Beyond the Stars

Eugene Gorbatikov explains why persistent outperformance is elusive for actively-managed funds, and when strategies have the best chances to hang on to a winning streak.   Check out the full paper here: Persistence in European Mutual Fund Performance

Read the paper: ⁠AI in Active Fund Management: The State of Adoption in 2026⁠ Mathieu Caquineau and Monika Calay explain how fund managers are already incorporating AI tools into their investment processes and where the industry’s AI adopters are likely headed next. 

The UK voted to leave the European Union ten years ago. What have the consequences of that decision been for the nation’s equity market? Henry Ince and Michael Born have dug into the data and are here to share their insights into how the Brexit referendum has shaped investor experiences for the past decade—and what opportunities the future might hold. Read the paper here: https://www.morningstar.c...

Read the paper here: Opportunities in Artificial Intelligence There's no denying that AI is fundamentally reshaping both the global economy and our daily lives. But should you reshape your portfolio to include a dedicated AI fund? Michael Field and Kenneth Lamont discuss the pros and cons of AI equities and whether it makes sense to invest in them at the current moment.

Read the papers here: The State of ELTIFs 2026 LTAF Landscape 2026 Mara Dobrescu and Evangelia Gkeka dive into the growing world of European and UK semiliquid funds aimed at retail investors. Find out what ELTIFs and LTAFs are all about, how regulations in both markets have impacted these products’ development, and what to watch out for as in investor.

Read the paper here:   ⁠The Role of Semiliquid Funds in Portfolios | Morningstar⁠ The mainstreaming of private asset funds is in full swing, but many investors are still confused about what role these products should play in a portfolio. Chris Tate tackles some of the biggest claims being made about semiliquid funds' benefits--from their alleged volatility-smoothing powers to their sometimes e...

Read the paper here: Multi-Assets 2026 Tom Mills and Thomas DeFauw stop by the podcast to discuss their recent report on the European (and UK!) multi-asset fund landscape. Investors seem to be gradually regaining their trust in allocation funds after 2022's tough market, though some challenges remain. We cover the latest trends in the multi-asset space and discuss how different regulations acr...

Read the report here: European Active/Passive Barometer 2026 When should you invest in actively-managed funds and when is it better to stick to low-cost ETFs? If only there was a simple, research-based tool to help with the decision! In this episode, Eugene Gorbatikov and Jose Zarate present Morningstar's European Active/Passive Barometer--which helps investors overcome the active/passive dile...

Read the full paper here: Bold Managers | Morningstar Do you know how much concentration risk you're taking in your investment portfolio? Francesco Paganelli and Mathieu Caquineau think the true answer might surprise you. This week, they stopped by the podcast to discuss their recent study of concentration in equity funds and whether or not it pays to take bold, concentrated risks.

Jose Garcia Zarate, Giovanni Cafaro and Shannon Kirwin look back on 2025's biggest European fund market developments through the lens of asset flows. They offer their takes on the year's most and least surprising trends, from the rush into gold to investors' continued aversion to UK equities. And they dig into the market's diverging preferences when it comes to accessing equities v...

In this episode, Kenneth Lamont discusses the growing popularity of thematic stock funds, how they stack up historically versus traditional funds, and how to use them in a portfolio. Kenneth is the author of Morningstar's annual Global Thematic Fund Landscape, which you can access here: Global Thematic Fund Landscape Report 2025 | Morningstar

Madeleine Black stops by the podcast to discuss cryptocurrencies and the recent move by British regulators to expand access to crypto ETPs (exchange-traded products) for retail investors. Tune in to hear how cryptocurrencies have moved out of the shadows and and increasingly found their way into traditional investor portfolios through their inclusion in regulated investment products. And be sure t...

In this episode, Shannon chats with Eugene Gorbatikov and Andy Pettit about the current state of the European fund fee landscape. The main takeaway is a positive one: fees for fund European investors continue to come down. However, there are still pitfalls to watch out for and room for improvement in terms of how fees are structured and communicated to investors. Check out the research papers disc...

What's behind the increasing popularity of active ETFs in Europe? In this episode, Shannon sits down with Mara Dobrescu and Natalia Wolfstetter to discuss their latest research on the European active ETF market. Learn why these products increasingly hold appeal for investors and asset managers alike, and what their potential advantages and drawbacks are compared to traditional active funds. Do...

Welcome to part four of our special four-part series introducing listeners to how Morningstar's manager research analysts rate funds. In the final episode of the series, we touch on two elements that aren't official pillars in our Morningstar Medalist Rating methodology, but nonetheless play an important role in our assessments of funds: performance and price. Shannon Kirwin is joined by Mathieu C...

This is part three of our special four-part series introducing listeners to how Morningstar's manager research analysts rate funds. In this episode, Shannon Kirwin sits down with Natalia Wolfstetter, a senior member of the European manager research team who spends a lot of her time assessing fund companies' incentives and investment cultures. This episode introduces listeners to the third key elem...

Welcome to part two of our special four-part series introducing listeners to how Morningstar's manager research analysts rate funds. In this episode, host Shannon Kirwin is once again joined by Jeffrey Schumacher, head of our European manager research team. The two discuss another crucial building block for our Medalist Rating for funds: the Process Pillar. Tune in to learn about how Morningstar a...

Welcome to Beyond the Stars! We're kicking off the podcast with a special four-part series introducing listeners to how Morningstar's manager research analysts rate funds. In our first episode, host Shannon Kirwin is joined by Jeffrey Schumacher, who leads Morningstar's European manager research team, to discuss a key element of our qualitative rating for funds: the People Pillar. Lear...