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@.

Fund Family 150 Contents

Page 6

Fund Family

Neuberger Berman New York Life Nicholas Northern Trust / FlexShares Nuance Investments Old Westbury Osterweis Pacer Pacific Funds Parnassus Pax World Payden & Rygel Pear Tree PGIM (Prudential) PIMCO Polen Capital Primecap Principal PT Asset Management Putnam RBC Russell Investments Rydex SEI Sequoia

Page

Rating

Quantitative Ranking

Fund Assets USD Bil

116

Above Average 50

$40

117

? Average

91

$71

118

? Average

15

$5

119

? Average

74

$71

120

? Average

111

$4

121

? Low

137

$40

122

? Average

48

$6

123

? Average

147

$6

124

? Average

120

$8

125

Above Average 10

$35

126

Above Average 113

$6

127

Above Average 36

$10

128

? Average

106

$5

129

Above Average 39

$164

130

Above Average 126

$403

131

Above Average 102

$11

132

High

12

$28

133

? Average

58

$158

134

Above Average 44

$6

135

? Average

132

$84

136

Above Average 46

$4

137

? Average

139

$33

138

? Below Average 141

$5

139

? Average

78

$108

140

Above Average 140

$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

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Fund Family

State Farm State Street / SPDR T. Rowe Price TCW / MetWest Thornburg Thrivent TIAA / Nuveen Touchstone Transamerica Tweedy, Browne UBS VALIC Value Line VanEck Vanguard Victory Capital Virtus Voya Wasatch WCM Wells Fargo Westchester Capital William Blair WisdomTree Xtrackers

Page

Rating

Quantitative Ranking

Fund Assets USD Bil

141

Above Average 30

142

? Average

6

143

High

22

144

? Average

4

145

? Average

116

146

Above Average 114

147

? Average

28

148

? Average

122

149

? Average

133

150

Above Average 90

151

? Average

125

152

Above Average 87

153

Above Average 63

154

? Average

85

155

High

9

156

? Average

109

157

? Average

115

158

? Average

98

159

Above Average 93

160

Above Average 77

161

? Average

80

162

Above Average 25

163

Above Average 108

164

? Below Average 121

165

? Average

34

$10 $870 $774 $117 $43 $17 $278 $25 $43 $7 $14 $34 $5 $58 $6,151 $112 $49 $88 $16 $24 $88 $4 $13 $39 $19

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 8

Fund Family 150 Summary

Democratizing Information on Fund Families

Our high-quality data is the foundation of everything we do. Collecting data goes back to the roots of our company, because it's how we understand investments. Since our start, we've built a global database that covers half a million investments. We collect and analyze data on investments to make them more transparent for investors, which we do through our research, proprietary metrics, technologies, and services. We're obsessed with high-quality data because we know investors need it to make informed decisions. Through our research, we turn our data into valuable metrics that give investors information they can act on.

Our independence is important. After all, you never want to ask a barber if you need a haircut. Our independent research team rates the veracity of fund companies and helps investors get closer to evidence-based truth.

Since 2017, Dodge & Cox has received the #1 ranking, but a different fund family now tops the list.

Top Fund Families based on Morningstar's Scorecards Fund Family

Rank

Baird

1 of 150

Dodge & Cox

2 of 150

American Funds

3 of 150

TCW / MetWest

4 of 150

Charles Schwab

5 of 150

Under the leadership of longtime CIO Mary Ellen Stanek, Baird's bond funds continue to impress. Boasting low fees, a wellresourced team, and risk-aware investment processes, they constitute over 90% of the firm's assets under management, expanding from $37 billion in 2016 to $88 billion today.

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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