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Corrections

Corrections and Clarifications Archive

When we make a mistake, we acknowledge the error and correct it. When we publish material that’s incomplete or requires additional context, we revise the content and issue a clarification.

The process varies by platform and department, but transparency is always the goal. To request a correction or clarification in editorial content, email standards@morningstar.com. For questions or problems with data accuracy, email joe@morningstar.com or morningstardirect@morningstar.com.

2023

Correction (Dec. 28, 2023): A previous version of PIPE Dreams: Investors Roll Dice With Private Investments misspelled Michael Weisbach’s first name.

Correction (Dec. 22, 2023): Note: A previous version of the Aquila Tax-Free Colorado COTFX analyst report misspelled Vasilios Gerasopoulos and indicated that Aquila changed course in February 2023 rather than March 2023. This has been corrected.

Correction (Dec. 20, 2023): The transcript for The Long View episode titled Tim Steffen: Smart Tax Moves for 2024 and Beyond was corrected to insert “Florida” instead of “California” as a no-tax state.

Correction (Dec. 19, 2023): A previous version of 3 Ways to Simplify Your Investment Portfolio in 2024 mistakenly identified Dodge & Cox International Stock DODFX as a global-stock fund. The correct fund is Dodge & Cox Global Stock DODWX.

Correction (Dec. 19, 2023): A previous version of the Sept. 28 CarMax stock analyst note had incorrect adjusted cash flow numbers.

Correction (Dec. 18, 2023): A previous version of the Keppel DC REIT AJBU note was updated to say “The trust may not be able to get back the SGD 19 million advance payment from the tenant as well.” It previously read “The trust may not be able to refund the SGD 19 million advance payment from the tenant as well.”

Correction (Dec. 3, 2023): A previous version of The Santa Claus Rally Came Early. Here’s What To Do Next was published with incorrect exhibits. Exhibits 2, 3, and 4 have been updated.

Correction (Dec. 1, 2023): Mutual Fund Strategies Don’t Belong on Trial has been updated to say that the Supreme Court’s Jones v. Harris Associates verdict was in 2010, not 2009. Also, in the first exhibit, Target-Date 2040 Funds: Total Returns, the date range has been corrected to November 2013-October 2023 from November 2023-October 2023.

Clarification (Dec. 1, 2023): In a previous version of the China Education Group 00839 note, we implied that the 55% year-over-year growth in our net income estimate was due to strong student enrollment. This increase in growth was instead due to a large asset impairment in 2023.

Correction (Nov. 27, 2023): A previous version of the Franklin Total Return FTRRX report included an incorrect duration figure provided by the fund company.

Correction (Nov. 27, 2023): Previous versions of the Emerson Electric company report misnamed the Occupational Safety and Health Administration.

Correction (Nov. 27, 2023): An earlier version of How Target-Date Funds Stabilize Markets misspelled economist Jonathan Parker’s last name.

Correction (Nov. 22, 2023): How Target-Date Funds Stabilize Markets was updated to correct the total assets of target-date funds. It had previously incorrectly included balanced funds in the total.

Correction (Nov. 21, 2023): A previous version of the Trip.com report on Oct. 4 had incorrect fair value estimates of USD 42.50 and HKD 339, which have been corrected to USD 36 and HKD 290.

Correction (Nov. 20, 2023): Owing to an incorrect application of the ratings grid, a previous version of the Guggenheim Macro Opportunities GIOAX report contained an error in the Morningstar Medalist Ratings for the fund’s A, C, and P share classes.

Correction (Nov. 20, 2023): Owing to an incorrect application of the ratings grid, a previous version of the MainStay MacKay Strategic Bond MSDIX report contained an error in the Morningstar Medalist Ratings for the R6 and institutional share classes.

Correction (Nov. 20, 2023): A previous version of Lord Abbett International Opportunities LAIEX report incorrectly identified Todd Jacobson as Todd Johnson in the People section.

Correction (Nov. 14, 2023): A previous version of Why Market-Timing Fails, published the morning of Nov. 14, 2023, had erroneous data, affecting the exhibits and text. It was temporarily unpublished while the issue was addressed.

Clarification (Nov. 13, 2023): We updated the first-half, first-quarter, and second-quarter periods in the article Richemont Earnings: Still Solid, but Moderating Growth as Currencies Weigh; Shares Cheap.

Correction Nov. 10, 2023): In the article Has IBM Built the Next Generation’s 401(k) Plan?, the word “former” was corrected with the word “latter.”

Correction (Nov. 10, 2023): An exhibit was repeated in a previous version of Why Large-Blend Funds Should Outweigh Value Plus Growth Funds in a Portfolio. The third exhibit is now the correct image.

Correction (Nov. 9, 2023): Bond Ladder ETFs Can Help Investors Climb Higher was updated to add the correct expense ratios to the final exhibit and to clarify language about building the five-year example ladder.

Correction (Nov. 7, 2023): A previous version of 5 High-Quality Growth Stock Picks From Loomis Sayles Growth Fund stated that Aziz Hamzaogullari joined Loomis Sayles in 2013 rather than 2010, and that the fund has little more than two dozen holdings rather than three dozen.

Correction (Nov. 7, 2023): A previous version of the Parker-Hannifin stock analyst note was corrected to reflect that the long-cycled nature of Parker’s refreshed portfolio has also helped the company’s backlog coverage (since 2016) double to the mid-50s, not the low 30s, as previously stated.

Correction (Nov. 3, 2023): The article Stock Market Falling Deeper Into Undervalued Territory was revised to reflect the correct 3-star rating for Tesla.

Correction (Nov. 3, 2023): A previous version of Bausch & Lomb Earnings: Solid Demand for Lenses and Consumables Continues to Fuel Growth included incorrect information about vision care growth and the consumer business. Vision care growth was 8.5%, not 8.4%, and the consumer business was up 14%, not 40%.

Correction (Oct. 31, 2023): A previous version of Large-Value Funds on Track for Worst-Ever Year of Outflows stated that active large-value fund outflows the for year-to-date period through September 2023 totaled $28.1 billion. This has been corrected to $38.1 billion

Correction (Oct. 27, 2023): How Fidelity’s Charitable Gift Fund Stacks Up was revised to reflect the correct account minimum for advisor-managed assets, which is $100,000, not $250,000. The last sentence was also revised to clarify a comparison of Fidelity’s program fees versus Vanguard’s.

Correction (Oct. 26, 2023): In an early version of the Halliburton stock analyst note, the moat rating was listed as none, rather than narrow.

Correction (Oct. 25, 2023): In a previous version of the Snap company report, Bobby Murphy’s executive role was incorrectly stated. He is the chief technology officer.

Correction (Oct. 23, 2023): An article on Oct. 2 that said the U.S. government had shut down was published unintentionally and removed from Morningstar.com. Because of a production error, the article was mistakenly published again on Oct. 23. It has been removed from the site.

Correction (Oct. 19, 2023): An earlier version of Zions Bank Earnings: Net Interest Income Is Stabilizing, Improving Profitability Visibility incorrectly stated: “The outlook for fees did not change materially, while the expense outlook improved, with expenses expected to remain stable for the time being.” This has been corrected.

Correction (Oct. 18, 2023): The final table in How to Use Short-Term Bonds in a Portfolio was updated to show a lower-cost share class for Baird Ultra Short Bond.

Correction (Oct. 16, 2023): Lessons for Investors From the Performance of AQR’s Funds was temporarily unpublished while the piece was reviewed internally. It has been modified since its original publication to clarify that the author’s views are her own and not necessarily those of Morningstar and to clarify key takeaways for investors, including new information on performance data and an additional exhibit on flows.

Correction (Oct. 16, 2023): In an earlier version of JD.com: Fair Value Slashed by 51% to USD 43, the cut to the 2023 non-GAAP net profit forecast was incorrectly listed as 4%.

Correction (Oct. 9, 2023): The author’s quote in Do Honest Countries Make the Best Investments? was corrected—it was from 2013, not 2023.

Clarification (Oct. 6, 2023): Lessons for Investors From AQR’s Recent Struggles was updated to clarify that AQR utilizes one systematic stock-picking model across many of its strategies, but not all of them.

Clarification (Oct. 5, 2023): Lessons for Investors From AQR’s Recent Struggles was updated to clarify when the text was discussing AQR’s mutual funds, not other vehicles.

Correction (Oct. 3, 2023): An earlier version of Lithium Americas: Placing Shares Under Review Ahead of Business Separation referred to the Tokyo Stock Exchange, rather than the Toronto Stock Exchange.

Correction (Oct. 3, 2023): A previous version of Top-Performing Stocks for Q3 2023 misnamed the Drug Enforcement Administration.

Correction (Sept. 27, 2023): The stock analyst note Marriott: Analyst Day Shows Off Its Vibrant Brand Advantage With Solid and Viable Financial Targets was amended to correct the $192 fair value estimate to $191.

Correction (Sept. 27, 2023): A previous version of 6 Top-Performing Core Bond Funds had an inaccurate figure for the return on core bond funds in 2023. It also incorrectly identified the three-year returns on the core bond fund category and the Morningstar US Core Bond index as annualized.

Clarification (Sept. 26, 2023): Cintas will be lowering price hikes (in line with historical levels), not reducing pricing.

Correction (Sept. 25, 2023): A previous version of 5 Themes for the Stock Market Heading Into Q4 misspelled the name of Morningstar senior equity analyst Dan Baker.

Clarifications (Sept. 22, 2023): Clarifying details related to trailing performance periods and representative peer groups were added to the DWS Managed Municipal Bond SMLAX and DWS Massachusetts Tax-Free SQMAX fund reports.

Corrections (Sept. 22, 2023): The Analysis, Performance, and People sections of the DWS Strategic High Yield Tax-Free NOTAX, DWS Intermediate Tax-Free SZMAX, and DWS New York Tax-Free Income KNTAX fund reports were updated to more accurately reflect how manager responsibilities on the strategy have shifted over time. We also added clarifying details related to trailing performance periods and representative peer groups cited in the report.

Correction (Sept. 20, 2023): In the calculation of income tax deductions, a previous version of Why I Don’t Own a Home didn’t account for the tax benefits of the standard deduction.

Correction (Sept. 15, 2023): In a previous version of California Poised To Enact Climate Disclosure Laws. What That Means for Investors, the National Oceanic and Atmospheric Administration was misnamed.

Clarification (Sept. 15, 2023): I’m 65 and Still Working. Should I Enroll in Medicare? has been amended to clarify that Medicare form CMS-L564 is required for Part B, not Part A.

Correction (Sept. 15, 2023): The Sept. 11 article 8 Fund Families the Mutual Fund Trading Scandal Changed Forever was updated to clarify that the Perkins’ name was removed; some personnel and funds remain.

Correction (Sept. 11, 2023): In the Sept. 11 article 8 Fund Families the Mutual Fund Trading Scandal Changed Forever, Carol Geremia’s title was corrected to head of global distribution.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Intermediate-Term Corporate Bond Index VICSX, Vanguard International High Dividend Yield VIHAX, Vanguard International Dividend Appreciation Index VIAAX, and Vanguard Global ex-U.S. Real Estate Index VGRLX strategies’ mutual fund share classes are subject to a 0.25% purchase fee intended to minimize the impact of transaction costs on the funds. This benefits current fundholders at the expense of new investors. The exchange-traded fund versions of these strategies are not subject to the purchase fee.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Long-Term Bond Index VBLAX mutual fund share classes are subject to a 0.50% purchase fee intended to minimize the impact of transaction costs on the fund. This benefits current fundholders at the expense of new investors. The exchange-traded fund version of this strategy is not subject to the purchase fee.

Clarification (Sept. 7, 2023): Buyers of the Vanguard Long-Term Corporate Bond Index VLTCX strategy’s mutual fund share classes are subject to a 1% purchase fee intended to minimize the impact of transaction costs on the fund. This benefits current fundholders at the expense of new investors. The exchange-traded fund version of this strategy is not subject to the purchase fee.

Correction (Aug. 31, 2023): In the Aug. 30 stock analyst note Cannabis Shares Rally on Recommendation for Less Stringent Prohibition, the Drug Enforcement Administration was misnamed.

Correction (Aug. 29, 2023): A previous version of How to Use Cash in a Portfolio stated that the 40-year high for the yield on the three-month Treasury bill was 15.1% in September 2021. This has been corrected to 16.3% in May 1981.

Correction (Aug. 28, 2023): Our Aug. 10 Sempra Energy company report had an incorrect star rating when published amid a stock split. The correct rating is 3 stars.

Correction (Aug. 21, 2023): Markets Brief: Is the Bond Market’s Recession Indicator Broken? was updated, as two instances of Duane McAllister’s name had previously been misspelled.

Correction (Aug. 18, 2023): 4 Undervalued Video Game Stocks was updated to indicate that the fair value estimate used for Nintendo was a Morningstar Quantitative Rating.

Correction (Aug. 18, 2023): Retirement in America: Were We Better Off 50 Years Ago? was corrected to say that retirees who qualified for private-company pensions received an average $177 per month in 1973, not $171. A second reference was corrected to indicate that the figure is the average, not the median.

Correction (Aug. 17, 2023): In the Geberit stock analyst note, the amount of price increases was corrected to 11%.

Correction (Aug. 16, 2023): Previous versions of the Saputo company report referred incorrectly to Dairy Crest, Murray Goulburn, and Bute Island Foods.

Correction (Aug. 16, 2023): In the First Solar stock analyst note published Aug. 15, the previous headline referred to an internal audit. It was a third-party audit.

Correction (Aug. 15, 2023): A previous version of the Principal Short-Term Income PSHIX report stated that securitized debt made up between 15% and 25% of the portfolio. That has been corrected to a range of 25% to 40%.

Correction (Aug. 15, 2023): The SPDR Blackstone Senior Loan ETF SRLN report was updated to include Bonnie Brookshaw as a named manager of the fund.

Correction (Aug. 15, 2023): A previous version of Kraft Heinz: Even With a Pending C-Suite Switch, Strategic Sea Change Unlikely; Shares Attractive was updated to correct the discount to our fair value estimate to 35%.

Correction (Aug. 14, 2023): A previous version of Markets Brief: Why Schwab’s Sonders Thinks Stocks Are ‘In a Trickier Phase’ misspelled the name of Morningstar sector strategist Karen Andersen.

Correction (Aug. 14, 2023): A previous version of the VF stock analyst note incorrectly cited “fiscal 2023 EPS guidance.” We have amended this to fiscal 2024.

Correction (Aug. 11, 2023): The article 3 Sustainable Companies Helping to Solve Global Warming was updated to indicate that the data points used for GFL Environmental were Morningstar Quantitative Ratings.

Correction (Aug. 11, 2023): A previous version of the Genuine Parts report contained an incorrect quarter. The firm posted second-quarter earnings.

Correction (Aug. 3, 2023): A previous version of the Infineon Technologies stock analyst note had an incorrect currency in the revenue guidance. The correct currency is euros, not U.S. dollars.

Correction (Aug. 3, 2023): A previous version of the HubSpot stock analyst note referred to the incorrect quarter. The company reported earnings for the second quarter, not the first.

Correction (Aug. 2, 2023): A previous version of Bad Timing Cost Investors One Fifth of Their Funds’ Returns contained an error in our estimate of the Allocation category group’s 10-year annual investor return for the 10-year period ended Dec. 31, 2022, that stemmed from a merger of two target-date fund series in 2022.

Correction (Aug. 1, 2023): 7 Top-Performing High-Yield Bond Funds was updated to correct inaccurate chart information. BrandywineGlobal High Yield Fund’s 5-year category rank is 1, not 10.

Clarification (July 31, 2023): Should You Keep Foreign Stocks Out of Your IRA? has been clarified to add that Canada doesn’t tax dividends on Canadian stocks held in IRAs.

Correction (July 28, 2023): Commercial Real Estate Is in Trouble, but Not for the Reason You Think was updated to include data from Morningstar DBRS.

Correction (July 21, 2023): A previous version of 5 Most Undervalued Defensive Stocks incorrectly referred to a bull market in 2022 instead of a bear market.

Correction (July 20, 2023): A previous version of the Alfa Laval stock analyst note incorrectly said that margin compression of 150 basis points to 15.5% is attributable to an unfavorable sales mix effect in the food division and ongoing weakness in the marine segment. We amended this to 15.0%.

Correction (July 20, 2023): An earlier version of the Assa Abloy stock analyst note incorrectly said shares trade at an almost 25% discount to our revised fair value estimate. We’ve amended this to 20%.

Correction (July 13, 2023): A previous version of the Swatch Group stock analyst note was corrected to remove a claim that we expected to increase our CHF 341 fair value estimate.

Correction (July 6, 2023): A previous version of the T. Rowe Price note launched on July 5, 2023—”T. Rowe Price Announces Changes to its Target-Date Lineup; Ratings Unchanged”—was revised after publishing to clarify the target allocation.

Correction (June 30, 2023): A previous version of the Vanguard Global Wellesley Income and Vanguard Global Wellington reports included an incorrect retirement date for John Keogh. The correct year of 2019 was added, and both reports added clarifying descriptions for the roles of Matthew Baker, Brian Schmeer, Nataliya Kofman, and Noah Atlas.

Correction (June 30, 2023): A previous version of 6 Undervalued Stocks That Just Increased Their Dividends included an incorrect dividend yield for ManpowerGroup, so it was removed from the list.

Correction (June 29, 2023): A previous version of 6 Top-Performing Small-Growth Funds omitted Neuberger Berman Genesis Fund from the list of top-performing funds.

Clarification (June 26, 2023): Because of a system error, disclaimers for some opinion and commentary writers have been deleted. Our editorial policy is to explain that the views expressed by these writers are their own and not necessarily those of Morningstar. Standardized disclaimers will appear on future articles.

Correction (June 26, 2023): How to Convert a 529 Plan to a Roth IRA was corrected to state that the distributed earnings portion of overfunded 529 accounts would be subject to ordinary income tax and a 10% additional tax unless an exception applies. The 10% additional tax does not apply only to early distributions (before age 59½), as previously stated.

Correction (June 26, 2023): A previous version of The Best Current Sources of Retirement Income had an incorrect exhibit for 1% inflation.

Correction (June 22, 2023): A previous version of Ocado Shares Soar on Amazon Takeover Talk included an incorrect Morningstar Rating for Ocado. It is trading at 5 stars, not 3.

Clarification (June 21, 2023): A previous version of A Fund Shop Bets the Ranch on One Stock stated that Horizon Kinetics’ CEO, CIO, and fund manager Murray Stahl was the beneficial owner of nearly $500 million in Texas Pacific Land stock. While this is the figure reported by Texas Pacific Land in its 10-K filing, Stahl says this includes money that he manages for others and that he is a beneficial owner of 25,000 shares worth about $66 million.

Correction (June 14, 2023): The subhead of Why This BlackRock Allocation Fund Earned an Upgrade was corrected to show that Rick Rieder was our 2023 Outstanding Portfolio Manager, not 2022.

Correction (June 13, 2023): A previous version of Pride Month Editor’s Note included a related-article link that misspelled advisor Andrea Romero’s last name.

Correction (June 9, 2023): What’s Inside Anti-ESG Funds? has been updated to include Strive Emerging Markets Ex-China ETF. The number of funds was revised to 27, and a note was added to the first two charts.

Correction (June 9, 2023): The Anti-ESG Fad Might Be Over Before It Got Going has been updated to include Strive Emerging Markets Ex-China ETF.

Clarification (June 8, 2023): The risk and uncertainty section in the June 1 Southwest Airlines company report and the June 6 American Airlines company report was updated to clarify the time frame for using up tax benefits.

Correction (June 6, 2023): The fair value estimate for McKesson was incorrectly displayed on the stock’s quote page. It is $375, not $348.

Clarification (June 5, 2023): The June 2 ChargePoint stock analyst note was updated to clarify in which quarter the company aims to achieve breakeven profitability.

Correction (June 1, 2023): A previous version of 5 Value Stocks With Oakmark’s Bill Nygren incorrectly said that Oakmark owns the nonvoting share class of Alphabet, GOOG. The fund owns the GOOGL share class, which comes with shareholder voting rights.

Correction (May 30, 2023): An earlier version of the fund analyst note “T. Rowe Price Real Estate Portfolio Manager Retiring; Fund Under Review” stated that Gregg Korondi runs a $1 million sleeve of T. Rowe Price U.S. Equity Research. It is a $500 million sleeve.

Correction (May 26, 2023): A previous version of 7 Undervalued Biotech Stocks included incorrect index performance information. Over the trailing 12-month period ending May 17, 2023, the Morningstar US Biotechnology Index gained 11.0%, not 20.7%, and in that same time the overall stock market gained 2.9%, not 8.6%.

Correction (May 26, 2023): A previous version of Is Ford Stock a Buy After Earnings? should have said that Ford’s fair value estimate is $19, not $20.

Correction (May 26, 2023): The fair value estimate for DoorDash was incorrectly displayed on the stock’s quote page. It is $155, not $159.

Correction (May 26, 2023): A video published on Morningstar.com and YouTube on May 22 and 23, 2023, about Berkshire Hathaway’s first-quarter purchases contained incorrect information. Berkshire did not add to its positions in Apple and Bank of America during the first quarter. The video has been removed.

Correction (May 23, 2023): A previous version of the Edison International company report listed an incorrect Morningstar Uncertainty Rating. The correct rating is Medium.

Correction (May 16, 2023): A previous version of Why Pay Up for Bond Funds? included an outdated name for the Bloomberg U.S. Aggregate Bond Index. The inception year for the benchmark was also corrected to 1976.

Correction (May 11, 2023): A previous version of a UPS stock analyst note had an incorrect quarter in the title.

Correction (May 5, 2023): The name of manager Pat Palozzi was misspelled in some mentions in fund reports for Beutel Goodman Canadian Equity Class B and Beutel Goodman North American Focus Equity Class B. This has been corrected.

Correction (May 4, 2023): A previous version of an APA stock analyst note had an incorrect reference to raising our fair value estimate after second-quarter results. We raised our fair value estimate after first-quarter results.

Correction (May 4, 2023): A previous version of a Paycom stock analyst note had an incorrect dividend payout ratio.

Clarification (May 4, 2023): A previous version of the Johnson & Johnson stock analyst note was less specific about the methodology used to value Kenvue compared with similar companies.

Correction (April 26, 2023): An early version of the first paragraph of Roche: Looking Past COVID-19 Headwinds and TIGIT Uncertainty, Portfolio Appears Solid included an incorrect percentage for the decline in reported sales. The text has been updated with the correct figure.

Correction (April 25, 2023): The average active small-growth funds’ results were transposed in an earlier version of The Most Persistent U.S. Equity Funds.

Clarification (April 19, 2023): The headline of a previous version of the April 19 Teck and Glencore note titled Corporate Action: Vote Against Teck’s EVR Spinoff, but Vote to Remove Dual Share Class Structure was revised to make clear we recommend voting against the spinoff but for the removal of the dual class structure.

Correction (April 14, 2023): In a previous version of Long Bonds Are No Longer for Fools, the $100,000 figure in the opening paragraph was incorrectly stated as $10,000.

Correction (April 13, 2023): A previous version of the Principal Equity Income PEIIX report contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): A previous version of the Principal Small-MidCap Dividend Income PMDIX report incorrectly listed Ned Vidinli as a manager on the fund and contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): The first paragraph of Would Raising the Full Retirement Age Really Save Social Security? included an incorrect percentage for the amount of an across-the-board benefit cut. The text has been updated with the correct figure.

Correction (April 6, 2023): An exhibit in Starbucks Shareholder Meeting: Investors Aren’t Unified on Unionization included an incorrect percentage for shareholder support for a proposal to assess Starbucks’ commitment to workers’ rights to unionize. The graphic has been updated with the correct figure.

Correction (April 5, 2023): A previous version of the Harding Loevner International Equity HLMIX report had misspelled the name of manager Babatunde Ojo.

Correction (April 4, 2023): In a previous version of the April 3 Consumer Observer, the fair value estimate for Chipotle was listed as $1,560 in the Companies Mentioned chart on p. 1 and in the text on p. 2. It has been corrected to $1,550.

Correction (March 30, 2023): A previous version of the March 1 note Expenses Continue to Climb for Royal Bank of Canada in First-Quarter Results said “Brewer Dolphin” and was corrected to “Brewin Dolphin.”

Correction (March 29, 2023): Previous versions of the fund analyst notes for BlackRock Multi-Asset Income, BlackRock Dynamic High Income, and BlackRock Managed Income stated that Michael Fredericks was leaving the firm on April 10, 2023. He is stepping down from portfolio management on that date and leaving BlackRock in July.

Correction (March 29, 2023): An earlier version of the March 28 Micron Technology note had an incorrect reference to which quarter was reported.

Correction (March 29, 2023): An earlier version of the March 29 Alibaba note has been corrected to reflect that Taobao Tmall will stay wholly owned by Alibaba Group; the sum-of-the-parts valuation of Alibaba’s current value has been corrected to USD 172 per ADS (HKD 166 per share) from USD 152 (HKD 147); and the reference to six businesses has been corrected to five.

Correction (March 28, 2023): A previous version of the March 2 note Lithium Stocks Falter on Lower Price Fears From Tesla and CATL Announcements, but Our View Unchanged listed “material profit growth” and was corrected to “material profit declines.”

Correction (March 23, 2023): A previous version of the March 23 Darden Restaurants note listed a 120-basis-point improvement and was changed to 70, and other restaurant expenses (40 basis points) was changed to 110.

Correction (March 22, 2023): A previous version of the March 21 VNET note had its fair value estimate corrected to $8.60 instead of $8.50.

Correction (March 17, 2023): Between February 2022 and March 2023, Morningstar incorrectly displayed Analyst Ratings to some users of the Portfolio Manager tool available on Morningstar.com. Specifically, we incorrectly displayed ratings for funds not covered by analysts when users created a custom “My View” in the Portfolio Manager tool on Morningstar.com and chose “Analyst Rating.” During the same period, ratings were consistently accurate within the default Tracking view in Portfolio Manager, as well as on the securities’ quote pages. On the mobile app, we incorrectly displayed the ratings in both the default and custom views of the Portfolio Manager tool.

Correction (March 14, 2023): Previous versions of the Welltower company report misspelled the first name of CEO Shankh Mitra.

Correction (March 10, 2023): A previous version of Bank Stock Selloff Triggered by SVB Financial Liquidity Crunch showed incorrect data in the “Bank Stocks’ Unrealized Losses and Liquidity Risk” table for the Unrealized Losses/Tangible Equity and Liquidity Risk columns. This has been corrected.

Correction (March 9, 2023): An earlier version of The Percentage of Female Fund Managers Is Almost Exactly Where It Was 20 Years Ago incorrectly stated the number of funds in the United States. It is roughly 10,000, not 7,200.

Correction (March 6, 2023): A previous version of the Mercedes-Benz note of Feb. 17, 2023, said “up EUR 1.10″ and was corrected to “up EUR 1.55.”

Correction (March 6, 2023): A previous version of the Lord Abbett Affiliated note indicated that manager Marc Pavese had stepped down from both Lord Abbett Affiliated and Lord Abbett Dividend Growth. He exited only the Affiliated fund.

Correction (Feb. 27, 2023): In 11 Stocks to Examine Through a Sustainability Lens, the January 2020 ESG Risk Ratings were corrected for two companies listed in the table: Equitrans (to High from Severe) and Tyson (to Severe from High).

Correction (Feb. 17, 2023): A previous version of the Feb. 17 AMC note misspelled the name of new CEO Kristin Dolan.

Clarification (Feb. 16, 2023): 3 Tax-Friendly Charitable-Giving Strategies for Retirees was updated to clarify that Roth IRA assets are less desirable as charitable beneficiaries, not as IRA beneficiaries.

Correction (Feb. 13, 2023): Markets Brief: January CPI Report Forecasts Show a Bump in the Road to Lower Inflation was updated to reflect a change in the core CPI forecast numbers.

Clarification (Feb. 8, 2023): The Business Outlook section of the Meta Platforms company report was clarified to say that Facebook is the world’s largest social network, not Meta Platforms.

Correction (Feb. 8, 2023): A correction was inserted into the transcript for the video T. Rowe Price’s Brutal 2022 to indicate that while many T. Rowe Price funds held Rivian in 2022, that company was not in T. Rowe Price New Horizons’ portfolio last year.

Correction (Feb. 7, 2023): The Stock Analyst Note for Royal Caribbean identified a cost growth of 2% and was amended to say cost growth of 1%.

Correction (Feb. 7, 2023): A previous version of VanEck International Investors Gold Manager to Take New Role incorrectly identified the deputy portfolio manager as Maria Smirnova instead of Imaru Casanova.

Correction (Feb. 7, 2023): Because of a data collection error, a previous version of ETF Flows Hold Steady as Markets Rebound in January overstated the month’s ETF inflows by about $8 billion. The overall flows figure has been corrected to $47 billion. Previously unrecorded outflows from a suite of iShares ETFs accounted for most of the difference. IShares finished January with an estimated $3.4 billion net inflow, not $11.8 billion. Exhibits 2 through 5 have been updated.

Correction (Feb. 2, 2023): The Schwab Charitable Fund no longer charges a $100 minimum administrative fee, so this reference was removed from Looking Under the Hood at Schwab Charitable Fund.

Correction (Feb. 2, 2023): The Ariel Fund and Ariel Appreciation fund reports were corrected to indicate that the Morningstar Analyst Ratings for the funds’ cheapest share classes declined to Neutral, not their most expensive share classes.

Correction (Feb. 1, 2023): A previous version of the Phillips 66 Stock Analyst Note said the company reported third-quarter earnings when it should have said fourth-quarter earnings.

Correction (Jan. 31, 2023): A previous version of the Harding Loevner Emerging Markets fund report cited an Average People rating when it should have been Above Average.

Correction (Jan. 30, 2023): The exhibits in 10 Outperforming Actively Managed Stock ETFs were updated to indicate that the lists include only funds that have over $100 million in assets under management.

Correction (Jan. 27, 2023): A previous version of the Stock Analyst Note for Federated Hermes Inc. Class B referred to $4.0 billion in inflows instead of outflows.

Correction (Jan. 26, 2023): A previous version of Don’t Lose Faith in the 60/40 Portfolio misspelled the name of former Federal Reserve Chair Alan Greenspan.

Correction (Jan. 26, 2023): Don’t Lose Faith in the 60/40 Portfolio was updated to correct the 2022 performance difference between the Morningstar US Market Index and the Morningstar US Moderate Target Allocation Index to 4 percentage points.

Correction (Jan. 26, 2023): A previous version of the Stock Analyst Note for Tesla had an incorrect year for management’s deliveries guidance.

Correction (Jan. 25, 2023): A previous version of the Hartford MidCap report incorrectly stated that five of the fund’s share classes were rated Silver and four Bronze. This didn’t account for the A share class’ upgrade, raising the count of Silver share classes to six.

Correction (Jan. 24, 2023): An addendum was added to The Small Advantage for Active Fund Investors to clarify that the return figures for active small-value funds were calculated on a before-tax basis.

Correction (Jan. 23, 2023): A previous version of the Stock Analyst Note for Packaging Corp. of America had an incorrect name in the text. It identified International Paper instead of Packaging Corp.

Correction (Jan. 23, 2023): A previous version of How to Find Stocks Poised to Outperform included incorrect percentages for the number of narrow- and no-moat stocks in the Morningstar US Market Index: 28% have narrow moats, 62% have no moat.

Correction (Jan. 19, 2023): The Champlain Mid Cap Reopens to New Investors Analyst Note was updated to correct the year and amount of assets when the fund closed.

Correction (Jan. 18, 2023): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished Wynn Macau on Jan. 17 to restore the missing content. Although there were no material updates to the reports, it now shows the Jan. 17 republication date.

Correction (Jan. 5, 2023): A previous version of 15 Charts Explaining an Extreme Year for Investors was corrected to revise the columns in the Morningstar Bond Indexes table.

Correction (Jan. 4, 2023): A previous version of Morningstar’s Best- and Worst-Performing Stocks: 2022 misnamed the U.S. Food and Drug Administration.

Correction (Jan. 3, 2023): The article Rating Morningstar’s Fund Ratings was corrected to remove extraneous text.

2022

Correction (Dec. 27, 2022): A previous version of Your 2023 Tax Fact Sheet and Calendar stated that the 2023 exemption amounts for the Alternative Minimum Tax phase-out for single filers with alternative minimum taxable incomes of less than $578,150, and $1,156,300 for married couples filing jointly. This has been corrected to more than $578,150, and $1,156,300.

Correction (Dec. 22, 2022): A previous version of 2022′s Best-Performing Bond Funds included an incorrect ticker for BrandywineGlobal High Yield fund (BGHSX).

Correction (Dec. 21, 2022): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished these reports on Dec. 21 to restore the missing content. Although there were no material updates to the reports, they now show the Dec. 21 republication date. The following companies were affected: AstraZeneca, Aurora Cannabis, Caesars Entertainment, Church & Dwight, Daifuku, Envestnet, EOG Resources, Essential Utilities, Genting Singapore, Itau Unibanco Holding, Occidental Petroleum, TechnipFMC, VeriSign, and Wynn Resorts.

Correction (Dec. 21, 2022): A previous version of 4 Things That Mattered to Your Portfolio misstated the price a virtual yacht sold for in the metaverse. It was $650,000.

Correction (Dec. 13, 2022): The original Dec. 12 version of Investment Lessons From the World Cup incorrectly stated that Morocco won on penalty kicks after holding Portugal to a scoreless draw. Morocco won the match 1-0.

Correction (Dec. 7, 2022): Previous versions of the Principal LifeTime, Principal LifeTime Hybrid, and Principal LifeTime Hybrid CIT series reports stated that five analysts were removed from the team. This has been corrected to state that two of those analysts, including group head Rick Teisch, left on their own accord.

Correction (Dec. 1, 2022): The original Dec. 1 version of Strong Profitability for Salesforce, but Demand Environment Is Not Improving; FVE Cut to $220 and the stock analyst update based on that note misspelled the first name of co-CEO Bret Taylor.

Correction (Nov. 30, 2022): The original Nov. 29 version of Intuit Beats in Q1, but Outlook Cautious With Credit Karma Vulnerability; Shares Attractive referred incorrectly to the period being reported. It is the fiscal first quarter.

Clarification (Nov. 23, 2022): U.S. Fund Flows: Investors Continued to Pull Back in October was revised to make clear that though taxable-bond funds experienced inflows in August, flows were still negative on a trailing three-month basis.

Correction (Nov. 22, 2022): The Analyst Report for Western Asset Core Bond was corrected to indicate that the return of the institutional shares was a 20.2% loss.

Correction (Nov. 16, 2022): The Maslow quotes were corrected in Hate Budgeting? Try Rethinking It.

Correction (Nov. 16, 2022): The original Vanguard table in Which Popular Funds Will Hit Investors With Losses and Capital Gains Distributions This Year? had two repeated entries. It was fixed.

Correction (Nov. 14, 2022): Creating an Environment Where Clients Feel Safe has been corrected to indicate that Harris & Harris Wealth Management is based in Upper Marlboro, Maryland. A previous version of the article misidentified the location.

Correction (Nov. 11, 2022): An earlier version of 4 Stock Funds Where Talent Tops Mediocre Processes misspelled the name of Michael Bennett as Bennet, and Sprucegrove as SpruceGrove.

Correction (Nov. 9, 2022): The Parent rating in the text of the NJBEST 529 College Savings Plan report has been corrected. It is Below Average, not Above Average.

Correction (Nov. 7, 2022): An earlier version of the NM Scholar’s Edge 529 report used an incorrect spelling for the last name of New Mexico Education Trust Board appointee Natalie Cordova as Cordoba.

Correction (Nov. 7, 2022): Getting a Second Opinion on Retirement Readiness was updated to make clear that the author has a position in VWIUX.

Correction (Nov. 7, 2022): When Inflation Surfaced, TIPS Flopped noted incorrectly that the Treasury made the April 12 announcement; it was the Department of Labor.

Correction (Nov. 7, 2022): Are TIPs a Bargain? was corrected to note that the real yield on TIPS since 2013 had not always been negative. It had always been below 1%.

Correction (Nov. 2, 2022): Strong Q3 Indicates Uber May Be Resistant to Macro Uncertainties listed an incorrect author. It was written by Ali Mogharabi, not Michael Hodel.

Correction (Nov. 1, 2022): American Funds EuroPacific Growth originally appeared in The Thrilling 31: A List of Great Funds. The fund is just 1 basis point above the fee cutoff and so has been removed from the article.

Correction (Nov. 1, 2022): How to Find Impact Investments for Your Portfolio was corrected to show that Calvert Impact Capital’s Community Investment Notes pay out 1% to 4% per year, not 0.5% to 3% per year, over one to 10 years, and that Calvert is only expected to offer notes at a higher rate next year.

Correction (Oct. 31, 2022): An earlier version of Big China Stock Bets Continue to Hit Emerging-Markets Funds should have said that the growth of China’s GDP since 1992 was over 4,000%, not 984,411%.

Correction (Oct. 28, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the group of funds analyzed was revised to exclude funds referencing benchmarks other than U.S. stocks, as well as funds that invest in other buffer funds or funds that previously had a different mandate. The data references and exhibits have been updated to reflect these changes. The first buffer funds had inception dates of 2015, not 2016. We also revised the text to clarify that not all buffer funds are linked to a price-based benchmark and that these products are mainly sold to risk-averse investors, not necessarily beginning investors.

Correction (Oct. 28, 2022): In Apple Reports Strong Earnings, but Stock Still Overvalued, the name of the author was incorrectly attributed to Abhijay Gupta. It was written by Abhinav Davuluri.

Correction (Oct. 25, 2022): In Why Buffer Funds Haven’t Escaped the Bear Market, the name of the Innovator Buffer series of ETFs was corrected. Every fund in the test group posted negative returns for the year to date, not “nearly” every.

Correction (Oct. 24, 2022): A previous version of Will the 60/40 Portfolio Start to Work Again? misspelled the name of Roger Aliaga-Diaz, the head of portfolio construction and chief Americas economist at Vanguard Group.

Correction (Oct. 12, 2022): An earlier version of How MeToo Forced Companies to See the Business Risks of Sexual Misconduct misspelled the last name of Haleh Moddasser as Modasser.

Correction (Sept. 27, 2022): Market Volatility Hasn’t Helped Active Funds Beat Their Passive Peers was originally published with incorrect data. The exhibits and some of the figures have been revised.

Correction (Sept. 27, 2022): Have Stocks Become Cheap? has been updated to correct Exhibit 4′s labels.

Correction (Sept. 23, 2022): An earlier version of 6 Takeaways for Investors From the Fed Meeting misspelled the name of Richard Weiss, chief investment officer for multi-asset strategies at American Century Investments.

Correction (Sept. 19, 2022): A previous version of Is It Still Worth It to Buy I Bonds? incorrectly stated that I Bonds are subject to state and local taxes. I Bonds are exempt from these taxes.

Correction (Aug. 30, 2022): A previous version of 7 Undervalued Small- and Mid-Cap Quality Stocks had a table with a mislabeled column. The column should have been labeled “economic moat,” not “value-growth score.”

Correction (Aug. 24, 2022): A previous version of Why ‘Free’ Robo-Advisors Aren’t Really Free cited the 0.05% rate that Schwab Bank was paying for its high-yield savings account rather than the 0.13% rate the Schwab Intelligent Portfolios program was then paying on cash.

Correction (Aug. 26, 2022): The Inflation Reduction Act’s Impact on Retirees incorrectly stated that hearing benefits were expanded last year. They remain unfinished business.

Correction (Aug. 10, 2022): Coinbase Q2 Earnings Show Ongoing Pressure as Low Crypto Prices Drive Lower Trading Volume has been updated to correct the name of the author to Michael Miller.

Correction to Run, Don’t Walk, for I Bonds (Aug. 10, 2022)—This article was corrected to indicate that the original I Bonds issued by the Treasury could indeed have a negative inflation adjustment, though their yield would never be negative.

Correction to Advanced Micro Devices Q2 Results Show Impressive Execution on Product Roadmap Aug. 4, 2022—An earlier version of this article included the wrong fair value estimate for AMD. It is $130.

Correction to In Praise of Wall Street Aug. 2, 2022—An earlier version of this article incorrectly spelled the last name of author Patrick O’Brian as O’Brien.

Correction to Morgan Stanley Emerging Markets Corporate Debt Is Under Review Because of a Manager Change July 29, 2022—This analyst note was corrected to amend the departure date of former comanager Eric Baurmeister. He left the firm in February 2022, not November 2021.

Corrections to Schroder ISF QEP Global Quality and Schroder QEP Global Core July 18, 2022—These fund reports were corrected to state that Stephen Langford is the co-head of the QEP team, not Stephen Regland.

Correction to Robeco Euro Credit Bonds July 15, 2022—This fund report was corrected to include the correct comanagers.

Correction to Why Higher Fiduciary Standards Help Everybody July 12, 2022—Article was corrected to include Michel André Maréchal’s full name.

Correction to Rating Morningstar’s Fund Ratings July 8, 2022—Ex. 16 was updated to label the globes correctly.

Correction to Schroder Investment Management June 28, 2022—This Parent text was updated to correct the firm’s assets under management to GBP 753 billion from GBP 753 million.

Correction to Matthews Hires a New CEO in an Expected Development June 21, 2022—This analyst note was updated to indicate that Bill Hackett’s tenure as CEO was 13 years instead of roughly nine years.

Correction to The Real Problem With Inflation June 16, 2022—This article was corrected to change the timeline for future inflation expecations to 10 years from five years.

Correction to 4 Undervalued, Recession-Resilient Software Stocks June 15, 2022—This article was updated to reflect a new outlook for Okta. The Morningstar analyst covering Okta has changed, and he lowered the company’s fair value estimate to $193 from $280 since the original time of writing.

Correction to The Real Problem With Inflation June 15, 2022—The table has been updated to correct and update data for the most recent period.

Correction to How Much Are 529 Plans’ Tax Benefits Worth? June 9, 2022—The original article had incorrectly classified Utah’s tax benefit as a deduction. It should be classified as a tax credit.

Correction to What Does Amazon’s Stock Split Mean for Investors? June 6, 2022—This article was updated to correct Amazon’s fair value estimate to $192 per share from $192.50.

Correction Aditya Birla Sun Life Mid Cap May 27, 2022—The report was updated with the correct fund information.

Correction to Vanguard Maintains Its Lead in 529 Plans May 18, 2022—Capital Group manages $93 billion in 529 assets, not $93 million.

Correction to Goldman Sachs Emerging Market Debt May 13, 2022—The report was updated with current text; it had been published with the previous year’s information.

Correction to Climate, Diversity Resolutions Among Key Themes in This Year’s Proxy Season May 6, 2022—An earlier version of this article incorrected stated that a resolution at Amazon asking it to abandon its dual-class share structures made a total of 15 resolutions. The company is Alphabet and a total of 17, not Amazon.

Correction to Royce Total Return’s New Name and Assistant Portfolio Manager Change Do Not Affect Ratings May 5, 2022—This fund analyst note was updated with information about a change in comanagers.

Correction to Autocracy Is a Bad Investment May 3, 2022—This article was updated to remove an incorrect reference to Morningstar analyst Sam Lo regarding BlackRock Emerging Markets.

Correction to The Worst Robo-Advisors of 2022 May 3, 2022—This article has been updated to remove an incorrect advisor for E-Trade Core Portfolios.

Correction to Why ‘Free’ Robo-Advisors Aren’t Really Free April 28, 2022—A previous version of the article cited the wrong rate for Schwab Bank High Yield Investor Savings accounts. The rate paid in the Schwab Intelligent Portfolios program is 0.13%, not 0.05%.

Correction to Schwab U.S. Large-Cap Value ETF April 13, 2022—The fund report was updated after it had been published with the incorrect Parent Pillar text and rating.

Correction to How the Largest Bond Funds Fared in the First Quarter April 11, 2022—A previous version of this article failed to specify that the funds listed in the table and discussed in the story involve the oldest share class of each respective fund.

Correction to Harding Loevner International Equity April 11, 2022—In this Analyst Report, we corrected the start dates and years of experience for Babatunde Ojo. He became a comanager of the Harding Loevner Emerging Markets fund in 2014 and became co-lead in 2016. He has 16 years of experience. We also corrected the range of investment experience for Bryan Lloyd, Patrick Todd, and Batunde Ojo to between 16 and 25 years. We also clarified Ferrill Roll’s roles and tenure with the fund.

Correction to Which Value Stocks Are Leading the Way Over Growth? April 7, 2022—The Morningstar U.S. Large Value Index beat the Morningstar U.S. Growth Index by 15 percentage points in the first three months of 2022. A previous version of this story incorrectly stated that the difference between the two was 15%.

Correction to Best- and Worst-Performing Stocks Quarterly Update April 7, 2022—The number of stocks listed on U.S.-exchanges covered by Morningstar analysts is 863. A previous version of this story incorrectly stated that that was the total number of companies covered by Morningstar analysts.

Correction to 4 Dangerous Assumptions That Could Hurt Your Retirement Plan March 31, 2022—This article was updated to correct the Shiller P/E ratio to 37.

Correction to The Best Target-Date Funds for 2022 and Beyond March 23, 2022—The table and article were corrected to include mention of Fidelity Advisor Freedom’s upgrade.

Corrections to How MeToo Forced Companies to See the Business Risks of Sexual Misconduct and Special Report: How Women Are Breaking the Bias in 2022 March 8, 2022—Previous versions of these articles incorrectly identified Julie Gorte as executive vice president at Pax World Funds. She is senior vice president for sustainable investing at Impax Asset Management

Correction to How Have Top Bond Managers Handled the Russia-Ukraine War? March 7, 2022—This article was updated to correct the weightings in TGEIX and TGWIX.

Correction to 4 Good Reasons to Sell Stocks Now March 3, 2022—The article was corrected to note that if one plans to rebuy the same or a substantially identical security within 30 days of making the sale, the tax loss is disqualified. The number of days was previously incorrect.

Correction to Russia Invasion Sparks Renewable Energy Stock Surge March 2, 2022—A previous version of this article incorrectly identified Joe Keefe as the CEO of Pax World Funds. He is the president of Impax Asset Management.

Correction to Amid Russia Attack, Cybersecurity Stocks Gain March 1, 2022— An earlier version of this story incorrectly stated that Okta shares hit a 52-week high. The shares had hit a 52-week low.

Correction to Why Are Growth Stocks Still Struggling? Feb. 25, 2022—In the original version of this article, the January 2022 values in the “Price/Fair Value Ratios of the Morningstar Equity Style Box” chart were incorrect. The chart has been updated with the correct values.

Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 23, 2022—An earlier version of this article incorrectly included Grayscale Bitcoin Trust (BTC) GBTC and Grayscale Ethereum Trust (ETH) ETHE as active exchanged-traded funds. They are legally designated as grantor trusts.

Correction to Asset Allocation: The Power of Traditional Thinking Feb. 20, 2022—This column was updated to correct the 30-year return figures in Exhibit 2. The nominal annualized return of the informed portfolio was 8.3% and trailed the conventional portfolio by roughly 0.50%, not 10.8% to trail the conventional portfolio by 1.7 percentage points, as previously depicted.

Correction to 7 Charts on the Rapid Ascent of Active ETFs Feb. 18, 2022—An earlier version of this article incorrectly listed the 2021 net flows of Dimensional US Core Equity 2 ETF DFAC, Dimensional US Targeted Value ETF DFAT, and Dimensional US Equity ETF DFUS. The correct 2021 net flows (in USD, billions) are 0.86, 0.47, and 0.13, respectively.

Correction to What Your Net Worth Statement Is Telling You Feb. 16, 2022—The Cash Total in Exhibit 1 was corrected to $90,600 from $181,200. Total Assets was corrected to $1,654,100 from $1,744,700. Net Worth was corrected to $952,100 from $1,042,700.

Correction to Fidelity Contrafund Feb. 9, 2022—In the analysis from Feb. 12, 2021, Fidelity Contrafund’s asset base was updated to $235 billion from $180 billion.

Correction to Why Have Tech Stocks Been Hit So Hard? Jan. 25, 2022—This article was corrected with new “Undervalued Technology Stocks” and “Technology Stocks to Avoid” tables.

Correction to BlackRock Wins One, Loses Another Jan. 11, 2022—This article was updated to correct the Morningstar Analyst Ratings for Loomis Sayles Small Cap Growth.

Correction to What Makes a Company Great? Jan. 10, 2022—An earlier version of this article incorrectly stated that the Morningstar Wide Moat Focus Index had only 20 constituents. It was also corrected to specify that the index consists only of stocks listed in the United States.

Correction to ETFs Cap Off Another Record Year of Flows With a Stellar December Jan. 3, 2022—This was corrected to indicate that U.S. long-term bond ETFs collected $836 million, not billion.

2021

Correction to “ETFs Proved Their Tax Advantages Are Still Strong in 2021″ Dec. 29, 2021—An earlier version of this article stated an incorrect number of Dimensional ETFs distributing capital gains in 2022. The article and exhibits have been updated to reflect the accurate data.

Correction to “My 33 Investment Years” Dec. 27, 2021—The reference after Exhibit 2 to the 1988 figure was corrected to trillion, not billion.

Correction to “These ESG Funds Have Style” Nov. 9, 2021—An earlier version of this article described Calvert’s ESG process as exclusionary. The article was updated to reflect more nuances in its approach.

Correction to “What’s Inside the 4 Largest Clean Energy ETFs” Dec. 7, 2021—This was updated to correct the underlying indexes for First Trust Nasdaq Clean Edge Green Energy ETF QCLN and Invesco WilderHill Clean Energy ETF PBW.

Correction to “What’s a Safe Retirement Spending Rate for the Decades Ahead?” Nov. 29, 2021—The starting withdrawal rate in Ex. 1 in this article was corrected.

Correction to “Investors Return to U.S. Equity Funds in October” Nov. 19, 2021—A previous version of this report underestimated the trailing 12-month flows for Dimensional Fund Advisors by approximately $4.7 billion because of an error in the September flows for one fund, Dimensional World ex US Core Equity 2 ETF DFAX. DFA’s total TTM estimated flows were negative $16.3 billion at the end of October rather than negative $20.5 billion.

Correction to “How a Little Bitcoin Can Change Your 60/40 Portfolio a Lot” Nov. 11. 2021—This article was updated to correct the omission of a drawdown period in Exhibit 4.

Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This article was updated to include the correct 2021 information for Harbor Funds.

Correction to “The Number of New Sustainable Funds Hits an All-Time Record” Nov. 8, 2021—This version of the article has a corrected Flows table and removed reference to the number of top flow-getters launched in the third quarter.

Correction to “What Banks’ Climate Pledges Mean for Energy and Utility Stocks” Nov. 5, 2021—The article was updated to correct the name of the analyst from Calvert. His name is Dan Dorman.

Correction to “Investors Turn to Foreign Stocks in August” Oct. 4, 2021—The final exhibit of this article was corrected to show that Dimensional Fund Advisors recorded inflows of $176 million in August 2021 instead of $80 million in outflows.

Correction to “Green Muni Bonds Are Blooming Slowly” Oct. 1, 2021—This article was updated to correct the market caps of the S&P Municipal Bond Index and the S&P U.S. Municipal Green Bond Index.

Correction to “Why Funds Die” Sept. 28, 2021—This article was updated to correct the information about Invesco in the Fund Closures by Fund Provider exhibit.

Correction to Delaware Ivy International Core Equity Sept. 13, 2021—This analysis from Aug. 27, 2021, was corrected to reflect a Parent rating of Above Average rather than the Average rating that was initially published. This resulted in the Morningstar Analyst Ratings for the I and R6 share classes being changed to Silver from the incorrect Bronze ratings that were initially published for those share classes. All other pillar ratings and share class ratings were correct.

Correction to “Vanguard Total Bond Market: A Success Story” Aug. 20, 2021—Edited after publication to correct the initial investment mentioned in Exhibit 5. Correction to “Sequence of Returns: What It Means and How to Deal” Aug. 10, 2021—Numbers in Exhibit 2 were corrected.

Correction to “Using Annuities During Retirement” Aug. 2, 2021—Numbers in Exhibit 2 were corrected.

Correction to “The Promise and Peril of Ethereum, Part II” Aug. 2, 2021—This article was corrected to remove a reference to ether recovering most of its losses since its May price drop.

Correction to “T. Rowe Price’s CEO to Retire” July 30, 2021—This article was corrected to indicate that Bill Stromberg’s start date as T. Rowe Price’s chair of the board of directors was 2019, not 2016.

Correction to MFS Emerging Markets Equity July 26, 2021—This July 22, 2021, report was changed to add the correct reasons for the future departures of Robert Lau and Jose Luis Garcia.

Correction to “Using History’s Lessons to Evaluate Today’s Investments” May 25, 2021—This article corrected the reference to Exhibit 1. It addresses the interest rate of long-term government bonds, not corporate bonds.

Correction to “David Swensen: The Peter Lynch of Institutional Investing” May 12, 2021—The name and ticker symbol of Vanguard Wellington VWELX were corrected.

Correction to “A Process Tweak at Brown Capital Management Small Company Doesn’t Impact Ratings” April 26, 2021—This fund analyst note was corrected to state that Brown Capital Management changed the fund’s prospectus to say it now seeks companies with up to $500 million of operating revenue, not at least $500 million of such revenue.

Correction to “Vanguard Mishap Leads to an Estimated $200 Million Windfall for Investors” April 22, 2021—This article was updated to indicate that Vanguard has taken sole responsibility for crafting the unintentionally riskier allocations in The Vanguard 529 Plan.

Correction to “How and When to Take Your RMD” April 15, 2021—The reference to the elimination of the RMD requirement was changed to correct the year to 2020.

Correction to “Emerging-Markets Equities: A Promise Half-Fulfilled” April 12, 2021—This article was edited to add a clarification about the average net worth of China’s parliamentary members.

Correction to BlackRock LifePath Index Series March 31, 2021—Because of an error, the Morningstar Analyst Rating for the 2030 fund’s class 15 and 35 share classes were incorrect. We have corrected the Analyst Ratings to Silver and Gold, from Gold and Silver, respectively.

Correction to “Did GameStop Put Congress on the Right Track to Improving Trading Regulation?” March 28, 2021—An earlier version of this article incorrectly attributed a statement to Citadel CEO Kenneth Griffin. The full quote, “When your broker is being paid for order flow, you get a worse execution,” was said by Rep. Brad Sherman, D-California, during the U.S. House Financial Services Committee hearing last month.

Correction to “Your 2021 Tax Fact Sheet and Calendar” March 26, 2021—An earlier version of this article incorrectly stated that May 17, 2021, is the deadline for estimated taxes for the first quarter of 2021. The deadline is April 15, 2021.

Correction to Analyst Note for American Funds Income Fund of America March 9, 2021—Morningstar published an analyst note that incorrectly stated that American Funds Income Fund of America’s dividend is being cut. This note has since been published for the correct fund, American Funds Capital Income Builder. Correction to VMware CEO Departure Provides Buying Opportunity March 4, 2021—This Stock Analyst Update was corrected to list author Mark Cash.

Correction to Baird Aggregate Bond Report Feb. 19, 2021—The Feb. 11, 2021, report included a Morningstar Analyst Rating of Silver for Baird Aggregate Bond Institutional BAGIX. This was in error, and it has since been corrected to a Morningstar Analyst Rating of Gold.

Correction to “Required Minimum Distributions: Why All the Tinkering?” Feb. 17, 2021—An earlier version of this article stated that the QLAC purchase limit was $125,000. This was corrected to $135,000.

Feb. 24, 2021—An earlier version of this article stated that the SECURE Act lifted the age at which you must take RMDs to 72 1/2. This was corrected to 72.

Correction to How Fares the World’s Largest 401(k) Plan? Feb. 16, 2021—This article was been updated to correct the asset allocation of Lifecyle Income.

Correction to “Vanguard’s Target-Date Fund Flows Plummet in 2020″ After publication, Exhibit 2 was corrected regarding American Funds’ 2020 net flows and percentage change.

Correction to “Funds for 2021 and Beyond” The January 2021 issue of FundInvestor incorrectly stated that Artisan International Value ARTKX gained just 1% in 2020. The correct figure was 8.5%, which was just slightly below the return of category peers and benchmark. The text in this article has been changed to remove the incorrect reference to Artisan’s returns in 2020.

Correction to “Does Your Portfolio Need Bitcoin?” This article was updated to remove a reference to Guggenheim Macro Opportunities GIOIX seeking SEC approval to invest up to 10% of its assets in Grayscale Bitcoin Trust GBTC. After the article went to press, we were informed that this is no longer the case. We also revised the article to clarify that Osprey Bitcoin Trust is currently available as a private placement.

Correction to “Indirect Roth IRA Contributions: Backdoor or Trapdoor?” Jan. 20, 2021—An earlier version of this article reversed the terminology in the Don examples. It has been corrected to list taxable and income-excludible where appropriate.

Correction to “Your 2021 Tax Fact Sheet and Calendar” Jan. 19, 2021—An earlier version of this article incorrectly stated that catchup contributions are available for SEP IRAs. The total contribution limit for SEP IRAs is $58,000 in 2021 regardless of the contributor’s age.

Correction to Morningstar Quantitative Ratings An error was detected with the Morningstar Quantitative Ratings published as of Oct. 31, 2020, and Nov. 30, 2020. Some of these Morningstar Quantitative Ratings consumed missing and incorrect data as part of the process to generate the final ratings.

All Morningstar Quantitative Ratings for open-end mutual funds, exchange-traded funds, annuity subaccounts, and separate accounts published as of Oct. 31, 2020, and Nov. 30, 2020, have been removed. Morningstar Quantitative Ratings are being displayed as of Sept. 30, 2020.

Correction to Market Update “Contrarian Tilts for Your Portfolio” The original version of this article published on Jan. 4, 2021, incorrectly stated the Morningstar Quantitative Ratings for four funds. In Exhibit 4, the ratings for iShares Global Energy ETF, iShares U.S. Oil & Gas Exploration & Production ETF, and John Hancock Multifactor Energy ETF were changed to Silver from Gold. In Exhibit 6, TCW Enhanced Commodity Strategy’s rating was corrected to Silver from Gold (Jan. 6, 2021).

An earlier version of the article displayed data and ratings for iShares Global Financials ETF in Exhibit 5. The fund was replaced with iShares U.S. Financials ETF (Jan. 6, 2021).

Exhibits 4, 5, and 6 were updated to indicate that the Morningstar Quantitative Ratings were as of Sept. 30, 2020 (Jan. 6, 2021).

2020

Correction to “Required Minimum Distributions: Why All the Tinkering?” An earlier version of this article stated that the QLAC limit was $125,000. This has been corrected to $135,000.

Correction to Advisor Digest e-newsletter The e-newsletter from Dec. 8, 2020, included an incorrect headline. Dan Fuss is not retiring from Loomis Sayles; he is stepping away from portfolio management duties.

Correction to Credit Suisse Asset Management Parent Analysis The analysis from Nov. 13, 2020, was corrected to identify the firm’s new head of the Americas.

Correction to Analyst Report—SPDR Portfolio S&P 500 Growth ETF The report for SPDR Portfolio S&P 500 Growth ETF SPYG that was published on April 30, 2020, had the fund’s Morningstar Analyst Rating listed as Bronze. It has been corrected to Silver.

Disclosure Correction to Several Articles Nov. 30, 2020—An earlier version of several articles/videos incorrectly stated that the primary analyst did not own any shares in any of the securities mentioned. At the time of publication of each article, a family member of the analyst owned shares in Stryker SYK in an account managed by a third party. Morningstar has confirmed that her ownership of Stryker did not influence any ratings or analysis. This correction applies to:

  • July 2020: “Backlog Grows for Orthopedic Procedures”
  • December 2019 video: “Orthopedic Robots Have a Promising Future”
  • July 2018: “Stryker Posts Another Strong Quarter”
  • December 2017: “We Like Zimmer’s Pick for CEO”
  • August 2016: “Will Robots Take Their Place in Orthopedics?”
  • May 2016 video: “This Medical Device Maker Is Ankles and Shoulders Ahead”

Correction to GA Path2College 529 Plan Oct. 30, 2020—The report from Oct. 27, 2020, was corrected to show the accurate deductions and equity stakes.

Correction to Advisor Insights “Providing for Minor Children After SECURE” Oct. 13, 2020—An earlier version of this article incorrectly stated the ages for full distribution of traditional IRA-funded trusts.

Correction to Commentary “How Big Fund Families Voted on Climate Change: 2020 Edition” Oct. 2, 2020—An earlier version of this article incorrectly stated the level of Fidelity ex-Geode’s support of disclosure requests. Geode supported a majority of climate-related disclosure requests, not both Fidelity ex-Geode and Geode.

Correction to Analyst Note—MFS Massachusetts Investors Trust Sept. 9, 2020—The Analyst Note about MFS Massachusetts Investors Trust MITTX that was published on June 30, 2020, had an incorrect date regarding the retirement of manager Kevin Beatty. He will retire on Sept. 30, 2021, not 2020.

Correction to Stock Analyst Note—China Telecom Aug. 19, 2020—In the China Telecom note published Aug. 19, we replaced the retail section of the original note, which had been published with old information.

Here is the corrected text:

China Telecom reported a reasonable first-half result in the circumstances with revenue increasing by 2% and both EBITDA and net profit broadly flat. It did report the best revenue growth numbers in the Chinese telecom sector in the second quarter with service revenue growing 4.3% compared with the industry average of 3.4% but second-quarter operating profit was down 3.6% with operating costs up 6.1%. Revenue growth for China Telecom was much more evenly spread with mobile services and wireline services both growing at around 2.5% for the first half.

We retain our fair value estimate for China Telecom at HKD 4.54 (USD 59 per ADR) representing only 17.3 times 2020 forecast earnings per share. The stock has moved back to 4-star territory after the 20% share price rise over the past 2 weeks but still looks reasonable value. We make no changes to our no-moat rating for China Telecom which stems from its returns remaining below WACC. Its returns have remained below WACC for each of the past 10 years and we expect this to remain the case in our forecast period despite our expectation that returns will improve. We forecast operating income to grow at an average of 5% per year over the next five years.

China Telecom’s mobile services revenue, which accounts for 48% of the total, was up 2.5% in the first half. This continues the trend of China Telecom taking market share in mobiles given China Unicom’s mobile services revenue was down 2.8% and China Mobile’s was down 1.6% over the same period. Mobile data pricing trends indicate competition levels are declining. Industry unit mobile data pricing declined at an average of around 50% per year from 2016 until the first half of 2019. This pricing decline was down to 22% in first-half 2020. We see this as a sign of more rational competition among the mobile operators.

Correction to Analyst Report—Nuveen All-American Municipal Bond R6 Aug. 6, 2020—In the analysis published on July 17, 2020, the Morningstar Analyst Rating for Nuveen All-American Municipal Bond R6 FAAWX was incorrect due to an error in the prospectus adjusted operating expense ratio. The share class’ rating has been corrected to Bronze.

Correction to Investing Specialists “Understanding the 4 Key Annuities Types” Aug. 3, 2020—An earlier version of this article incorrectly stated the amount that an investor can use in a qualified longevity annuity contract. A QLAC allows an individual to steer up to $135,000 ($270,000 for married couples) from an IRA into a deferred annuity, not $125,000 ($250,000 for married couples).

Correction to Analyst Report—First Trust High Yield Long/Short Aug. 3, 2020—First Trust High Yield Long/Short HYLS was republished with a correct Morningstar Analyst Rating of Neutral after an error in the prospectus adjusted operating expense ratio was corrected.

Correction to Sept. 10, 2019, article July 23, 2020—A previous version of the Sept. 10, 2019, article by Sarah Newcomb titled “The Present Bias Booby Trap” incorrectly stated that Amos Tversky won a Nobel Prize for his work on Prospect Theory.

Correction to July 13, 2020, Fund Spy July 14, 2020—An earlier version of the Fund Spy titled “The 10 Biggest Fee Cuts of the Year” mistakenly included two FPA funds. FPA Crescent’s FPACX fee actually declined just 2 basis points, and FPA International Value’s FPIVX was flat at 1.29%. We have removed them from the text and table.

Correction to Structured Notes: Buyer Beware May 26, 2020 June 5, 2020—An earlier version of this white paper incorrectly included simulated results on Page 6 based on a two-year maturity length instead of a 2.5-year maturity length. The corrected results show a $1,042 expected value of all payouts, a 1.67% mean rate of annualized return, and 2,048 different payout-stream possibilities (instead of $1,033, 1.65%, and 512, respectively).

Correction to Sustainability Matters April 9, 2020 June 2, 2020—Exhibit 1 was replaced with a corrected version.

Correction to Morningstar Quantitative Ratings Feb. 7, 2020—During the January 2020 production of Morningstar Quantitative Ratings for funds, pillar scores did not update for a portion of the global universe, with 0.5% of share classes affected. Those share classes were rated using the prior month’s pillars. The issue has been corrected and will update during February’s production.

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