Twice a year, Morningstar publishes its Fund Family 150 report, which ranks the 150 asset management firms in the U.S. that account for 98% of the $23.2 trillion invested in U.S. open-end mutual funds and ETFs.
The report ranks fund families from one to 150 based on the quality of their fund lineup, using an asset-weighted average of individual fund scores. Those scores, in turn, are based on data points such as price, people and performance characteristics for each fund. Morningstar calls this its quantitative fund ranking.
The gallery above shows the 10 fund companies with the highest quantitative ratings as of year-end 2020.
It also includes Morningstar’s parent ratings, which grade fund companies on factors like corporate culture, regulatory history and vulnerability to short-term financial pressures.
This latest fund family report is the first since 2019; Morningstar took a breather last year for the redesign of its analyst ratings. It’s also the first time since the report was first published in in 2017 that Dodge & Cox has been replaced as the No. 1 ranked fund family.