Jeffrey Ptak

Active funds tasted success a bit more often in 2019. But most still lagged the indexes.

We highlight some of the most indelible moments from our newest podcast.

Investors are supposed to chase performance, right? They're not.

A medley of some of the best lines our star-studded roster of guests has given us thus far.

We share the changes and provide a helpful example.

We look at recent research and results before fees.

Downgrades would outnumber upgrades with costlier share classes likelier to take a hit.

The Research Affiliates founder thinks "value" is cheap, sees shades of the 2000 tech bubble in today's market, and takes issue with multifactor investing, among other matters.

Don't settle for reassurances. Ask active fund managers to explain how they'll deliver the value they purport to add after fees.

The answer is--almost certainly not. But it never hurts to check.

We’re enhancing the Morningstar Analyst Rating and Morningstar Quantitative Rating to make them even more useful to investors.

The ratings have performed pretty well, but there are opportunities for improvement.

Vanguard's CEO on balancing growth with delivering good client outcomes, the future of advice, and the trend toward "free" products.

The fund loaded-up on private equity and debt, then had to convert into a closed-end fund amid a liquidity crunch.

Our research finds that “hired” funds underperformed “fired” funds in future periods, on average.

Cheaper, "unbundled" funds succeed far more often than pricey, "bundled" offerings.

What really defined Jack Bogle--perhaps because it was his most relatable quality--was his sheer determination, writes Morningstar's Jeff Ptak.

Pre-fee returns are sliding, funds are performing more alike, and the 'wrong' styles are leading.

Persistence studies suggest you need to outperform like clockwork to be elite. Balderdash!

Managers have shown skill over the last twenty years, but on the whole have failed to deliver value for investors.

Fewer, cheaper funds are better for investors (and, long-term, for the industry, too).

Our research finds that fees are likely to remain as reliable a guide to future performance as any.

Harbor International Fund investors are getting soaked with taxable gains equivalent to around 38% of NAV.

Fidelity's move has more symbolic than economic significance, signifying important shifts underway in the fund industry.

Investors captured a greater share of the returns of funds that succeeded in balancing risk and reward.

The direction of investor flows and market returns--not behavior--appears largely to account for differences in dollar-weighted returns.

Is low-cost really the "new past performance"?

It measures differences, but differences aren’t the same as skill.

Long-term outperformance is a rocky road requiring patience and resolve.

The evidence suggests actively managed U.S. stock funds fare better in down markets than up, but that doesn't make the case for them.

Our research finds that investors have generally succeeded in using target-date funds

On balance, our research finds that the Analyst Rating has succeeded in predicting funds' future performance.

We find the star rating has been a useful starting point, and the Analyst Rating, while newer, has also exhibited predictive power.

Stadion Funds has collected almost as much in fees as it has delivered in gains and income for more than a decade.

Though it has limitations, the star rating has, on balance, pointed investors toward funds they can succeed with.

The current approach to levying fees is outmoded and in need of change.

In the future, the active-fund industry must shrink, cut prices, better-align with investors, and differentiate.

We’re changing how we present the performance of hedge funds that convert into mutual funds.

Investors should quit assuming choosing an active fund is easy (or just quit), writes Morningstar’s Jeff Ptak.

Investors pulled nearly $100 billion from index-beaters recently.

Return expectations have drifted lower, but prices haven't kept pace.

Winning funds often look more like Jay Cutler than Tom Brady.