Corrections and Clarifications Archive

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.

2025

Correction (Dec. 22, 2025): A previous version of What You Need to Know Before Making Financial Gifts wrote that the gift tax exclusion amount was increasing for 2026. It is staying the same.

Correction (Dec. 19, 2025): T. Rowe Tax-Free Short-Intermediate PRFSX and T. Rowe Summit Municipal Intermediate PRSMX were updated to indicate that James Lynch’s analyst role was specifically as a quantitative analyst.

Correction (Dec. 19, 2025): T. Rowe Tax-Free Income PRTAX and T. Rowe Summit Municipal Income PRINX have been updated to indicate that duration is typically kept within 10% of the index, not 5%.

Correction (Dec. 19, 2025): T. Rowe Price Tax-Free High Yield PRFHX has been updated to add Michael Kane and correct Jim Murphy’s investment in the strategy to over USD 1 million.

Correction (Dec. 19, 2025): A previous version of the American Funds Income Fund of America AMECX report misidentified manager Andy Moth as Andy Monk.

Clarification (Dec. 17. 2025): Language was added to note that Funds Are Facing Less Competition. That’s Made It Tougher also factors in exchange-traded funds.

Correction (Dec. 10, 2025): AI Arms Race: How Tech’s Capital Surge Will Reshape the Investment Landscape in 2026 previously included two chart titles that incorrectly listed the names of the indexes used. The titles have been updated to S&P 500.

Correction (Dec. 4, 2025): In a previous version of the Guidewire note, we stated “First-quarter outlook.” This was amended to second-quarter.

Correction (Nov. 24, 2025): A previous version of Oddball Funds Gave Investors Fits included a duplicate exhibit. The correct exhibit, Oddball Funds: Annual Dollar-Weighted vs. Total Returns, ex-Liquidated Funds, was added.

Correction (Nov. 21, 2025): A previous version of What Makes Dodge & Cox International Stock an Enticing Fund used a chart comparing DODFX to the Large Blend Category. It has been replaced with a chart comparing it to the Foreign Large Value Category.

Correction (Nov. 18, 2025): Inheriting an IRA Through an Estate was updated with the correct time period for distributing an inherited IRA if the owner dies on or after the required beginning date.

Correction (Nov. 14, 2025): The previous version of The Hartford Smart529 report incorrectly stated that the maintenance fee was only waived for residents with accounts over $25,000. It has been updated to reflect that all residents of West Virginia receive a waiver regardless of account size.

Correction (Nov. 14, 2025): A previous version of the Manulife stock analyst note stated that the Asia and investment management segments represent 76% of adjusted earnings, this has been corrected to 66%. Mention of the earnings contribution from the company’s “highest potential business” has also been added.

Correction (Nov. 13, 2025): A previous version of Morningstar 529 Ratings: The Best Plans of 2025 stated that three 529 plans’ Medalist Ratings had been downgraded. This has been corrected to four plans.

Correction (Nov. 13, 2025): The People section of Federated Hermes Capital Income Fund report was updated to clarify how Michael Jura, Steven Chiavarone, and Stephen Gutch approach the portfolio.

Correction (Nov. 13, 2025): In a previous version of the Hensoldt stock analyst note, we stated services accounted for 25% of revenue. This has been amended to 17%.

Correction (Nov. 13, 2025): November 2025 Stock Market Outlook: Where We See Investment Opportunities was updated to include Amazon in our list of stocks for which we increased our valuations.

Correction (Nov. 12, 2025): A previous version of the Verisign company report listed the ability to raise prices for .com to start in September 2026 and has been corrected to October 2026.

Correction (Nov. 12, 2025): American Funds Washington Mutual AWSHX had been left out of the original version of These Are the Funds in Morningstar’s 401(k).

Correction (Nov. 6, 2025): A previous version of A Q4 Checklist for Retirement Savers incorrectly stated the tax deadline year. The tax-filing deadline is April 15, 2026 for the 2025 tax year.

Correction (Nov. 5, 2025): In the Nov. 5 Sabre stock analyst note, the company’s guidance and our estimate for fourth-quarter booking growth have been adjusted.

Correction (Nov. 4, 2025): In the Nov. 4 Realty Income stock analyst note, Morningstar’s third-quarter estimate for adjusted funds from operations has been corrected.

Correction (Oct. 31, 2025): The Fidelity Balanced FBALX report was updated to remove references to Jeff Moore. Michael Plage alone leads the core bond team.

Correction (Oct. 24, 2025): A previous version of Robinhood’s First Fund Could Spell Disaster for Investors stated that the December 2020 SEC fine concerned Robinhood’s use of an “‘unusually high’ fee.” This has been corrected to more closely track the language used by the SEC in its press release announcing the fine. The article includes a hyperlink to the SEC’s press release, which individuals may review if they wish to know more about the scope of the SEC’s charge.

Correction (Oct. 22, 2025): A previous version of How to Use Private Equity in Your Portfolio stated that US private equity assets totaled about $10.8 trillion at the end of 2024. This has been corrected to attribute that figure to global private equity assets.

Correction (Oct. 21, 2025): A previous version of Zions Earnings: Previously Disclosed Fraud Issue Blemishes Otherwise-Solid Quarter implied Western Alliance faced losses related to potentially fraudulent loans, but those losses have not been realized, and management believes at this time that its existing collateral is enough to cover obligations. We do not cover Western Alliance.

Correction (Oct. 20, 2025): In This Is One of the Best Small-Cap ETFs Available, iShares Core S&P Small-Cap ETF’s Morningstar Medalist Rating was incorrectly labeled as Gold. Its rating is Silver.

Correction (Oct. 16, 2025): The ticker link for Dimensional Core Fixed Income ETF was corrected in 3 Promising Bond ETFs to Keep an Eye On.

Clarification (Oct. 8, 2025): A previous version of ABB: SoftBank Group Set to Acquire Robotics Business said that ABB is trading at a 28% premium to its fair value estimate. That percentage refers to the CHF share class. The premium to fair value for the US share class is 35%.

Correction (Oct. 8, 2025): An early version of Lithium Americas: Company Finalizes New US Government Loan Terms and Issues Shares incorrectly said Lithium Americas had issued $1 billion worth of shares. The correct amount was $100 million.

Clarification (Oct. 8, 2025): The US Stock Market Has Been Exceptional, but One Region Made It Phenomenal has been updated to note that one of the locations of the largest noted companies is the Seattle metropolitan area, not necessarily within the city limits.

Correction (Oct. 7, 2025): A previous version of Investors Flock to Semiliquid Funds for Income incorrectly stated in Exhibit 4 the 6-month and 2024 net flows for Stepstone Private Venture and Growth and Pomona Investments. The article has been updated with the correct data.

Clarification (Oct. 1, 2025): 3 Levers the SEC Can Pull to Democratize Access to Private Markets has been revised to remove the suggestion that liquid alts funds and managed futures strategies provide exposure to private markets.

Correction (Sept. 30, 2025): In the previous version of the EQT company report, the Capital Allocation Rating data point was incorrect. It is Exemplary.

Correction (Sept. 30, 2025): Active Stock Fund Managers Have Got a Deal for You. Should You Take It? has been updated to include the correct chart titled “Pro Forma Average Annual Excess Returns, by Morningstar Category (Jan. 1, 2001 - Aug. 31, 2025).”

Correction (Sept. 29, 2025): In An ETF Gained Almost 42% a Year. Its Investors Still Lost Money, we corrected the chart titled “Operating Results: YieldMax ETFs” and the descriptive paragraph that followed it. Originally, that paragraph stated that YieldMax MSTR Option Income Strategy ETF saw about $1.6 billion in cumulative gains from November 2022 through April 30, 2025 and the other 28 YieldMax ETFs incurred $1.1 billion in cumulative losses over that period. The YieldMax MSTR Option Income Strategy ETF reported $823 million in cumulative gains from November 2022 through April 30, 2025 while the other YieldMax ETFs incurred $302 million in cumulative losses. Also, the x-axes in “YieldMax ETFs’ Since-Inception Operating Results as a Pctg. of Avg. Daily Net Assets” and “Comparing YieldMax ETF Operating Results With ETFs’ Total Returns” were updated to change the ticker NVLY to NVDY.

Correction (Sept. 25, 2025): In a previous version of Investors Flock to Semiliquid Funds for Income, the time series charts were displayed with the timeline progressing from right to left. The timeline now flows from left to right for improved readability and consistency.

Correction (Sept. 25, 2025): A previous version of China Approved 429 Video Game Licenses in the Second Quarter of 2025 has corrected the number of new game licenses in June to 158, not 429.

Correction (Sept. 22, 2025): A previous version of 4 Reasons to Take Social Security Now included an incorrect figure for how much you can earn while collecting Social Security benefits before full retirement age. In 2025, the limit is $23,400, not $22,320.

Correction (Sept. 19, 2025): The Sept. 17 stock analyst note on Ingredion’s investor day included text about second-quarter results, which has been deleted.

Correction (Sept. 18, 2025): The number of Magnificent Seven companies that Calvert Equity CSIEX owns was changed to two from five.

Correction (Sept. 15, 2025): The Santos company report was updated to say the group’s proven and probable reserves doubled to 1.4 million barrels of oil equivalent, not 1,400 million.

Correction (Sept. 15, 2025): The text and exhibit titles in A Breakdown of Target-Date Fund Strategies in 2025 and Target-Date Funds Have Delivered were corrected to indicate that, between inflows and market appreciation, assets have grown more than 20% annualized over the past 15 years, not 30%.

Correction (Sept. 12, 2025): A previous version of 4 Reasons to Take Social Security Now should have said full retirement age is 67 if you were born in 1960 or later, not 1958.

Correction (Sept. 12, 2025): In 2 Funds Star in Debut of Morningstar Medalist Ratings for Semiliquid Funds and the fund report for TCW Private Asset Income, comanager Max Scherr’s name was misspelled.

Correction (Sept. 9, 2025): In 75% of Alternative Mutual Funds Have Died. There Are Lessons in That for Would-Be Private Market Investors, the right axis in the chart titled “Rolling 12-mo. Sharpe Ratios of Hedge Fund Index and U.S. 60/40 Mix vs. # of Alt Funds Launched” was relabeled as “Rolling 60-mo.” not “Rolling 12-mo.”

Correction (Sept. 3, 2025): In the Weatherford stock analyst note, we should have said that the company’s CEO is Girish Saligram, not Ravi Saligram.

Correction (Sept. 2, 2025): In a previous version of Trump’s Pressure on Fed Is Just the Latest US Policy Concern for Global Investors, the names of David Morrison and Joshua Mahony were misspelled. Also, they are based in the UK. A previous version of this article also should have said the federal tax-and-spending bill passed in July, not June.

Correction (Aug. 28, 2025): A previous version of a note covering European banks incorrectly stated shares plunged on Aug. 26. This has been amended to Aug. 27.

Correction (Aug. 21, 2025): In the Aug. 20 James Hardie note, we made an error in our fiscal year. We have corrected it to 2026.

Correction (Aug. 21, 2025): A previous version of the Aug. 20 Estée Lauder note said our adjusted EPS estimate wasn’t changing; however, we are cutting it.

Clarification (Aug. 14, 2025): in the Aug. 14 Semiliquid Funds Are Coming for Your Portfolio, the sentence “Semiliquid vehicles facilitate investor access to investment vehicles such as hedge funds and private capital strategies” was clarified after publication. It now reads: “Semiliquid vehicles facilitate investor access to investments and strategies normally found in hedge funds and private capital funds.”

Correction (Aug. 13, 2025): The American Funds Strategic Bond RANGX report was updated to correct a misspelling of Timothy Ng’s name and remove references to “net short” with regard to the credit position.

Correction (Aug. 13, 2025): In an earlier version of the Aug. 12 Monday.com note, we incorrectly stated that ARR slowed from 43% and 49% year on year to 36% and 46%. We amended to: Year-over-year growth in customers with more than $50,000 in ARR decelerated from 38% last quarter to 36% this quarter, while growth for customers with greater than $100,000 remained at 46%.

Correction (Aug. 11, 2025): In the Aug. 8 Chinese Foundries Benefit More Than Expected on Localization Demand, but Shares Still Expensive note, the fair value estimates for Hua Hong and SMIC were corrected to HKD 27 and HKD 20 from HKD 20 and HKD 27.

Correction (Aug. 7, 2025): In the Aug. 7 Sabre note, our planned valuation cut was corrected to 40%.

Correction (Aug. 7, 2025): August 2025 Stock Market Outlook: Where We See Investing Opportunities has been updated to note that the Morningstar US Real Estate Index was essentially flat in July, not June.

Correction (Aug. 6, 2025): The incorrect currency was used in an earlier version of Itaú Unibanco Earnings: Double-Digit Net Interest Income Growth Drives Strong Profitability. This has been amended from $11.5 billion to BRL 11.5 billion.

Correction (Aug. 5, 2025): In This Dividend Investing Strategy Deserves a Second Look, a response about which dividends are taxable versus nontaxable should have said, “If you’re in a bond fund, most dividends would be taxable unless you’re investing in Treasury bonds, which would normally be exempt from state and local taxes.” We incorrectly said federal taxes.

Correction (Aug. 5, 2025): A previous version of the stock analyst note headlined Marriott Earnings: Overseas Activity Resilient, but Near-Term US Demand Soft Amid Policy Uncertainty incorrectly listed the figure to which Marriott had increased its 2025 EBITDA guidance by $27.5 million at the midpoint. The correct amount is $5.353 billion.

Correction (Aug. 5, 2025): A previous version of the company report We Lift Our Fair Value for Safran to EUR 324 as Aftermarket and Defense Ramp Drive Structural Upside included incorrect dates for propulsion operating margins of 22% in 2028 and 25% by 2031. This has been amended to 2029 and 2032.

Correction (Aug. 4, 2025): A previous version of the Canadian Pacific Earnings: Merger Synergies Supporting Volume Growth; Margin Outlook Healthy stock analyst note incorrectly named Canadian Pacific as Canadian National.

Correction (Aug. 1, 2025): Previous versions of Amazon Earnings: Good Results, With AWS Still a Winner; Fear on Profitability Guidance Is Overblown and the Amazon.com stock analyst note should have said AWS margins were down from the first quarter, not the second.

Correction (July 31, 2025): CKI Holdings: Share Price Rises on Market Talk of Impending Sale of Its UK Rolling Stock Business has been updated to correct CKI’s stake in UK Rails to 65% from 50%; potential rise in valuation to 12% (not 8.6%), and net debt of 1.4% is now net cash.

Correction (July 30, 2025): MFS Value MEIKX and MFS Active Value ETF MFSV were updated to note that Katie Cannan and Tom Crowley are light on experience, not Nevin Chitkara.

Correction (July 28, 2025): A previous version of 5 Key Tax Changes Advisors Need to Know in 2025 included incorrect income thresholds for the elimination of the extra tax deduction for seniors. It phases out entirely at $175,000 (single) and $250,000 (married filing jointly), not $150,000 and $300,000.

Correction (July 24, 2025): Jordan Latimer was left off the manager roster in a previous version of the Westwood Quality SmallCap WHGAX report.

Correction (July 21, 2025): The report for John Hancock Investment Grade Bond Fund TAUSX was updated to correct John Addeo’s title and specify that, when Addeo retires, Jeffrey Given will take over some of his responsibilities.

Correction (July 21, 2025): The July 18 Bank of New York Mellon note has been updated. We now expect a $0.02 headwind to earnings as the revised contract had a much higher fee rate than we anticipated. Also, the preliminary proxy was filed on July 17 after the market close, not July 18.

Correction (July 17, 2025): Former Raymond James Financial CEO Paul Reilly’s last name was misspelled in an early version of the Raymond James Financial: Raising Our Fair Value Estimate After a Fresh Look company report.

Correction (July 16, 2025): BlackRock Earnings: Solid AUM and Revenue Growth Offset by Modest Margin Compression and the BlackRock stock analyst note have been updated to correct the fair value estimate to $1,050 from $1,100.

Correction (July 15, 2025): What the New Tax Laws Mean for Your Retirement Plan was updated with the following corrections: First, a previous version stated that the modified adjusted gross income threshold for the higher state and local tax deduction was $250,000 for single filers, but it’s $500,000 for single filers and married couples filing jointly. The $250,000 MAGI threshold applies to married couples filing separately. Also, the article said that the new “floor” for including charitable contributions in itemized deductions applies to contributions in excess of 0.05% of adjusted gross income. That threshold is actually 0.5% of adjusted gross income.

Correction (July 14, 2025): In A Winning Investment Strategy Sitting Right Under Your Nose (If You Can Hold It), the 70%+ Drawdown portfolio would have gained 10.8% a year from April 1, 1998—not 2008—through May 31, 2025. The article has been corrected.

Correction (July 11, 2025): The Invesco S&P 500 Equal Weight ETF RSP report was published with an incorrect rating displayed, showing a Process rating of Above Average instead of Average. The rating and report now reflect the correct Process rating.

Correction (July 11, 2025): Can Machines Beat Humans at Investing? has been updated to correct the date of Antonio Miguel and Yihao Chen’s study. It was written in 2021 and updated in May 2025.

Correction (July 8, 2025): A previous version of Announcing the Winners of Morningstar’s 2025 Awards for Investing Excellence stated that the nominees needed Morningstar Medalist Ratings of Bronze or higher on at least one vehicle or share class in their charge. The correct selection methodology requires a Medalist Rating of Gold or Silver.

Correction (July 8, 2025): A previous version of Morningstar Awards for Investing Excellence: Outstanding Allocation Portfolio Manager Nominees stated that eligible managers needed to earn Morningstar Medalist Ratings of Bronze or higher on at least one fund share class or investment vehicle. The correct selection methodology requires a Medalist Rating of Gold or Silver.

Correction (July 8, 2025): A previous version of Morningstar Awards for Investing Excellence: Outstanding Equity Portfolio Manager Nominees stated that nominees needed Morningstar Medalist Ratings of Bronze or higher on at least one vehicle or share class in their charge. The correct selection methodology requires a Medalist Rating of Gold or Silver.

Correction (July 3, 2025): June US Jobs Report: 147,000 Rise in Payrolls, Stronger Than Expected has been corrected to change figures for average hourly wages, average workweek for all employees on private nonfarm payrolls and for manufacturing employees, the average workweek, and overtime.

Correction (July 3, 2025): AB Growth AGFIX was updated to remove references to Medalists, and AB Large Cap Growth APGAX was corrected to remove a reference to an incorrect manager.

Correction (June 30, 2025): When to Reinvest Dividends (or Not) has been revised to clarify that dividends taken in cash (and not reinvested) do count toward required minimum distributions.

Clarification (June 25, 2025): The analyst note for Invesco Developing Markets ODMAX was updated to clarify that the fund was the sixth-largest actively managed US-domiciled fund in the category, not simply the sixth-largest.

Correction (June 25, 2025): The reports for AMG Yacktman Focused YAFFX and Heptagon Yacktman US Equity, the Irish version of the mutual fund, were updated to note that returns mentioned in the Performance section were through December 2024, not 2025.

Correction (June 20, 2025): The author stated in a previous version of Vanguard Restructures to Better Handle Its Growth that the ownership stakes roll up to the advisors, but not all regulators view firmwide stock ownership from that perspective.

Correction (June 18, 2025): An earlier version of the Constellation Software stock analyst note misstated the average amount by which the consolidated top-line annual growth is now forecast to exceed our earlier projections. It has been corrected to 3.7%.

Correction (June 18, 2025): Morningstar Awards for Investing Excellence: Exemplary Stewardship Nominees was updated to indicate that MFS launched three active equity ETFs and two active fixed-income ETFs, not five active equity ETFs, in December 2024.

Correction (June 18, 2025): A previous version of Stop Screening Funds This Way had an incorrect year-to-date return for SPDR S&P International Dividend ETF.

Correction (June 13, 2025): A previous version of June FOMC Meeting Preview: How Long Will the Fed Keep Waiting on Rate Cuts? misspelled the name of Fed Governor Adriana Kugler.

Correction (June 12, 2025): An earlier version of Where Next for Energy Stocks After an Oil-Driven Slump? referred to the Energy Information Administration as the Energy Information Agency.

Correction (June 11, 2025): A previous version of the EOG Resources company report and stock analyst note reflected a fair value estimate that did not match the data points. An update has been made to correct the amount.

Correction (June 9, 2025): A previous version of Mosaic: Shares Fall on Phosphate Production Guidance Cut gave an incorrect comparison year for phosphate prices. It should be 2024.

Clarification (June 5, 2025): Why We Downgraded Oakmark International was updated to clarify the language around the downgrade.

Correction (June 4, 2025): For Investors Who Can Get Beyond Headline Risk, Opportunity Beckons in Bonds was updated to correct the spelling of Paul Olmsted’s name.

Correction (June 2, 2025): A previous version of Inheriting an IRA Through an Estate stated that the required beginning date was 73 for an IRA owner who was born on or after Jan. 1, 1960. The correct age is 75.

Correction (June 2, 2025): In an earlier version of 13 Elite Companies With Fast-Growing Dividends, a section about companies included on the DividendInvestor’s DividendGrowers list and a follow-up question about companies that weren’t included was inadvertently cut during production. The episode has been updated to restore this information.

Correction (May 29, 2025): The report on SPDR Blackstone High Income ETF HYBL was corrected to indicate that Adam Dwinells owns between USD 100,000 and USD 500,000 of this ETF. Clarifications were made to indicate that it is the firm’s high-yield credit investing that relies more on quantitative factors than peers and that capabilities were brought in-house with an acquisition in 2020.

Correction (May 27, 2025): The Fidelity Investment Grade Bond FBNDX report was updated to specify that certain data was in regard to the Z shares, not the strategy overall.

Correction (May 21, 2025): A previous version of the stock analyst note for Uber and After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued? misstated the increase in our fair value estimate. It increased to $84 from $79.

Correction (May 19, 2025): A previous version of 5 Stocks to Buy to Profit From Trump’s Trade Deals misspelled the name of Jaime Katz, the Morningstar analyst who covers Home Depot and Lowe’s.

Correction (May 19, 2025): A previous version of Smart Investor: 5 Warren Buffett Stocks, Is the Relief Rally Premature, and 3 Surprise Winners misspelled Warren Buffett’s name.

Correction (May 14, 2025): A previous version of the stock analyst note for Experian referred to the first-quarter earnings report instead of the fourth-quarter report.

Correction (May 13, 2025): A previous version of the stock analyst note for Leonardo incorrectly stated our moat rating was wide. It is narrow.

Correction (May 9, 2025): A previous version of the company report for The Trade Desk incorrectly stated the Morningstar Uncertainty Rating. It is Very High.

Correction (May 5, 2025): A previous version of the May 1 Allison Transmission stock analyst note included an incorrect number for first-quarter EPS. It is $2.23.

Correction (May 2, 2025): The Dodge & Cox Global Bond DODLX report was updated to note that the portfolio’s global government bond, not US Treasuries, portion is 32.4% of assets.

Correction (May 1, 2025): In Private Equity Still Presents Attractive Opportunities for Investors, a reference to CAIA was corrected to the proper letters.

Correction (May 1, 2025): Caroline Wenker is an assistant portfolio manager on the PGIM Muni High Income PRHAX and PGIM Short Duration Muni PDSAX funds, not Debbie Shteingart, as mentioned in the previous reports.

Correction (May 1, 2025): The transcript for 3 Types of Funds for College Grads was updated to correct the spelling of David Eiswert.

Correction (May 1, 2025): A previous version of the KKR stock analyst note included an incorrect quarterly run rate. It is $23 billion for the previous eight calendar quarters.

Correction (May 1, 2025): A previous version of the Huntington Ingalls stock analyst note included an incorrect operating margin for Ingalls. It is 7.2%, not 2%.

Correction (April 29, 2025): A previous version of the AstraZeneca stock analyst note read “narrow-moat” and was corrected to “wide-moat.”

Correction (April 28, 2025): In Markets Brief: Why Politics and Investing Don’t Mix, the Personal Consumption Expenditures Price Index was incorrectly referred to as the Personal Consumer Expectation measure, and its release date is Wednesday, not Tuesday.

Correction (April 28, 2025): An earlier version of the Tyler earnings note stated that the non-GAAP operating margin was 33.1%. We have corrected it to state it was 26.8%.

Correction (April 25, 2025): Previous versions of the BNY Mellon Worldwide Growth PGROX and BNY Mellon Appreciation DGAGX reports stated that Gentry Lee and Alan Christensen became managers of the funds in 2000. The correct years are 2010 for Lee and 2020 for Christensen.

Correction (April 23, 2025): A previous version of the Victory Low Duration Bond RLDAX report incorrectly identified manager Zach Winters as Zach Wilson.

Correction (April 22, 2025): The first chart and the text in Women Account for a Smaller Percentage of Managers Today, Compared With 2002 were corrected to show that 11% of managers on US funds are women.

Correction (April 15, 2025): A previous version of These Fund Managers Could’ve Gone Fishin’ and Earned Double the Return misspelled the name of The Economist Editor in Chief Zanny Minton Beddoes.

Correction (April 15, 2025): A previous version of the transcript for 5 New Vanguard ETFs to Put on Your Radar included an incorrect fund name and ticker. Vanguard Short-Term Treasury ETF VGSH has been changed to the correct Vanguard Ultra-Short Treasury ETF VGUS.

Correction (April 14, 2025): A previous version of What We’ve Learned From 150 Years of Stock Market Crashes incorrectly stated the cumulative real wealth as of March 2025. It is $28,916.

Correction (April 14, 2025): A previous version of Fidelity Contrafund’s Will Danoff No Longer Running It Solo stated that Will Danoff manages 60% of Fidelity VIP Contrafund. Those assets are split between Danoff at 50% and comanager Nidhi Gupta at 10%.

Clarification (April 11, 2025): BlackRock’s Brownback: We’re Still in a ‘Golden Age’ of Bond Investing has been updated to clarify a preference for securitized assets, not securitized corporate assets, and European sovereign bonds, not German bonds.

Clarification (April 10, 2025): Trump’s Social Security Shakeup: Here’s What to Know has been revised to include more updated information about the SSA’s plans regarding its toll-free phone line.

Correction (April 8, 2025): The report for Pzena International Value PZINX was updated to correct the spelling of Allison Fisch’s name on first reference.

Correction (April 8, 2025): An earlier version of Brand Investment a Key Ingredient for Kraft Heinz to Withstand Macro and Competitive Challenges had an incorrect spelling of chairman Miguel Patricio’s name.

Correction (April 8, 2025): An earlier version of Meb Faber: Get Ready for a Bull Market in Diversification mistakenly said Russia is the most expensive market.

Correction (April 8, 2025): In Which Stock Funds Have Been Hit Hardest by the Tariff Selloff?, the name of American Beacon ARK Transformational Innovation ADNAX was corrected.

Correction (April 7, 2025): A previous version of Tariffs Are the Worst Possible Outcome for the US Auto Industry misstated the percentage of aluminum tariffs already in place as of March. It is 25%, not 10%.

Correction (April 7, 2025): An earlier version of Markets Brief: Bruised by Tariffs, Investors Brace for Q1 Earnings misspelled the last name of Preston Caldwell, Morningstar’s chief US economist.

Correction (April 7, 2025): In Buffer ETFs Have Worked for Investors (So Far), the chart titled “Buffer ETFs: Dollar-Weighted vs. Time-Weighted Returns by Outcome Period Starting Month” was updated to correct the final bar’s label to “All.”

Correction (April 1, 2025): An earlier version of the Bank of Nova Scotia stock analyst note misspelled the last name of CEO Scott Thomson.

Correction (April 1, 2025): A previous version of the Jiumaojiu stock analyst note incorrectly stated the fair value estimate. It is HKD 7 per share.

Correction (March 25, 2025): A previous version of What Trump’s Trade Wars Could Mean for the Global Economy and Markets misspelled the first name of Bank of Canada Governor Tiff Macklem.

Correction (March 24, 2025): Fund reports (and separately managed accounts reports) for LSV Small Cap Value Institutional LSVQX, LSV Value Equity LSVEX, and Harbor Mid Cap Value HIMVX were updated to correct co-founder Josef Lakonishok’s age.

Correction (March 24, 2025): An earlier version of Is the Stock Market Cheap Yet? read 2024 instead of 2025 in several places.

Correction (March 20, 2025): In the video Ed Slott: How Roth IRAs Can Help With Estate Planning, a subhead was changed to indicate that, for tax planning, it is a Roth IRA that should not be left to charity.

Correction (March 19, 2025): The fee for Schwab International Dividend Equity ETF SCHY was incorrectly stated as being 14 basis points per year in the transcript for 3 Great International Dividend ETFs for 2025. The correct fee is 8 basis points per year.

Correction (March 17, 2025): The AB Income AKGAX report was updated to correct the job titles for Scott DiMaggio and Gershon Distenfeld. They were previously identified as AB’s co-heads of fixed income.

Correction (March 17, 2025): The report for Hartford Equity Income HQIAX was updated to note the Morningstar Medalist Rating calculation enhancement.

Correction (March 17, 2025): The report for Invesco Global Opportunities OPGIX was updated to correct that David Nadel manages Invesco International Small-Mid Company; Máire Lane is not a listed manager there.

Correction: (March 15, 2025): A previous version of Tariffs Aren’t the True Cause of the Markets’ Selloff misattributed the term “animal spirits.” The phrase was coined by John Maynard Keynes.

Correction (March 14, 2025): A previous version of the Carlsberg company report incorrectly stated the US-dollar-denominated fair value estimate. It is $26 per share.

Correction (March 13, 2025): A previous version of You Might Think Industry Growth Drives Stock Returns. Here’s Why You’d Be Wrong misspelled the name of Morgan Stanley researcher Michael Mauboussin.

Correction (March 13, 2025): A previous version of How to Avoid Outliving Your Retirement Savings? It’s All in the Sequence stated that the risk of outliving retirement savings after avoiding losses in the first five years was about 1% by year 10 of retirement. This has been corrected to year 15 of retirement.

Clarification (March 12, 2025): In These Women Portfolio Managers Have Made a Lot of Money for Investors, the section on Natasha Kuhlkin was updated to reflect her more current focus area.

Correction (March 10, 2025): Why We Upgraded This Fidelity Equity Fund to Gold was updated to correct the upgraded pillar. Fidelity Equity-Income’s FEQIX People Pillar was upgraded.

Correction (March 7, 2025): Vanguard California Long-Term Tax Exempt VCITX report’s Performance section was corrected to name Stephen McFee as manager.

Correction (March 5, 2025): A previous version of the Allfunds stock analyst note incorrectly stated that assets under administration increased by 17% to EUR 1.6 trillion. This has been corrected to EUR 1.5 trillion.

Correction (March 3, 2025): In the Feb. 26 Green Thumb stock analyst note, the position that Derek Maltz holds has been corrected.

Correction (March 3, 2025): A previous version of Spotify Stock Is Near Record Highs. Is It Still a Buy? designated Shopify rather than Spotify in several places.

Correction (Feb. 27, 2025): A previous version of Is Asset Growth an Appropriate Measure of Investment? misspelled the name of researcher Mihai Ion.

Correction (Feb. 27, 2025): The reported quarter in the Feb. 26 Salesforce stock analyst note was corrected.

Correction (Feb. 25, 2025): The date of Apple’s annual meeting was corrected to Feb. 25, 2025, in What to Expect at Apple’s Annual Meeting.

Correction (Feb. 24, 2025): The analysis for Fundamentals First Fund has been temporarily unpublished to correct information related to manager tenure.

Correction (Feb. 20, 2025): A previous version of Stocks Look Stuck. What Could Break the Market Out of Its Holding Pattern? misspelled Michael Arone’s name.

Correction: (Feb. 14, 2025): Why Schwab’s 24-Hour Trading Might Be a Bad Idea for Investors has been updated to correct that the most active trading hours of the overnight session were the first and last hours.

Correction (Feb. 14, 2025): The Nov. 22, 2024, T. Rowe Price company report was updated to correct a reference to the economic moat rating.

Clarification (Feb. 12, 2025): A previous version of ETFs That Pay You to Invest suggested that a fund’s economic exposure to held stocks may change when lent to a third party. However, securities lending does not change the economic exposures of a fund.

Correction (Feb. 11, 2025): Are Annuities the Missing Piece of Your Retirement-Income Puzzle? was updated to correct the spelling of Tao Guo’s name.

Correction (Feb. 10, 2025): The Fidelity Large Cap Stock FLCSX report was updated to correct the fund’s sector weightings versus its benchmark.

Correction (Feb. 10, 2025): A previous version of Markets Brief: If Tesla Stock Price is Falling, Why Is It Still Expensive? misspelled analyst Dan Romanoff’s name.

Correction (Feb. 7, 2025): A previous version of January US Jobs Report: 143,000 Rise in Payrolls, Below Expectations had incorrect bullet points about the change in unemployment rate and hourly wages from December to January.

Correction (Feb. 7, 2025): Previous versions of Berkshire Hathaway 13F: Adds Domino’s, Reduces Apple, BofA and the stock analyst note said that Berkshire purchased an additional 5,445 million shares of Heico. The correct number is 5,445.

Correction (Feb. 7, 2025): The first exhibit in What Worked for Fund Investors? Pinching Pennies and Letting Winners Run was updated to correct the vertical axis to “avg forward net excess return.”

Correction (Feb. 3, 2025): Vanguard Cuts Fees on Nearly 90 Funds was updated to clarify that the firm settled with the SEC. A previous version of the article stated that the SEC had levied a hefty fine against Vanguard.

Correction (Jan. 31, 2025): Baird Core Intermediate Municipal Bond’s BMNSX process scores all credits based on seven factors, not 20 as the report previously stated.

Correction (Jan. 31, 2025): When to Reinvest Dividends (or Not) was revised to clarify that dividends taken in cash (and not reinvested) do count toward required minimum distributions.

Correction (Jan. 30, 2025): An earlier version of the IBM stock analyst note had an incorrect percentage change of our fair value estimate.

Correction (Jan. 28, 2025): An earlier version of the stock analyst note on HVAC companies incorrectly said Carrier’s revenue from data centers was 10% of total revenue. This has been amended to 10% of commercial HVAC revenue.

Correction (Jan. 22, 2025): A previous version of the Jan. 22 Travelers stock analyst note misstated the annualized return on equity.

Correction (Jan. 21, 2025): The FPA Flexible Fixed Income FPFIX report was updated to correct the range of Abhi Patwardhan’s holdings in the fund.

Correction (Jan. 16, 2025): A previous version of What Does it Cost to Be Entertained By Your Investments? Try 14% a Year misstated the approximate growth of a $10,000 investment in thematic funds and target-date funds. It has been updated to correctly state the growth over the three-year period ended Nov. 30, 2024.

Correction (Jan. 16, 2025): The FPA Flexible Fixed Income FPFIX report was updated to correct the percentages held in debt rated BBB or lower by various FPA funds at the end of third-quarter 2024.

Correction (Jan. 15, 2025): The Best-Performing ETFs of 2024 for Canadian Investors has been updated to correct the Morningstar Ratings for Middlefield Innovation Dividend ETF MINN and Middlefield Sustainable Global Dividend ETF MDIV. They have 5-star ratings, not 4.

Correction (Jan. 9, 2025): A previous version of the report for American Funds AMCAP/Capital Group AMCAP displayed an incorrect Morningstar Medalist Rating of Under Review.

Correction (Jan. 7, 2025): A previous version of the stock analyst note on Chinese music streaming companies referred to increasing dividend payout ratios instead of increasing subscribers.

Correction (Jan. 6, 2025): In Your Financial To-Do List for the Year Ahead, IRA contribution limits for 2025 are staying the same, not increasing, as we said in an earlier version.

Correction (Jan. 2, 2025): A previous version of the Loomis Sayles Growth LGRRX report stated that the strategy has owned Nvidia since 2016. The correct year is 2019.

Correction (Jan. 2, 2025): A previous version of the Ariel Fund ARGFX report stated that the fund’s returns trailed its mid-value Morningstar Category peers by 0.3 percentage points when, in fact, the fund beat its peers by 0.3 percentage points.

2024

Correction (Dec. 23, 2024): A previous version of Markets Brief: Volatility Shines a Light on Small-Cap Stocks misspelled the name of Morningstar energy sector director Josh Aguilar.

Correction (Dec. 17, 2024): In the BlackBerry stock analyst note published Dec. 16, the earnings report date has been corrected.

Correction (Dec. 17, 2024): A previous version of the Morgan Stanley Investment Management parent analysis incorrectly identified Atlanta Capital as a value-equity shop when it instead has a quality-growth focus.

Correction (Dec. 9, 2024): Vanguard Emerging Markets Shares Index 4743 was updated to correct the head of the investment strategy group in the APAC region after Minh Tieu’s transfer to the US to Ashley Montone.

Correction (Dec. 6, 2024): The reported quarter was corrected in the Guidewire stock analyst note published Dec. 6.

Correction (Dec. 5, 2024): The report for MFS International Intrinsic Value MINIX was updated to correct the benchmark information.

Correction (Dec. 4, 2024): Investing in Times of Climate Change was updated to correct the amount of Climate Transition net redemptions to $530 million and Low Carbon to $260 million. The title for the final exhibit was corrected to indicate that it displays the flows into, not assets in, the Climate Transition funds subcategories.

Correction (Dec. 4, 2024): The report for JOHCM International Select JOHIX was updated to note that the fund is not closed to new investors but reopened to them in June 2024.

Correction (Dec. 3, 2024): The performance figures for Harbor International Compounders’ OSEA composite strategy were updated.

Correction: (Dec. 2, 2024): An earlier version of the Munich Re note (published Dec. 2, 2024) was corrected so that the paragraph on named storms was amended to correct storm quantities and costs.

Clarification (Nov. 26, 2024): An earlier version of the Stellantis and Volkswagen note should’ve made it clear that Donald Trump called for a 200% or higher tariff on cars made in Mexico and Canada before being elected president. Now that he’s been elected he’s proposing a 25% tariff.

Correction (Nov. 25, 2024): Principal MidCap PMAQX was updated to correct the length of time KKR has been held and the spelling of Paige Brincks’ name, and Principal Blue Chip PGBGX was updated to correct the spelling of Paige Brincks’ name.

Correction (Nov. 25, 2024): A previous version of the Macy’s stock analyst note incorrectly stated that Macy’s postponed its third-quarter earnings report to Dec. 11 from Nov. 25. This has been amended to Nov. 26.

Correction (Nov. 22, 2024): A previous version of the Alibaba stock analyst note incorrectly stated that the Taobao and Tmall Group business’ online gross merchandise volume rose by double digits year over year. It has been corrected to our estimate of single-digit growth.

Correction (Nov. 21, 2024): The Capital Allocation Rating in the previous version of the Franklin Resources company report was incorrect. It is Standard.

Correction (Nov. 20, 2024): A previous version of Target Earnings: Stock Craters Amid Weak Demand for Discretionary Items, Further Margin Pressure was attributed to the wrong author.

Correction (Nov. 20, 2024): Can Leveraged ETFs Benefit Your Portfolio? originally displayed the same exhibit twice. It has been corrected.

Clarification (Nov. 18, 2024): The video What You’re Getting Wrong About Dividend Investing should have said that taxes on qualified dividends can be avoided if your adjusted gross income is below certain levels.

Correction (Nov. 18, 2024): A previous version of the Franklin Income FKIQX report incorrectly stated that the fund’s high-yield exposure exceeded that of its custom benchmark.

Correction (Nov. 11, 2024): An incorrect Morningstar Medalist Rating was listed for the collective investment trust vehicle of the Invesco Core Bond strategy because of a fee error. The rating has been corrected.

Correction (Nov. 11, 2024): Why We Upgraded This High-Yield Bond Fund was updated to clarify the ratings on the individual share classes.

Correction (Nov. 8, 2024): Previous versions of the Toast company report misstated the year of the company’s IPO. It is 2021.

Correction (Nov. 6, 2024): A previous version of After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued? incorrectly listed Amazon’s fair value estimate in one instance.

Correction (Nov. 5, 2024): A previous version of After Earnings, Is Meta Stock a Buy, a Sell, or Fairly Valued? should have said that Meta released its third-quarter earnings report, not second-quarter.

Correction (Nov. 1, 2024): A previous version of Could the Fed Skip a Rate Cut in November? misspelled the last name of Greg Wilensky, head of US fixed income at Janus Henderson Investors.

Correction (Oct. 29, 2024): A previous version of Assessing US Election‘s Potential Impact on Our Clean Energy Coverage misspelled Kamala Harris’ last name.

Correction (Oct. 24, 2024): An earlier version of the Vodafone note said Wind and Tre merged in 2018. Tre has been amended to 3 Italy and the year to 2016.

Correction (Oct. 21, 2024): A previous version of 7 New 4-Star Stocks included a table that listed the stocks’ one-week returns as one-month returns.

Correction (Oct. 21, 2024): A previous version of the Sandvik stock analyst note incorrectly referred to a restructuring program in the first quarter of SEK 2.4. This has been amended to SEK 2.4 billion.

Correction (Oct. 17, 2024): Elevance is the number two Medicaid insurer. A previous version of this note cited a different standing.

Correction (Oct. 9, 2024): A previous version of the Asics initiation report had mistakenly inserted a reference to the secondary listing—the sentence has been rectified to read “We expect Asics’ financial health to continue improving, as we see an uptick in average margin in the coming years.”

Correction (Oct. 2, 2024): A previous version of the Thornburg Strategic Income TSIAX report mistakenly named Matt Burdett as a manager of the fund.

Correction (Sept. 26, 2024): Investors Fight for Their Rights at Nike has been updated to correct several figures related to shareholder proposals: Only 1% of independent shareholders backed a National Center for Public Policy Research proposal, not 1.3%; only 30% of independent shareholders supported two of the four pro-ESG proposals, not a majority; adjusted support on median gender and racial pay gaps and on Nike’s climate and environmental impacts and strategy was 35%-36%, not 54%-55%; and nearly 20% of independent shareholders supported supply chain human rights proposals, not over 25%.

Correction (Sept. 26, 2024): The spelling of Steven Wieting’s name was corrected in August PCE Report Forecasts Show More Good News on Inflation.

Correction (Sept. 25, 2024): A previous version of the Wizz Air stock analyst note titled Wizz Air: Relaunch Coverage With GBX 2,100 FVE, Driven by Capacity Growth and Improved Fundamentals had an incorrect fair value estimate of GBX 21, which has been corrected to GBX 2,100.

Correction (Sept. 25, 2024): A previous version of the Wizz Air company report titled We Relaunch Coverage of Wizz Air With No Moat and Fair Value Estimate of GBX 2,100 had an incorrect fair value estimate of GBX 21, which has been corrected to GBX 2,100.

Correction (Sept. 24, 2024): The report for Seafarer Overseas Growth and Income SIGIX was updated to correct the years of experience for Andrew Foster and Paul Espinosa.

Correction (Sept. 24, 2024): What to Know About the New TSP I Fund was updated to correct Exhibit 4 to remove China. The article was also revised to indicate that the index that excludes China and Hong Kong was recently built, not custom-built.

Correction (Sept. 20, 2024): The Matthews Japan MJFOX report has been updated to correct the Process section to note that Taizo Ishida had been lead manager of Matthews Asia Growth, not Shuntaro Takeuchi.

Correction (Sept. 20, 2024): An earlier version of a Mercedes-Benz company report published on Sept. 20, titled Mercedes’ Large Exposure to China Weighs on Profitability, contained the incorrect fair value estimate of $31. This has been corrected to $125.

Correction (Sept. 13, 2024): A previous version of A Closer Look at a Groundbreaking Active ETF Proposal mentioned that Capital Group and KKR launched an interval fund. It was corrected to note that the launch is planned for 2025.

Correction (Sept. 6, 2024): In the YTO Express stock analyst note published Sept. 6, the amount of the fair value estimate increase has been corrected.

Correction (Sept. 5, 2024): In the Descartes stock analyst note published Sept. 4, the reported quarter has been corrected.

Correction (Sept. 5, 2024): Due to a restatement of industry data by the State Post Bureau of China, we have reflected this in the following four stock analyst notes: STO Express (published Sept. 2), Yunda (Aug. 30), YTO Express (Aug. 28), and ZTO Express (Aug. 22).

Correction (Aug. 28, 2024): In the SentinelOne stock analyst note published Aug. 27, the amount of management’s fiscal 2025 sales outlook revision has been corrected.

Correction (Aug. 27, 2024): In the Stock Analyst Note published Aug. 8, titled CI Financial Earnings: More Noise in the Quarter but Solid Movement in Debt Repayment, an incorrect quarter was cited. The results are from the second quarter.

Correction (Aug. 26, 2024): In the Stock Analyst Note on IGM Financial that was published Aug. 8, titled Market Gains Lift AUM but Outflows Continue To Be a Drag, the net asset management fee income improved 1.9% sequentially and 3.5% year over year during the second quarter, not the first.

Correction (Aug. 26, 2024): The MFS Target Risk Series report was updated to correct the US growth equity weighting.

Correction (Aug. 22, 2024): The report for Invesco Global Opportunities OGIIX was updated to correct the spelling of Abheek Bhattacharya’s name and to clarify Andrey Belov’s role.

Correction (Aug. 22, 2024): A previous version of American Funds Strategic Bond ANBAX listed an incorrect ownership amount for Ritchie Tuazon due to a data error. Tuazon has more than USD 1 million in the fund.

Correction (Aug. 22, 2024): An earlier version of Are Exclusions On The Way Out for ESG and Sustainable Funds? misspelled the name Marian Macindoe.

Correction (Aug. 20, 2024): Alphabet, Meta, and Salesforce Released New Dividends. Is It Too Soon to Celebrate? originally incorrectly included Apple in the headline and subhead instead of the correct Alphabet.

Correction (Aug. 19, 2024): Columbia Threadneedle’s Parent report was corrected to remove a reference to CEO Ted Truscott’s predecessors participating in the work to combine acquisitions under one Columbia Threadneedle umbrella.

Correction (Aug. 15, 2024): Jane Danyu Zhang’s affiliation in 11 Steps to Making Your 401(k) Plan Greener was updated.

Correction (Aug. 14, 2024): The name of the Sphere fund in 11 Steps to Making Your 401(k) Plan Greener was corrected to Sphere 500 Climate Fund SPFFX.

Correction (Aug. 14, 2024): A previous version of Can Economists Help Investors Avoid Recessions? incorrectly referred to the percentage of forecasters who expect negative growth. The data actually shows the average probability across forecasters of negative growth. The article has been revised.

Correction (Aug. 14, 2024): Can Economists Help Investors Avoid Recessions? has been corrected to say there have been eight recessions as determined by the National Bureau of Economic Research, not the US Bureau of Labor Statistics.

Correction (Aug. 2, 2024): Managed Futures: What to Know About This Strategy for ETFs was updated to correct the rebalancing schedule of IMGP DBi Managed Futures Strategy ETF DBMF, which is weekly.

Correction (Aug. 1, 2024): After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued? was corrected to say that the company reported second-quarter earnings on July 23, not first-quarter earnings.

Correction (July 29, 2024): The Aptar earnings note was corrected to reflect second-quarter earnings, rather than first-quarter earnings.

Correction (July 26, 2024): The report for Invesco EQV International Small Company IEGAX has been updated to correct the manager titles; there is no designated lead manager.

Correction (July 23, 2024): This week’s The Morning Filter podcast, 5 Stocks to Buy as the Market Rally Broadens, was published with the wrong transcript and closed captioning. This has been corrected.

Correction (July 17, 2024): MFS Utilities MMUJX was updated to clarify the team’s central responsibilities and to correct the percentage of international investments to 22%.

Correction (July 12, 2024): In a previous transcript for the video The Promise and Perils of Artificial Intelligence, Kass’ answer to the question “Why should people trust the relative few who control this powerful technology to use it to serve all of humanity?” was displayed incorrectly, repeating text from a different reply. It has been corrected.

Correction (July 12, 2024): An earlier version of Invesco S&P 500 Equal Weight VADDX listed an incorrect Process Pillar rating and lacked updated text. The pillar has been corrected to Average and a new analysis has been included.

Correction (July 12, 2024): A previous version of the PGIM High Yield PHYZX report indicated that Brian Lalli did not invest in the fund. But according to its latest filing, he has invested between $50,000 and $100,000.

Correction (July 12, 2024): A previous version of the FPA New Income FPNIX report had misspelled manager Abhijeet Patwardhan’s name. This has been corrected.

Correction (July 5, 2024): MFS Government Securities MFGKX was updated for clarity and to correct Geoffrey Schecter and Jake Stone’s joint tenure dates and the strategy’s outperformance numbers.

Correction (July 3, 2024): A previous version of Is the Stock Market Too Concentrated? stated that 88.7% of Vanguard’s 401(k) plan participants invest in multiple funds or a target-date fund. The correct figure is 98.7%.

Correction (July 1, 2024): In the Stock Analyst Note on AGF Management that was published on June 26, titled Negative Flows Offset by Market Gains and Acquired Assets Under Management, two references to fiscal 2023 were corrected to reference fiscal 2024.

Correction (June 24, 2024): Interval Funds: Are They Worth What You Give Up? was corrected to note that interval funds’ assets under management grew almost 40% per year to $80 billion over the past 10 years through May 2024, not April 2024.

Correction (June 18, 2024): DWS Global High Income SGHAX was updated to correct the start year of Kirk Maurer, which was 2014.

Correction (June 14, 2024): The full retirement age cutoffs were incorrect in an earlier version of What’s Wrong With Social Security? The article has been updated.

Correction (June 13, 2024): An earlier version of Catastrophe Bonds as Portfolio Diversifiers: Pros and Cons contained information that the author was not authorized to disclose. That information was deleted.

Correction (June 11, 2024): The spelling of Lina Khan’s name was corrected in Stock Investors Have Already Won the Election.

Correction (June 6, 2023): Analyst Zack Silver’s name was corrected in Janus Henderson Contrarian JCNIX.

Correction (June 3, 2024): The mark-cap range for mid-cap companies was updated in the Invesco Main Street Mid Cap OPMSX report.

Correction (May 28, 2024): In the list of three funds in the video 3 Core Bond Funds for the Long Haul, the share class for PGIM Total Return Bond was corrected to the author’s intended share class: PTRQX.

Correction (May 28, 2024): In a previous version of Is the Stock Market Too Concentrated?, the math behind evaluating the distribution of corporate profitability was reversed. This has been corrected.

Correction (May 24, 2024): Previous versions of the Teva Pharmaceutical company report misstated the dividend amount.

Correction (May 21, 2024): What to Know About Saving for Retirement and Roth IRA Conversions has been updated to clarify that the five-year rule for taxing earnings on Roth conversions applies anew to each conversion amount.

Correction (May 17, 2024): An earlier version of Active ETF Investors Flock to DFA Funds said DFA’s 38 active ETFs held $135 billion as of the end of March, rather than $133 billion as of the end of April.

Correction (May 13, 2024): In the stock analyst note Broadband Pricing Discipline Remains Critical to Comcast’s Long-Term Success, the name of Comcast’s new prepaid brand was corrected.

Correction (May 10, 2024): Previous versions of the Helmerich & Payne company report misstated the length and amount of dividend distributions.

Correction (May 8, 2024): In the stock analyst note Envestnet Earnings: Good Start to 2024 as Asset Flows and Margins Come in Strong, the time span for the highest quarterly rate and the amount of the sequential step-down have been corrected.

Correction (May 2, 2024): An earlier version of the CyberAgent stock analyst note was corrected to clarify the quarterly profit history for the media segment.

Correction (May 1, 2024): The stock analyst note 3M Earnings: Yes, We Got a Dividend Cut, but Results Are Finally Starting to Turn the Corner was corrected to reflect that management expects the dividend payout ratio to approximate 40% of adjusted free cash flow. An incorrect percentage was given.

Correction (April 26, 2024): The Dodge & Cox Emerging Markets Stock DODEX report was corrected with the proper spelling of Sophie Chen.

Correction (April 26, 2024): In IRS Extends Waiver of Excise Tax for Inherited IRAs, but Not RMDs, Example 1 was corrected to indicate that Lori was required to take—and took—the RMD in 2020, not 2022.

Correction (April 24, 2024): Previous versions of the Medpace company report incorrectly stated, in one instance, the price that Cinven paid for Medpace.

Clarification (April 15, 2024): The JPMorgan BetaBuilders $ High Yield Corporate Bond ETF BBHY report was updated to clarify language around risk.

Correction (April 12, 2024): A previous version of the analyst note BlackRock International Dividend’s Team Combines With Another, Loses Comanager incorrectly stated that comanager Rosie Edwards left the firm, which she has not.

Correction (April 12, 2024): A previous version of Tesla Stock Is Down 30% In 2024. Is It a Buy? misstated Tesla’s 2023 return.

Correction (April 5, 2024): A previous version of How the Largest Bond Funds Did Last Quarter stated that Pimco Total Return was the only actively managed fund to rank in the top 20% of its category, rather than JPMorgan Core Bond.

Correction (April 5, 2024): In For the First Time, Index Funds Face Federal Scrutiny, the section “A Sound Idea” was revised.

Correction (April 3, 2024): Principal Small-MidCap Dividend Income PMDDX was updated to correct the information about dividends paid by the primary benchmark, the market-cap range looked for by managers, and the weightings in financials and industrials.

Correction (April 2, 2024): 10 Top-Performing Dividend Stocks for the Quarter was updated to correct data points throughout.

Correction (April 2, 2024): After an editorial review, Best- and Worst-Performing Stocks for the Month was temporarily unpublished to correct data points throughout.

Correction (March 28, 2024): A previous version of the analyst note Jensen CIO Schoenstein to Retire in March 2025 incorrectly identified Allen Bond as the lead manager of Jensen Quality Value JNVSX. The lead manager is Adam Calamar.

Correction (March 28, 2024): The Principal Equity Income PQIAX report was corrected to update the number of portfolio holdings and the percentage of index constituents that paid a dividend at the end of 2023.

Correction (March 27, 2024): A previous version of Which Bonds Provide the Biggest Diversification Benefit? incorrectly labeled the Morningstar US Market Index in the “Three-Year Correlation Matrix: Municipal Bonds” exhibit.

Correction (March 26, 2024): The Best International Stock Index Funds was updated to transpose the Expense % and Return % column headers in the Best Small Company Funds table. It was also updated to indicate that developed-markets funds bested rather than trailed their predecessors.

Correction (March 22, 2024): Top 10 Things to Know About Building a Diversified Portfolio was updated to replace the first exhibit, which included some 2023 data that was incorrectly color-coded.

Correction (March 20, 2024): A previous version of the Hotchkis & Wiley Small Cap Value HWSAX report incorrectly identified Jim Miles as also being a manager on Hotchkis & Wiley Mid-Cap Value HWMIX.

Correction (March 20, 2024): The Vanguard Equity-Income VEIPX report was updated to correct Adam Illfelder’s role.

Clarification (March 11, 2024): 3 Cheap Stocks to Buy That the Best Value Managers Own was recorded on March 7 and released on March 11. In the interim, our fair value estimate for Schwab was changed to $73 from $80.

Correction (March 8, 2024): A previous version of 7 Top-Performing Stocks to Buy Now misspelled Jaime M. Katz’s name.

Correction (March 7, 2024): Gold-Rated Funds With Women Managers was unpublished and reshot to correct an error. Patrice Collette was incorrectly listed as a female manager of American Funds International Growth and Income.

Correction (March 4, 2024): A previous version of 3 Key Retirement Decisions Affected By Higher Yields stated that Social Security recipients receive a boost in their eventual benefits for every year they delay past age 70. This has been corrected to say that recipients get a benefits boost for every year they delay up until age 70.

Correction (March 3, 2024): An earlier version of the NetEase company report had an incorrect Morningstar Uncertainty Rating reference.

Correction (Feb. 28, 2024): An earlier version of the Canadian Tire note referred to an incorrect time span for the retail revenue result.

Correction (Feb. 28, 2024): An earlier version of the Splunk note referred to the incorrect quarter reported.

Clarification (Feb. 26, 2024): An earlier version of the Lenovo note was missing the reference to the ISG segment in the second sentence.

Correction (Feb. 21, 2024): The Vanguard Total Stock Market Index VITSX

report was updated to clarify information about the Australian listing of the fund.

Correction (Feb. 16, 2024): A previous version of The Key to Personal Financial Planning: Being Lazy included an exhibit with duplicate information. This exhibit has been replaced with a corrected version.

Correction (Feb. 13, 2024): An earlier version of Fees Are Rising for These 4 Funds included FPA Crescent FPACX because of a data error in our record for the fund’s 2022 prospectus adjusted expense ratio. The correct figure of 1.05% was published, but this was the same in 2023, so it is not a fund with rising fees and has been removed from the article.

Correction (Feb. 13, 2024): A previous version of Should You Gift Your Appreciated Assets During Your Lifetime? used an incorrect example regarding the 0% capital gains tax rate. The example incorrectly suggested that a capital gain wouldn’t count as part of an individual’s taxable income.

Correction (Feb. 12, 2024): The VanEck Global Resources GHAAX report was updated to clarify the index information.

Correction (Feb. 8, 2024): An earlier title for Raising GE’s Stock Valuation by 20% stated the fair value estimate was raised by 30% rather than 20%.

Correction (Feb. 7, 2024): An earlier version of the Roblox stock analyst note misstated the increase in global daily active users. It was nearly 22%, not 20%.

Clarification (Feb. 7, 2024): Is There Really a Better Mousetrap for Retirement Income? was updated to include Stone Ridge’s statement that the LifeX series’ expense ratio is not the primary driver behind the funds’ lower payout rates and a summary of the other factors to which it attributes the lower payout rates.

Correction (Feb. 6, 2024): The Jan. 30, 2024, analyst report for BlackRock National Municipal MANLX was updated to correct the first name of Patrick Haskell.

Correction (Feb. 5, 2024): The Champlain Mid Cap CIPIX analyst report dated Aug. 9, 2023, has been corrected. Its correct Morningstar Category peer is mid-growth, and its correct Russell index is Russell Midcap Growth Index; neither should be small caps.

Correction (Feb. 2, 2024): In a previous version of the Feb. 2 Saia stock analyst note, the operating ratio improvement was misstated. It is 90 basis points.

Correction (Feb. 2, 2024): In U.S. Sustainable Funds Register First Annual Outflows in 2023, the median return for sustainable large-blend funds in 2023 was corrected to 24.4% from 20.8%, thus beating instead of trailing the 23.9% median gain for the overall category.

Correction (Feb. 2, 2024): 15 Funds That Have Destroyed the Most Wealth Over the Past Decade, published Jan. 31, was temporarily unpublished while the piece was reviewed internally. The text and tables have been revised to correct a data issue that caused incorrect market appreciation numbers for certain income-oriented ETFs. In addition, we removed two other funds from the list of 15 funds included in the first exhibit. The market appreciation figure for Principal Diversified International Fund PDIFX did not reflect an in-kind transfer from the mutual fund to a sibling CIT vehicle. The market appreciation figure for Delaware Ivy Asset Strategy Fund Cl C WASCX did not reflect a consolidation of assets from related vehicles that took place in 2013.

Correction (Feb. 1, 2024): A previous version of the Julius Baer stock analyst note misspelled Philipp Rickenbacher’s name.

Correction (Feb. 1, 2024): The Jan. 31, 2024, version of the Hess Earnings note was updated to replace U.S. Department of Justice with Federal Trade Commission.

Correction (Feb. 1, 2024): Previous versions of the Analyst Reports for Matthews India MINDX and Matthews Pacific Tiger MAPTX incorrectly identified the firm’s CIO and co-lead manager of the latter fund. He is Sean Taylor, not Sean Young.

Correction (Jan. 26, 2024): Covered-Call Funds: A Mystery Wrapped Within an Enigma was updated to correct that it was option-selling bond funds that went nowhere from 1986 through 1987.

Correction (Jan. 23, 2024): A previous version of the Jan. 23 Frasers Centrepoint Trust stock analyst note described FCT as fairly valued. At the time of publication, it was undervalued.

Correction (Jan. 19, 2024): What’s in Store for Vanguard’s Funds, ETFs, and More in 2024 misstates Donald Kilbride’s role at Vanguard. He stepped away from his responsibilities for Vanguard Dividend Growth Fund on Jan. 1, 2024. He did not retire and is still managing portfolios for Wellington.

Clarification (Jan. 18, 2024): Sustainable Funds Hit by Weaker Demand in Q3 2023 was updated to include U.S. sustainable funds’ outflow figure ($8.2 billion) for year-to-date 2023 through September.

Correction (Jan. 16, 2024): Western Asset Macro Opportunities’ LAAAX report was updated to clarify Prashant Chandran’s role.

Correction (Jan. 12, 2024): A previous version of The Worst-Performing Stocks of 2023 misspelled the last name of Morningstar healthcare strategist Karen Andersen.

Correction (Jan. 8, 2024): Owing to an error in Geofinancial Analytics’ database, an earlier version of U.S. Oil & Gas Producers Could Face $4.8 Billion in Methane-Related Charges, Study Claims displayed incorrect data and estimates for EQT’s methane exposure in two tables. The tables have been updated to reflect accurate data.

Clarification (Jan. 8, 2024): The last paragraph of the Boeing/Spirit stock analyst note published Jan. 7 now makes clear that we don’t expect the most recent jet accident to have a material impact on Spirit.

Correction (Jan. 8, 2024): The American Funds Income Fund of America report was updated to correct the percentage that stocks must pay at time of initial purchase.

Correction (Jan. 4, 2024): A previous version of the Coca-Cola HBC AG report from Dec. 8 had an incorrect fair value estimate of GBX 26, which has been corrected to GBX 2,600 (GBP 26).

2023

Correction (Dec. 28, 2023): A previous version of PIPE Dreams: Investors Roll Dice With Private Investments misspelled Michael Weisbach’s first name.

Correction (Dec. 22, 2023): Note: A previous version of the Aquila Tax-Free Colorado COTFX analyst report misspelled Vasilios Gerasopoulos and indicated that Aquila changed course in February 2023 rather than March 2023. This has been corrected.

Correction (Dec. 20, 2023): The transcript for The Long View episode titled Tim Steffen: Smart Tax Moves for 2024 and Beyond was corrected to insert “Florida” instead of “California” as a no-tax state.

Correction (Dec. 19, 2023): A previous version of 3 Ways to Simplify Your Investment Portfolio in 2024 mistakenly identified Dodge & Cox International Stock DODFX as a global-stock fund. The correct fund is Dodge & Cox Global Stock DODWX.

Correction (Dec. 19, 2023): A previous version of the Sept. 28 CarMax stock analyst note had incorrect adjusted cash flow numbers.

Correction (Dec. 18, 2023): A previous version of the Keppel DC REIT AJBU note was updated to say “The trust may not be able to get back the SGD 19 million advance payment from the tenant as well.” It previously read “The trust may not be able to refund the SGD 19 million advance payment from the tenant as well.”

Correction (Dec. 3, 2023): A previous version of The Santa Claus Rally Came Early. Here’s What To Do Next was published with incorrect exhibits. Exhibits 2, 3, and 4 have been updated.

Correction (Dec. 1, 2023): Mutual Fund Strategies Don’t Belong on Trial has been updated to say that the Supreme Court’s Jones v. Harris Associates verdict was in 2010, not 2009. Also, in the first exhibit, Target-Date 2040 Funds: Total Returns, the date range has been corrected to November 2013-October 2023 from November 2023-October 2023.

Clarification (Dec. 1, 2023): In a previous version of the China Education Group 00839 note, we implied that the 55% year-over-year growth in our net income estimate was due to strong student enrollment. This increase in growth was instead due to a large asset impairment in 2023.

Correction (Nov. 27, 2023): A previous version of the Franklin Total Return FTRRX report included an incorrect duration figure provided by the fund company.

Correction (Nov. 27, 2023): Previous versions of the Emerson Electric company report misnamed the Occupational Safety and Health Administration.

Correction (Nov. 27, 2023): An earlier version of How Target-Date Funds Stabilize Markets misspelled economist Jonathan Parker’s last name.

Correction (Nov. 22, 2023): How Target-Date Funds Stabilize Markets was updated to correct the total assets of target-date funds. It had previously incorrectly included balanced funds in the total.

Correction (Nov. 21, 2023): A previous version of the Trip.com report on Oct. 4 had incorrect fair value estimates of USD 42.50 and HKD 339, which have been corrected to USD 36 and HKD 290.

Correction (Nov. 20, 2023): Owing to an incorrect application of the ratings grid, a previous version of the Guggenheim Macro Opportunities GIOAX report contained an error in the Morningstar Medalist Ratings for the fund’s A, C, and P share classes.

Correction (Nov. 20, 2023): Owing to an incorrect application of the ratings grid, a previous version of the MainStay MacKay Strategic Bond MSDIX report contained an error in the Morningstar Medalist Ratings for the R6 and institutional share classes.

Correction (Nov. 20, 2023): A previous version of Lord Abbett International Opportunities LAIEX report incorrectly identified Todd Jacobson as Todd Johnson in the People section.

Correction (Nov. 14, 2023): A previous version of Why Market-Timing Fails, published the morning of Nov. 14, 2023, had erroneous data, affecting the exhibits and text. It was temporarily unpublished while the issue was addressed.

Clarification (Nov. 13, 2023): We updated the first-half, first-quarter, and second-quarter periods in the article Richemont Earnings: Still Solid, but Moderating Growth as Currencies Weigh; Shares Cheap.

Correction Nov. 10, 2023): In the article Has IBM Built the Next Generation’s 401(k) Plan?, the word “former” was corrected with the word “latter.”

Correction (Nov. 10, 2023): An exhibit was repeated in a previous version of Why Large-Blend Funds Should Outweigh Value Plus Growth Funds in a Portfolio. The third exhibit is now the correct image.

Correction (Nov. 9, 2023): Bond Ladder ETFs Can Help Investors Climb Higher was updated to add the correct expense ratios to the final exhibit and to clarify language about building the five-year example ladder.

Correction (Nov. 7, 2023): A previous version of 5 High-Quality Growth Stock Picks From Loomis Sayles Growth Fund stated that Aziz Hamzaogullari joined Loomis Sayles in 2013 rather than 2010, and that the fund has little more than two dozen holdings rather than three dozen.

Correction (Nov. 7, 2023): A previous version of the Parker-Hannifin stock analyst note was corrected to reflect that the long-cycled nature of Parker’s refreshed portfolio has also helped the company’s backlog coverage (since 2016) double to the mid-50s, not the low 30s, as previously stated.

Correction (Nov. 3, 2023): The article Stock Market Falling Deeper Into Undervalued Territory was revised to reflect the correct 3-star rating for Tesla.

Correction (Nov. 3, 2023): A previous version of Bausch & Lomb Earnings: Solid Demand for Lenses and Consumables Continues to Fuel Growth included incorrect information about vision care growth and the consumer business. Vision care growth was 8.5%, not 8.4%, and the consumer business was up 14%, not 40%.

Correction (Oct. 31, 2023): A previous version of Large-Value Funds on Track for Worst-Ever Year of Outflows stated that active large-value fund outflows the for year-to-date period through September 2023 totaled $28.1 billion. This has been corrected to $38.1 billion

Correction (Oct. 27, 2023): How Fidelity’s Charitable Gift Fund Stacks Up was revised to reflect the correct account minimum for advisor-managed assets, which is $100,000, not $250,000. The last sentence was also revised to clarify a comparison of Fidelity’s program fees versus Vanguard’s.

Correction (Oct. 26, 2023): In an early version of the Halliburton stock analyst note, the moat rating was listed as none, rather than narrow.

Correction (Oct. 25, 2023): In a previous version of the Snap company report, Bobby Murphy’s executive role was incorrectly stated. He is the chief technology officer.

Correction (Oct. 23, 2023): An article on Oct. 2 that said the U.S. government had shut down was published unintentionally and removed from Morningstar.com. Because of a production error, the article was mistakenly published again on Oct. 23. It has been removed from the site.

Correction (Oct. 19, 2023): An earlier version of Zions Bank Earnings: Net Interest Income Is Stabilizing, Improving Profitability Visibility incorrectly stated: “The outlook for fees did not change materially, while the expense outlook improved, with expenses expected to remain stable for the time being.” This has been corrected.

Correction (Oct. 18, 2023): The final table in How to Use Short-Term Bonds in a Portfolio was updated to show a lower-cost share class for Baird Ultra Short Bond.

Correction (Oct. 16, 2023): Lessons for Investors From the Performance of AQR’s Funds was temporarily unpublished while the piece was reviewed internally. It has been modified since its original publication to clarify that the author’s views are her own and not necessarily those of Morningstar and to clarify key takeaways for investors, including new information on performance data and an additional exhibit on flows.

Correction (Oct. 16, 2023): In an earlier version of JD.com: Fair Value Slashed by 51% to USD 43, the cut to the 2023 non-GAAP net profit forecast was incorrectly listed as 4%.

Correction (Oct. 9, 2023): The author’s quote in Do Honest Countries Make the Best Investments? was corrected—it was from 2013, not 2023.

Clarification (Oct. 6, 2023): Lessons for Investors From AQR’s Recent Struggles was updated to clarify that AQR utilizes one systematic stock-picking model across many of its strategies, but not all of them.

Clarification (Oct. 5, 2023): Lessons for Investors From AQR’s Recent Struggles was updated to clarify when the text was discussing AQR’s mutual funds, not other vehicles.

Correction (Oct. 3, 2023): An earlier version of Lithium Americas: Placing Shares Under Review Ahead of Business Separation referred to the Tokyo Stock Exchange, rather than the Toronto Stock Exchange.

Correction (Oct. 3, 2023): A previous version of Top-Performing Stocks for Q3 2023 misnamed the Drug Enforcement Administration.

Correction (Sept. 27, 2023): The stock analyst note Marriott: Analyst Day Shows Off Its Vibrant Brand Advantage With Solid and Viable Financial Targets was amended to correct the $192 fair value estimate to $191.

Correction (Sept. 27, 2023): A previous version of 6 Top-Performing Core Bond Funds had an inaccurate figure for the return on core bond funds in 2023. It also incorrectly identified the three-year returns on the core bond fund category and the Morningstar US Core Bond index as annualized.

Clarification (Sept. 26, 2023): Cintas will be lowering price hikes (in line with historical levels), not reducing pricing.

Correction (Sept. 25, 2023): A previous version of 5 Themes for the Stock Market Heading Into Q4 misspelled the name of Morningstar senior equity analyst Dan Baker.

Clarifications (Sept. 22, 2023): Clarifying details related to trailing performance periods and representative peer groups were added to the DWS Managed Municipal Bond SMLAX and DWS Massachusetts Tax-Free SQMAX fund reports.

Corrections (Sept. 22, 2023): The Analysis, Performance, and People sections of the DWS Strategic High Yield Tax-Free NOTAX, DWS Intermediate Tax-Free SZMAX, and DWS New York Tax-Free Income KNTAX fund reports were updated to more accurately reflect how manager responsibilities on the strategy have shifted over time. We also added clarifying details related to trailing performance periods and representative peer groups cited in the report.

Correction (Sept. 20, 2023): In the calculation of income tax deductions, a previous version of Why I Don’t Own a Home didn’t account for the tax benefits of the standard deduction.

Correction (Sept. 15, 2023): In a previous version of California Poised To Enact Climate Disclosure Laws. What That Means for Investors, the National Oceanic and Atmospheric Administration was misnamed.

Clarification (Sept. 15, 2023): I’m 65 and Still Working. Should I Enroll in Medicare? has been amended to clarify that Medicare form CMS-L564 is required for Part B, not Part A.

Correction (Sept. 15, 2023): The Sept. 11 article 8 Fund Families the Mutual Fund Trading Scandal Changed Forever was updated to clarify that the Perkins’ name was removed; some personnel and funds remain.

Correction (Sept. 11, 2023): In the Sept. 11 article 8 Fund Families the Mutual Fund Trading Scandal Changed Forever, Carol Geremia’s title was corrected to head of global distribution.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Intermediate-Term Corporate Bond Index VICSX, Vanguard International High Dividend Yield VIHAX, Vanguard International Dividend Appreciation Index VIAAX, and Vanguard Global ex-U.S. Real Estate Index VGRLX strategies’ mutual fund share classes are subject to a 0.25% purchase fee intended to minimize the impact of transaction costs on the funds. This benefits current fundholders at the expense of new investors. The exchange-traded fund versions of these strategies are not subject to the purchase fee.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Long-Term Bond Index VBLAX mutual fund share classes are subject to a 0.50% purchase fee intended to minimize the impact of transaction costs on the fund. This benefits current fundholders at the expense of new investors. The exchange-traded fund version of this strategy is not subject to the purchase fee.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Long-Term Corporate Bond Index VLTCX strategy’s mutual fund share classes are subject to a 1% purchase fee intended to minimize the impact of transaction costs on the fund. This benefits current fundholders at the expense of new investors. The exchange-traded fund version of this strategy is not subject to the purchase fee.

Correction (Aug. 31, 2023): In the Aug. 30 stock analyst note Cannabis Shares Rally on Recommendation for Less Stringent Prohibition, the Drug Enforcement Administration was misnamed.

Correction (Aug. 29, 2023): A previous version of How to Use Cash in a Portfolio stated that the 40-year high for the yield on the three-month Treasury bill was 15.1% in September 2021. This has been corrected to 16.3% in May 1981.

Correction (Aug. 28, 2023): Our Aug. 10 Sempra Energy company report had an incorrect star rating when published amid a stock split. The correct rating is 3 stars.

Correction (Aug. 21, 2023): Markets Brief: Is the Bond Market’s Recession Indicator Broken? was updated, as two instances of Duane McAllister’s name had previously been misspelled.

Correction (Aug. 18, 2023): 4 Undervalued Video Game Stocks was updated to indicate that the fair value estimate used for Nintendo was a Morningstar Quantitative Rating.

Correction (Aug. 18, 2023): Retirement in America: Were We Better Off 50 Years Ago? was corrected to say that retirees who qualified for private-company pensions received an average $177 per month in 1973, not $171. A second reference was corrected to indicate that the figure is the average, not the median.

Correction (Aug. 17, 2023): In the Geberit stock analyst note, the amount of price increases was corrected to 11%.

Correction (Aug. 16, 2023): Previous versions of the Saputo company report referred incorrectly to Dairy Crest, Murray Goulburn, and Bute Island Foods.

Correction (Aug. 16, 2023): In the First Solar stock analyst note published Aug. 15, the previous headline referred to an internal audit. It was a third-party audit.

Correction (Aug. 15, 2023): A previous version of the Principal Short-Term Income PSHIX report stated that securitized debt made up between 15% and 25% of the portfolio. That has been corrected to a range of 25% to 40%.

Correction (Aug. 15, 2023): The SPDR Blackstone Senior Loan ETF SRLN report was updated to include Bonnie Brookshaw as a named manager of the fund.

Correction (Aug. 15, 2023): A previous version of Kraft Heinz: Even With a Pending C-Suite Switch, Strategic Sea Change Unlikely; Shares Attractive was updated to correct the discount to our fair value estimate to 35%.

Correction (Aug. 14, 2023): A previous version of Markets Brief: Why Schwab’s Sonders Thinks Stocks Are ‘In a Trickier Phase’ misspelled the name of Morningstar sector strategist Karen Andersen.

Correction (Aug. 14, 2023): A previous version of the VF stock analyst note incorrectly cited “fiscal 2023 EPS guidance.” We have amended this to fiscal 2024.

Correction (Aug. 11, 2023): The article 3 Sustainable Companies Helping to Solve Global Warming was updated to indicate that the data points used for GFL Environmental were Morningstar Quantitative Ratings.

Correction (Aug. 11, 2023): A previous version of the Genuine Parts report contained an incorrect quarter. The firm posted second-quarter earnings.

Correction (Aug. 3, 2023): A previous version of the Infineon Technologies stock analyst note had an incorrect currency in the revenue guidance. The correct currency is euros, not U.S. dollars.

Correction (Aug. 3, 2023): A previous version of the HubSpot stock analyst note referred to the incorrect quarter. The company reported earnings for the second quarter, not the first.

Correction (Aug. 2, 2023): A previous version of Bad Timing Cost Investors One Fifth of Their Funds’ Returns contained an error in our estimate of the Allocation category group’s 10-year annual investor return for the 10-year period ended Dec. 31, 2022, that stemmed from a merger of two target-date fund series in 2022.

Correction (Aug. 1, 2023): 7 Top-Performing High-Yield Bond Funds was updated to correct inaccurate chart information. BrandywineGlobal High Yield Fund’s 5-year category rank is 1, not 10.

Clarification (July 31, 2023): Should You Keep Foreign Stocks Out of Your IRA? has been clarified to add that Canada doesn’t tax dividends on Canadian stocks held in IRAs.

Correction (July 28, 2023): Commercial Real Estate Is in Trouble, but Not for the Reason You Think was updated to include data from Morningstar DBRS.

Correction (July 21, 2023): A previous version of 5 Most Undervalued Defensive Stocks incorrectly referred to a bull market in 2022 instead of a bear market.

Correction (July 20, 2023): A previous version of the Alfa Laval stock analyst note incorrectly said that margin compression of 150 basis points to 15.5% is attributable to an unfavorable sales mix effect in the food division and ongoing weakness in the marine segment. We amended this to 15.0%.

Correction (July 20, 2023): An earlier version of the Assa Abloy stock analyst note incorrectly said shares trade at an almost 25% discount to our revised fair value estimate. We’ve amended this to 20%.

Correction (July 13, 2023): A previous version of the Swatch Group stock analyst note was corrected to remove a claim that we expected to increase our CHF 341 fair value estimate.

Correction (July 6, 2023): A previous version of the T. Rowe Price note launched on July 5, 2023—”T. Rowe Price Announces Changes to its Target-Date Lineup; Ratings Unchanged”—was revised after publishing to clarify the target allocation.

Correction (June 30, 2023): A previous version of the Vanguard Global Wellesley Income and Vanguard Global Wellington reports included an incorrect retirement date for John Keogh. The correct year of 2019 was added, and both reports added clarifying descriptions for the roles of Matthew Baker, Brian Schmeer, Nataliya Kofman, and Noah Atlas.

Correction (June 30, 2023): A previous version of 6 Undervalued Stocks That Just Increased Their Dividends included an incorrect dividend yield for ManpowerGroup, so it was removed from the list.

Correction (June 29, 2023): A previous version of 6 Top-Performing Small-Growth Funds omitted Neuberger Berman Genesis Fund from the list of top-performing funds.

Clarification (June 26, 2023): Because of a system error, disclaimers for some opinion and commentary writers have been deleted. Our editorial policy is to explain that the views expressed by these writers are their own and not necessarily those of Morningstar. Standardized disclaimers will appear on future articles.

Correction (June 26, 2023): How to Convert a 529 Plan to a Roth IRA was corrected to state that the distributed earnings portion of overfunded 529 accounts would be subject to ordinary income tax and a 10% additional tax unless an exception applies. The 10% additional tax does not apply only to early distributions (before age 59½), as previously stated.

Correction (June 26, 2023): A previous version of The Best Current Sources of Retirement Income had an incorrect exhibit for 1% inflation.

Correction (June 22, 2023): A previous version of Ocado Shares Soar on Amazon Takeover Talk included an incorrect Morningstar Rating for Ocado. It is trading at 5 stars, not 3.

Clarification (June 21, 2023): A previous version of A Fund Shop Bets the Ranch on One Stock stated that Horizon Kinetics’ CEO, CIO, and fund manager Murray Stahl was the beneficial owner of nearly $500 million in Texas Pacific Land stock. While this is the figure reported by Texas Pacific Land in its 10-K filing, Stahl says this includes money that he manages for others and that he is a beneficial owner of 25,000 shares worth about $66 million.

Correction (June 14, 2023): The subhead of Why This BlackRock Allocation Fund Earned an Upgrade was corrected to show that Rick Rieder was our 2023 Outstanding Portfolio Manager, not 2022.

Correction (June 13, 2023): A previous version of Pride Month Editor’s Note included a related-article link that misspelled advisor Andrea Romero’s last name.

Correction (June 9, 2023): What’s Inside Anti-ESG Funds? has been updated to include Strive Emerging Markets Ex-China ETF. The number of funds was revised to 27, and a note was added to the first two charts.

Correction (June 9, 2023): The Anti-ESG Fad Might Be Over Before It Got Going has been updated to include Strive Emerging Markets Ex-China ETF.

Clarification (June 8, 2023): The risk and uncertainty section in the June 1 Southwest Airlines company report and the June 6 American Airlines company report was updated to clarify the time frame for using up tax benefits.

Correction (June 6, 2023): The fair value estimate for McKesson was incorrectly displayed on the stock’s quote page. It is $375, not $348.

Clarification (June 5, 2023): The June 2 ChargePoint stock analyst note was updated to clarify in which quarter the company aims to achieve breakeven profitability.

Correction (June 1, 2023): A previous version of 5 Value Stocks With Oakmark’s Bill Nygren incorrectly said that Oakmark owns the nonvoting share class of Alphabet, GOOG. The fund owns the GOOGL share class, which comes with shareholder voting rights.

Correction (May 30, 2023): An earlier version of the fund analyst note “T. Rowe Price Real Estate Portfolio Manager Retiring; Fund Under Review” stated that Gregg Korondi runs a $1 million sleeve of T. Rowe Price U.S. Equity Research. It is a $500 million sleeve.

Correction (May 26, 2023): A previous version of 7 Undervalued Biotech Stocks included incorrect index performance information. Over the trailing 12-month period ending May 17, 2023, the Morningstar US Biotechnology Index gained 11.0%, not 20.7%, and in that same time the overall stock market gained 2.9%, not 8.6%.

Correction (May 26, 2023): A previous version of Is Ford Stock a Buy After Earnings? should have said that Ford’s fair value estimate is $19, not $20.

Correction (May 26, 2023): The fair value estimate for DoorDash was incorrectly displayed on the stock’s quote page. It is $155, not $159.

Correction (May 26, 2023): A video published on Morningstar.com and YouTube on May 22 and 23, 2023, about Berkshire Hathaway’s first-quarter purchases contained incorrect information. Berkshire did not add to its positions in Apple and Bank of America during the first quarter. The video has been removed.

Correction (May 23, 2023): A previous version of the Edison International company report listed an incorrect Morningstar Uncertainty Rating. The correct rating is Medium.

Correction (May 16, 2023): A previous version of Why Pay Up for Bond Funds? included an outdated name for the Bloomberg U.S. Aggregate Bond Index. The inception year for the benchmark was also corrected to 1976.

Correction (May 11, 2023): A previous version of a UPS stock analyst note had an incorrect quarter in the title.

Correction (May 5, 2023): The name of manager Pat Palozzi was misspelled in some mentions in fund reports for Beutel Goodman Canadian Equity Class B and Beutel Goodman North American Focus Equity Class B. This has been corrected.

Correction (May 4, 2023): A previous version of an APA stock analyst note had an incorrect reference to raising our fair value estimate after second-quarter results. We raised our fair value estimate after first-quarter results.

Correction (May 4, 2023): A previous version of a Paycom stock analyst note had an incorrect dividend payout ratio.

Clarification (May 4, 2023): A previous version of the Johnson & Johnson stock analyst note was less specific about the methodology used to value Kenvue compared with similar companies.

Correction (April 26, 2023): An early version of the first paragraph of Roche: Looking Past COVID-19 Headwinds and TIGIT Uncertainty, Portfolio Appears Solid included an incorrect percentage for the decline in reported sales. The text has been updated with the correct figure.

Correction (April 25, 2023): The average active small-growth funds’ results were transposed in an earlier version of The Most Persistent U.S. Equity Funds.

Clarification (April 19, 2023): The headline of a previous version of the April 19 Teck and Glencore note titled Corporate Action: Vote Against Teck’s EVR Spinoff, but Vote to Remove Dual Share Class Structure was revised to make clear we recommend voting against the spinoff but for the removal of the dual class structure.

Correction (April 14, 2023): In a previous version of Long Bonds Are No Longer for Fools, the $100,000 figure in the opening paragraph was incorrectly stated as $10,000.

Correction (April 13, 2023): A previous version of the Principal Equity Income PEIIX report contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): A previous version of the Principal Small-MidCap Dividend Income PMDIX report incorrectly listed Ned Vidinli as a manager on the fund and contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): The first paragraph of Would Raising the Full Retirement Age Really Save Social Security? included an incorrect percentage for the amount of an across-the-board benefit cut. The text has been updated with the correct figure.

Correction (April 6, 2023): An exhibit in Starbucks Shareholder Meeting: Investors Aren’t Unified on Unionization included an incorrect percentage for shareholder support for a proposal to assess Starbucks’ commitment to workers’ rights to unionize. The graphic has been updated with the correct figure.

Correction (April 5, 2023): A previous version of the Harding Loevner International Equity HLMIX report had misspelled the name of manager Babatunde Ojo.

Correction (April 4, 2023): In a previous version of the April 3 Consumer Observer, the fair value estimate for Chipotle was listed as $1,560 in the Companies Mentioned chart on p. 1 and in the text on p. 2. It has been corrected to $1,550.

Correction (March 30, 2023): A previous version of the March 1 note Expenses Continue to Climb for Royal Bank of Canada in First-Quarter Results said “Brewer Dolphin” and was corrected to “Brewin Dolphin.”

Correction (March 29, 2023): Previous versions of the fund analyst notes for BlackRock Multi-Asset Income, BlackRock Dynamic High Income, and BlackRock Managed Income stated that Michael Fredericks was leaving the firm on April 10, 2023. He is stepping down from portfolio management on that date and leaving BlackRock in July.

Correction (March 29, 2023): An earlier version of the March 28 Micron Technology note had an incorrect reference to which quarter was reported.

Correction (March 29, 2023): An earlier version of the March 29 Alibaba note has been corrected to reflect that Taobao Tmall will stay wholly owned by Alibaba Group; the sum-of-the-parts valuation of Alibaba’s current value has been corrected to USD 172 per ADS (HKD 166 per share) from USD 152 (HKD 147); and the reference to six businesses has been corrected to five.

Correction (March 28, 2023): A previous version of the March 2 note Lithium Stocks Falter on Lower Price Fears From Tesla and CATL Announcements, but Our View Unchanged listed “material profit growth” and was corrected to “material profit declines.”

Correction (March 23, 2023): A previous version of the March 23 Darden Restaurants note listed a 120-basis-point improvement and was changed to 70, and other restaurant expenses (40 basis points) was changed to 110.

Correction (March 22, 2023): A previous version of the March 21 VNET note had its fair value estimate corrected to $8.60 instead of $8.50.

Correction (March 17, 2023): Between February 2022 and March 2023, Morningstar incorrectly displayed Analyst Ratings to some users of the Portfolio Manager tool available on Morningstar.com. Specifically, we incorrectly displayed ratings for funds not covered by analysts when users created a custom “My View” in the Portfolio Manager tool on Morningstar.com and chose “Analyst Rating.” During the same period, ratings were consistently accurate within the default Tracking view in Portfolio Manager, as well as on the securities’ quote pages. On the mobile app, we incorrectly displayed the ratings in both the default and custom views of the Portfolio Manager tool.

Correction (March 14, 2023): Previous versions of the Welltower company report misspelled the first name of CEO Shankh Mitra.

Correction (March 10, 2023): A previous version of Bank Stock Selloff Triggered by SVB Financial Liquidity Crunch showed incorrect data in the “Bank Stocks’ Unrealized Losses and Liquidity Risk” table for the Unrealized Losses/Tangible Equity and Liquidity Risk columns. This has been corrected.

Correction (March 9, 2023): An earlier version of The Percentage of Female Fund Managers Is Almost Exactly Where It Was 20 Years Ago incorrectly stated the number of funds in the United States. It is roughly 10,000, not 7,200.

Correction (March 6, 2023): A previous version of the Mercedes-Benz note of Feb. 17, 2023, said “up EUR 1.10″ and was corrected to “up EUR 1.55.”

Correction (March 6, 2023): A previous version of the Lord Abbett Affiliated note indicated that manager Marc Pavese had stepped down from both Lord Abbett Affiliated and Lord Abbett Dividend Growth. He exited only the Affiliated fund.

Correction (Feb. 27, 2023): In 11 Stocks to Examine Through a Sustainability Lens, the January 2020 ESG Risk Ratings were corrected for two companies listed in the table: Equitrans (to High from Severe) and Tyson (to Severe from High).

Correction (Feb. 17, 2023): A previous version of the Feb. 17 AMC note misspelled the name of new CEO Kristin Dolan.

Clarification (Feb. 16, 2023): 3 Tax-Friendly Charitable-Giving Strategies for Retirees was updated to clarify that Roth IRA assets are less desirable as charitable beneficiaries, not as IRA beneficiaries.

Correction (Feb. 13, 2023): Markets Brief: January CPI Report Forecasts Show a Bump in the Road to Lower Inflation was updated to reflect a change in the core CPI forecast numbers.

Clarification (Feb. 8, 2023): The Business Outlook section of the Meta Platforms company report was clarified to say that Facebook is the world’s largest social network, not Meta Platforms.

Correction (Feb. 8, 2023): A correction was inserted into the transcript for the video T. Rowe Price’s Brutal 2022 to indicate that while many T. Rowe Price funds held Rivian in 2022, that company was not in T. Rowe Price New Horizons’ portfolio last year.

Correction (Feb. 7, 2023): The Stock Analyst Note for Royal Caribbean identified a cost growth of 2% and was amended to say cost growth of 1%.

Correction (Feb. 7, 2023): A previous version of VanEck International Investors Gold Manager to Take New Role incorrectly identified the deputy portfolio manager as Maria Smirnova instead of Imaru Casanova.

Correction (Feb. 7, 2023): Because of a data collection error, a previous version of ETF Flows Hold Steady as Markets Rebound in January overstated the month’s ETF inflows by about $8 billion. The overall flows figure has been corrected to $47 billion. Previously unrecorded outflows from a suite of iShares ETFs accounted for most of the difference. IShares finished January with an estimated $3.4 billion net inflow, not $11.8 billion. Exhibits 2 through 5 have been updated.

Correction (Feb. 2, 2023): The Schwab Charitable Fund no longer charges a $100 minimum administrative fee, so this reference was removed from Looking Under the Hood at Schwab Charitable Fund.

Correction (Feb. 2, 2023): The Ariel Fund and Ariel Appreciation fund reports were corrected to indicate that the Morningstar Analyst Ratings for the funds’ cheapest share classes declined to Neutral, not their most expensive share classes.

Correction (Feb. 1, 2023): A previous version of the Phillips 66 Stock Analyst Note said the company reported third-quarter earnings when it should have said fourth-quarter earnings.

Correction (Jan. 31, 2023): A previous version of the Harding Loevner Emerging Markets fund report cited an Average People rating when it should have been Above Average.

Correction (Jan. 30, 2023): The exhibits in 10 Outperforming Actively Managed Stock ETFs were updated to indicate that the lists include only funds that have over $100 million in assets under management.

Correction (Jan. 27, 2023): A previous version of the Stock Analyst Note for Federated Hermes Inc. Class B referred to $4.0 billion in inflows instead of outflows.

Correction (Jan. 26, 2023): A previous version of Don’t Lose Faith in the 60/40 Portfolio misspelled the name of former Federal Reserve Chair Alan Greenspan.

Correction (Jan. 26, 2023): Don’t Lose Faith in the 60/40 Portfolio was updated to correct the 2022 performance difference between the Morningstar US Market Index and the Morningstar US Moderate Target Allocation Index to 4 percentage points.

Correction (Jan. 26, 2023): A previous version of the Stock Analyst Note for Tesla had an incorrect year for management’s deliveries guidance.

Correction (Jan. 25, 2023): A previous version of the Hartford MidCap report incorrectly stated that five of the fund’s share classes were rated Silver and four Bronze. This didn’t account for the A share class’ upgrade, raising the count of Silver share classes to six.

Correction (Jan. 24, 2023): An addendum was added to The Small Advantage for Active Fund Investors to clarify that the return figures for active small-value funds were calculated on a before-tax basis.

Correction (Jan. 23, 2023): A previous version of the Stock Analyst Note for Packaging Corp. of America had an incorrect name in the text. It identified International Paper instead of Packaging Corp.

Correction (Jan. 23, 2023): A previous version of How to Find Stocks Poised to Outperform included incorrect percentages for the number of narrow- and no-moat stocks in the Morningstar US Market Index: 28% have narrow moats, 62% have no moat.

Correction (Jan. 19, 2023): The Champlain Mid Cap Reopens to New Investors Analyst Note was updated to correct the year and amount of assets when the fund closed.

Correction (Jan. 18, 2023): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished Wynn Macau on Jan. 17 to restore the missing content. Although there were no material updates to the reports, it now shows the Jan. 17 republication date.

Correction (Jan. 5, 2023): A previous version of 15 Charts Explaining an Extreme Year for Investors was corrected to revise the columns in the Morningstar Bond Indexes table.

Correction (Jan. 4, 2023): A previous version of Morningstar’s Best- and Worst-Performing Stocks: 2022 misnamed the U.S. Food and Drug Administration.

Correction (Jan. 3, 2023): The article Rating Morningstar’s Fund Ratings was corrected to remove extraneous text.

2022

Correction (Dec. 27, 2022): A previous version of Your 2023 Tax Fact Sheet and Calendar stated that the 2023 exemption amounts for the Alternative Minimum Tax phase-out for single filers with alternative minimum taxable incomes of less than $578,150, and $1,156,300 for married couples filing jointly. This has been corrected to more than $578,150, and $1,156,300.

Correction (Dec. 22, 2022): A previous version of 2022’s Best-Performing Bond Funds included an incorrect ticker for BrandywineGlobal High Yield fund (BGHSX).

Correction (Dec. 21, 2022): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished these reports on Dec. 21 to restore the missing content. Although there were no material updates to the reports, they now show the Dec. 21 republication date. The following companies were affected: AstraZeneca, Aurora Cannabis, Caesars Entertainment, Church & Dwight, Daifuku, Envestnet, EOG Resources, Essential Utilities, Genting Singapore, Itau Unibanco Holding, Occidental Petroleum, TechnipFMC, VeriSign, and Wynn Resorts.

Correction (Dec. 21, 2022): A previous version of 4 Things That Mattered to Your Portfolio misstated the price a virtual yacht sold for in the metaverse. It was $650,000.

Correction (Dec. 13, 2022): The original Dec. 12 version of Investment Lessons From the World Cup incorrectly stated that Morocco won on penalty kicks after holding Portugal to a scoreless draw. Morocco won the match 1-0.

Correction (Dec. 7, 2022): Previous versions of the Principal LifeTime, Principal LifeTime Hybrid, and Principal LifeTime Hybrid CIT series reports stated that five analysts were removed from the team. This has been corrected to state that two of those analysts, including group head Rick Teisch, left on their own accord.

Correction (Dec. 1, 2022): The original Dec. 1 version of Strong Profitability for Salesforce, but Demand Environment Is Not Improving; FVE Cut to $220 and the stock analyst update based on that note misspelled the first name of co-CEO Bret Taylor.

Correction (Nov. 30, 2022): The original Nov. 29 version of Intuit Beats in Q1, but Outlook Cautious With Credit Karma Vulnerability; Shares Attractive referred incorrectly to the period being reported. It is the fiscal first quarter.

Clarification (Nov. 23, 2022): U.S. Fund Flows: Investors Continued to Pull Back in October was revised to make clear that though taxable-bond funds experienced inflows in August, flows were still negative on a trailing three-month basis.

Correction (Nov. 22, 2022): The Analyst Report for Western Asset Core Bond was corrected to indicate that the return of the institutional shares was a 20.2% loss.

Correction (Nov. 16, 2022): The Maslow quotes were corrected in Hate Budgeting? Try Rethinking It.

Correction (Nov. 16, 2022): The original Vanguard table in Which Popular Funds Will Hit Investors With Losses and Capital Gains Distributions This Year? had two repeated entries. It was fixed.

Correction (Nov. 14, 2022): Creating an Environment Where Clients Feel Safe has been corrected to indicate that Harris & Harris Wealth Management is based in Upper Marlboro, Maryland. A previous version of the article misidentified the location.

Correction (Nov. 11, 2022): An earlier version of 4 Stock Funds Where Talent Tops Mediocre Processes misspelled the name of Michael Bennett as Bennet, and Sprucegrove as SpruceGrove.

Correction (Nov. 9, 2022): The Parent rating in the text of the NJBEST 529 College Savings Plan report has been corrected. It is Below Average, not Above Average.

Correction (Nov. 7, 2022): An earlier version of the NM Scholar’s Edge 529 report used an incorrect spelling for the last name of New Mexico Education Trust Board appointee Natalie Cordova as Cordoba.

Correction (Nov. 7, 2022): Getting a Second Opinion on Retirement Readiness was updated to make clear that the author has a position in VWIUX.

Correction (Nov. 7, 2022): When Inflation Surfaced, TIPS Flopped noted incorrectly that the Treasury made the April 12 announcement; it was the Department of Labor.

Correction (Nov. 7, 2022): Are TIPs a Bargain? was corrected to note that the real yield on TIPS since 2013 had not always been negative. It had always been below 1%.

Correction (Nov. 2, 2022): Strong Q3 Indicates Uber May Be Resistant to Macro Uncertainties listed an incorrect author. It was written by Ali Mogharabi, not Michael Hodel.

Correction (Nov. 1, 2022): American Funds EuroPacific Growth originally appeared in The Thrilling 31: A List of Great Funds. The fund is just 1 basis point above the fee cutoff and so has been removed from the article.

Correction (Nov. 1, 2022): How to Find Impact Investments for Your Portfolio was corrected to show that Calvert Impact Capital’s Community Investment Notes pay out 1% to 4% per year, not 0.5% to 3% per year, over one to 10 years, and that Calvert is only expected to offer notes at a higher rate next year.

Correction (Oct. 31, 2022): An earlier version of Big China Stock Bets Continue to Hit Emerging-Markets Funds should have said that the growth of China’s GDP since 1992 was over 4,000%, not 984,411%.

Correction (Oct. 28, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the group of funds analyzed was revised to exclude funds referencing benchmarks other than U.S. stocks, as well as funds that invest in other buffer funds or funds that previously had a different mandate. The data references and exhibits have been updated to reflect these changes. The first buffer funds had inception dates of 2015, not 2016. We also revised the text to clarify that not all buffer funds are linked to a price-based benchmark and that these products are mainly sold to risk-averse investors, not necessarily beginning investors.

Correction (Oct. 28, 2022): In Apple Reports Strong Earnings, but Stock Still Overvalued, the name of the author was incorrectly attributed to Abhijay Gupta. It was written by Abhinav Davuluri.

Correction (Oct. 25, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the name of the Innovator Buffer series of ETFs was corrected. Every fund in the test group posted negative returns for the year to date, not “nearly” every.

Correction (Oct. 24, 2022): A previous version of Will the 60/40 Portfolio Start to Work Again? misspelled the name of Roger Aliaga-Diaz, the head of portfolio construction and chief Americas economist at Vanguard Group.

Correction (Oct. 12, 2022): An earlier version of How MeToo Forced Companies to See the Business Risks of Sexual Misconduct misspelled the last name of Haleh Moddasser as Modasser.

Correction (Sept. 27, 2022): Market Volatility Hasn’t Helped Active Funds Beat Their Passive Peers was originally published with incorrect data. The exhibits and some of the figures have been revised.

Correction (Sept. 27, 2022): Have Stocks Become Cheap? has been updated to correct Exhibit 4’s labels.

Correction (Sept. 23, 2022): An earlier version of 6 Takeaways for Investors From the Fed Meeting misspelled the name of Richard Weiss, chief investment officer for multi-asset strategies at American Century Investments.

Correction (Sept. 19, 2022): A previous version of Is It Still Worth It to Buy I Bonds? incorrectly stated that I Bonds are subject to state and local taxes. I Bonds are exempt from these taxes.

Correction (Aug. 30, 2022): A previous version of 7 Undervalued Small- and Mid-Cap Quality Stocks had a table with a mislabeled column. The column should have been labeled “economic moat,” not “value-growth score.”

Correction (Aug. 24, 2022): A previous version of Why ‘Free’ Robo-Advisors Aren’t Really Free cited the 0.05% rate that Schwab Bank was paying for its high-yield savings account rather than the 0.13% rate the Schwab Intelligent Portfolios program was then paying on cash.

Correction (Aug. 26, 2022): The Inflation Reduction Act’s Impact on Retirees incorrectly stated that hearing benefits were expanded last year. They remain unfinished business.

Correction (Aug. 10, 2022): Coinbase Q2 Earnings Show Ongoing Pressure as Low Crypto Prices Drive Lower Trading Volume has been updated to correct the name of the author to Michael Miller.

Correction to Run, Don’t Walk, for I Bonds (Aug. 10, 2022)—This article was corrected to indicate that the original I Bonds issued by the Treasury could indeed have a negative inflation adjustment, though their yield would never be negative.

Correction to Advanced Micro Devices Q2 Results Show Impressive Execution on Product Roadmap Aug. 4, 2022—An earlier version of this article included the wrong fair value estimate for AMD. It is $130.

Correction to In Praise of Wall Street Aug. 2, 2022—An earlier version of this article incorrectly spelled the last name of author Patrick O’Brian as O’Brien.

Correction to Morgan Stanley Emerging Markets Corporate Debt Is Under Review Because of a Manager Change July 29, 2022—This analyst note was corrected to amend the departure date of former comanager Eric Baurmeister. He left the firm in February 2022, not November 2021.

Corrections to Schroder ISF QEP Global Quality and Schroder QEP Global Core July 18, 2022—These fund reports were corrected to state that Stephen Langford is the co-head of the QEP team, not Stephen Regland.

Correction to Robeco Euro Credit Bonds July 15, 2022—This fund report was corrected to include the correct comanagers.

Correction to Why Higher Fiduciary Standards Help Everybody July 12, 2022—Article was corrected to include Michel André Maréchal’s full name.

Correction to Rating Morningstar’s Fund Ratings July 8, 2022—Ex. 16 was updated to label the globes correctly.

Correction to Schroder Investment Management June 28, 2022—This Parent text was updated to correct the firm’s assets under management to GBP 753 billion from GBP 753 million.

Correction to Matthews Hires a New CEO in an Expected Development June 21, 2022—This analyst note was updated to indicate that Bill Hackett’s tenure as CEO was 13 years instead of roughly nine years.

Correction to The Real Problem With Inflation June 16, 2022—This article was corrected to change the timeline for future inflation expecations to 10 years from five years.

Correction to 4 Undervalued, Recession-Resilient Software Stocks June 15, 2022—This article was updated to reflect a new outlook for Okta. The Morningstar analyst covering Okta has changed, and he lowered the company’s fair value estimate to $193 from $280 since the original time of writing.

Correction to The Real Problem With Inflation June 15, 2022—The table has been updated to correct and update data for the most recent period.

Correction to How Much Are 529 Plans’ Tax Benefits Worth? June 9, 2022—The original article had incorrectly classified Utah’s tax benefit as a deduction. It should be classified as a tax credit.

Correction to What Does Amazon’s Stock Split Mean for Investors? June 6, 2022—This article was updated to correct Amazon’s fair value estimate to $192 per share from $192.50.

Correction Aditya Birla Sun Life Mid Cap May 27, 2022—The report was updated with the correct fund information.

Correction to Vanguard Maintains Its Lead in 529 Plans May 18, 2022—Capital Group manages $93 billion in 529 assets, not $93 million.

Correction to Goldman Sachs Emerging Market Debt May 13, 2022—The report was updated with current text; it had been published with the previous year’s information.

Correction to Climate, Diversity Resolutions Among Key Themes in This Year’s Proxy Season May 6, 2022—An earlier version of this article incorrected stated that a resolution at Amazon asking it to abandon its dual-class share structures made a total of 15 resolutions. The company is Alphabet and a total of 17, not Amazon.

Correction to Royce Total Return’s New Name and Assistant Portfolio Manager Change Do Not Affect Ratings May 5, 2022—This fund analyst note was updated with information about a change in comanagers.

Correction to Autocracy Is a Bad Investment May 3, 2022—This article was updated to remove an incorrect reference to Morningstar analyst Sam Lo regarding BlackRock Emerging Markets.

Correction to The Worst Robo-Advisors of 2022 May 3, 2022—This article has been updated to remove an incorrect advisor for E-Trade Core Portfolios.

Correction to Why ‘Free’ Robo-Advisors Aren’t Really Free April 28, 2022—A previous version of the article cited the wrong rate for Schwab Bank High Yield Investor Savings accounts. The rate paid in the Schwab Intelligent Portfolios program is 0.13%, not 0.05%.

Correction to Schwab U.S. Large-Cap Value ETF April 13, 2022—The fund report was updated after it had been published with the incorrect Parent Pillar text and rating.

Correction to How the Largest Bond Funds Fared in the First Quarter April 11, 2022—A previous version of this article failed to specify that the funds listed in the table and discussed in the story involve the oldest share class of each respective fund.

Correction to Harding Loevner International Equity April 11, 2022—In this Analyst Report, we corrected the start dates and years of experience for Babatunde Ojo. He became a comanager of the Harding Loevner Emerging Markets fund in 2014 and became co-lead in 2016. He has 16 years of experience. We also corrected the range of investment experience for Bryan Lloyd, Patrick Todd, and Batunde Ojo to between 16 and 25 years. We also clarified Ferrill Roll’s roles and tenure with the fund.

Correction to Which Value Stocks Are Leading the Way Over Growth? April 7, 2022—The Morningstar U.S. Large Value Index beat the Morningstar U.S. Growth Index by 15 percentage points in the first three months of 2022. A previous version of this story incorrectly stated that the difference between the two was 15%.

Correction to Best- and Worst-Performing Stocks Quarterly Update April 7, 2022—The number of stocks listed on U.S.-exchanges covered by Morningstar analysts is 863. A previous version of this story incorrectly stated that that was the total number of companies covered by Morningstar analysts.

Correction to 4 Dangerous Assumptions That Could Hurt Your Retirement Plan March 31, 2022—This article was updated to correct the Shiller P/E ratio to 37.

Correction to The Best Target-Date Funds for 2022 and Beyond March 23, 2022—The table and article were corrected to include mention of Fidelity Advisor Freedom’s upgrade.

Corrections to How MeToo Forced Companies to See the Business Risks of Sexual Misconduct and Special Report: How Women Are Breaking the Bias in 2022 March 8, 2022—Previous versions of these articles incorrectly identified Julie Gorte as executive vice president at Pax World Funds. She is senior vice president for sustainable investing at Impax Asset Management

Correction to How Have Top Bond Managers Handled the Russia-Ukraine War? March 7, 2022—This article was updated to correct the weightings in TGEIX and TGWIX.

Correction to 4 Good Reasons to Sell Stocks Now March 3, 2022—The article was corrected to note that if one plans to rebuy the same or a substantially identical security within 30 days of making the sale, the tax loss is disqualified. The number of days was previously incorrect.

Correction to Russia Invasion Sparks Renewable Energy Stock Surge March 2, 2022—A previous version of this article incorrectly identified Joe Keefe as the CEO of Pax World Funds. He is the president of Impax Asset Management.

Correction to Amid Russia Attack, Cybersecurity Stocks Gain March 1, 2022— An earlier version of this story incorrectly stated that Okta shares hit a 52-week high. The shares had hit a 52-week low.

Correction to Why Are Growth Stocks Still Struggling? Feb. 25, 2022—In the original version of this article, the January 2022 values in the “Price/Fair Value Ratios of the Morningstar Equity Style Box” chart were incorrect. The chart has been updated with the correct values.

Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 23, 2022—An earlier version of this article incorrectly included Grayscale Bitcoin Trust (BTC) GBTC and Grayscale Ethereum Trust (ETH) ETHE as active exchanged-traded funds. They are legally designated as grantor trusts.

Correction to Asset Allocation: The Power of Traditional Thinking Feb. 20, 2022—This column was updated to correct the 30-year return figures in Exhibit 2. The nominal annualized return of the informed portfolio was 8.3% and trailed the conventional portfolio by roughly 0.50%, not 10.8% to trail the conventional portfolio by 1.7 percentage points, as previously depicted.

Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 18, 2022—An earlier version of this article incorrectly listed the 2021 net flows of Dimensional US Core Equity 2 ETF DFAC, Dimensional US Targeted Value ETF DFAT, and Dimensional US Equity ETF DFUS. The correct 2021 net flows (in USD, billions) are 0.86, 0.47, and 0.13, respectively.

Correction to What Your Net Worth Statement Is Telling You Feb. 16, 2022—The Cash Total in Exhibit 1 was corrected to $90,600 from $181,200. Total Assets was corrected to $1,654,100 from $1,744,700. Net Worth was corrected to $952,100 from $1,042,700.

Correction to Fidelity Contrafund Feb. 9, 2022—In the analysis from Feb. 12, 2021, Fidelity Contrafund’s asset base was updated to $235 billion from $180 billion.

Correction to Why Have Tech Stocks Been Hit So Hard? Jan. 25, 2022—This article was corrected with new “Undervalued Technology Stocks” and “Technology Stocks to Avoid” tables.

Correction to BlackRock Wins One, Loses Another Jan. 11, 2022—This article was updated to correct the Morningstar Analyst Ratings for Loomis Sayles Small Cap Growth.

Correction to What Makes a Company Great? Jan. 10, 2022—An earlier version of this article incorrectly stated that the Morningstar Wide Moat Focus Index had only 20 constituents. It was also corrected to specify that the index consists only of stocks listed in the United States.

Correction to ETFs Cap Off Another Record Year of Flows With a Stellar December Jan. 3, 2022—This was corrected to indicate that U.S. long-term bond ETFs collected $836 million, not billion.

2021

Correction to “ETFs Proved Their Tax Advantages Are Still Strong in 2021″ Dec. 29, 2021—An earlier version of this article stated an incorrect number of Dimensional ETFs distributing capital gains in 2022. The article and exhibits have been updated to reflect the accurate data.

Correction to “My 33 Investment Years” Dec. 27, 2021—The reference after Exhibit 2 to the 1988 figure was corrected to trillion, not billion.

Correction to “These ESG Funds Have Style” Nov. 9, 2021—An earlier version of this article described Calvert’s ESG process as exclusionary. The article was updated to reflect more nuances in its approach.

Correction to “What’s Inside the 4 Largest Clean Energy ETFs” Dec. 7, 2021—This was updated to correct the underlying indexes for First Trust Nasdaq Clean Edge Green Energy ETF QCLN and Invesco WilderHill Clean Energy ETF PBW.

Correction to “What’s a Safe Retirement Spending Rate for the Decades Ahead?” Nov. 29, 2021—The starting withdrawal rate in Ex. 1 in this article was corrected.

Correction to “Investors Return to U.S. Equity Funds in October” Nov. 19, 2021—A previous version of this report underestimated the trailing 12-month flows for Dimensional Fund Advisors by approximately $4.7 billion because of an error in the September flows for one fund, Dimensional World ex US Core Equity 2 ETF DFAX. DFA’s total TTM estimated flows were negative $16.3 billion at the end of October rather than negative $20.5 billion.

Correction to “How a Little Bitcoin Can Change Your 60/40 Portfolio a Lot” Nov. 11. 2021—This article was updated to correct the omission of a drawdown period in Exhibit 4.

Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This article was updated to include the correct 2021 information for Harbor Funds.

Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This version of the article has a corrected Flows table and removed reference to the number of top flow-getters launched in the third quarter.

Correction to “What Banks’ Climate Pledges Mean for Energy and Utility Stocks” Nov. 5, 2021—The article was updated to correct the name of the analyst from Calvert. His name is Dan Dorman.

Correction to “Investors Turn to Foreign Stocks in August” Oct. 4, 2021—The final exhibit of this article was corrected to show that Dimensional Fund Advisors recorded inflows of $176 million in August 2021 instead of $80 million in outflows.

Correction to “Green Muni Bonds Are Blooming Slowly” Oct. 1, 2021—This article was updated to correct the market caps of the S&P Municipal Bond Index and the S&P U.S. Municipal Green Bond Index.

Correction to “Why Funds Die” Sept. 28, 2021—This article was updated to correct the information about Invesco in the Fund Closures by Fund Provider exhibit.

Correction to Delaware Ivy International Core Equity Sept. 13, 2021—This analysis from Aug. 27, 2021, was corrected to reflect a Parent rating of Above Average rather than the Average rating that was initially published. This resulted in the Morningstar Analyst Ratings for the I and R6 share classes being changed to Silver from the incorrect Bronze ratings that were initially published for those share classes. All other pillar ratings and share class ratings were correct.

Correction to “Vanguard Total Bond Market: A Success Story” Aug. 20, 2021—Edited after publication to correct the initial investment mentioned in Exhibit 5. Correction to “Sequence of Returns: What It Means and How to Deal” Aug. 10, 2021—Numbers in Exhibit 2 were corrected.

Correction to “Using Annuities During Retirement” Aug. 2, 2021—Numbers in Exhibit 2 were corrected.

Correction to “The Promise and Peril of Ethereum, Part II” Aug. 2, 2021—This article was corrected to remove a reference to ether recovering most of its losses since its May price drop.

Correction to “T. Rowe Price’s CEO to Retire” July 30, 2021—This article was corrected to indicate that Bill Stromberg’s start date as T. Rowe Price’s chair of the board of directors was 2019, not 2016.

Correction to MFS Emerging Markets Equity July 26, 2021—This July 22, 2021, report was changed to add the correct reasons for the future departures of Robert Lau and Jose Luis Garcia.

Correction to “Using History’s Lessons to Evaluate Today’s Investments” May 25, 2021—This article corrected the reference to Exhibit 1. It addresses the interest rate of long-term government bonds, not corporate bonds.

Correction to “David Swensen: The Peter Lynch of Institutional Investing” May 12, 2021—The name and ticker symbol of Vanguard Wellington VWELX were corrected.

Correction to “A Process Tweak at Brown Capital Management Small Company Doesn’t Impact Ratings” April 26, 2021—This fund analyst note was corrected to state that Brown Capital Management changed the fund’s prospectus to say it now seeks companies with up to $500 million of operating revenue, not at least $500 million of such revenue.

Correction to “Vanguard Mishap Leads to an Estimated $200 Million Windfall for Investors” April 22, 2021—This article was updated to indicate that Vanguard has taken sole responsibility for crafting the unintentionally riskier allocations in The Vanguard 529 Plan.

Correction to “How and When to Take Your RMD” April 15, 2021—The reference to the elimination of the RMD requirement was changed to correct the year to 2020.

Correction to “Emerging-Markets Equities: A Promise Half-Fulfilled” April 12, 2021—This article was edited to add a clarification about the average net worth of China’s parliamentary members.

Correction to BlackRock LifePath Index Series March 31, 2021—Because of an error, the Morningstar Analyst Rating for the 2030 fund’s class 15 and 35 share classes were incorrect. We have corrected the Analyst Ratings to Silver and Gold, from Gold and Silver, respectively.

Correction to “Did GameStop Put Congress on the Right Track to Improving Trading Regulation?” March 28, 2021—An earlier version of this article incorrectly attributed a statement to Citadel CEO Kenneth Griffin. The full quote, “When your broker is being paid for order flow, you get a worse execution,” was said by Rep. Brad Sherman, D-California, during the U.S. House Financial Services Committee hearing last month.

Correction to “Your 2021 Tax Fact Sheet and Calendar” March 26, 2021—An earlier version of this article incorrectly stated that May 17, 2021, is the deadline for estimated taxes for the first quarter of 2021. The deadline is April 15, 2021.

Correction to Analyst Note for American Funds Income Fund of America March 9, 2021—Morningstar published an analyst note that incorrectly stated that American Funds Income Fund of America’s dividend is being cut. This note has since been published for the correct fund, American Funds Capital Income Builder. Correction to VMware CEO Departure Provides Buying Opportunity March 4, 2021—This Stock Analyst Update was corrected to list author Mark Cash.

Correction to Baird Aggregate Bond Report Feb. 19, 2021—The Feb. 11, 2021, report included a Morningstar Analyst Rating of Silver for Baird Aggregate Bond Institutional BAGIX. This was in error, and it has since been corrected to a Morningstar Analyst Rating of Gold.

Correction to “Required Minimum Distributions: Why All the Tinkering?” Feb. 17, 2021—An earlier version of this article stated that the QLAC purchase limit was $125,000. This was corrected to $135,000.

Feb. 24, 2021—An earlier version of this article stated that the SECURE Act lifted the age at which you must take RMDs to 72 1/2. This was corrected to 72.

Correction to How Fares the World’s Largest 401(k) Plan? Feb. 16, 2021—This article was been updated to correct the asset allocation of Lifecyle Income.

Correction to “Vanguard’s Target-Date Fund Flows Plummet in 2020″ After publication, Exhibit 2 was corrected regarding American Funds’ 2020 net flows and percentage change.

Correction to “Funds for 2021 and Beyond” The January 2021 issue of FundInvestor incorrectly stated that Artisan International Value ARTKX gained just 1% in 2020. The correct figure was 8.5%, which was just slightly below the return of category peers and benchmark. The text in this article has been changed to remove the incorrect reference to Artisan’s returns in 2020.

Correction to “Does Your Portfolio Need Bitcoin?” This article was updated to remove a reference to Guggenheim Macro Opportunities GIOIX seeking SEC approval to invest up to 10% of its assets in Grayscale Bitcoin Trust GBTC. After the article went to press, we were informed that this is no longer the case. We also revised the article to clarify that Osprey Bitcoin Trust is currently available as a private placement.

Correction to “Indirect Roth IRA Contributions: Backdoor or Trapdoor?” Jan. 20, 2021—An earlier version of this article reversed the terminology in the Don examples. It has been corrected to list taxable and income-excludible where appropriate.

Correction to “Your 2021 Tax Fact Sheet and Calendar” Jan. 19, 2021—An earlier version of this article incorrectly stated that catchup contributions are available for SEP IRAs. The total contribution limit for SEP IRAs is $58,000 in 2021 regardless of the contributor’s age.

Correction to Morningstar Quantitative Ratings An error was detected with the Morningstar Quantitative Ratings published as of Oct. 31, 2020, and Nov. 30, 2020. Some of these Morningstar Quantitative Ratings consumed missing and incorrect data as part of the process to generate the final ratings.

All Morningstar Quantitative Ratings for open-end mutual funds, exchange-traded funds, annuity subaccounts, and separate accounts published as of Oct. 31, 2020, and Nov. 30, 2020, have been removed. Morningstar Quantitative Ratings are being displayed as of Sept. 30, 2020.

Correction to Market Update “Contrarian Tilts for Your Portfolio” The original version of this article published on Jan. 4, 2021, incorrectly stated the Morningstar Quantitative Ratings for four funds. In Exhibit 4, the ratings for iShares Global Energy ETF, iShares U.S. Oil & Gas Exploration & Production ETF, and John Hancock Multifactor Energy ETF were changed to Silver from Gold. In Exhibit 6, TCW Enhanced Commodity Strategy’s rating was corrected to Silver from Gold (Jan. 6, 2021).

An earlier version of the article displayed data and ratings for iShares Global Financials ETF in Exhibit 5. The fund was replaced with iShares U.S. Financials ETF (Jan. 6, 2021).

Exhibits 4, 5, and 6 were updated to indicate that the Morningstar Quantitative Ratings were as of Sept. 30, 2020 (Jan. 6, 2021).

2020

Correction to “Required Minimum Distributions: Why All the Tinkering?” An earlier version of this article stated that the QLAC limit was $125,000. This has been corrected to $135,000.

Correction to Advisor Digest e-newsletter The e-newsletter from Dec. 8, 2020, included an incorrect headline. Dan Fuss is not retiring from Loomis Sayles; he is stepping away from portfolio management duties.

Correction to Credit Suisse Asset Management Parent Analysis The analysis from Nov. 13, 2020, was corrected to identify the firm’s new head of the Americas.

Correction to Analyst Report—SPDR Portfolio S&P 500 Growth ETF The report for SPDR Portfolio S&P 500 Growth ETF SPYG that was published on April 30, 2020, had the fund’s Morningstar Analyst Rating listed as Bronze. It has been corrected to Silver.

Disclosure Correction to Several Articles Nov. 30, 2020—An earlier version of several articles/videos incorrectly stated that the primary analyst did not own any shares in any of the securities mentioned. At the time of publication of each article, a family member of the analyst owned shares in Stryker SYK in an account managed by a third party. Morningstar has confirmed that her ownership of Stryker did not influence any ratings or analysis. This correction applies to:

• July 2020: “Backlog Grows for Orthopedic Procedures”
• December 2019 video: “Orthopedic Robots Have a Promising Future”
• July 2018: “Stryker Posts Another Strong Quarter”
• December 2017: “We Like Zimmer’s Pick for CEO”
• August 2016: “Will Robots Take Their Place in Orthopedics?”
• May 2016 video: “This Medical Device Maker Is Ankles and Shoulders Ahead”

Correction to GA Path2College 529 Plan Oct. 30, 2020—The report from Oct. 27, 2020, was corrected to show the accurate deductions and equity stakes.

Correction to Advisor Insights “Providing for Minor Children After SECURE” Oct. 13, 2020—An earlier version of this article incorrectly stated the ages for full distribution of traditional IRA-funded trusts.

Correction to Commentary “How Big Fund Families Voted on Climate Change: 2020 Edition” Oct. 2, 2020—An earlier version of this article incorrectly stated the level of Fidelity ex-Geode’s support of disclosure requests. Geode supported a majority of climate-related disclosure requests, not both Fidelity ex-Geode and Geode.

Correction to Analyst Note—MFS Massachusetts Investors Trust Sept. 9, 2020—The Analyst Note about MFS Massachusetts Investors Trust MITTX that was published on June 30, 2020, had an incorrect date regarding the retirement of manager Kevin Beatty. He will retire on Sept. 30, 2021, not 2020.

Correction to Stock Analyst Note—China Telecom Aug. 19, 2020—In the China Telecom note published Aug. 19, we replaced the retail section of the original note, which had been published with old information.

Here is the corrected text:

China Telecom reported a reasonable first-half result in the circumstances with revenue increasing by 2% and both EBITDA and net profit broadly flat. It did report the best revenue growth numbers in the Chinese telecom sector in the second quarter with service revenue growing 4.3% compared with the industry average of 3.4% but second-quarter operating profit was down 3.6% with operating costs up 6.1%. Revenue growth for China Telecom was much more evenly spread with mobile services and wireline services both growing at around 2.5% for the first half.

We retain our fair value estimate for China Telecom at HKD 4.54 (USD 59 per ADR) representing only 17.3 times 2020 forecast earnings per share. The stock has moved back to 4-star territory after the 20% share price rise over the past 2 weeks but still looks reasonable value. We make no changes to our no-moat rating for China Telecom which stems from its returns remaining below WACC. Its returns have remained below WACC for each of the past 10 years and we expect this to remain the case in our forecast period despite our expectation that returns will improve. We forecast operating income to grow at an average of 5% per year over the next five years.

China Telecom’s mobile services revenue, which accounts for 48% of the total, was up 2.5% in the first half. This continues the trend of China Telecom taking market share in mobiles given China Unicom’s mobile services revenue was down 2.8% and China Mobile’s was down 1.6% over the same period. Mobile data pricing trends indicate competition levels are declining. Industry unit mobile data pricing declined at an average of around 50% per year from 2016 until the first half of 2019. This pricing decline was down to 22% in first-half 2020. We see this as a sign of more rational competition among the mobile operators.

Correction to Analyst Report—Nuveen All-American Municipal Bond R6 Aug. 6, 2020—In the analysis published on July 17, 2020, the Morningstar Analyst Rating for Nuveen All-American Municipal Bond R6 FAAWX was incorrect due to an error in the prospectus adjusted operating expense ratio. The share class’ rating has been corrected to Bronze.

Correction to Investing Specialists “Understanding the 4 Key Annuities Types” Aug. 3, 2020—An earlier version of this article incorrectly stated the amount that an investor can use in a qualified longevity annuity contract. A QLAC allows an individual to steer up to $135,000 ($270,000 for married couples) from an IRA into a deferred annuity, not $125,000 ($250,000 for married couples).

Correction to Analyst Report—First Trust High Yield Long/Short Aug. 3, 2020—First Trust High Yield Long/Short HYLS was republished with a correct Morningstar Analyst Rating of Neutral after an error in the prospectus adjusted operating expense ratio was corrected.

Correction to Sept. 10, 2019, article July 23, 2020—A previous version of the Sept. 10, 2019, article by Sarah Newcomb titled “The Present Bias Booby Trap” incorrectly stated that Amos Tversky won a Nobel Prize for his work on Prospect Theory.

Correction to July 13, 2020, Fund Spy July 14, 2020—An earlier version of the Fund Spy titled “The 10 Biggest Fee Cuts of the Year” mistakenly included two FPA funds. FPA Crescent’s FPACX fee actually declined just 2 basis points, and FPA International Value’s FPIVX was flat at 1.29%. We have removed them from the text and table.

Correction to Structured Notes: Buyer Beware May 26, 2020 June 5, 2020—An earlier version of this white paper incorrectly included simulated results on Page 6 based on a two-year maturity length instead of a 2.5-year maturity length. The corrected results show a $1,042 expected value of all payouts, a 1.67% mean rate of annualized return, and 2,048 different payout-stream possibilities (instead of $1,033, 1.65%, and 512, respectively).

Correction to Sustainability Matters April 9, 2020 June 2, 2020—Exhibit 1 was replaced with a corrected version.

Correction to Morningstar Quantitative Ratings Feb. 7, 2020—During the January 2020 production of Morningstar Quantitative Ratings for funds, pillar scores did not update for a portion of the global universe, with 0.5% of share classes affected. Those share classes were rated using the prior month’s pillars. The issue has been corrected and will update during February’s production.

MFS Emerging Markets Equity Fund

MFS Emerging Markets Equity Fund

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