%0 Journal Article %A John A. Haslem %A Carl A. Scheraga %T Morningstar's Classification of Large-Cap Mutual Funds %D 2001 %R 10.3905/joi.2001.319455 %J The Journal of Investing %P 79-89 %V 10 %N 1 %X The objective is to determine whether Morningstar's classification of the investment styles of large-cap funds as growth, blend, and value is consistent with the groups and styles identified by cluster analysis. The analysis identified three homogeneous style groups: growth and two versions of value. The two value clusters were differentiated by degree of diversification of asset allocation and by degree of concentration of security and sector holdings. The mix of Morningstar styles in each identified cluster reveals problems in their method of classifying fund style, especially in the case of their blend and value funds. %U https://joi.pm-research.com/content/iijinvest/10/1/79.full.pdf