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 July 1 2019

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

Michael Laske Morningstar Research Services +1 (312) 696-6394 michael.laske@

Introduction Twice a year, Morningstar publishes the Fund Family 150 report, an update on the 150 largest U.S. fund families.

Of the 777 fund families in the U.S., these fund families account for 99% of the $19.3 trillion invested in U.S. funds and ETFs.

This report puts data and insights in the hands of investors who want transparency. We show each fund family's rating and data for a variety of metrics; for example, market share, flows, and fees.

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

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 6/30/2019 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 Michael Laske at michael.laske@.

Fund Family 150 Contents

Fund Family

Page

Aberdeen

16

AIG

17

Akre

18

Alger

19

AllianceBernstein

20

Allianz Global Investors

21

ALPS

22

American Beacon

23

American Century

24

American Funds

25

AMG (Affiliated Managers Group)

26

Angel Oak

27

AQR

28

Ariel

29

Artisan

30

AXA

31

Baillie Gifford

32

Baird

33

Baron

34

BBH (Brown Brothers Harriman)

35

BlackRock / iShares

36

Blackstone

37

BMO

38

BNY Mellon

39

Boston Partners (Robeco)

40

Rating

? Neutral ? Negative Positive ? Neutral ? Neutral ? Neutral ? Negative Positive ? Neutral Positive ? Neutral ? Neutral Positive Positive Positive ? Neutral Positive Positive Positive Positive Positive Positive ? Neutral ? Neutral Positive

Page 2

Quantitative Ranking

122 145 83 131 79 102 143 46 68 3 53 134 74 37 73 129 12 2 50 67 34 116 98 85 117

Fund Assets USD Bil

$12 $13 $11 $20 $87 $16 $13 $28 $107 $1,660 $29 $8 $24 $4 $50 $47 $10 $59 $26 $10 $1,857 $8 $7 $75 $8

Source: Morningstar Research Services, Morningstar Direct. Data as of 6/30/2019 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 Michael Laske at michael.laske@.

Fund Family 150 Contents

Page 3

Fund Family

Bridge Builder (Edward Jones) Brookfield Brown Advisory Brown Capital Buffalo (KCM) Calamos Calvert Carillon Catalyst Causeway Champlain City National Rochdale Cohen & Steers Columbia Threadneedle Credit Suisse Davis Delaware (Macquarie) Destination DFA (Dimensional) Diamond Hill Dodge & Cox DoubleLine DWS Eaton Vance Edgewood

Page

Rating

Quantitative Ranking

Fund Assets USD Bil

41

? Neutral

28

$73

42

? Neutral

97

$5

43

Positive

44

$10

44

Positive

64

$6

45

? Neutral

58

$4

46

? Neutral

72

$15

47

? Neutral

119

$15

48

? Neutral

18

$17

49

? Negative

147

$6

50

Positive

40

$11

51

Positive

39

$5

52

? Negative

150

$6

53

Positive

30

$25

54

? Neutral

92

$150

55

? Neutral

21

$11

56

Positive

47

$13

57

? Neutral

63

$53

58

? Negative

149

$12

59

Positive

16

$424

60

Positive

32

$15

61

Positive

1

$206

62

? Neutral

23

$86

63

? Neutral

112

$48

64

? Neutral

78

$80

65

Positive

43

$15

Source: Morningstar Research Services, Morningstar Direct. Data as of 6/30/2019 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 Michael Laske at michael.laske@.

Fund Family 150 Contents

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Fund Family

Eventide Federated Fidelity First Eagle First Investors First Trust FMI (Fiduciary Management, Inc.) FPA (First Pacific Advisors) Franklin Templeton Frost Gabelli Glenmede Global X GMO Goldman Sachs Great-West Guggenheim GuideStone Harbor Harding Loevner Hartford Hennessy Hotchkis and Wiley Invesco IVA (International Value Advisers)

Page

Rating

66

? Neutral

67

? Neutral

68

Positive

69

? Neutral

70

? Negative

71

? Neutral

72

Positive

73

Positive

74

? Neutral

75

? Negative

76

? Negative

77

Positive

78

[ ? Negative

79

? Neutral

80

? Neutral

81

? Neutral

82

? Neutral

83

] Positive

84

Positive

85

Positive

86

Positive

87

? Neutral

88

Positive

89

? Neutral

90

Positive

Quantitative Ranking

137 61 36 31 144 148 7 111 45 84 107 69 123 33 62 136 121 110 42 25 75 138 51 95 54

Fund Assets USD Bil

$4 $67 $1,664 $70 $10 $73 $13 $22 $354 $5 $11 $11 $11 $35 $102 $18 $29 $13 $47 $27 $116 $5 $6 $540 $10

Source: Morningstar Research Services, Morningstar Direct. Data as of 6/30/2019 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 Michael Laske at michael.laske@.

Fund Family 150 Contents

Page 5

Fund Family

Ivy J O Hambro Jackson National Janus Henderson Jensen John Hancock JP Morgan KP Funds (Kontel Technologies) Lazard Legg Mason / Royce Longleaf Lord Abbett LSV MainStay / IndexIQ Mairs & Power Manning & Napier MassMutual Matthews Mercer Meridian (ArrowMark) MFS Morgan Stanley Nationwide Natixis / Loomis Sayles / Oakmark NAVigator

Page

Rating

91

? Neutral

92

Positive

93

Positive

94

? Neutral

95

Positive

96

Positive

97

Positive

98

[ ? Neutral

99

Positive

100

Positive

101

Positive

102

? Neutral

103

Positive

104

? Neutral

105

Positive

106

? Neutral

107

? Neutral

108

Positive

109

? Neutral

110

Positive

111

Positive

112

? Neutral

113

? Neutral

114

? Neutral

115

] Positive

Quantitative Ranking

135 86 113 60 5 76 27 22 35 55 52 71 17 109 19 108 96 13 48 56 14 91 125 38 120

Fund Assets USD Bil

$58 $10 $176 $142 $8 $130 $336 $8 $28 $133 $7 $146 $4 $56 $6 $6 $32 $25 $7 $4 $241 $51 $16 $143 $5

Source: Morningstar Research Services, Morningstar Direct. Data as of 6/30/2019 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 Michael Laske at michael.laske@.

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