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

Contents

1

Introduction

2

Contents

8

Summary

15

Fund Family Pages

166 Appendix

Introduction

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

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

Morningstar Research Services

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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@.

Page 2

Fund Family 150

Contents

Fund Family

Page

Rating

Quantitative

Ranking

Fund Assets

Aberdeen

16

?

Average

92

$15

AIG

17

¡́

Below Average

142

$8

Akre

18

¡̃

Above Average

107

$16

Alger

19

?

Average

127

$30

AllianceBernstein

20

?

Average

68

$105

Allianz Global Investors

21

?

Average

104

$19

ALPS

22

¡́

Below Average

143

$10

Amana

23

¡̃

Above Average

130

$4

American Beacon

24

¡̃

Above Average

64

$23

American Century

25

?

Average

47

$140

American Funds

26

¡̃

High

3

$2,037

AMG (Affiliated Managers Group)

27

?

Average

57

$26

Amundi (Pioneer)

28

?

Average

103

$46

Angel Oak

29

?

Average

144

$7

AQR

30

?

Average

53

$17

Ariel

31

?

Average

49

$4

Ark Financial

32

?

Average

149

$34

Artisan

33

¡̃

Above Average

73

$70

Baillie Gifford

34

¡̃

High

8

$18

Baird

35

¡̃

Above Average

1

$88

Baron

36

¡̃

Above Average

56

$42

BB&T

37

?

Average

51

$6

BBH (Brown Brothers Harriman)

38

¡̃

Above Average

62

$12

BlackRock / iShares

39

¡̃

Above Average

19

$2,342

Blackstone

40

¡̃

Above Average

148

$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@.

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Fund Family 150 Contents

Page 3

Fund Family

Page

Rating

Quantitative

Ranking

Fund Assets

BMO

41

?

Average

86

$9

BNY Mellon

42

?

Average

100

$78

Boston Partners (Robeco)

43

¡̃

Above Average

118

$3

Bridge Builder (Edward Jones)

44

?

Average

23

$106

Brown Advisory

45

¡̃

Above Average

52

$17

Brown Capital

46

¡̃

Above Average

35

$9

Buffalo

47

¡́

Below Average

95

$5

Calamos

48

?

Average

65

$19

Carillon

49

?

Average

14

$20

Causeway

50

¡̃

Above Average

40

$10

Champlain

51

¡̃

Above Average

29

$9

Charles Schwab

52

¡̃

Above Average

5

$319

City National Rochdale

53

¡́

Low

150

$7

Cohen & Steers

54

¡̃

Above Average

27

$32

Columbia Threadneedle

55

?

Average

84

$188

Conestoga

56

¡̃

Above Average

16

$4

Credit Suisse

57

?

Average

18

$6

Davis

58

¡̃

Above Average

60

$13

Delaware

59

¡̃

Above Average

117

$66

Destination

60

¡́

Low

146

$14

DFA

61

¡̃

High

26

$433

Diamond Hill

62

¡̃

Above Average

43

$18

Dodge & Cox

63

¡̃

High

2

$206

DoubleLine

64

?

Average

75

$84

Driehaus

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@.

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Fund Family 150 Contents

Page 4

Fund Family

Page

Rating

Quantitative

Ranking

Fund Assets

DWS

66

?

Average

123

$34

Eaton Vance

67

?

Average

99

$111

Edgewood

68

¡̃

Above Average

38

$27

Eventide

69

?

Average

136

$7

Federated

70

?

Average

55

$85

Fidelity

71

¡̃

Above Average

41

$2,167

First Eagle

72

¡̃

Above Average

37

$66

First Trust

73

?

Average

145

$108

FMI (Fiduciary Management, Inc.)

74

¡̃

High

31

$8

FPA (First Pacific Advisors)

75

¡̃

Above Average

110

$21

Franklin Templeton

76

?

Average

66

$501

Frost

77

?

Average

94

$4

Gabelli

78

¡́

Below Average

112

$9

Glenmede

79

?

Average

97

$7

Global X

80

?

Average

135

$21

GMO

81

¡̃

Above Average

20

$30

Goldman Sachs

82

?

Average

67

$136

GQG Partners

83

¡̃

Above Average

72

$7

Grandeur Peak

84

?

Average

89

$5

Great-West

85

?

Average

134

$19

Guggenheim

86

?

Average

119

$39

GuideStone

87

?

Average

101

$15

Harbor

88

¡̃

Above Average

21

$58

Harding Loevner

89

¡̃

Above Average

42

$33

Hartford

90

¡̃

Above Average

82

$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@.

USD Bil

Fund Family 150 Contents

Page 5

Fund Family

Page

Rating

Quantitative

Ranking

Fund Assets

Hennessy

91

?

Average

138

$4

Hotchkis and Wiley

92

¡̃

Above Average

70

$3

Invesco

93

?

Average

88

$620

Ivy

94

?

Average

131

$60

J O Hambro

95

¡̃

Above Average

83

$13

Jackson National

96

¡̃

Above Average

128

$206

Janus Henderson

97

?

Average

79

$176

Jensen

98

¡̃

High

7

$10

John Hancock

99

¡̃

Above Average

69

$142

JP Morgan

100

¡̃

Above Average

33

$439

Lazard

101

¡̃

Above Average

32

$25

Longleaf

102

¡̃

Above Average

59

$5

Lord Abbett

103

?

Average

81

$172

Mairs & Power

104

¡̃

Above Average

11

$6

Manning & Napier

105

?

Average

61

$6

MassMutual

106

?

Average

96

$37

Matthews

107

¡̃

Above Average

24

$25

Mercer

108

¡̃

Above Average

54

$13

Meridian

109

¡̃

Above Average

105

$5

MFS

110

¡̃

Above Average

13

$325

Morgan Stanley

111

?

Average

76

$85

Mutual of America

112

¡̃

Above Average

17

$11

Nationwide

113

?

Average

129

$19

Natixis / Oakmark

114

?

Average

45

$128

NAVigator

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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