Morningstar, Inc. (NASDAQ: MORN) is a global provider of investment research, data, indexes, and asset management services. Shares recently traded around $216 per share, giving the company a market capitalization of roughly $9.0B.
Morningstar is best known for its subscription based research platforms, index licensing, and investment products that tend to generate steady margins and recurring revenue.
Looking at who owns Morningstar and how insiders and hedge funds have adjusted positions helps frame how large investors are approaching the stock today.
Who Are Morningstar’s Top Shareholders?
Morningstar’s shareholder base is anchored by founder ownership, alongside large passive institutions and a smaller group of active managers. This ownership mix can support long term stability while still reflecting differing views on valuation and growth.
- Joseph D. Mansueto: 14,909,759 shares (36.25%), ~$3.25B value. Cut 27,775 shares (-0.19%).
- Daniel Mansueto: 3,422,498 shares (8.32%), ~$746M value. Added 1,031,953 shares (+43.17%).
- The Vanguard Group: 2,603,656 shares (6.33%), ~$568M value. Cut 23,799 shares (-0.91%).
- BlackRock Institutional Trust Company: 2,134,887 shares (5.19%), ~$465M value. Cut 126,317 shares (-5.59%).
- Select Equity Group: 2,103,702 shares (5.11%), ~$459M value. Added 990,401 shares (+88.96%).
- Atlanta Capital Management: 1,770,790 shares (4.31%), ~$386M value. Cut 114,488 shares (-6.07%).
- Baron Capital Management: 1,414,305 shares (3.44%), ~$308M value. Added 118,979 shares (+9.19%).
- Kayne Anderson Rudnick: 765,463 shares (1.86%), ~$167M value. Cut 83,106 shares (-9.79%).
- State Street Investment Management: 763,223 shares (1.86%), ~$166M value. Cut 20,952 shares (-2.67%).
- Geode Capital Management: 615,795 shares (1.50%), ~$134M value. Cut 11,146 shares (-1.78%).
For investors, the continued dominance of founder ownership alongside mostly modest institutional adjustments suggests Morningstar continues to be viewed as a long term compounder, even as some managers rebalance exposure around valuation.
Hedge Fund Highlights
One notable move last quarter came from Jane Street Group, which boosted its Morningstar position by 262%, adding roughly 90k shares and lifting its stake to about $29M value. The increase may reflect growing interest following the stock’s pullback.
Squarepoint Ops LLC, led by Eric Kernaghan, increased its holdings by 160%, adding around 29k shares for a position worth approximately $11M value, which may suggest improving risk reward perceptions at current price levels.
Gotham Asset Management, founded by Joel Greenblatt, raised its Morningstar stake by 158%, adding close to 15k shares to reach about $5.6M value, a move that appears consistent with Gotham’s value oriented approach.
Schonfeld Strategic Advisors, led by Steven Schonfeld, increased its position by 114%, bringing its holdings to roughly $5.6M value, pointing to selective optimism from a multi strategy investor.
For investors, hedge fund activity appears targeted rather than broad based, with select funds leaning in while others remain cautious, suggesting mixed views on valuation rather than a uniform directional bet.
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Morningstar’s Recent Insider Trades
Insider filings show several small share sales by Morningstar’s founder over a short period.
- Joseph D. Mansueto: Sold 27,775 shares across multiple transactions between 11/18/25 and 12/11/25 at prices mostly between $209 and $215.
For investors, it appears these sales were small relative to overall ownership and did not materially change control, suggesting personal portfolio management rather than a clear signal on Morningstar’s long term outlook.
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What the Ownership & Insider Trade Data Tell Us
Morningstar’s shareholder base remains anchored by founder ownership, supported by large passive institutions and a handful of active managers with selective conviction. Institutional activity shows a mix of trimming and adding, suggesting investors are weighing valuation and growth expectations rather than reacting to a shift in fundamentals.
Insider activity appears limited in scale, and when viewed alongside stable institutional ownership, the data points to a measured and steady investor stance toward Morningstar at current levels.
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