Morningstar Direct SM U.S. Asset Flows Update

Transcription

1 ? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 November 2014 Data through Oct. 31 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research Active Outflows and Passive Inflows Continue for U.S. Equity and Taxable Bond After a sizable $18.7 billion estimated outflow in September, the active taxable-bond Morningstar Category lost another $23.1 billion in October. However, what looks like another significant outflow on the surface is, in fact, an inflow when separating PIMCO Total Return, formerly managed by Bill Gross, from the rest of the category. Investors withdrew $ billion from this fund in October, which means that active taxable-bond funds ex-pttrx actually received inflows of $9.2 billion. Passive taxable-bond flows were strong, as well. Although the aftershock of Gross departure is still keenly felt by PIMCO, bond flows in general seem to have regained some stability. On the U.S. equity side, active U.S. equity experienced outflows for the eighth consecutive month, and passive U.S. equity experienced inflows for the ninth consecutive month. The trend of flows moving from active to passive management seems here to stay. Over the past year, overall long-term passive flows have been almost five times as large as active flows. 1 This number includes the roughly $5.6 billion of outflows that occurred on Tuesday, Sept. 30, but were not processed until after the close. Therefore, they are included in the October, not the September, estimate. Estimated Net Flows * Oct 2014 Active $Bil Oct 2014 Passive $Bil U.S. Equity (9,356) (79,326) 3,661 28, ,445 2,175 Sector Equity 2,465 17, ,088 35, International Equity (1,371) 80,938 1,566 (863) 85, Allocation ,462 1, , Taxable Bond (23,071) (19,243) 2,305 24,590 86, Municipal Bond 2,190 6, , Alternative (2,732) 24, (103) 4, Commodities 94 (8,317) 36 (722) (5,812) 59 All Long Term (30,954) 73,305 9,800 53, ,428 4,013 Money Market 19,358 (36,585) 2,605 *Includes liquidated and merged funds. Source: Morningstar Direct Asset Flows.

2 Morningstar Manager Research 17 November 2014 Page 2 of 8 International equity experienced outflows for the first month this year, both on the active and passive side. The numbers are not that large, but it remains to be seen whether this is only a temporary drop in an otherwise consistent series of inflows or an indication that investors are losing confidence in international markets. Exhibit 1. U.S. Equity Active Versus Passive Fund Flows Exhibit 2. Taxable Bond Active Versus Passive Fund Flows

3 Morningstar Manager Research 17 November 2014 Page 3 of 8 Passive Inflows High for Equity Large Blend and Value Large blend and foreign large blend continued to be popular categories in October, with flows concentrated in passive funds. High-yield bond reversed four months of outflows with strong inflows during the month. On the other hand, large growth experienced outflows for the eighth month in a row. Outflows for intermediate-term bonds appear high but again, this is only a side effect of the PIMCO situation and doesn t look like bad news for the category, which had outflows for only the past few months and consistent inflows for seven months before that. Top- and Bottom-Flowing Categories in October Estimated Net Flows* Oct 2014 Active $Bil Oct 2014 Passive $Bil Leading Large Blend 1,254 (4,718) ,187 96,019 1,390 Foreign Large Blend 1,040 37, ,915 54, Short Government (91) (2,079) 30 5,509 5, Large Value (757) ,322 20, High Yield Bond 1,376 (9,437) 280 2, Lagging Bank Loan (5,011) (5,131) 125 (93) Intermediate-Term Bond (13,410) (42,190) 727 9,223 42, Europe Stock (959) 2, (2,930) 8, Large Growth (3,380) (47,751) 1, , Long/Short Equity (2,185) 11, (92 (30) 2 *Excludes money market and funds of funds.

4 Morningstar Manager Research 17 November 2014 Page 4 of 8 Top 10 U.S. Fund Families Active Passive Estimated Net Flows Oct Oct 2014 $Bil 2014 $Bil Vanguard 2,014 13, , ,322 1,857 Fidelity Investments (1,822) (22,379) 1,062 2,968 15, American Funds 363 (3,630) 1,169 Blackrock/iShares 4,187 15, ,993 64, T. Rowe Price (704) 12, , Franklin Templeton Investments (508) 3, PIMCO (48,692) (127,954) 432 (704) 63 5 SPDR State Street Global Advisors (12) ,661 15, JPMorgan 1,846 26, (207) 8 Dimensional Fund Advisors 2,951 28, PIMCO experienced an even larger outflow in October than in September, as investors continued to react to Bill Gross departure. However, as reported in PIMCO s press release, outflows were strongest at the beginning of the month and have slowed down dramatically since then. Janus, on the other hand, with Gross now on board, experienced its first positive month in October after 36 consecutive months of outflows. Interestingly enough, Gross new fund, Janus Global Unconstrained Bond, accounted for only about a third of Janus total inflows ($0.4 out of $1.1 billion). Exhibit 4. Janus Firm-Level Monthly Fund Flows

5 Morningstar Manager Research 17 November 2014 Page 5 of 8 PIMCO Total Return s Outflow Largest in History Again, four of the bottom-flowing active funds in October were PIMCO funds, adding up to a $40.9 billion loss for the firm. The one fund that stood out among the bottom five is Bronze-rated MainStay Marketfield, an alternative fund that experienced significant outflows because of poor performance relative to its category, long/short equity. Interestingly, it was this fund that single-handedly drove that category s flows into negative territory, landing it in the bottom-flowing five. Bottom-Flowing Active and Passive Funds Estimated Net Flows Oct 2014 Oct 2014 Oct 2013 Active Funds PIMCO Total Return Fund (32,250) (82,987) 170, ,863 PIMCO Unconstrained Bond Fund (4,467) (15,129) 13,844 28,599 PIMCO Low Duration Fund (2,481) (6,779) 17,590 24,115 MainStay Marketfield Fund (2,224) (1,735) 13,611 17,009 PIMCO Long-Term U.S. Government Fund (1,672) 1,851 2, Passive Funds ishares MSCI Emerging Markets (2,651) (6,099) 37,011 44,736 ishares Core S&P Mid-Cap (2,173) (1,050) 21,884 21,285 Vanguard European Stock Index Fund (1,999) ,412 17,710 PowerShares QQQ (1,500) (8,144) 40,473 41,430 Technology Select Sector SPDR Fund (1,483) (1,898) 12,495 12,853 The $32.3 billion October outflow from PIMCO Total Return amounted to 16% of the fund s $201.6 billion September-end assets. This left the fund with $170.9 billion at the end of October a significant decrease. Outflows totaled $50.1 billion for September and October, which is the largest amount of money ever withdrawn from a fund in a two-month time frame. Our $32.3 billion estimate differs from PIMCO s reported $27.5 billion because the flow estimates that PIMCO provided included redemption requests made on Sept. 30 but not reflected in fund shares outstanding until Oct. 1. This is known as a T+1 settlement cycle and applies to all PIMCO U.S.-domiciled funds. PIMCO has indicated to Morningstar that $5.6 billion in net redemptions were requested on Sept. 30., and these redemption requests were included in the estimate for October, not September, as illustrated in the table below. Morningstar s total estimate is close to the number PIMCO has reported publicly.

6 Morningstar Manager Research 17 November 2014 Page 6 of 8 Total Return Flows ($ bil) September October Total PIMCO Reported Flows Morningstar Estimate Top-Flowing Active and Passive Funds Estimated Net Flows Oct 2014 Oct 2014 Oct 2013 Active Funds Metropolitan West Total Return Bond Fund 6,713 13,731 40,541 25,692 Dodge & Cox Income Fund 4,238 7,788 34,700 25,714 BlackRock Strategic Income Opps Port 2,272 12,938 22,786 9,435 DoubleLine Total Return Bond Fund 2,020 2,192 37,824 34,156 Baird Core Plus Bond 1,565 2,445 5,457 2,865 Passive Funds Vanguard Total Bond Market Index Fund 5,457 24, , ,963 SPDR S&P 500 ETF 5,238 11, , ,234 Vanguard Total Stock Market Index Fund 4,646 39, , ,678 ishares Core S&P 500 4,304 12,302 67,087 47,097 ishares 1-3 Year Treasury Bond 3,514 3,414 11,755 8,323 On the inflow side, large sums of fixed-income-oriented money went into Gold-rated Metropolitan West Total Return Bond for the second month in a row and into a few other intermediate-bond funds. On the passive side, Vanguard Total Bond Market Index also attracted strong inflows for the second month in a row.

7 Morningstar Manager Research 17 November 2014 Page 7 of 8 Taxable-Bond Fund Family Flows () Name 1-Mo YTD 1-Yr PIMCO (47,873) (110,168) (127,725) ishares 13,252 22,331 17,798 Vanguard 9,372 59,369 67,180 Metropolitan West 7,280 14,605 14,591 BlackRock 5,026 15,717 18,381 Dodge & Cox 4,256 8,874 7,839 DoubleLine 2,598 6,881 3,917 Baird 2,061 4,426 4,712 State Street 1,750 3,106 3,660 Janus 1,308 2,790 2,550 Natixis Funds 1,179 4,442 4,453 Lord Abbett 1,103 4,404 5,075 Speaking of where the money withdrawn from PIMCO is going, passive again seems to be the keyword here. IShares had the strongest October inflow, directed mainly to its short-term and aggregate bond offerings. In terms of longer-term flows, however, Vanguard still reigns supreme. Note: The figures in this report were compiled on Nov. 17, 2014, and reflect only the funds that had reported net assets by that date. The figures in both the commentary and the extended tables are survivorship-bias-free. Also note that this report includes both mutual funds and ETFs, while past commentaries excluded ETFs. The decision to include ETFs and to split some of the data tables into active and passive groups was based on the fact that ETFs now account for a significant share of assets and flows. In addition, a large share of the flows to mutual funds during the past several years have gone to passive investments, often within retirement savings accounts. These flows may not be completely representative of incremental investment decisions. Important methodology note: Morningstar computes flows using the approach that is standard in the industry: Estimated net flow is the change in assets not explained by the performance of the fund. Our method assumes that flows occur uniformly over the course of the month. Adjustments for mergers are performed automatically. When liquidated funds are included, the final assets of the fund are counted as outflows. Reinvested dividends are not counted as inflows. We use fund-level reinvestment rates to improve accuracy in this respect. We make ad hoc adjustments for unusual corporate actions such as reverse share splits, and

8 Morningstar Manager Research 17 November 2014 Page 8 of 8 we overwrite our estimates with actual flows if managers are willing to provide the data to us. Please click here for a full explanation of our methodology.? 22 West Washington Street Chicago, IL USA Morningstar All Rights Reserved. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. To order reprints, call To license the research, call

9 Morningstar Direct SM Publishing Date: Page 1 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 1 Large Blend 23,441 23,441 62,489 91,320 2, , Large Growth (2,840) (2,840) (37,810) (43,877) 1, , Intermediate-Term Bond (4,165) (4,165) 15, , , Large Value 3,565 3,565 14,064 21, Foreign Large Blend 5,955 5,955 73,822 92, (1.34) (3.18) 6 Moderate Allocation 1,029 1,029 10,634 12, Diversified Emerging Mkts (1,717) (1,717) 15,247 14, World Stock (393) (393) 9,963 14, World Allocation (318) (318) 12,880 18, Short-Term Bond 1,747 1,747 17,734 22, High Yield Bond 3,380 3,380 (10,452) (8,851) Mid-Cap Growth (1,685) (1,685) (11,812) (11,744) Mid-Cap Blend (781) (781) 9,962 12, Small Blend (237) (237) (3,808) (1,576) Mid-Cap Value (1,204) (1,204) 231 1, Conservative Allocation 1,533 1,533 16,287 18, World Bond 1,025 1,025 13,099 13, Small Growth (823) (823) (10,558) (10,399) Multisector Bond (299) (299) 13,738 12, Foreign Large Value 1,486 1,486 17,441 21, (3.07) (3.79) 21 Foreign Large Growth (2,277) (2,277) (6,221) (3,343) (4.68) 22 Nontraditional Bond (1,287) (1,287) 23,009 29, (0.26) Health 1,426 1,426 9,394 11, Muni National Interm 1,483 1,483 12,449 9, Real Estate 1,669 1,669 10,484 8, Bank Loan (5,104) (5,104) (12,164) (4,611) Small Value ,053 1, Muni National Short ,223 6, Corporate Bond ,822 3, Intermediate Government (4,209) (8,924) Inflation-Protected Bond (1,133) (1,133) (2,419) (10,687) Muni National Long (1,703) (4,740) Emerging Markets Bond (1,135) (1,135) (301) (4,409) Ultrashort Bond ,933 8, Technology (675) (675) 2,051 3, Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

10 Morningstar Direct SM Publishing Date: Page 2 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 36 High Yield Muni ,074 4, Aggressive Allocation (291) (291) (262) Long/Short Equity (2,227) (2,227) 7,203 11, (1.17) 39 Europe Stock (3,889) (3,889) 5,298 10, (4.55) (9.76) 40 Energy Limited Partnership 1,504 1,504 14,750 16, (7.56) Short Government 5,451 5,451 4,661 3, Global Real Estate ,765 3, Natural Resources (2,158) (2,158) (3,572) (3,533) (8.95) (10.26) 44 Commodities Broad Basket (7,959) (4.86) (16.25) 45 Equity Energy ,581 2, (14.57) (8.95) 46 Commodities Precious Metals (1,232) (1,232) (1,624) (5,188) (6.97) (12.74) 47 Miscellaneous Region (1,386) (1,386) 3,167 3, (3.91) (4.87) 48 Financial (983) (983) (645) 1, Muni California Long (742) Multialternative ,628 9, Utilities 1,227 1,227 3,650 2, Foreign Small/Mid Growth (437) (437) 996 2, Market Neutral (828) (828) 3,565 4, (0.99) (1.57) 54 Tactical Allocation (563) (563) 1, Pacific/Asia ex-japan Stk (286) (309) Japan Stock (459) (459) (421) 2, (0.30) Preferred Stock ,478 2, Foreign Small/Mid Blend ,054 5, (3.69) (6.61) 59 Muni New York Long (75) (75) (886) (1,765) Long-Term Bond (233) (233) 2,310 1, Foreign Small/Mid Value (56) (56) 2,480 3, (4.61) (7.60) 62 China Region (103) Convertibles (289) (289) 2,711 3, Industrials (554) (554) (83) 2, Muni Single State Long (37) (37) (956) (1,971) Long Government ,413 6, Trading-Leveraged Equity (22) (22) (2,503) (1,142) Consumer Defensive 1,979 1,979 3,295 3, Consumer Cyclical (799) (799) (3,354) (2,945) Equity Precious Metals ,642 1, (35.06) (31.88) 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

11 Morningstar Direct SM Publishing Date: Page 3 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 71 Muni California Intermediate ,693 1, Managed Futures ,993 2, (1.94) Diversified Pacific/Asia (483) (445) Muni Single State Interm (333) (750) Multicurrency (151) (698) (0.09) Muni Single State Short (14) (14) (107) (470) Latin America Stock (354) (1.51) (5.02) 78 Muni Pennsylvania (20) (20) (298) (617) Trading-Inverse Equity (1,146) (1,146) 2,356 1, (9.04) (37.57) 80 Trading-Inverse Debt (332) (332) 1,223 1, (7.59) (32.30) 81 India Equity ,226 2, Target Date Muni New Jersey (16) (16) (264) (532) Target Date Muni Massachusetts 0 0 (28) (312) Communications (74) (90) Bear Market (441) (441) (816) (1,791) (8.45) (26.12) 88 Miscellaneous Sector (116) (116) (1.82) (7.47) 89 Target Date Muni Ohio (1) (1) (168) (351) Muni Minnesota 3 3 (38) (156) Volatility ,318 1, (8.49) (22.25) 93 Muni New York Intermediate (34) Target Date (0.75) Retirement Income 6 6 (13) (99) Commodities Energy (84) (652) (8.50) (11.84) 97 Target Date (1.08) Commodities Agriculture (70) (295) (0.22) 99 Target Date (0.82) Trading-Leveraged Commodities (21.50) (29.51) 101 Single Currency (818) (836) (0.51) (3.31) 102 Trading-Miscellaneous (63) (63) (46) (1.87) (3.14) 103 Target Date (0.97) Target Date (6) (6) (46) (62) (0.61) Trading-Leveraged Debt Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

12 Morningstar Direct SM Publishing Date: Page 4 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 106 Trading-Inverse Commodities (178) (178) (357) (355) Target Date (6) (6) (116) (135) Commodities Industrial Metals (56) (56) 14 (35) (0.37) (2.10) 109 Target Date Commodities Miscellaneous Top 10 26,304 26, , ,082 8, , All 23,180 23, , ,146 13, , Top Fund Families Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1 Vanguard 24,977 24, , ,057 2, , Fidelity Investments 1,146 1,146 (7,623) (7,114) 1, , American Funds (3,630) 1, , ishares 15,704 15,704 57,142 62, T. Rowe Price (199) (199) 11,378 14, Franklin Templeton Investments (508) (508) 2,930 3, PIMCO (49,400) (49,400) (110,295) (127,945) SPDR State Street Global Advisors 6,649 6,649 3,410 15, JPMorgan 1,848 1,848 22,569 25, Dimensional Fund Advisors 2,951 2,951 24,372 28, BlackRock 4,391 4,391 13,898 16, OppenheimerFunds (1,109) (1,109) 3,235 4, Dodge & Cox 4,894 4,894 18,910 17, MFS ,702 12, Columbia (568) (568) (8,337) (10,117) Invesco (203) (203) (892) (1,697) John Hancock ,054 9, Wells Fargo Advantage ,420 3, Principal Funds ,309 5, Lord Abbett ,383 1, Goldman Sachs (378) (378) 15,146 18, Janus 1,126 1,126 (4,351) (5,554) American Century Investments (3,472) (4,475) Hartford Mutual Funds (423) (423) (4,451) (5,495) Voya (866) (866) (5,709) (6,371) Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

13 Morningstar Direct SM Publishing Date: Page 5 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Top Fund Families Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 26 PowerShares (1,793) (1,793) (6,302) (3,492) Legg Mason 1,245 1,245 4,483 3, Harbor (1,302) (1,302) (1,003) (1,137) SEI ,222 2, Oakmark ,256 11, MainStay (1,707) (1,707) (1,449) 1, TIAA-CREF Mutual Funds 1,007 1,007 6,287 7, GMO , Putnam ,389 6, First Eagle (265) (265) 2,968 3, Eaton Vance (1,363) (1,363) (6,374) (7,383) Prudential Investments ,887 3, Ivy Funds (1,476) (1,476) (164) 1, Dreyfus (127) (127) (389) (747) Federated ,407 3, AllianceBernstein ,580 3, Artisan (663) (663) 925 1, Nuveen ,304 4, Natixis Funds 1,200 1,200 6,066 6, Thornburg (966) (966) (8,469) (9,375) USAA ,709 1, Advanced Series Trust (490) (490) (2,121) (4,039) Northern Funds ,184 1, Deutsche Asset & Wealth Mngt (17) (17) (773) (1,952) Metropolitan West Funds 7,280 7,280 14,602 14, Top 10 3,531 3, , ,347 8, , Top 50 16,384 16, , ,911 11, , Other 6,796 6,796 95, ,564 2, , All 23,180 23, , ,475 13, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

14 Morningstar Direct SM Publishing Date: Page 6 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Asset Classes Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % US Equity 19,465 19,465 23,812 60,145 5, , Sector Equity 3,562 3,562 44,497 52, International Equity (2,198) (2,198) 127, ,646 2, , Allocation 1,276 1,276 44,924 54,808 1, , Taxable Bond 1,575 1,575 84,725 67,723 2, , Municipal Bond 2,751 2,751 23,977 9, Alternative (2,621) (2,621) 22,159 28, Commodities (628) (628) (1,488) (14,130) All Long Term 23,180 23, , ,146 13, , Morningstar Ratings Name Estimated Net Flow ($mil) Total Net ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % QQQQQ 21,869 21, , ,009 2, , QQQQ 2,051 2, , ,467 5, , QQQ (4,564) (4,564) (11,696) (25,723) 3, , QQ (6,184) (6,184) (36,333) (50,453) 1, , Q (5,838) (8,937) Not Rated 9,010 9,010 80, , Total 23,180 23, , ,146 13, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß