Is Morningstar’s (MORN) Evergreen Fund Index Move Strengthening Its Private Market Data Edge?

• Morningstar, Inc. has announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes, scheduled for release in the first quarter of 2026 to benchmark semiliquid or evergreen funds across private equity, real estate, infrastructure, and other strategies.
• This initiative addresses the growing demand for transparency and peer comparisons in the expanding US evergreen fund market, which managed about US$450 billion in mid-2025 and is projected to exceed US$1 trillion by decade's end.
• We'll explore how Morningstar's new evergreen fund benchmarks could influence its investment narrative amid rising interest in private market data solutions.

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What Is Morningstar's Investment Narrative?

The big idea behind Morningstar’s appeal is its enduring role as a trusted source of data and analytics, especially for institutional investors seeking clarity in both public and private markets. The recent announcement of the Morningstar PitchBook US Evergreen Fund Indexes further strengthens this narrative, suggesting an intent to lead in transparency for evolving investment vehicles like semiliquid or evergreen funds. While the long-term significance of this move aligns well with the surge in US evergreen fund assets, the impact on Morningstar’s most crucial short-term catalysts, such as revenue growth and profit margins, may be limited at first. Factors like slow revenue growth compared to the wider US market and recent share price declines still set the tone for immediate investor sentiment. However, the launch could be a meaningful differentiator over time, helping address one of the bigger risks: how quickly Morningstar can adapt to shifting industry demands and sustain its edge in value-added solutions for clients. On the other hand, the rapid changes in private markets create both opportunities and new competitive threats investors should watch closely.

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Exploring Other Perspectives

The Simply Wall St Community estimates Morningstar’s fair value anywhere from US$94,000 to nearly US$596,000, spanning a wide spectrum across eight different individual perspectives. While opinions cover the full valuation range, the introduction of new product benchmarks could reshape growth expectations and risk views for many participants in the months ahead. Explore a variety of these outlooks to see how your view compares.

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Build Your Own Morningstar Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Morningstar research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Morningstar research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Morningstar's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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