Corrections and Clarifications 2026

When we make a mistake, we acknowledge the error and correct it. When we publish material that’s incomplete or requires additional context, we revise the content and issue a clarification.

The process varies by platform and department, but transparency is always the goal. To request a correction or clarification in editorial content, email standards@morningstar.com. For questions or problems with data accuracy, email joe@morningstar.com or morningstardirect@morningstar.com. To view previous corrections, visit the archive.

Correction (Sept. 22, 2026): A previous version of the Janus Henderson Contrarian JACNX report incorrectly stated that departing manager Nick Schommer will be replaced by Shilpee Raina. Schommer is slated to be replaced by Edward Su.

Clarification (Sept. 17, 2026): A previous version of 2 Cautionary Tales From Private Equity and Private Credit Markets stated that ERShares Private-Public Crossover ETF XOVR had “apparently run afoul of SEC rules.” This statement has been updated to more closely track the language used by the SEC in its Rule 22e-4, which imposes certain requirements once a fund or in-kind ETF exceeds a certain volume of illiquid positions. The referenced statement in the previous version of this article was not intended to convey or suggest that XOVR or ERShares violated any SEC regulation.

Correction (Sept. 17, 2026): A previous version of the Aug. 3 Expand Energy company report said the fair value estimate decreased. The fair value estimate actually increased.

Correction (Sept. 16, 2026): Artisan Global Discovery APFDX, Artisan Global Opportunities ARTRX, Artisan Small Cap ARTSX, and Artisan Mid Cap ARTMX were corrected to indicate that there are five comanagers at the funds, not six.

Correction (Sept. 16, 2026): An earlier version of 3 Big Risks Index Fund Investors Face Today incorrectly named the Morningstar Emerging Markets Target Market Exposure Index as the Morningstar Emerging Markets Total Market Exposure Index.

Clarification (Sept. 15, 2026): A previous version of An ETF Faces a Liquidity Crunch of Its Own Making stated that XOVR’s holdings in one asset exceeded “the SEC’s 15% limit on illiquid holdings.” This statement has been updated to more closely track the language used by the SEC in its Rule 22e-4, which imposes certain requirements once a fund or in-kind ETF exceeds a certain volume of illiquid positions. The referenced statement in the previous version of the article was not intended to convey or suggest that XOVR or ERShares violated any SEC regulation.

Correction (Sept. 8, 2026): The text that appeared in the JPM US Large Cap Value OLVTX report dated Sept. 4, 2026, was incorrect and was for a different fund. The correct text has been inserted.

Correction (Aug. 26, 2026): In the Aug. 25 Intuit stock analyst note, a reference to operating revenue was amended to operating margin.

Correction (Aug. 26, 2026): The report for JPM Mortgage-Backed Securities JMTG was updated to correct Sajjad Hussain’s, Rick Figuly’s, and Andy Melchiorre’s ownership in the strategy.

Correction (Aug. 20, 2026): These ‘Innovative’ ETFs Have Been Disastrous for Investors was updated to fix a calculation error about management fees.

Clarification (Aug. 19, 2026): Why Just 1 of 8 Recently Rated Semiliquid Funds Earned a Bronze Rating has been updated to clarify the specific impact of Blackstone Private Equity Strategies’ fees on its Morningstar Medalist Rating.

Correction (Aug. 12, 2026): In the Aug. 11 KT stock analyst note, a reference to the first quarter was amended to the second quarter.

Clarification (Aug. 10, 2026): A disclosure was added to Anthropic’s Gross Margin Is the Most Important Number in Tech to inform readers about the use of generative AI in the creation of this content.

Correction (Aug. 10, 2026): Momentum Investors Are Winning, but Not by Betting on Quality was updated to remove the mention of a semiconductor business that was not one of the 10 largest contributors to the Morningstar US Momentum Factor Index but listed as such.

Correction (Aug. 7, 2026): An earlier version of the Omron stock analyst note stated shares rose on Aug. 5, 2026. The date has been amended to Aug. 6, 2026.

Correction (Aug. 5, 2026): Are REITs Still a Buy After Their 2026 Runup? was updated to include the name of the quoted Morningstar analyst Martin Szumski.

Clarification (Aug. 5, 2026): In Palantir’s earnings note, the word “orderly” was added: “For an investor to achieve a 10% return, Palantir must benefit from orderly multiple compressions over the next five years while growing at roughly a 45% average annual rate.”

Clarification (Aug. 3, 2026): A disclosure was added to OpenAI Missed Multiple Revenue Targets—Here’s Why It Likely Won’t IPO This Year to inform readers about the use of generative AI in the creation of this content.

Clarification (July 31, 2026): Lowering Uncertainty Ratings for Japanese Insurers on Favorable Macroeconomic and Governance Shifts (July 23), has been republished. It was previously published for Daiichi Life, MS&AD Insurance, Sompo, and Tokio Marine without the accompanying new fair value estimates and Morningstar Uncertainty Ratings.

Clarification (July 30, 2026): A disclosure was added to The SpaceX IPO and the Elon Musk Factor to inform readers about the use of generative AI in the creation of this content.

Correction (July 29, 2026): Because of a technical glitch, an earlier version of The Best Companies to Own included incorrect ticker links. These have been corrected.

Correction (July 23, 2026): The headline on the July 22 Kinder Morgan stock analyst note has been updated to reflect the current quarter’s results.

Correction (July 22, 2026): The report for New York’s 529 Program (Direct) was updated to note that the portfolio added to the lineup in late 2024 tracked an index on non-US bonds.

Correction (July 22, 2026): An earlier version of the Figma stock analyst note had a title incorrectly marking it as an earnings note. This has been amended.

Correction (July 20, 2026): The Fidelity Strategic Income FADMX report was updated to note that the managers can allocate up to 10% each to international credit and local-currency emerging-market debt.

Correction (July 17, 2026): An earlier version of the Qualcomm stock analyst note incorrectly cited a forecast year for data center revenue as fiscal 207. This has been amended to fiscal 2027.

Correction (July 15, 2026): The description of a critical drug trial in the Biogen and Ionis stock analyst note has been amended for clarity.

Correction (July 14, 2026): In the previous Kongsberg stock analyst note, we stated the incorrect fair value estimate of NOK 320. This has been amended to NOK 329.

Correction (July 13, 2026): In previous CBRE Group company reports, the data points’ Uncertainty Rating was Medium. It should have changed to High in November 2025, in accordance with the text.

Correction (July 9, 2026): Why We Upgraded T. Rowe Price Mid-Cap Fund was updated to correct the previous rating of T. Rowe Price High Yield Fund I Class PRHIX. It moved to Bronze from Silver, not Neutral.

Correction (July 8, 2026): An earlier version of Rivian: Equity Issuance Priced; Maintain $20 Fair Value Estimate used an incorrect valuation of EUR 20. This has been amended to $20.

Correction (July 8, 2026): The analyst report for Wellington Hartford Strategic Income was updated to correct the spelling of Jeremy Forster’s name.

Correction (June 22, 2026): The analyst report for MFS Utilities Equity MMUCX was updated, as the previous report neglected to address Claud Davis’ impending retirement.

Correction (June 12, 2026): The analyst report for Harbor Small Cap Growth HASGX was updated to remove a reference to the number of members in the investment committee.

Correction (June 12, 2026): A previous version of Why We Think the SpaceX IPO Is Overvalued used “billions” instead of “millions” when referring to the number of shares offered in our IPO scenarios.

Correction (June 11, 2026): The Parent report for Harbor was updated to remove a reference to Baillie Gifford in its list of long-running relationships.

Correction (June 11, 2026): An earlier version of How SpaceX’s Tiered Lockup Aims to Help Post-IPO Trading stated that the performance-based trigger would activate if the stock trades 30% above its IPO price after earnings, rather than before.

Correction (June 11, 2026): The title of an earlier version of AIA: Regulatory Tightening Creates Buying Opportunity; HKD 104 Fair Value Estimate Unchanged was updated to correct the fair value estimate from HKD 107.

Correction (June 10, 2026): A previous version of 2 Familiar Sectors Are Behind Most of This Year’s Stock Market Turbulence listed two different percentages for the tech sector’s share of the US equity market as of the end of May. The correct amount was 37.5%.

Correction (June 4, 2026): An earlier version of the article What We Learned About the AI Threat from Q1 Software Earnings was updated to correct the spelling of Thomson Reuters from Thompson Reuters.

Correction (June 4, 2026): An earlier version of the note Veeva Earnings: Negative Reaction Despite Solid Results and Growing AI Investments Shows Disconnect referred to fiscal 2026. This has been amended to fiscal 2027.

Correction (June 4, 2026): An earlier version of the note Descartes Earnings: Good Results With Geopolitics Causing Crosswinds referred to first-quarter fiscal 2026. This has been amended to fiscal 2027.

Correction (May 26, 2026): In Will Emerging-Market Pioneer Mark Mobius Be Vindicated?, the spelling of the mentioned Brazilian utility was corrected to Eletrobras.

Correction (May 21, 2026): The Medalist Price score and related report text for the A shares and Institutional shares of the BlackRock LifePath Dynamic target-date series that was published on April 25, 2026, were incorrect. The data has been corrected, and as a result, the Morningstar Medalist Rating for the Institutional shares remains Gold, while the Morningstar Medalist Rating for the A shares is Silver.

Correction and Clarification (May 21, 2026): The article The Modern 529 Plan was updated with the correct name and date of the 2017 Tax Cuts and Jobs Act that granted individuals with disabilities the opportunity to roll over 529 funds into ABLE accounts. It was also updated to clarify that the Fafsa Act was introduced in 2021.

Correction and Clarification (May 21, 2026): The article You Probably Need a 529 Savings Account. Here’s Why was updated with the correct name and date of the 2017 Tax Cuts and Jobs Act that granted individuals with disabilities the opportunity to roll over 529 funds into ABLE accounts; the update also clarified the rules surrounding contributions, beneficiaries, and rollovers for these accounts. It was also updated to clarify that the Fafsa Act was introduced in 2021.

Correction (May 21, 2026): The table in Guaranteed Income in Your 401(k)? Sounds Good in Theory has been updated to reflect that JPMorgan SmartRetirement Lifetime Income and AB Lifetime Income require participants to opt in to receive the lifetime withdrawal benefits.

Correction (May 20, 2026): The team behind Principal Global Real Estate Securities POSAX includes four global REIT analysts, not three, as stated in a previous version of the report.

Correction (May 19, 2026): An earlier version of the article Which Asset Types Have Held Up Best in Recessions? included the incorrect table. It’s since been updated to include a table on risks, returns, and correlations in recessionary periods, not inflationary periods.

Correction (May 18, 2026): In the April 29 stock analyst note on Teva, “narrow-moat Teva” was corrected to “no-moat Teva.”

Correction (May 15, 2026): Fidelity Floating Rate High Income FFRHX has 8% of its portfolio in CCC rated issues, not 17%, as stated in a previous version of IRA Favorites for Your Retirement Saving Plan.

Correction (May 11, 2026): The report for Nomura Wealth Builder DDIAX was updated to indicate that the fund changed its name from Macquarie Wealth Builder.

Correction (May 11, 2026): The April 22 stock analyst note for Philip Morris was updated to first quarter from fourth quarter in relation to revenue and EPS growth.

Correction (May 6, 2026): Dimensional’s handling of IPOs in its funds was updated in The SpaceX IPO: How Index Funds Will Adapt.

Correction (May 6, 2026): The May 5 stock analyst note on PayPal was updated to change “overvalued” to “undervalued.”

Correction (May 6, 2026): The May 5 stock analyst note on HII has been updated to correct the segment margin guidance and clarify the shipyard references.

Correction (May 1, 2026): The MFS International Diversification MDIDX report was updated with the correct underlying funds. Also, since this report was originally published, MFS changed the name of MFS International Intrinsic Value to MFS International Intrinsic Equity.

Correction (April 30, 2026): In the original video, How the ‘Mega-Backdoor’ Roth Works, Tim Steffen misspoke about money coming out of traditional 401(k)s tax-free—they are fully taxable. The transcript and video have been updated to correct this.

Correction (April 30, 2026): The T. Rowe Price Small-Cap Stock OTCFX fund report was updated to indicate that former portfolio manager Frank Alonso did not leave the firm but rather exited the strategy.

Correction (April 29, 2026): The report for Victory Pioneer Multi-Asset Income Fund PMFYX was updated to correct the custom benchmark, which had been transposed. The correct benchmark is 65% Bloomberg US Aggregate Bond Index and 35% MSCI All Country World Index.

Correction (April 28, 2026): American Funds American Mutual AMRMX was updated to remove James Terrile, who was incorrectly listed as a manager.

Correction (April 28, 2026): Mark Mobius, Legendary Emerging-Markets Investor, Dies at 89 was updated to correct the spelling of Yul Brynner.

Correction (April 28, 2026): A previous version of How Morningstar’s New Medalist Rating Methodology Affects 11 of America’s Largest Funds had an incorrect ticker and Morningstar Medalist Rating for Vanguard Emerging Markets Index. These have been updated, along with a new rating for American Funds Growth Fund of America. American Funds New Perspective and American Funds Washington Mutual were removed because their new ratings have not been published yet.

Correction (April 22, 2026): A previous version of Looking for an AI ETF? You Might Need an LLM for That omitted the iShares A.I. Innovation and Tech Active ETF BAI due to a data-tagging error. We have updated the table listing AI-themed ETFs to add the iShares ETF as well as statistics and accompanying charts citing the number, size, and flows of AI-themed ETFs.

Correction (April 22, 2026): In the April 22 stock analyst note on ASM, the new fair value estimate has been corrected to EUR 860.

Correction (April 22, 2026): Fund Analyst Notes for the Putnam Dynamic Asset Allocation series, the Putnam Retirement Advantage target-date series, and the Putnam Retirement Advantage target-date CIT series were corrected to indicate that Jacqueline Kenney was stepping off the strategies to focus her time elsewhere, not retiring, and, regarding the two target-date series, Adrian Chan remains as a comanager.

Correction (April 20, 2026): A previous version of Franklin Announces Sweeping Manager Departures in the Wake of Buyout Offer stated that 29 portfolio managers would retire from the firm. The correct number is 25

Correction (April 14, 2026): An earlier version of Ahead of Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued? misstated Netflix’s fair value estimate in one instance.

Correction (April 13, 2026): Markets Brief: Could the US Fed Still Cut Rates in 2026? was updated to correct a spelling of Christopher Hodge’s first name from Christoper.

Correction (April 10, 2026): What Top Investors Think of the Software Apocalypse was updated to reflect Fidelity’s refreshed commentary on this topic.

Clarification (April 8, 2026): The SpaceX IPO: How Index Funds Will Adapt was updated to indicate that on April 27, CRSP will add a float-adjusted market-capitalization test for adding or dropping a stock.

Correction (April 7, 2026): The exhibit in Small-Cap Funds Are Getting Hammered by Outflows was updated to correct a figure in the y-axis.

Correction (March 27, 2026): The title of the final table in ETFs Improve Odds of Success for Active Managers was changed to clarify that newer active ETFs outperformed older ones in 2025.

Correction (March 25, 2026): The graphic in the video 3 Funds for the HALO Trade was updated to include the correct ticker for Lazard Global Listed Infrastructure Open GLFOX.

Correction (March 24, 2026): A previous version of the China Mobile stock analyst note incorrectly referred to China Mobile twice in a sentence, when the second instance should have been China Telecom.

Correction (March 18, 2026): In the March 9, 2026, episode of The Morning Filter titled 3 Stocks to Sell and 3 Stocks to Buy Instead and its companion piece, This Asset Manager Could Be Building Back Trust in Private Credit, we removed the commentary about private credit as a percentage of base management fees because we are unable to determine equivalent comparisons across alternative asset managers.

Correction (March 18, 2026): Why Vanguard’s Target-Date Series Keeps Winning was originally published without the disclosure at the end.

Correction (March 17, 2026): The video Are You Taking on Too Much Risk in Your Portfolio? was originally published with a different headline and subheadline.

Correction (March 16, 2026): The report for Brown Capital Management Small Company BCSIX was updated to include the correct assets under management as of February 2026 at below USD 700 million.

Clarification (March 16, 2026): The Morningstar Wide Moat Focus Index and the Changing Wide-Moat Landscape was updated to clarify the language around the time it takes to disappear from the index.

Correction (March 13, 2026): Private Credit’s Liquidity Squeeze Puts Lenders in a Tight Spot was updated to add CEO to Jonathan Gray’s title.

Correction (March 11, 2026): In AI Can Do Many Things. Market Analysis Isn’t One of Them (Yet), Experian’s loss was corrected to -21.98 from 21.87.

Correction (March 11, 2026): In the March 9, 2026, episode of The Morning Filter titled 3 Stocks to Sell and 3 Stocks to Buy Instead and its companion piece, This Asset Manager Could Be Building Back Trust in Private Credit, a reference to the Carlyle Group CG was originally incorrectly spelled as Carlisle and linked to the incorrect ticker.

Correction (March 10, 2026): In the Hartford Floating Rate HFLAX report, the amount of the manager’s investment in the fund was increased to the USD 100,000-USD 500,000 range from USD 50,000-USD 100,000.

Correction (March 4, 2026): A previous version of the report for Columbia Bond Fund CBFYX referred to peers as being in the intermediate core-plus bond category instead of intermediate core bond.

Correction (March 3, 2026): A previous version of the ST Engineering stock analyst note referred incorrectly to the MRO contract win in Dubai. It has been corrected to Qatar.

Correction (Feb. 25, 2026): Renaissance Large Cap Growth MRLIX was updated to note that the managers reevaluate holdings that drop to the bottom 40% of their list but don’t automatically sell them.

Correction: (Feb. 20, 2026): A previous version of the Feb. 5, 2026, Equinor stock analyst note referred incorrectly to the quarter. It is the fourth-quarter earnings report.

Correction: (Feb. 20, 2026): A previous version of the Feb. 4, 2026, Brookfield Asset Management note listed a $555 fair value estimate and was changed to $55.

Correction (Feb. 18, 2026): In Should Higher Earners Still Make 401(k) Catch‑Up Contributions?, a reference to the prior-year wage limit from an individual’s current employer has been corrected to $150,000 to reflect a cost-of-living adjustment from the IRS.

Correction (Feb. 12, 2026): In previous versions of the Invesco Dividend Income IAUTX and Invesco Diversified Dividend LCEAX reports, Tugce Bengu was identified as an analyst. She is a comanager. Also, the spelling of comanager Caroline Le Feuvre’s last name was corrected from La Feuvre.

Correction (Feb. 11, 2026): In an earlier version of the Sonova stock analyst note, we used the incorrect DKK currency for our fair value estimate of Sonova. This has been amended to CHF.

Correction (Feb. 3, 2026): In Here’s How You Can Spend More During Retirement, the section on probability-based guardrails referenced a hypothetical probability of success of 130%. This was corrected to 98%.

Correction (Jan. 30, 2026): The Jan. 28 Canadian Pacific Kansas City stock analyst note was updated after the company was misidentified as Canadian National when discussing the fair value estimate and moat. Also, a reference to 2016 was changed to 2026.

Correction (Jan. 29, 2026): Voya Investment Management replaced CBRE Investment Management with Columbia Threadneedle as the strategy’s subadvisor and replaced CBRE with Columbia in the fund’s name. This had no impact on NYLI CBRE Real Estate or CBRE Listed US Real Estate Composite strategies. The strategies were incorrectly listed as being under review; we have reinstated our prior ratings.

Correction (Jan. 29, 2026): BlackRock National Municipal MANLX was corrected to indicate the US municipal credit research team stood at 15 at the end of 2025, not 14.

Correction (Jan. 26, 2026): The first exhibit in Gold Keeps Reaching New Heights. Here’s Why Investors Should Proceed With Caution was updated to show a larger maximum value on the y-axis.

Correction (Jan. 8, 2025): The section “Changes to Contribution Limits for Retirement Savers in 2026” in the What’s on Deck for Taxes in 2026? transcript was updated to indicate contribution limits went from $7,000 in 2025 to $7,500, not $7,025 to $7,500.