Morningstar Founder Mansueto Holds 37.4% Stake, 15.9M Shares

TL;DR

**Morningstar founder Mansueto still owns 37.4% of the company, showing strong insider confidence.**

AI Summary

Joseph D. Mansueto, the founder of Morningstar, Inc., has updated his beneficial ownership in the company as of December 31, 2023. He now beneficially owns 15,979,659 shares of Morningstar's Common Stock, representing 37.4% of the class. This filing, an Amendment No. 18 to his Schedule 13G, indicates a significant, albeit slightly reduced, stake, which matters to investors as Mansueto's continued large ownership suggests strong alignment with long-term company performance and stability.

Why It Matters

Joseph D. Mansueto's substantial ownership stake means his interests are highly aligned with other shareholders, potentially signaling confidence in Morningstar's future direction and stability.

Risk Assessment

Risk Level: low — A large insider stake generally reduces risk by aligning management's interests with shareholders.

Analyst Insight

Investors should view Joseph D. Mansueto's continued substantial ownership as a positive signal, indicating strong insider confidence and alignment with long-term shareholder value, which could support a 'hold' or 'buy' decision.

Key Numbers

• 15,979,659 — Aggregate Shares Beneficially Owned (Represents Joseph D. Mansueto's total ownership in Morningstar, Inc.)
• 37.4% — Percent of Class (Indicates the significant portion of Morningstar, Inc. owned by Joseph D. Mansueto.)
• 13,753,520 — Sole Voting Power Shares (Shows the number of shares Joseph D. Mansueto can vote independently.)
• 15,688,895 — Sole Dispositive Power Shares (Shows the number of shares Joseph D. Mansueto can sell independently.)
• 290,764 — Shared Voting and Dispositive Power Shares (Indicates shares where Joseph D. Mansueto shares control with others.)

Key Players & Entities

• Joseph D. Mansueto (person) — Reporting Person, founder of Morningstar, Inc.
• Morningstar, Inc. (company) — Issuer of the securities
• 15,979,659 (dollar_amount) — Aggregate shares beneficially owned by Joseph D. Mansueto
• 37.4% (dollar_amount) — Percentage of class beneficially owned by Joseph D. Mansueto
• December 31, 2023 (date) — Date of event requiring the filing

Forward-Looking Statements

• Joseph D. Mansueto will maintain a significant ownership stake in Morningstar, Inc. (Joseph D. Mansueto) — high confidence, target: 2025-12-31
• Morningstar's strategic decisions will continue to reflect the long-term interests of its founder. (Morningstar, Inc.) — medium confidence, target: 2024-12-31

FAQ

Filing Documents

• tm245240d1_sc13ga.htm (SC 13G/A) — 40KB
• 0001104659-24-011098.txt ( ) — 42KB

From the Filing

SC 13G/A 1 tm245240d1_sc13ga.htm SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 18)* Morningstar, Inc. (Name of Issuer) Common Stock, no par value (Title of Class of Securities) 617700 10 9 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise CUSIP No. 617700 10 9 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Joseph D. Mansueto 2. Check the Appropriate Box if a Member of a Group (a) (b) 3. SEC Use Only 4. Citizenship or Place of Organization U.S.A. Number of Shares Beneficially Owned by Each Reporting Person With 5. Sole Voting Power 13,753,520 6. Shared Voting Power 290,764 7. Sole Dispositive Power 15,688,895 8. Shared Dispositive Power 290,764 9. Aggregate Amount Beneficially Owned by Each Reporting Person 15,979,659 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares 11. Percent of Class Represented by Amount in Row (9) 37.4% 12. Type of Reporting Person IN 2 Item 1. (a) Name of Issuer Morningstar, Inc. (b) Address of Issuer's Principal Executive Offices 22 West Washington Street Chicago, Illinois 60602 Item 2. (a) Name of Person Filing Joseph D. Mansueto (b) Address of Principal Business Office or, if none, Residence 22 West Washington Street Chicago, Illinois 60602 (c) Citizenship U.S.A. (d) Title of Class of Securities Common Stock, no par value (e) CUSIP Number 617700 10 9 Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: 3 Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 15,979,659 (b) Percent of class: 37.4% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote 13,753,520 (ii) Shared power to vote or to direct the vote 290,764 (iii) Sole power to dispose or to direct the disposition of 15,688,895 (iv) Shared power to dispose or to direct the disposition of 290,764 Item 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following . Item 6. Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person Not applicable. Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. 4 Item 10. Certification Not applicable. [Signature Page Follows] 5 Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 6, 2024 Date /s/ Joseph D. Mansueto Signa

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