# Morningstar Investment Management

Morningstar Investment Management is a Fund of Funds Manager based in Chicago, United States.

## Overview

- **Organization type:** Fund of Funds Manager
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1999
- **Assets under management:** Undisclosed
- **Website:** www.morningstar.com

## Regulatory record

- **CRD number:** 108031
- **SEC file number:** 801-56896
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/108031

## About

Morningstar Investment Management is an SEC-registered investment adviser in Chicago, IL, registered since 1999. It manages $87.8 billion in assets. The firm has 267 employees and 52 investment advisers.

## Sectors

- Fund of Funds
- Asset Allocation
- Equity Research
- Fixed Income
- Multi-Asset

## People

- Kunal Kapoor — CEO

## Questions

### Who runs investment decisions at Morningstar Investment Management?

CEO Kunal Kapoor oversees the unit. Portfolio managers and research analysts implement allocations based on Morningstar's fund ratings. Specific investment committee members are not publicly listed.

### How does Morningstar Investment Management source proprietary deal flow?

The firm does not source direct deals. It selects from publicly available mutual funds and ETFs, relying on Morningstar's analyst coverage rather than proprietary origination.

### Does Morningstar Investment Management participate in fund commitments or only direct deals?

It commits client capital to third-party funds — both open-end mutual funds and ETFs — but does not make direct private investments in operating companies.

### What investment stages does Morningstar Investment Management typically target?

The firm invests across public market stages, from large-cap equity to fixed income. It does not target venture, growth, or private equity stages.

### Which sectors does Morningstar Investment Management explicitly avoid?

The firm does not publicly disclose any explicit avoidance list. Its portfolio holdings depend on the funds selected, which vary by mandate.

### How is Morningstar Investment Management related to the broader Morningstar brand?

It is a wholly owned operating unit of Morningstar, Inc. (NASDAQ: MORN). The parent provides the research, data, and ratings that the investment management unit uses.

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Last updated: 2026-06-03T20:00:00.000Z

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