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Fund Spy

Morningstar Identifies Winners Among Largest Fund Firms

New study points to differences among top firms' stewardship practices and performance.

The fund industry’s largest firms all have swagger. Together they control more than two thirds of the industry’s mutual fund assets, and most--if not all--are household names.

Morningstar contends, however, that not all of these industry leaders are top caretakers of capital, and a new study from Morningstar finds the firms vary on important attributes related to fund manager tenure, retention, and personal investments in fund shares. There are also significant differences in the fees they charge. The study found that among the top-20 firms, those with stronger stewardship practices have delivered better outcomes for fundholders.