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Morningstar, Inc.
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==== ''Morningstar Data'' ==== Morningstar Data provides institutions with access to a full range of investment data spanning numerous databases, including equity fundamentals, managed investments, fixed income, ESG factors, and market data (such as end-of-day and intra-day pricing, as well as historical tick data). Morningstar aims to match what investors hold in their portfolios with the raw data it's acquired and analytical insights that it derives. The company is well-known for enriching managed investment raw data with research driven intellectual property, resulting in proprietary statistics, such as the Morningstar Category, Morningstar Style Box, and Morningstar Rating, which it distributes through licensed data feeds. Morningstar also offers a wide range of other data, including information on investment performance, risk analytics, full historical portfolio holdings, operations data (such as managed investments' fees and expenses), cash flows, financial statement data, consolidated industry statistics, and investment ownership. Our breadth of global coverage between proprietary and fundamental datasets allows us to combine our datasets and analytical capabilities as a holistic offering. Our clients typically serve retail investors and their intermediaries, and they use Morningstar Data for a variety of investor communications, including websites, print publications, and marketing fact sheets, as well as for internal research and product development. Demand for Morningstar Data increases as clients build digital solutions, prepare for regulatory requirements, and incorporate automation, artificial intelligence, machine learning, and other forms of data analytics into their workflows. The Morningstar Data team applies emerging methods in artificial intelligence to regression, classification, deep learning, natural language processing, and optical character recognition to extract data from structured and unstructured content. The Data team uses a "human in the loop" approach where machine inferences are presented to a Data Analyst for validation. Validated data is published in Morningstar products and used to retrain and continuously improve the Data team's machine learning models. This approach enables Morningstar to produce data faster without compromising the quality of data that our clients use in making sound investment decisions. In 2021, Morningstar launched new data sets relating to asset management firms’ diversity and DEI-related policies and practices to support clients’ manager selection processes. The company enriched its multi-asset portfolio construction and due diligence analytics with the release of expanded economic exposure data and twelve new fixed income data sets, including option-adjusted analytics, average credit ratings, fixed income sector and country of risk breakdowns. Morningstar increased coverage of model portfolios by 87% to over 2,400 models and released nineteen new model portfolio data points. Morningstar is continuing to migrate users to the cloud-based Data Services delivery system it launched in 2020. This new system allows users to more easily explore our data capabilities, access the data they specifically want, and have flexibility around format and delivery options. The delivery platform connects data sets across portfolios, corporate entities and underlying instruments, delivering consolidated feeds and improving our customers’ end-to-end user experience. Morningstar will further enhance the data delivery experience for users who wish to configure data sets within Direct or transform data within Analytics Lab, so that data feeds of such content can be more efficiently created by clients and embedded in their wider business workflows. In 2022, Morningstar is also launching new regulatory data offerings in response to global investor protection, capital adequacy and sustainability regulations, as well as new data management offerings to support its asset management and wealth management clients, by driving connectivity across their business functions, and will also expand its asset class coverage to capitalize on the rising importance of alternatives in investment portfolios. Pricing for Morningstar Data is based on the number of investment vehicles covered, the amount of information provided for each security, the frequency of updates, the method of delivery, the size of the licensing firm, the level of distribution, and the intended use by the client, otherwise known as the “use-case.” Morningstar's main global competitors for mutual fund data include Refinitiv and FE fundinfo. The company also competes against smaller players that focus on local or regional information. For market and equity data, Morningstar primarily competes with FactSet, S&P Global, ICE Data Services, Bloomberg, and Refinitiv. Morningstar Data is the company's third-largest product based on revenue and accounted for 14.3%, 15.5%, and 16.7% of its consolidated revenue in 2021, 2020, and 2019, respectively. The company estimates that the annual revenue renewal rate for Morningstar Data in 2021 was approximately 100% versus 101% in 2020.
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