Not everyone’s a fan. Fund managers complain that Morningstar’s version of investing style has become so powerful that it constrains stock picking and inhibits performance. “It’s a bad system with unintended consequences,” says Craig Callahan, president and founder of Icon Funds, who registers his objection by forbidding Icon’s portfolio managers from talking to Morningstar’s analysts. He says investors are better served judging funds based on the manager’s strategy, not his holdings.

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