Berkeley Loads Up on Morningstar, Buys $3.8 Million of the Stock
Key Points
Berkeley initiated a new stake in Morningstar, adding 17,382 shares; the estimated trade size was $3.78 million based on quarterly average pricing.
The firm's quarter-end position value rose by $3.78 million, reflecting both share purchases and price movement over the period.
This transaction resulted in Morningstar representing 1.2% of Berkeley's reportable assets under management at quarter-end.
Post-trade, Berkeley held 17,382 shares of Morningstar valued at $3.78 million as of Dec. 31, 2025.
The new position places Morningstar outside the firm's top five portfolio holdings by value.
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What happened
According to a Securities and Exchange Commission (SEC) filing dated Jan. 26, 2026, Berkeley reported acquiring 17,382 shares of Morningstar (NASDAQ:MORN) during the fourth quarter. The estimated transaction value was $3.78 million, calculated using the average share price for the quarter. At quarter-end, the value of the new position was $3.78 million, reflecting both the purchase and subsequent price changes.
What else to know
This was a new position for Berkeley, accounting for 1.2% of its $314.47 million in reportable assets under management as of Dec. 31, 2025.
- Top holdings after the filing:
- Invesco S&P International Developed ETF: $21.77 million (6.9% of AUM)
- Distillate U.S. Fundamental Stability and Value ETF: $20.92 million (6.7% of AUM)
- Visa: $18.06 million (5.7% of AUM)
- Eaton Vance Mortgage Opportunities ETF: $15.94 million (5.1% of AUM)
- NVR Inc.: $13.99 million (4.5% of AUM)
As of Jan. 28, 2026, shares of Morningstar were priced at $204.66, down 38.65% over the past year, with underperformance of 55 percentage points versus the S&P 500.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.40 billion |
| Net income (TTM) | $376.00 million |
| Dividend yield | 0.91% |
| Price (as of market close Jan. 28, 2026) | $204.66 |
Company snapshot
Morningstar:
- Offers investment research, financial data platforms, portfolio management tools, credit and fund ratings, ESG ratings, and index services across global markets.
- Operates a subscription and licensing-based business model, generating revenue from data services, research products, software platforms, and investment management solutions.
- Serves financial advisors, asset managers, retirement plan providers, institutional investors, and individual investors worldwide.
Morningstar is a leading provider of independent investment research and financial data, with a global footprint and a diversified product suite. The company leverages proprietary analytics and technology platforms to deliver actionable insights and solutions to a broad spectrum of financial professionals. Its scale, data depth, and recognized brand position it as a key player in the financial information services industry.
What this transaction means for investors
Berkeley’s purchase of Morningstar is an eye-catching investment, in my opinion. Since 2005, the stock has outpaced the S&P 500’s total returns, generating an annualized return of 12.5% versus the index’s 11%. This outperformance is all the more impressive given that Morningstar has recently declined by over 40% from its 52-week high, as sales growth dipped to single digits after growing by 12% annually over the last decade.
Following this decline, it seems that Berkeley views this sell-off as a buy-the-dip opportunity. With Morningstar trading at 23 times earnings -- its lowest mark since 2019 -- I would tend to agree. Similarly, the stock’s 0.9% dividend yield is at its highest level since 2020.
Ultimately, investors interested in Morningstar will have to wrestle with the existential AI debate: whether the company will thrive or get disrupted by it. Many data-driven, research-based, or software-focused stocks are at an inflection point today, and the market has sold off many of them as it weighs the potential for them to go head-to-head with AI. Overall, I don’t think AI will lead to a widespread elimination of these great stocks, but rather act as a force multiplier for them. In this sense, I like Berkeley’s purchase, but I would personally rather pick and choose among other data, research, or software stocks to benefit from this AI-related sell-off.
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Josh Kohn-Lindquist has positions in NVR and Visa. The Motley Fool has positions in and recommends NVR and Visa. The Motley Fool has a disclosure policy.
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