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Artwork for Beyond the Stars

Beyond the Stars

Morningstar
Morningstar
Europe
Artificial Intelligence
Morningstar Medalist Rating
Semi-Liquid Funds
Thematic Funds
Cryptocurrencies
Active Etfs
Multi-Asset Funds
Brexit
Private Markets
Fixed Income
Parent Pillar
UK Equities
Energy Transition
JP Morgan
People Pillar
United Kingdom
ELTIF
Active Passive Barometer

Have you ever wondered what Morningstar’s manager research analysts are up to when they aren’t rating funds? On Beyond the Stars, host Shannon Kirwin sits down with members of Morningstar's European manager research team to discuss their latest research and insights into the fund industry. Tune in to hear what's on analysts' minds and how our research can help investors make smart investment decis... more

PublishesTwice monthlyEpisodes18Founded3 months ago
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Artwork for Beyond the Stars

Latest Episodes

Eugene Gorbatikov explains why persistent outperformance is elusive for actively-managed funds, and when strategies have the best chances to hang on to a winning streak.

Check out the full paper here: Persistence in European Mutual Fund Performance... more

Read the paper: ⁠AI in Active Fund Management: The State of Adoption in 2026⁠

Mathieu Caquineau and Monika Calay explain how fund managers are already incorporating AI tools into their investment processes and where the industry’s AI adopters are li... more

The UK voted to leave the European Union ten years ago. What have the consequences of that decision been for the nation’s equity market? Henry Ince and Michael Born have dug into the data and are here to share their insights into how the Brexit refer... more

Read the paper here: Opportunities in Artificial Intelligence

There's no denying that AI is fundamentally reshaping both the global economy and our daily lives. But should you reshape your portfolio to include a dedicated AI fund? Michael Field and ... more

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Recent Guests

Michael Born
Morningstar manager research team member
Morningstar
Episode: The Brexit Decade: UK Stocks and the Fallout of the 2016 Referendum
Henry Ince
Morningstar manager research team member
Morningstar
Episode: The Brexit Decade: UK Stocks and the Fallout of the 2016 Referendum
Michael Field
Market Strategist, Morningstar's Equity Research Team
Morningstar
Episode: Should AI Revolutionize Your Portfolio?
Kenneth Lamont
Member of Morningstar's Manager Research Team, focuses on thematic funds
Morningstar
Episode: Should AI Revolutionize Your Portfolio?
Mara Dabrescu
Member of Morningstar's manager research team
Morningstar
Episode: Retail Investors, Meet Private Markets
Evangelia Gkeka
Member of Morningstar's manager research team
Morningstar
Episode: Retail Investors, Meet Private Markets
Chris Tate
Manager Research Analyst, Morningstar Chicago office; focuses on equity and alternative investment strategies
Morningstar
Episode: Getting Semiliquids Right
Tom Mills
Co-author of the Multi-Asset Trends Report, Morningstar
Morningstar
Episode: Multi-Asset Funds Show Signs of Life
Thomas DeFauw
Co-author of the Multi-Asset Trends Report, Morningstar
Morningstar
Episode: Multi-Asset Funds Show Signs of Life

Host

Shannon Kirwin
Host of Beyond the Stars

Reviews

5.0 out of 5 stars from 4 ratings
  • Great stuff

    Informative and well-researched content. Looking forward to the next episodes.

    Apple Podcasts
    5
    Goobysson
    France3 months ago
  • Great investment advice

    I listen to this whenever it pops up in my feed and am not disappointed by the quality of their insights and advice.

    Apple Podcasts
    5
    wickerman20
    United States3 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Great depth on fund research and market structure.
High-quality investment insights and actionable guidance.
Informative and well-researched content.

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Talking Points

Recent interactions between the hosts and their guests.

Know Your Odds: Active Versus Passive
Q: How should investors think about costs when considering active versus passive?
The ongoing decline in passive fees compresses the gap and makes it more challenging for active managers. Investors should look for low-cost passive options for core exposure while evaluating active strategies in areas where pricing inefficiencies exist and where managers have durable skills, complemented by cost discipline.
Know Your Odds: Active Versus Passive
Q: What are the most striking takeaways regarding equity versus fixed income in terms of active success?
Equity active management has historically shown weak long-term results, with only a minority outperforming over ten years, while fixed income has much stronger persistence, with around a third of active bond managers ahead over ten years, illustrating a sturdier case for active strategies in bonds.
Know Your Odds: Active Versus Passive
Q: Why do you avoid using index-relative performance as the benchmark for success, and how is success defined?
We believe the most meaningful comparison for investors isn't beating an index, but whether an active fund would have been better off than choosing from available passive options after fees. To this end, we construct a passive composite of all investable funds in a category and compare each active fund's returns after fees to that benchmark, focusing on the investor experience.
Know Your Odds: Active Versus Passive
Q: Jose, can you talk to us about how the idea for the Active Passive Barometer came about?
The Barometer originated over ten years ago, starting in the States, with a European version soon after, and has since expanded to other markets. Its motivation is to measure how active funds perform relative to a passive composite that reflects real investable options, not just an index. The goal is to identify where active managers can add value and where passive options dominate.
Retail Investors, Meet Private Markets
Q: What should an investor consider when evaluating an ELTIF or LTAF today?
Key considerations include understanding liquidity and redemption terms, realistic return expectations given illiquidity, fee and performance fee structures, valuation transparency, and the fund's governance practices to avoid cherry picking and ensure pro rata allocation.

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Frequently Asked Questions About Beyond the Stars

What is Beyond the Stars about and what kind of topics does it cover?

A research-forward show that examines fund markets, investment strategies, and industry developments through Morningstar's European manager research lens. Episodes frequently dissect Brexit's impact on UK equities, AI exposure in portfolios, semi-liquid and private markets, multi-asset trends, and the evolving world of active vs. passive management. Guests are typically senior Morningstar researchers and fund analysts who translate complex research into practical guidance for advisors, institutions, and serious individual investors. The program often features detailed framework-based discussions—such as concentration risk, fee dynamics, and fund-rating pillars—along with timely case studies like ELTIFs, LTAFs, and crypto exposure. A notable... more

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These podcasts share a similar audience with Beyond the Stars:

1. The Morning Filter
2. Investing Insights
3. The Long View
4. Behind the Balance Sheet
5. Value Investing with Legends

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Beyond the Stars launched 3 months ago and published 18 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Beyond the Stars?

Recent guests on Beyond the Stars include:

1. Michael Born
2. Henry Ince
3. Michael Field
4. Kenneth Lamont
5. Mara Dabrescu
6. Evangelia Gkeka
7. Chris Tate
8. Tom Mills

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