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Global Disclosure Practices: How Markets Around the World Stack Up

Morningstar's analysis of global disclosure structures highlights the importance of transparency around investments and incremental improvements.

Most markets around the world have incrementally improved the environment for fund investors over the past few years through greater investment transparency--a development that has been guided by better disclosure practices, including portfolio holdings disclosure. Transparency is important as it helps investors make better decisions and creates trust in investment vehicles and the firms that manage client assets.

This trend toward greater investment transparency was one of the top findings from the Disclosure chapter of Morningstar's 2020 Global Investor Experience study, which evaluates the environment for fund investors in markets around the world. As shown below, the highest overall Disclosure grades went to India and the United States, while the lowest went to Australia.