Thanks BaluBalu.
I extracted the paragraphs below from our 2021 MICUS report. A bit dated, but I believe M* has continued to grow its business even higher in the 3 years since.
The Business
If attendance at Morningstar The Conference was down this year, it does not reflect the success of Morningstar The Business, in spite of COVID or perhaps helped by it. Since Kapoor took over CEO in 2017, employees have doubled, as have MORN’s valuations. The company’s market cap has nearly quadrupled.
Adding to its acquisition of private equity tracker Pitchbook, the company acquired credit rating firm DBRS in 2019 and ESG rating firm Sustainalytics in 2020.
Since most people probably think of Morningstar as just the “Good Housekeeping” of the fund industry, it’s probably worth listing all their current products:
• DBRS Morningstar – Independent rating services and …
• Morningstar Advisor Workstation – Investment research, financial planning, client reporting …
• Morningstar Data – Global equity, managed investments, and market data …
• Morningstar Direct – Advanced portfolio analytics and performance reporting …
• PitchBook – Data, analysis, industry news, and in-depth reports on the private and public markets …
• ESG Investing Solutions – Assessments of ESG risks and opportunities across asset classes …
• Financial Planning Solutions – Web-based financial planning tools for advisors
• Sustainalytics – Sustainable investment strategies and security-level ESG research and ratings …
• Morningstar Office – Web-based portfolio and practice management …
• Morningstar Research – Independent, comprehensive evaluations on equities, funds …
• Morningstar Annuity Intelligence – Annuity research for professional investors
• Morningstar ByAllAccounts – Account-aggregation and financial-management tools…
• Morningstar Commodities & Energy – Research and data in the commodities and energy sectors …
• Morningstar Credit Information and Analytics – Credit tools and research …
• Morningstar Enterprise Components – Configurable, ready-to-integrate enterprise software …
• Morningstar Essentials – Investment statistics and ratings for institutional marketing professionals
• Goal Bridge – Goal-setting and investment planning for financial advisors
• Morningstar Investment Research Center – Comprehensive investment resources for library patrons
• Morningstar Reporting Solutions – Marketing materials, regulatory documents, and other custom …
• Manager Selection Services – Manager selection and investment analysis for financial advisors
• Morningstar Total Rebalance Expert – Tax-aware rebalancing for financial advisors
• Morningstar Indexes – Product benchmarking & creation for financial institutions and asset managers
• Managed Portfolios – Mutual fund, stock, and exchange-traded fund portfolios …
• Morningstar Retirement Manager – Workplace retirement account service for plan sponsors
• Advisor Managed Accounts – Managed accounts for registered investment advisors
• Morningstar Fiduciary Services – Investment selection, portfolio monitoring, and portfolio reporting …
• Morningstar Plan Advantage – Comprehensive retirement-plan management …
• Target-Date Solutions – Target-date funds for plan sponsors
• Morningstar Premium – Analysis of stocks, funds, and markets, plus tools …
• Morningstar Investor Newsletters – Investment strategies and in-depth analysis …
Morningstar’s founder and chairman, Joe Mansueto, retains about 45% of outstanding shares, representing a current value of about $5 billion. If there is someone vested in Chicago’s recovery, it would be him. He purchased the historic Wrigley Building in 2018 and most recently the Waldorf Astoria Chicago. He owns Major League Soccer’s Chicago Fire. He remains a large donor to the University of Chicago, his alma mater.

One of the businesses Morningstar entered just under three years ago was their own brand of mutual funds, which replaced other funds in its Managed Portfolios business. The nine funds have accumulated $5.3B in AUM, or about $44M in additional fees for Morningstar.
At the time, it seemed awkward to us [here’s David’s Take] and it remains awkward for Morningstar to offer its own competing funds. What’s worse is that so far they have performed unremarkably, as can be seen in the table below. As a fiduciary, I would be hard-pressed to defend why these funds were chosen over others recommended by Morningstar’s own research teams. None of the funds will qualify for Morningstar’s “5 Star” rating when they soon reach the 3-year mark. Morningstar is also a sub-advisor of five other funds for ALPS. These five ETF asset-allocation portfolios suffer even worse performance; in fact, Morningstar itself ranks the ALPS family “Below Average.”

An article today by Ron Lieber, NY Times. (Free read)
A Money Guru Bet Big on a Very Long Life. Then He Got Cancer.

https://www.sec.gov/Archives/edgar/data/1831313/000182912624004764/tcwetftrust_497.htm
Target Fund------------------------------------->Acquiring Fund
Metropolitan West Floating Rate Income Fund ------->TCW Senior Loan ETF
Metropolitan West Investment Grade Credit Fund------>TCW Investment Grade Credit ETF
TCW High Yield Bond Fund------------------------>TCW High Yield Bond ETF

Baby bonds (I believe) are bonds that are traded on exchanges in denominations less than $1,000….usually $25, although some are $50 and some are $100 (or other par prices). There are also preferred stocks that trade similarly (in denominations, exchanges, etc.), but baby bonds are higher in the capital stack, have call and due/maturity dates, and generally trade more muted (lower volatility) than preferred stock (which are closer to equity—or the bottom—of the capital stack).
I know trading individual baby bonds (or any other security) can be a PITA, but if you spend some time looking at individual baby bonds, you can get yields easily of 6% or higher (usually called stripped or current yield), with built in capital gains if buying under par, that adds to the return (usually called yield to maturity or yield to call).
PIMCO also has a fund that invests in baby bonds and preferreds….PFANX is the A share version of it.
I have invested in several individual preferreds and baby bonds, so am happy to answer any more questions; usually ETF or mutual fund versions that hold these funds have several limitations (usually liquidity and excessive exposure to financial companies because these are the most likely to issue these securities) that hurt longer term returns.

Baby bonds is a term used for bonds are issued in $1,000 denominations and often trade. These are popular with retail investors. Why would you want to limit OEFs, ETFs, or ETFs to such baby bonds only?

Typos?

VIX was supposed to follow global events 24/7, but instead, cryptos are almost doing that now.
https://stockcharts.com/h-perf/ui?s=COIN&compare=DJT,$BTCUSD&id=p13316794986

Agreed. Frankly I've given up watching the VIX b/c I'm not sure how useful it is these days given the rise of one-day-options that can be used to hedge risks very tactically instead of a 30-day timeline, the number of options-layered funds, etc, etc. I sure wouldn't trade volatility products, that's for sure!

VIX was supposed to follow global events 24/7, but instead, cryptos are almost doing that now.
https://stockcharts.com/h-perf/ui?s=COIN&compare=DJT,$BTCUSD&id=p13316794986

https://www.sec.gov/Archives/edgar/data/1771146/000199937124008566/roar-485apos_071224.htm
Excerpt:
Principal Investment Strategies
The Fund is an actively managed exchange-traded fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in catastrophe bonds. Catastrophe bonds, also known as event-linked or insurance-linked bonds, are structured securities whereby insurers or reinsurers transfer specific risks, typically those associated with severe events such as catastrophes or natural disasters, to capital market investors. These investments also may cover risks such as mortality, longevity and operational risks. For purposes of the Fund’s 80% test, catastrophe bonds include other forms of insurance-linked securities (“ILS”), including quota share instruments (a form of proportional reinsurance in which an investor participates in the premiums and losses of a reinsurer’s portfolio of catastrophe-oriented policies), bonds or notes issued in connection with excess-of-loss, stop-loss, or other non-proportional reinsurance (“Excess of Loss Notes”), collateralized reinsurance investments and industry loss warranties, event-linked swaps, and other insurance-and reinsurance-related securities.
Trigger Events
Trigger events with respect to the Fund’s investments typically relate to natural disasters or events, including hurricanes, windstorms, tornados, fires, floods, and other weather-related phenomena. Trigger events may also include earthquakes and tsunamis. In addition, catastrophe bonds may have trigger events that are non-natural catastrophes, such as plane crashes, or other events resulting in a specified level of physical or economic loss, such as mortality or longevity (life-span). The Fund does not expect to invest significantly in such securities.
Trigger events are typically defined by three criteria: an event; a geographic area in which the event must occur; and a threshold of economic or physical loss (either actual or modeled) caused by the event, together with a method to measure such loss. In order for a trigger event to be deemed to have occurred, each of the three criteria must be satisfied while the bond is outstanding. The Fund has no limit as to the types of natural catastrophes, geographic areas or thresholds of loss referenced by event-linked bonds in which it can invest. Generally, the event is a natural peril of a kind that results in significant physical or economic loss.
https://www.artemis.bm/news/brookmont-launch-exchange-traded-cat-bond-fund-catastrophic-bond-etf/

https://www.sec.gov/Archives/edgar/data/1141819/000089418924004051/crossingbridgenordic485a.htm
Excerpt:
Principal Investment Strategies
Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, (plus the amount of any borrowings for investment purposes) in income producing bonds that are issued, originated, or underwritten out of the Nordic Countries (as defined below). The Adviser considers the Nordic Countries to be Denmark, Finland, Iceland, Norway and Sweden. The Adviser will construct the Fund’s portfolio by investing in corporate bonds including, but not limited to, fixed or floating rate bonds, zero-coupon bonds and convertible bonds, and bonds issued by governments, government agencies or government instrumentalities of the Nordic Countries.

Baby bonds is a term used for bonds that are issued in $1,000 denominations and often trade on exchanges. These are popular with retail investors. Why would you want to limit the OEFs, ETFs, or CEFs to such baby bonds only?
Edited for clarity & typos.

@Charles - point taken re: Buffett. And for clarity, I guess I should have been clearer - I'm wary of boutique funds managed by a team of 1, 2 or 3; not enough. FAIRX had a team of 3 at one point, and two left. Heebner was great until he wasn't. David Winter, I think it was, was also lackluster. Pinnacle Value, well, I guess that's another case, but that's a mega-deep-value fund.
On the other hand, I don't think much of Royce as an organization even though they have a pretty sizeable research team. Oakmark has lagged in a lot of areas (but I don't think they're not above board; Bruce B was just going nuts at the end).

It doesn't matter whether there is 1 manager or multiple managers.
The fund firm matters a lot. For example, Fido managers have great institutional support whether a fund has star manager (FCNTX, FDGRX) or a crowd (FBALX - a graveyard of former Fido managers that Fido wants to keep). Manager transitions matter less at Fido, Pimco, Price, Vanguard, etc - despite the mistakes they may have made.
This is why some managers don't succeed when they move away from their original firm. Even the so-called bond-guru Bill Gross couldn't do it after he was out at Pimco (his fund at JHG was a disaster).
Some firms such as American Funds/Capital Group have a policy of multiple managers to avoid the star-manager problem.
Investors should be wary of fund boutiques (BRUFX, etc) with 1-2-3 funds. There are several posts at MFO about such concentrated/focused, hot-hand funds (old or new). Mutual funds rely on the separation of fund administration, management and distribution for "safety", but those functions may overlap a lot at boutique funds - and this required separation may be barely legal at boutique firms.
Bruce Berkowitz (FAIRX) has mostly his and family's money in the fund. He also gets to run JOE, and his interests are NOT aligned with the other public holders of FAIRX. In a way, he is using other-people's-money (OPM) for his own interests. So, while some fund ownership by managers is desirable, too much of it may be BAD.

American Funds issues of the last 15-20 years was largely due to fund size making them giant closet indexes. These ETF's have a ton of room to run and I've always been a big fan of their management process. I likely will forgo investing in them but will continue to pay attention.

So the outperformance of the Marshfield equity composite from late 1989 thru mid 2020 vs sp500 was 283bps annually. Looking briefly at MRFOX vs sp500 since inception of the mutual fund was approx 260 bps. That outperformance over time is huge.
So from where I sit, seems to me that is similar outperformance. Now, the real question is if it's repeatable or not?

@FD1000. Great portfolio for that decade. Ex post anyway. I too held FAIRX during those years. Unfortunately, I held FAAFX through the next!
@Shoatakovich. Yep. That excludes a lot of funds. But having a big team doesn't always help either ... D&C, Grandeur, BG, MS Counterpoint, Primecap? They've all had their time in the barrel. But, I agree that if you are looking for funds for a lifetime, they need to have staying power ... the enterprise needs to be substantial. I never got the feeling Buffett had a big staff, but his enterprise is certainly substantial.

I would add spouse's information and pool Children's information that list them as beneficiaries as well as identifying them with SS / Driver's license.
Often times a living spouse needs documentation of the other deceased spouse such as DD214 form, death certificate, SS (etc)

Recently @yogibearbull linked in 'off topic', an estate planning article he wrote for a news publication.
Considering the vast knowledge and experience here, this topic deserves a full overview here; for the benefit of all involved in our lives.
I'll place next, the text of a Word document we produced about 25 years ago. This document has had many adds over the years.
-----
PERSONAL INFO FOR (NAMES)
UPDATED/EFFECTIVE DATE = XXXXXXXXXX
NOTE !!!!!   The below listings would be used in conjunction with any of the following legal forms that should be established for and by you for yourself and family members:
WILL, TRUST (there are many trust styles; i.e., revocable living trust, irrevocable, etc.) https://store.kiplinger.com/family_records_organizer_download.html GENERAL POWER OF ATTORNEY, DURABLE POWER OF ATTORNEY FOR PROPERTY AND MONIES, LIVING WILL AND/OR DURABLE POWER OF ATTORNEY FOR HEALTH CARE and HIPAA authorization and release form (allowing release of pertinent private medical information to authorized persons)
SOCIAL SECURITY NUMBERS:
*** full legal name, ssn#
DRIVER LICENSE #’S:
*** full legal name
HEALTH/DENTAL INSURANCE; names, policy type & numbers, contact phone #’s
MEDICARE, MEDICAID OR OTHER FEDERAL OR STATE RELATED
***relative information for any of these or related documents/forms
CREDIT CARDS:
*** issuers, card numbers, their phone #’s, etc.
      
INSURANCE POLICIES:
-home 
-auto
-life
-other
ELECTRONIC DEVICES UNLOCKS:   passwords, keypad method, thumb, facial or voice
RECIPIENT/BENEFICIARY MONIES FROM OTHERS OR A BUSINESS:
-are you listed in someone’s will/trust/business agreement that should be documented here? Is someone your beneficiary and needs to made aware of this?
PERSONAL AND REAL PROPERTY:
-real estate, cars, and personal property (collections, artwork, boats, jet skis and anything else one considers that others need to be aware of.
ALSO indicate as to what property is PAID IN FULL and OWNED
LIABILITIES:
-home mortgage
-home equity loans
-auto loans
-all other monies owed to a third party
* provide all pertinent information regarding these liabilities: what, where, who, etc.
PERSONAL RETIREMENT ACCOUNTS:
401K, 403B, 457, IRA’S, COMPANY PENSION PLAN:    
*vested company pension plans may be set with a spousal/beneficiary statement
CHILD/CHILDREN ACCTS (EDUCATIONAL, 529, SAVINGS, ETC.):
ANNUITIES:
BROKERAGE/STOCK/MUTUAL FUND ACCTS:
Note: contact info…phone numbers, acct numbers, login info, etc.
CHECKING/SAVING ACCOUNTS: organization, acct. #’s, contact names/phone #’s
Note: whose names are on the accounts???
SAFE DEPOSIT BOX: location & box number
NOTE…..who has a signed contract for access and who has a key
PASSWORDS:  home pc, pc documents, all online accounts; which may require security questions ansers and/or two factor verify with the code being sent via email or a cell phone number
DOCUMENTS LOCATION (physical  papers, etc.):
NOTE……indicate where these “original” documents are located
-check book, payment books (house payment, home equity, etc.)
-will, trust, power of attorney, living/medical will, guardianship (child)
-house deed/title
-auto titles
-cemetery plot/ownership documents
-IRS/State, previous tax years filings
-passports
-birth, marriage & related documents
-business/work required license
PHYSICIAN/DENTIST & related:
-preferred medical doctors and facility, all phone numbers and related
-daily medications list
-drug allergies
-allergies
-blood type
-immunizations
-brief medical history
EMPLOYER CONTACT INFO:
-this would include pension plan contact information
-local contact info, names and phone numbers
-human resources
-coworkers
CHILD’S SCHOOL & RELATED CONTACT INFO:
FAMILY/FRIEND CONTACT INFO (email, phone/mailing address):
CPA, ATTORNEY & related:
MEMBERSHIPS, SUBSCRIPTIONS (publications, societies, etc.):
LIST OF USUAL MONTHLY BILLS  (phone, utilities, cable tv, etc.)
-WHEN and how are recurring payments made? Electronic or paper check
PETS (local vet contact info):
-deposition of  pet(s), upon owner impairment or death
GENERAL COMMENTS & INSTRUCTIONS related to this info listing:
******** As to the list above, one may copy and paste into a Word document as a starting document to build upon.
As expected, some areas will need to updated as needed. ALSO, the CAPS in the document I've set in BOLD, and some line items are in RED. An example(s) would be Medicare numbers changed several years ago. Most VISA and DEBIT card numbers expire every 4 years. We've had to add doctors info and medications taken (it's an age thing). We have a separate list for common recurring payments. Some are with VISA, ACH via the checking acct. and few random payments; one being a once a year payment for an inflation protected insurance policy for a high end musical instrument. This payment request arrives, in the mail, every May. We decide how to pay at that time. Also, our local real estate taxes and water/sewers bills are always sent in the mail. There isn't a payment plan that may be set.
Our Word document is password protected in a laptop, has thumb drive backup and paper copies. Your storage methods may vary; but those who need to be aware of this information need to know this, too.
An example of what may help you with gaining more knowledge are YouTube finds. This will provide an example for TOD/POD set ups.
Ok for now. I'm ready for a nap on this hot and humid day in Michigan. I plan to add more at a later time.
Share your experiences and suggestions with all things for 'estate planning'.
Thank you.
Remain curious,
Catch

OK, I didn't spend time reading through this entire thread but I offer this link up (free for everyone) for whatever interest it might still hold.
Home Insurance Rates in America Are Wildly Distorted. Here’s Why.

@stillers
The following was found by a quick Google search, and is a direct copy-paste. The statistics from prior to MRFOX’s existence are reflective of the Marshfield Equity Composite, which is a non-publicly available portfolio run by these same people. This is what is done by MANY funds, portfolio advisors, etc., especially of new funds (PRCFX is an example, I believe, as Giroux ran a portfolio for SMAs in a manner similar to this new fund); they quote returns of their portfolios prior to the existence of said mutual fund(s).
“Marshfield Associates is a concentrated, long-only value investment adviser established in 1989. Located on Washington, DC’s Dupont Circle, the firm offers separately managed accounts and a mutual fund, the Marshfield Concentrated Opportunity Fund. It serves both institutional and private investors.
Marshfield is owned by its seven principals who have an average tenure of 23 years. Each principal must invest in the same stocks that Marshfield buys for its clients and may own no other publicly traded equities.”
https://www.marshfieldinc.com/about-us/