Corrections and Clarifications

When we make a mistake, we acknowledge the error and correct it. When we publish material that’s incomplete or requires additional context, we revise the content and issue a clarification.

The process varies by platform and department, but transparency is always the goal. To request a correction or clarification in editorial content, email standards@morningstar.com. For questions or problems with data accuracy, email joe@morningstar.com or morningstardirect@morningstar.com. To view previous corrections, visit the archive.

Correction (June 9, 2023): What’s Inside Anti-ESG Funds? has been updated to include Strive Emerging Markets Ex-China ETF. The number of funds was revised to 27, and a note was added to a chart.

Correction (June 9, 2023): The Anti-ESG Fad Might Be Over Before It Got Going has been updated to include Strive Emerging Markets Ex-China ETF.

Clarification (June 8, 2023): The risk and uncertainty section in the June 1 Southwest Airlines company report and the June 6 American Airlines company report was updated to clarify the time frame for using up tax benefits.

Correction (June 6, 2023): The fair value estimate for McKesson was incorrectly displayed on the stock’s quote page. It is $375, not $348.

Clarification (June 5, 2023): The June 2 ChargePoint stock analyst note was updated to clarify in which quarter the company aims to achieve breakeven profitability.

Correction (June 1, 2023): A previous version of 5 Value Stocks With Oakmark’s Bill Nygren incorrectly said that Oakmark owns the nonvoting share class of Alphabet, GOOG. The fund owns the GOOGL share class, which comes with shareholder voting rights.

Correction (May 30, 2023): An earlier version of the fund analyst note “T. Rowe Price Real Estate Portfolio Manager Retiring; Fund Under Review” stated that Gregg Korondi runs a $1 million sleeve of T. Rowe Price U.S. Equity Research. It is a $500 million sleeve.

Correction (May 26, 2023): A previous version of 7 Undervalued Biotech Stocks included incorrect index performance information. Over the trailing 12-month period ending May 17, 2023, the Morningstar US Biotechnology Index gained 11.0%, not 20.7%, and in that same time the overall stock market gained 2.9%, not 8.6%.

Correction (May 26, 2023): A previous version of Is Ford Stock a Buy After Earnings? should have said that Ford’s fair value estimate is $19, not $20.

Correction (May 26, 2023): The fair value estimate for DoorDash was incorrectly displayed on the stock’s quote page. It is $155, not $159.

Correction (May 26, 2023): A video published on Morningstar.com and YouTube on May 22 and 23, 2023, about Berkshire Hathaway’s first-quarter purchases contained incorrect information. Berkshire did not add to its positions in Apple and Bank of America during the first quarter. The video has been removed.

Correction (May 23, 2023): A previous version of the Edison International company report listed an incorrect Morningstar Uncertainty Rating. The correct rating is Medium.

Correction (May 16, 2023): A previous version of Why Pay Up for Bond Funds? included an outdated name for the Bloomberg U.S. Aggregate Bond Index. The inception year for the benchmark was also corrected to 1976.

Correction (May 11, 2023): A previous version of a UPS stock analyst note had an incorrect quarter in the title.

Correction (May 5, 2023): The name of manager Pat Palozzi was misspelled in some mentions in fund reports for Beutel Goodman Canadian Equity Class B and Beutel Goodman North American Focus Equity Class B. This has been corrected.

Correction (May 4, 2023): A previous version of an APA stock analyst note had an incorrect reference to raising our fair value estimate after second-quarter results. We raised our fair value estimate after first-quarter results.

Correction (May 4, 2023): A previous version of a Paycom stock analyst note had an incorrect dividend payout ratio.

Clarification (May 4, 2023): A previous version of the Johnson & Johnson stock analyst note was less specific about the methodology used to value Kenvue compared with similar companies.

Correction (April 26, 2023): An early version of the first paragraph of Roche: Looking Past COVID-19 Headwinds and TIGIT Uncertainty, Portfolio Appears Solid included an incorrect percentage for the decline in reported sales. The text has been updated with the correct figure.

Correction (April 25, 2023): The average active small-growth funds’ results were transposed in an earlier version of The Most Persistent U.S. Equity Funds.

Clarification (April 19, 2023): The headline of a previous version of the April 19 Teck and Glencore note titled Corporate Action: Vote Against Teck’s EVR Spinoff, but Vote to Remove Dual Share Class Structure was revised to make clear we recommend voting against the spinoff but for the removal of the dual class structure.

Correction (April 14, 2023): In a previous version of Long Bonds Are No Longer for Fools, the $100,000 figure in the opening paragraph was incorrectly stated as $10,000.

Correction (April 13, 2023): A previous version of the Principal Equity Income PEIIX report contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): A previous version of the Principal Small-MidCap Dividend Income PMDIX report incorrectly listed Ned Vidinli as a manager on the fund and contained errors regarding the timing of the arrivals and departures of various research analysts.

Correction (April 13, 2023): The first paragraph of Would Raising the Full Retirement Age Really Save Social Security? included an incorrect percentage for the amount of an across-the-board benefit cut. The text has been updated with the correct figure.

Correction (April 6, 2023): An exhibit in Starbucks Shareholder Meeting: Investors Aren’t Unified on Unionization included an incorrect percentage for shareholder support for a proposal to assess Starbucks’ commitment to workers’ rights to unionize. The graphic has been updated with the correct figure.

Correction (April 5, 2023): A previous version of the Harding Loevner International Equity HLMIX report had misspelled the name of manager Babatunde Ojo.

Correction (April 4, 2023): In a previous version of the April 3 Consumer Observer, the fair value estimate for Chipotle was listed as $1,560 in the Companies Mentioned chart on p. 1 and in the text on p. 2. It has been corrected to $1,550.

Correction (March 30, 2023): A previous version of the March 1 note Expenses Continue to Climb for Royal Bank of Canada in First-Quarter Results said “Brewer Dolphin” and was corrected to “Brewin Dolphin.”

Correction (March 29, 2023): Previous versions of the fund analyst notes for BlackRock Multi-Asset Income, BlackRock Dynamic High Income, and BlackRock Managed Income stated that Michael Fredericks was leaving the firm on April 10, 2023. He is stepping down from portfolio management on that date and leaving BlackRock in July.

Correction (March 29, 2023): An earlier version of the March 28 Micron Technology note had an incorrect reference to which quarter was reported.

Correction (March 29, 2023): An earlier version of the March 29 Alibaba note has been corrected to reflect that Taobao Tmall will stay wholly owned by Alibaba Group; the sum-of-the-parts valuation of Alibaba’s current value has been corrected to USD 172 per ADS (HKD 166 per share) from USD 152 (HKD 147); and the reference to six businesses has been corrected to five.

Correction (March 28, 2023): A previous version of the March 2 note Lithium Stocks Falter on Lower Price Fears From Tesla and CATL Announcements, but Our View Unchanged listed “material profit growth” and was corrected to “material profit declines.”

Correction (March 23, 2023): A previous version of the March 23 Darden Restaurants note listed a 120-basis-point improvement and was changed to 70, and other restaurant expenses (40 basis points) was changed to 110.

Correction (March 22, 2023): A previous version of the March 21 VNET note had its fair value estimate corrected to $8.60 instead of $8.50.

Correction (March 17, 2023): Between February 2022 and March 2023, Morningstar incorrectly displayed Analyst Ratings to some users of the Portfolio Manager tool available on Morningstar.com. Specifically, we incorrectly displayed ratings for funds not covered by analysts when users created a custom “My View” in the Portfolio Manager tool on Morningstar.com and chose “Analyst Rating.” During the same period, ratings were consistently accurate within the default Tracking view in Portfolio Manager, as well as on the securities’ quote pages. On the mobile app, we incorrectly displayed the ratings in both the default and custom views of the Portfolio Manager tool.

Correction (March 14, 2023): Previous versions of the Welltower company report misspelled the first name of CEO Shankh Mitra.

Correction (March 10, 2023): A previous version of Bank Stock Selloff Triggered by SVB Financial Liquidity Crunch showed incorrect data in the “Bank Stocks’ Unrealized Losses and Liquidity Risk” table for the Unrealized Losses/Tangible Equity and Liquidity Risk columns. This has been corrected.

Correction (March 9, 2023): An earlier version of The Percentage of Female Fund Managers Is Almost Exactly Where It Was 20 Years Ago incorrectly stated the number of funds in the United States. It is roughly 10,000, not 7,200.

Correction (March 6, 2023): A previous version of the Mercedes-Benz note of Feb. 17, 2023, said “up EUR 1.10″ and was corrected to “up EUR 1.55.”

Correction (March 6, 2023): A previous version of the Lord Abbett Affiliated note indicated that manager Marc Pavese had stepped down from both Lord Abbett Affiliated and Lord Abbett Dividend Growth. He exited only the Affiliated fund.

Correction (Feb. 27, 2023): In 11 Stocks to Examine Through a Sustainability Lens, the January 2020 ESG Risk Ratings were corrected for two companies listed in the table: Equitrans (to High from Severe) and Tyson (to Severe from High).

Correction (Feb. 17, 2023): A previous version of the Feb. 17 AMC note misspelled the name of new CEO Kristin Dolan.

Clarification (Feb. 16, 2023): 3 Tax-Friendly Charitable-Giving Strategies for Retirees was updated to clarify that Roth IRA assets are less desirable as charitable beneficiaries, not as IRA beneficiaries.

Correction (Feb. 13, 2023): Markets Brief: January CPI Report Forecasts Show a Bump in the Road to Lower Inflation was updated to reflect a change in the core CPI forecast numbers.

Clarification (Feb. 8, 2023): The Business Outlook section of the Meta Platforms company report was clarified to say that Facebook is the world’s largest social network, not Meta Platforms.

Correction (Feb. 8, 2023): A correction was inserted into the transcript for the video T. Rowe Price’s Brutal 2022 to indicate that while many T. Rowe Price funds held Rivian in 2022, that company was not in T. Rowe Price New Horizons’ portfolio last year.

Correction (Feb. 7, 2023): The Stock Analyst Note for Royal Caribbean identified a cost growth of 2% and was amended to say cost growth of 1%.

Correction (Feb. 7, 2023): A previous version of VanEck International Investors Gold Manager to Take New Role incorrectly identified the deputy portfolio manager as Maria Smirnova instead of Imaru Casanova.

Correction (Feb. 7, 2023): Because of a data collection error, a previous version of ETF Flows Hold Steady as Markets Rebound in January overstated the month’s ETF inflows by about $8 billion. The overall flows figure has been corrected to $47 billion. Previously unrecorded outflows from a suite of iShares ETFs accounted for most of the difference. IShares finished January with an estimated $3.4 billion net inflow, not $11.8 billion. Exhibits 2 through 5 have been updated.

Correction (Feb. 2, 2023): The Schwab Charitable Fund no longer charges a $100 minimum administrative fee, so this reference was removed from Looking Under the Hood at Schwab Charitable Fund.

Correction (Feb. 2, 2023): The Ariel Fund and Ariel Appreciation fund reports were corrected to indicate that the Morningstar Analyst Ratings for the funds’ cheapest share classes declined to Neutral, not their most expensive share classes.

Correction (Feb. 1, 2023): A previous version of the Phillips 66 Stock Analyst Note said the company reported third-quarter earnings when it should have said fourth-quarter earnings.

Correction (Jan. 31, 2023): A previous version of the Harding Loevner Emerging Markets fund report cited an Average People rating when it should have been Above Average.

Correction (Jan. 30, 2023): The exhibits in 10 Outperforming Actively Managed Stock ETFs were updated to indicate that the lists include only funds that have over $100 million in assets under management.

Correction (Jan. 27, 2023): A previous version of the Stock Analyst Note for Federated Hermes Inc. Class B referred to $4.0 billion in inflows instead of outflows.

Correction (Jan. 26, 2023): A previous version of Don’t Lose Faith in the 60/40 Portfolio misspelled the name of former Federal Reserve Chair Alan Greenspan.

Correction (Jan. 26, 2023): Don’t Lose Faith in the 60/40 Portfolio was updated to correct the 2022 performance difference between the Morningstar US Market Index and the Morningstar US Moderate Target Allocation Index to 4 percentage points.

Correction (Jan. 26, 2023): A previous version of the Stock Analyst Note for Tesla had an incorrect year for management’s deliveries guidance.

Correction (Jan. 25, 2023): A previous version of the Hartford MidCap report incorrectly stated that five of the fund’s share classes were rated Silver and four Bronze. This didn’t account for the A share class’ upgrade, raising the count of Silver share classes to six.

Correction (Jan. 24, 2023): An addendum was added to The Small Advantage for Active Fund Investors to clarify that the return figures for active small-value funds were calculated on a before-tax basis.

Correction (Jan. 23, 2023): A previous version of the Stock Analyst Note for Packaging Corp. of America had an incorrect name in the text. It identified International Paper instead of Packaging Corp.

Correction (Jan. 23, 2023): A previous version of How to Find Stocks Poised to Outperform included incorrect percentages for the number of narrow- and no-moat stocks in the Morningstar US Market Index: 28% have narrow moats, 62% have no moat.

Correction (Jan. 19, 2023): The Champlain Mid Cap Reopens to New Investors Analyst Note was updated to correct the year and amount of assets when the fund closed.

Correction (Jan. 18, 2023): On Nov. 11, Morningstar had technical production issues resulting in missing content from company reports. We republished Wynn Macau on Jan. 17 to restore the missing content. Although there were no material updates to the reports, it now shows the Jan. 17 republication date.

Correction (Jan. 5, 2023): A previous version of 15 Charts Explaining an Extreme Year for Investors was corrected to revise the columns in the Morningstar Bond Indexes table.

Correction (Jan. 4, 2023): A previous version of Morningstar’s Best- and Worst-Performing Stocks: 2022 misnamed the U.S. Food and Drug Administration.

Correction (Jan. 3, 2023): The article Rating Morningstar’s Fund Ratings was corrected to remove extraneous text.