Morningstar Fund Family 150 Report

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Morningstar Fund Family 150 Research on the 150 Largest U.S. Fund Families

Morningstar Research Services January 1 2021

Introduction The Fund Family 150 report helps thousands of investors evaluate the 150 largest U.S. fund families.

Contents 1 Introduction 2 Contents 8 Summary 15 Fund Family Pages 166 Appendix

Morningstar Research Services ManagerResearchServices@

This report puts Morningstar's data, ratings, and commentary in a single document that is easy for investors to navigate. Additionally, we include facts and figures for each fund family's market share, flows, and fees.

Our objectives include: 1. Make information on fund families transparent and easy to find 2. Eliminate information asymmetry 3. Verify the statistics provided by asset managers 4. Give credibility to fund companies that act in investors' best interests

Of the 800 fund families in the U.S., these fund families account for 98% of the $23.2 trillion invested in U.S. open-end mutual funds and ETFs.

Download the Data Make side-by-side comparisons by downloading the Fund Family 150 spreadsheet.

Download the Data

Source: Morningstar Research Services, Morningstar Direct. Data as of 12/31/2020 for open-end funds and exchange-traded funds available to investors in the United States. Please see the Appendix for information about the data in this report or contact ManagerResearchServices@.

Fund Family 150 Contents

Fund Family

Page

Aberdeen

16

AIG

17

Akre

18

Alger

19

AllianceBernstein

20

Allianz Global Investors

21

ALPS

22

Amana

23

American Beacon

24

American Century

25

American Funds

26

AMG (Affiliated Managers Group)

27

Amundi (Pioneer)

28

Angel Oak

29

AQR

30

Ariel

31

Ark Financial

32

Artisan

33

Baillie Gifford

34

Baird

35

Baron

36

BB&T

37

BBH (Brown Brothers Harriman)

38

BlackRock / iShares

39

Blackstone

40

Page 2

Rating

? Average ? Below Average Above Average ? Average ? Average ? Average ? Below Average Above Average Above Average ? Average High ? Average ? Average ? Average ? Average ? Average ? Average Above Average High Above Average Above Average ? Average Above Average Above Average Above Average

Quantitative Ranking

92 142 107 127 68 104 143 130 64 47 3 57 103 144 53 49 149 73 8 1 56 51 62 19 148

Fund Assets USD Bil

$15 $8 $16 $30 $105 $19 $10 $4 $23 $140 $2,037 $26 $46 $7 $17 $4 $34 $70 $18 $88 $42 $6 $12 $2,342 $5

Source: Morningstar Research Services, Morningstar Direct. Data as of 12/31/2020 for open-end funds and exchange-traded funds available to investors in the United States. Please see the Appendix for information about the data in this report or contact ManagerResearchServices@.

Fund Family 150 Contents

Page 3

Fund Family

BMO BNY Mellon Boston Partners (Robeco) Bridge Builder (Edward Jones) Brown Advisory Brown Capital Buffalo Calamos Carillon Causeway Champlain Charles Schwab City National Rochdale Cohen & Steers Columbia Threadneedle Conestoga Credit Suisse Davis Delaware Destination DFA Diamond Hill Dodge & Cox DoubleLine Driehaus

Page

Rating

Quantitative Ranking

Fund Assets USD Bil

41

? Average

86

$9

42

? Average

100

$78

43

Above Average 118

$3

44

? Average

23

$106

45

Above Average 52

$17

46

Above Average 35

$9

47

? Below Average 95

$5

48

? Average

65

$19

49

? Average

14

$20

50

Above Average 40

$10

51

Above Average 29

$9

52

Above Average 5

$319

53

? Low

150

$7

54

Above Average 27

$32

55

? Average

84

$188

56

Above Average 16

$4

57

? Average

18

$6

58

Above Average 60

$13

59

Above Average 117

$66

60

? Low

146

$14

61

High

26

$433

62

Above Average 43

$18

63

High

2

$206

64

? Average

75

$84

65

Above Average 124

$4

Source: Morningstar Research Services, Morningstar Direct. Data as of 12/31/2020 for open-end funds and exchange-traded funds available to investors in the United States. Please see the Appendix for information about the data in this report or contact ManagerResearchServices@.

Fund Family 150 Contents

Page 4

Fund Family

Page

DWS

66

Eaton Vance

67

Edgewood

68

Eventide

69

Federated

70

Fidelity

71

First Eagle

72

First Trust

73

FMI (Fiduciary Management, Inc.)

74

FPA (First Pacific Advisors)

75

Franklin Templeton

76

Frost

77

Gabelli

78

Glenmede

79

Global X

80

GMO

81

Goldman Sachs

82

GQG Partners

83

Grandeur Peak

84

Great-West

85

Guggenheim

86

GuideStone

87

Harbor

88

Harding Loevner

89

Hartford

90

Rating

? Average ? Average Above Average ? Average ? Average Above Average Above Average ? Average High Above Average ? Average ? Average ? Below Average ? Average ? Average Above Average ? Average Above Average ? Average ? Average ? Average ? Average Above Average Above Average Above Average

Quantitative Ranking

123 99 38 136 55 41 37 145 31 110 66 94 112 97 135 20 67 72 89 134 119 101 21 42 82

Fund Assets USD Bil

$34 $111 $27 $7 $85 $2,167 $66 $108 $8 $21 $501 $4 $9 $7 $21 $30 $136 $7 $5 $19 $39 $15 $58 $33 $138

Source: Morningstar Research Services, Morningstar Direct. Data as of 12/31/2020 for open-end funds and exchange-traded funds available to investors in the United States. Please see the Appendix for information about the data in this report or contact ManagerResearchServices@.

Fund Family 150 Contents

Page 5

Fund Family

Hennessy Hotchkis and Wiley Invesco Ivy J O Hambro Jackson National Janus Henderson Jensen John Hancock JP Morgan Lazard Longleaf Lord Abbett Mairs & Power Manning & Napier MassMutual Matthews Mercer Meridian MFS Morgan Stanley Mutual of America Nationwide Natixis / Oakmark NAVigator

Page

Rating

Quantitative Ranking

Fund Assets USD Bil

91

? Average

138

$4

92

Above Average 70

$3

93

? Average

88

$620

94

? Average

131

$60

95

Above Average 83

$13

96

Above Average 128

$206

97

? Average

79

$176

98

High

7

$10

99

Above Average 69

$142

100

Above Average 33

$439

101

Above Average 32

$25

102

Above Average 59

$5

103

? Average

81

$172

104

Above Average 11

$6

105

? Average

61

$6

106

? Average

96

$37

107

Above Average 24

$25

108

Above Average 54

$13

109

Above Average 105

$5

110

Above Average 13

$325

111

? Average

76

$85

112

Above Average 17

$11

113

? Average

129

$19

114

? Average

45

$128

115

Above Average 71

$7

Source: Morningstar Research Services, Morningstar Direct. Data as of 12/31/2020 for open-end funds and exchange-traded funds available to investors in the United States. Please see the Appendix for information about the data in this report or contact ManagerResearchServices@.

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