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Mutual Funds
Firm
Author
Type
ETFs
November 2025
What Short-Term Fund Performance Tells Us About Future Returns
Morningstar
Daniel Sotiroff, Eugene Gorbatikov
Article
10 Pages
Morningstar analyzes persistence in mutual fund and ETF performance to see whether top quartile winners stay on top.
Wealth Management
May 2025
2024 US Fund Fee Study
Morningstar
Zachary Evens, Bryan Armour
Research
42 Pages
Morningstar’s 2024 U.S. Fund Fee Study finds that investors paid record-low costs as the asset-weighted average expense ratio declined to 0.34% in 2024, less than half of its level two decades ago.
Wealth Management
March 2025
Investment Company Fact Book
ICI
Research
154 Pages
The 2025 Investment Company Institute Fact Book provides a comprehensive snapshot of the global asset management industry.
Wealth Management
October 2024
Mutual Funds & Unicorns
Morningstar
Jack Shannon
Research
22 Pages
This report examines mutual funds’ investments in private-company equities over the past decade, evaluating return potential, liquidity constraints, and structural inefficiencies.
Wealth Management
October 2022
Tracking Unicorn Companies in U.S. Mutual Funds
Morningstar
Jack Shannon, Katie Reichart
Research
24 Pages
Morningstar explains how U.S. equity mutual funds have increasingly owned private company shares and why that can backfire.