What smart money is saying about Morningstar
MORN
No fund has written a full thesis on Morningstar in our archive, but 11 fund letters report a position in it, most recently KNA Capital Core Equity Strategy in October 2026.
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11
Reported positions
1
Bought
0
Sold
18
Letters
Position history
Between Q2 2025 and Q4 2026, 11 fund letters reported a position in Morningstar, with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 0 | 0 | 0 |
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 5 | 1 | 0 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 11 positions · 1 move
- October 2026
“Indeed, the largest contributors to the Strategy’s October performance were Tyler Technologies, Jack Henry & Associates, and Morningstar – three stocks that have been under pressure due to concerns about AI disruption.”
Morningstar - September 2026
“Morningstar, Inc. 2.4 2026 13.1”
Morningstar - September 2026
“Shares of Morningstar, Inc., a leading provider of independent investment research, data, and analytics, contributed to performance during the quarter.”
Morningstar - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Morningstar - June 2026
“As a result, this past quarter we began to see companies allocating capital towards accelerated share repurchases such as at Verisk Analytics, Inc. and Birkenstock Holding plc with others accelerating their public market quarterly share repurchases such as at Las Vegas Sands Corporation , Gartner, Inc. , FactSet Research Systems Inc. , Morningstar, Inc. , and Arch Capital Group Ltd . When we see these purchases, it gives us further confidence in our investment theses for these growth businesses and reinforces our belief that valuations remain attractive. As a result, during the quarter we increased our positions in many of these stocks.”
Morningstar - HoldsBaron Partners FundJune 2026
“We continue to view Morningstar as a collection of high-quality, hard-to-replicate data businesses.”
Morningstar - HoldsBaron Partners FundJune 2026
“Morningstar, Inc. is a leading provider of independent investment research, data, and analytics serving financial advisors, asset managers, and individual investors globally. The shares declined 9.79% in the quarter amid continued investor concerns that generative AI could disrupt the company's data and research businesses. Those concerns compressed valuation multiples across information services companies and weighed on the stock, even as Morningstar's core franchises continued to post healthy results. Organic revenue grew 8% and adjusted EBIT grew 18% over the last 12 months. We continue to view Morningstar as a collection of high-quality, hard-to-replicate data businesses.”
Morningstar - HoldsBaron CapitalJune 2026
“Morningstar, Inc. is a leading provider of independent investment research, data, and analytics serving financial advisors, asset managers, and individual investors globally.”
Morningstar - HoldsBaron Growth FundMarch 2026
Listed in Baron Growth Fund’s reported holdings.
Morningstar - HoldsBaron FinTech FundSeptember 2025
“Morningstar, Inc. is a leading data provider for the investment community. Shares declined alongside a broad-based pullback in information services stocks due to perceived threats from generative AI and a market rotation away from high-quality companies. AI concerns were likely amplified by a modest slowdown in PitchBook, Morningstar’s private markets data and research platform, which still grew revenue by 10% in the recent quarter. We believe these concerns are overdone and expect that Morningstar’s investment data and PitchBook’s proprietary insights will remain highly valuable to clients. We continue to own the stock and expect faster revenue growth with continued margin expansion over time.”
Morningstar - June 2025
“CORE GROWTH FUND — TOP 10 HOLDINGS AS OF MARCH 31, 2025 Percent of Security Name Net Assets HealthEquity, Inc. 4.2% Casella Waste Systems, Inc., Class A 3.7% Shift4 Payments, Inc. 3.2% Paylocity Holding Corp. 2.9% Kadant, Inc. 2.8% Morningstar, Inc. 2.7%”
Morningstar
Also mentioned · 7
These funds discuss Morningstar as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedSaratoga Research & Investment Management Large Cap Quality StrategiesSeptember 2026
“© 2026 Morningstar, Inc. All Rights Reserved.”
Morningstar - MentionedRoyal London Index Linked FundSeptember 2026
“Awards and ratings are not a guide to future returns and should not be considered recommendation. © 2026 Morningstar, Inc. All rights reserved.”
Morningstar - September 2026
“Awards and ratings are not a guide to future returns and should not be considered recommendation. © 2026 Morningstar, Inc. All rights reserved.”
Morningstar - September 2026
“Awards and ratings are not a guide to future returns and should not be considered recommendation. © 2026 Morningstar, Inc. All rights reserved.”
Morningstar - MentionedGrandeur Peak FundsJune 2026
“Exhibit 2 Source: Morningstar Direct, 6/30/2026”
Morningstar - March 2026
“In addition to reaching out to industry experts, we had the eye-opening experience of moving our own performance reporting software from one vendor, Morningstar, to another, Advyzon, over the past few months. We used Morningstar since the inception of our firm to provide us with analytics on our portfolio, and as a service for clients to do the same for their own accounts. It was not 3 integrated into my daily workflow, meaning I had to connect to Morningstar to run reports. This is the easiest kind of software to replace: a specific tool that is segregated from our operating system. In 2025, Morningstar announced it would exit the performance reporting business, forcing us to find a new provider.”
Morningstar - MentionedKNA CapitalFebruary 2026
“In February, the Core Equity strategy (“Strategy”) gained 1.2%. Over the same period, the S&P 500 (as measured by the SPY ETF, a commonly used proxy for large-cap U.S. equities), declined 0.9%. Over the trailing twelve months (February 2025 – February 2026), the Strategy gained 14.3% versus the S&P 500 up 16.8%. All Strategy performance is net of fees. Old Dominion Freight Lines, Halma, and Ecolab were notable positive contributors to the month’s performance, while Medpace, Wise, and Morningstar detracted from performance.”
Morningstar
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