Investing Specialists

Morningstar Runs the Numbers

Inspired by Harper's Index (with a tip of the hat to FiveThirtyEight's Significant Digits blog), Morningstar Runs the Numbers uses a numbers-based approach to highlight recent Morningstar research, along with some outside news stories.

A recent Morningstar study found that a low percentage of large-cap equity funds invest in private companies, and most that did so had small stakes. The study looked exclusively at large-cap equity funds and found that 70 funds had some level of investment in private companies. Those funds equate to just 5.8% of the 1,204 large-cap equity funds in Morningstar's database. Their level of private-company investments accounted for $7.7 billion in assets in aggregate, or about 0.15% of the large-cap equity universe's $5.1 trillion tally as of December 2017. does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.