar researchers worldwide publish scores of
in-depth research reports each year.
Updated Dec 14, 2021
Link Copied
TRENDING RESEARCH
Recently published reports that have received significant external attention.
THE STATE OF RETIREMENT INCOME: SAFE WITHDRAWAL RATES
Setting a retirement withdrawal rate is one of the most studied and important
problems in financial planning, but determining the optimal amount to take out
of a portfolio annually without prematurely depleting one’s assets is a question
that vexes professional financial advisors and institutions nearly as much as it
does individual investors. In this paper, we set out to examine withdrawal rates
historically, assessing the withdrawal rates that different asset allocations
would have supported in the past. We then turn our gaze forward, using estimates
of future stock and bond returns to help determine what withdrawal rate is
likely to be supported for people retiring today. We find that 3.3%, rather than
the industry-standard 4%, should be the safe withdrawal rate going forward.
MORNINGSTAR OWNERSHIP LENS: OWNERSHIP ALPHA FOR STOCK SELECTION
The Ownership Lens is an innovative way to leverage Morningstar's vast holdings
database to highlight manager-ownership characteristics and patterns. We have
extended the original methodology by introducing the concept of a coverage and
estimation universe, which allows more flexibility to identify which funds are
used to define the attribute of ownership. In this paper, we evaluate the use of
the Ownership Lens as a tool for stock selection and test the efficacy of
Ownership Alpha as a risk factor.
U.S ACTIVE/PASSIVE BAROMETER - OCT 2021
The Morningstar Active/Passive Barometer is a semiannual report that measures
the performance of U.S. actively managed funds against passive peers in their
respective Morningstar Categories. It is a useful measuring stick that helps
investors calibrate the odds of succeeding with active funds in different
categories. As of June 2021, the study includes 4,000 unique funds that
accounted for approximately $17.4 trillion in assets, or about 65% of the U.S.
fund market.
HEALTH SAVINGS ACCOUNT LANDSCAPE 2021
Our evaluation of 11 large HSA providers shares never-before-seen asset data,
new rankings, and industry best practices.
SAY-ON-PAY HAS FAILED TO REIN IN CEO COMPENSATION. COULD IT REIN IN EMISSIONS?
In 2021, investors stepped up votes against large companies' pay practices, but
only a little. Average support for say-on-pay dropped 1.2 percentage points to
88.4%, marking a record low and extending a four-year incremental decline. At
the same time, a growing chorus of voices is proposing an explicit link between
executive compensation and the achievement of emissions reduction targets as an
investor strategy for hastening the low-carbon transition. This paper puts
forward the view that say-on-pay is an untapped source of strategic influence
for investors and could become an increasingly contended vote as investors
making pledges to bring financed emissions down to net zero by 2050 tackle
carbon emissions at portfolio companies.
UNATTRACTIVE SHARE
Active share, a much heralded measure of active management, has failed to steer
investors into funds with consistently strong performance.
SUSTAINABLE INVESTING
These reports reflect both the foundation of our thinking as well as our efforts
to clarify sustainability for investors as this category evolves.
Funds
INVESTING IN TIMES OF CLIMATE CHANGE
See what's inside climate-aware funds and how they fit into your portfolio.
U.S. FUNDS SUSTAINABILITY LANDSCAPE
Track the growth, performance, and changing nature of this emerging fund group.
GLOBAL SUSTAINABLE FUND FLOWS REPORT
Explore activity in the global sustainable funds universe within the past
quarter.
Insights
DISCOVER THE NEW SUSTAINABILITY
Read about our vision for the future of long-term investing.
INVESTMENT STRATEGIES
Our 100+ global manager research team publishes both recurring reports on key
topics such as fees, as well as thematic reports. These are the most evergreen
and externally relevant ones we have to offer.
MODEL PORTFOLIOS LANDSCAPE
Model portfolios have attracted significant attention in recent years as the
largest wealth management firms have made third-party model portfolios available
to their financial advisors. We aim seek to understand whether the attention is
justified, and to answer other frequently asked questions about model
portfolios. We also outline industry trends and highlight our Morningstar
Analyst Ratings for model portfolios.
INTRODUCING THE MORNINGSTAR OWNERSHIP LENS
The Morningstar Ownership Lens creates a new suite of proprietary data points
that crack open the informationally dense world of manager process, ownership,
and trading decisions. In this paper we will showcase an innovative way to
leverage Morningstar's vast holdings database to highlight manager-ownership
characteristics and patterns. Furthermore, we have designed a reverse-ownership
process to create a bridge between our equity and fund databases, allowing for
the revelation of ownership trends for an individual stock.
U.S. ACTIVE/PASSIVE BAROMETER - OCT 2021
The Morningstar Active/Passive Barometer is a semiannual report that measures
the performance of U.S. active funds against passive peers in their respective
Morningstar Categories. The Active/Passive Barometer spans nearly 4,000 unique
funds that accounted for approximately $17.4 trillion in assets, or about 65% of
the U.S. fund market, as of the end of June 2021.
GLOBAL THEMATIC FUNDS LANDSCAPE
Thematic funds have been one of the big winners to emerge from the global
pandemic, with many posting eye-catching returns over the period. The global
market for these funds, which attempt to harness secular growth themes ranging
from artificial intelligence to cannabis, has expanded rapidly in size and
breadth. Since we published the first installment of this paper in early 2020,
the supply of these niche and often gimmicky funds from asset managers has
increased, as has the demand for clarity and guidance from investors. In this
report, we introduce an updated taxonomy for classifying these funds based on an
enhanced global data set. Using this framework, we analyze key trends in the
global thematic funds landscape. We finish by sharing best practices for
choosing from this expansive universe.
ANNUAL U.S. FUND & ETF FEE STUDY
The average expense ratio paid by fund investors is half of what it was two
decades ago. Between 2000 and 2020, the asset-weighted average fee fell to 0.41%
from 0.93%. Investors have saved billions as a result. In this annual report, we
identify the factors that have driven the decline in fees as well as where fees
have improved the most for investors—and the least.
PLANNING FOR YOUR FINANCIAL WELL-BEING
These reports address the topics that are most relevant for investors to achieve
their long-term goals, such as retirement, funding for college, and funding
medical expenses. The reports themselves are geared toward professionals in the
retirement and asset management industries. Investor versions of the findings
can be found on Morningstar web sites as applicable.
2021 529 SAVINGS PLAN LANDSCAPE
Since Morningstar assigned its first forward-looking ratings to 529 plans in
2012, we've witnessed multiple improvements to these tax-advantaged investing
programs as assets climbed from $167 billion to $394 billion. The enhanced
Morningstar Analyst Ratings methodology, introduced in 2020 and described in
this paper, articulates best practices that keep pace with these evolving
industry standards. In this report, we consider some of those improvements, in
addition to challenges that many 529 plans continue to face. We address asset
growth, as well as market share and fee trends.
HEALTH SAVINGS ACCOUNTS LANDSCAPE
Health savings accounts continue to grow rapidly thanks to increased individual
and employer adoption and their unrivaled tax advantages. But choosing one
remains challenging. The industry is still young, subject to frequent changes,
and opaque. Investors must sift through hundreds of HSAs with limited public
resources. For these reasons, Morningstar publishes annual HSA evaluations. In
this report we evaluate and rank 11 of the top HSA providers available to
individuals on two use cases: as spending accounts to cover current medical
costs and as investment accounts to save for future medical expenses.
2021 TARGET-DATE STRATEGY LANDSCAPE
Target-date strategies play a central role in many Americans' retirement success
by often serving as the default investment option in their defined-contribution
retirement plans. Although target-date performance rebounded sharply from the
first quarter’s bear market, the fallout from the economic shock continued to
weigh on investor contributions throughout the year. In this report, we examine
the impact of the economic uncertainty created by the pandemic on target-date
contributions and how that varied between younger investors and those closest to
retirement. We also look at key target-date trends, like the rise of collective
investment trusts, the continued importance of fees, and how regulatory changes
affect the use of sustainable and alternative strategies in target dates.
THE STATE OF RETIREMENT INCOME: SAFE WITHDRAWAL RATES
Setting a retirement withdrawal rate is one of the most studied and important
problems in financial planning, but determining the optimal amount to take out
of a portfolio annually without prematurely depleting one’s assets is a question
that vexes professional financial advisors and institutions nearly as much as it
does individual investors. In this paper, we set out to examine withdrawal rates
historically, assessing the withdrawal rates that different asset allocations
would have supported in the past. We then turn our gaze forward, using estimates
of future stock and bond returns to help determine what withdrawal rate is
likely to be supported for people retiring today. We find that 3.3%, rather than
the industry-standard 4%, should be the safe withdrawal rate going forward.
SPONSOR CENTER
TRANSPARENCY IS OUR POLICY. LEARN HOW IT IMPACTS EVERYTHING WE DO.
Read More
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investors to achieve their goals and dreams. And we have unwavering standards
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policies on content and your personal data.
We’d like to share more about how we work and what drives our day-to-day
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HOW WE MAKE MONEY
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To learn more about how we handle and protect your data, visit our privacy
center.
HOW WE APPROACH EDITORIAL CONTENT
Maintaining independence and editorial freedom is essential to our mission of
empowering investor success. We provide a platform for our authors to report on
investments fairly, accurately, and from the investor’s point of view. We also
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To further protect the integrity of our editorial content, we keep a strict
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Read our editorial policy to learn more about our process.
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