Mutual Funds

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.

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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.

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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.

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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.

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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.

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