Restricted Securities
To avoid conflicts of interest, Morningstar maintains the following policies on employee stock ownership. These policies apply to employees and their immediate family members:
- We prohibit Morningstar fund analysts from owning the securities of any publicly traded firm that derives revenue from managing mutual funds.
- We prohibit equity analysts from holding positions in the companies they cover.
- To ensure that our customers are the first to benefit from our research, whenever an equity analyst begins researching a stock, we put it on our restricted list. Any stock on this list is off-limits to all Morningstar equity analysts and their immediate families. The stock remains on the restricted list until two business days after we publish the report.
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