Morningstar is making an important methodology update to our Ownership Share calculations for fixed income portfolios on January 30, 2026. This update is designed to enhance the accuracy of our data and ensure compliance with PAI regulations.

What’s Changing?

Currently, Ownership Share calculations for fixed income portfolios are misinterpreting non-USD nominal/PAR values as if they were in USD. This has resulted in inflated figures for certain holdings.

To address this, we will be incorporating additional data points into the calculation process to ensure fixed income nominal values are accurately handled.

What’s the Impact?

This update will affect aggregated calculations aligned with EU regulations for the attached data points including:

• SFDR PAI
• Carbon Emissions
• PCRM
• LCTR

Background

Ownership Share calculations were originally designed to align with PAI regulations, which require:

• Equities to use Market Value.
• Fixed Income to use Nominal/PAR Value.

However, the current methodology lacks a mechanism to identify the currency of a bond’s nominal/PAR value. As a result, currencies like Japanese Yen are being misinterpreted as USD, leading to inflated calculations.

What’s the Update?

Effective January 30, 2026, we will incorporate the following additional data points into the calculation process:

• Market value of the holding
• Price of the holding
• Price basis (assumed to be in percentage)
• Currency of the holding
• Currency adjustment factor of the holding to portfolio currency

This update will ensure fixed income nominal values are processed accurately, aligning with PAI regulations and providing reliable data for your reporting needs. Please note, the update will result in adjustments to data values.

What Actions Should Clients Take?

Clients using Ownership Share data in feeds or APIs should review and adjust as needed to accommodate the updated data values.

Need Assistance?

If you have any questions or require additional support, please contact Morningstar Support.

Originally posted on Jan. 27, 2026

Please be aware of the upcoming Disaster Recovery tests for the following FTPs.

• apftp.morningstar.com will conduct a disaster recovery test on Feb. 14, 2026, from 9:00 a.m. to 5:00 p.m. BJT.
•  cnftp.morningstar.com will conduct a disaster recovery test on Mar. 8, 2026, from 8:00 a.m. BJT to 6:00 p.m. BJT.

The test may cause intermittent periods of service outage which will cause delivery delays and/or failures. All feeds will be redelivered as soon as the Disaster Recovery test is complete.

If you have any further questions or needs, please contact Morningstar Support.

We’re excited to share an update regarding our efforts to enhance the investment tools and data available to you. As part of our ongoing commitment to empowering investor success, on Dec. 9, 2025, we will have New Zealand Exchange Traded Funds (ETFs) included for Morningstar Star Ratings.

What’s Changing?

Historically, New Zealand ETFs were excluded from the global star ratings framework due to differences in return comparability. However, with recent adjustments aligning ETF headline returns to pre-tax (consistent with managed funds), we are now able to integrate New Zealand ETFs into the star ratings process.

This change will provide New Zealand advisers and investors with a valuable quantitative tool to screen and evaluate ETFs.

Why This Matters

The inclusion of NZ ETFs in the star ratings cycle will:

• Empower Better Investment Decisions: Provide advisers with a trusted, data-driven rating system to evaluate the growing NZ ETF universe.
• Support Market Growth: With the NZ ETF market expected to continue to expand in terms of Assets Under Management and Choice available driven by client demand, this enhancement ensures you have the tools to navigate this evolving landscape.
• Enable Investor Success: By offering a rating solution, it’ll be easier for clients to identify high-quality investment options.

What do clients need to do?

The ratings as well as their applicable ranks and category average data will be available to clients starting Dec. 9, 2025.

Once available, these ratings will be immediately accessible to help you make informed investment decisions.

If you have any questions or would like to discuss how this enhancement can support your work, please contact Morningstar Support.

Originally posted on Jan. 7, 2026

As part of our semi-annual Morningstar Category review, Morningstar will update our US and international category methodologies effective Apr. 30, 2026. 

The Morningstar Categories underpin Morningstar’s Qualitative and Quantitative Research and are based on, among others, the following principles: 

• Proper Evaluation: Every rated category should form a benchmark against which a manager’s ability to add value relative to managers with similar styles can be meaningfully measured. 

• Transparency: The rules defining each category should be clearly stated such that asset managers and investors may determine the rationale for a fund’s classification. 

Domicile/Region (Universes):

United States (All Managed Investments)  

• Please see the attached spreadsheet for changes to the US Categories, summarized below. Please note that the spreadsheet will be updated as additional information is confirmed. If you need more information on the US updates, please refer to the FAQ.  

• US Retail Categories:  
  • Morningstar will add 1 category, retire 2 categories, rename 4 categories, and redefine 2 categories 
• Fee Level Groups  
  • Morningstar will add 9 new Fee Level Groups  

International 

• Please see the attached spreadsheet for changes to international categories, summarized below. 

• Europe, Asia, and Africa (Open-End Funds, Closed-End Funds, ETFs) 
  • Morningstar will add 1 category 
• Thailand (Open-End Funds, Closed-End Funds, ETFs) 
  • Morningstar will add 1 category 
• India (Open-End Funds, Closed-End Funds, ETFs) 
  • Morningstar will add 7 categories 
• Malaysia (Open-End Funds, Closed-End Funds, ETFs) 
  • Morningstar will add 5 categories, rename 1 category, rename & re-redefine 7 categories, and retire 1 category.  

Please contact Morningstar Support with any questions or additional needs. 

Originally Posted on Jan. 29, 2026

The global monthly performance production schedule is now available. You can view it in the attached file.

Updated on Jan. 14, 2026

We previously informed you that Morningstar would be conducting a disaster recovery test on Jan. 31, 2026. Please note that the test has been rescheduled to Feb. 14, 2026, and will take place from 9:00 a.m. CT to 1:00 p.m. CT. The following products will be affected:

Products:

• Morningstar Advisor Workstation
• Morningstar Analytics Lab
• Morningstar Data Feeds
• Morningstar Data Services
• Morningstar Direct
• Morningstar Direct Advisory Suite
• Morningstar Direct Web Services
• Morningstar Enterprise Analytics
• Morningstar Essentials
• Morningstar Fund API Center
• Morningstar Quotespeed
• Morningstar Research Feeds

This test may cause intermittent outages during this time frame and some feeds scheduled during this window may experience a delay.

Please contact Morningstar Support with any additional questions or needs.