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Morningstar Category Revisions, 2025

yogibearbullyogibearbull
edited September 10 in Fund Discussions
M* Fund Category Definitions published 04/2025, available only in 09/2025 (don't know why M* does this every year!).

Changes, April 30, 2025

× Added Global Aggressive Allocation, Global Moderately Aggressive Allocation, Global Moderate Allocation, Global Moderately Conservative Allocation, Global Conservative Allocation, and Miscellaneous Allocation

× Retired Global Allocation and Leverage Net Long

× Revised text definitions of Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, Conservative Allocation, Global Large-Stock Growth, Global Large-Stock Blend, Global Large-Stock Value, Global Small/Mid Stock

(Domestic allocation/hybrid funds have 75%+ in US securities, global allocation/hybrid funds have (only) 25%+ in foreign securities. This would make most TDFs global, but TDFs are classified separately & there is no mention of US vs foreign securities in TDF descriptions.

Global stock funds have 25-80% in foreign stocks.)

https://pdfhost.io/v/ZA2TxpMej3_MStar_Fund_Categories_042025

Note about PDF Host. M* Methodology/Research documents are now for download only (some years ago, they could be linked). M* Library isn't also easily searchable. But if you know the publication date, you can scroll through reverse-chrono order and locate the document. What I do is upload these documents to FREE PDF Host site and link them. Yesterday, some could open these documents, others could not. I also had problems uploading documents yesterday. So, hopefully, PDF Host works better for posters now.
https://www.morningstar.com/business/insights/research/methodology-documents

Comments

  • msf
    Morningstar Category for Funds Definitions (April 2025) can also be found here (download not required):

    https://advisor.morningstar.com/Enterprise/VTC/MorningstarCategoryClassificationUSFunds_April2025.pdf

    PDF Host does seem to be working for me today.

    Each time I access it, I add the site to my security software's "allow list". (I remove it when I'm done, preferring safety to convenience.) I did "allow" it yesterday, so that was not the cause of the problem I was experiencing then.
  • yogibearbullyogibearbull
    M* Fund Category Definitions, 10/2025
    https://pdfhost.io/v/yjDfKREXgy_MStar_Fund_Categories_102025

    Changes, Oct. 31, 2025 - more private-equity/credit & securitized categories
    Added Private Equity, Venture Capital, Private Debt - General, Private Debt - Direct Lending, Private MultiAsset, Direct Real Estate, Direct Infrastructure, Government Mortgage-Backed Bond, Securitized Bond - Focused, Securitized Bond - Diversified, Multi-Asset Leveraged, and Equity Digital Assets.
  • msf
    It's about time they separated out MBS funds (e.g. VFIIX). Lipper has had separate GNMA and US Mortgage categories for quite awhile. And separating out securitized bond funds from general bond funds is also helpful.

    As for all the private securities funds and niche funds, enjoy. Not my cup of tea.
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