Has anyone noticed how Morningstar analysts have started to use the word "strategy" when referring directly to a mutual fund? I find it very off putting and not at all accurate. To cite one of many, many examples, in the report for FCNTX it refers to "the strategy's colossal asset base". I think they are trying to avoid the use of the word "fund" over and over again, but they have picked a substitute that isn't accurate. A mutual fund is simply and most definitely unequal to a "strategy".