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Investing Specialists

Morningstar Runs the Numbers

We take a numerical look through this week's Morningstar research. Plus, our most popular articles and videos for the week ended April 21.

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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.

Vice president of research John Rekenthaler examined a study in The Wall Street Journal that found that more than 90% of all actively run U.S. diversified funds lagged their benchmarks over the trailing 15-year period. He found that the discouraging results were heavily influenced by two factors, however: survivorship bias and costs. Rekenthaler said the odds of beating the benchmark are greater among funds that survived the 15-year period and were in the lowest-cost quartile of their peer group. does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.