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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.
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