First, this study reviews Morningstar analytical grading measures used by investors to choose mutual funds. These measures include Morningstar Star Ratings, Analyst Ratings, Total Pillar Ratings, Upside and Downside Capture Ratios, and Stewardship Ratings. Second, the study provides results of...

In brief, mutual fund bundling services under soft-dollar arrangements may benefit shareholders. However, it is also possible shareholder capital is wasted through these arrangements. There are two major questions concerning bundling actively managed equity fund research and services in...