Beyond the Stars

Read the papers here:The State of ELTIFs 2026LTAF Landscape 2026Mara 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 | Morningstar⁠The 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 eye-popping returns -- and explains what investors should realistically expect when buying one.

Read the paper here: Multi-Assets 2026Tom 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 across countries have led to remarkably different investor behavior.

Read the report here: European Active/Passive Barometer 2026When 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 dilemma by analyzing where active managers still have the best chances to eke out excess returns (and where they're facing the longest odds).

Read the full paper here: Bold Managers | MorningstarDo 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 versus bonds. For even more detail on last year's asset flows, download the 2025 European Open Ended Fund and ETF Flows report here: https://www.morningstar.com/en-uk/business/insights/research/european-open-ended-etf-flows

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 to check out Madeleine's research on the European Crypto ETP market here:Navigating the new landscape of crypto ETPs in Europe | Morningstar

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 discussed in this episode:Fund Fees: Who, What, and How Investors Pay | Morningstar European Fund Fee Study 2025 | Morningstar  

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. Download the report here: European Active ETFs | Morningstar

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 Caquineau, who oversees Morningstar's ratings for equity strategies in Europe and Asia. He explains why these two factors can't be ignored when assessing a fund's forward-looking potential.

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 element of our Medalist Rating for funds: the Parent Pillar. This is our assessment of the fund companies behind the funds we rate and whether we think they operate in the long-term interests of investors.

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 analysts assess funds' investment processes to identify those with an edge over the competition.

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. Learn how Morningstar analysts assess the portfolio managers, analysts and other supporting resources behind investment strategies in generating our Medalist Ratings.