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AI in Active Fund Management: The State of Adoption in 2026

Generative artificial intelligence is accelerating research, but investment decisions remain the frontier.

Artificial intelligence is rapidly reshaping investment research, but its role in active fund management remains nuanced. While generative AI is unlocking unprecedented speed and scale in analysis, its integration into actual investment decisions is still limited, concentrated among a small group of technologically-advanced managers.  

Drawing on proprietary Morningstar research and interviews with leading global asset managers, this report cuts through the noise. We reveal where AI adoption is real, where it’s overstated and what it means for investors navigating an industry at a critical inflection point.  

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