CHICAGO, March 18, 2013 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced that the CFA Institute Financial Analysts Journal ( FAJ) has selected "The Liquidity Style of Mutual Funds" by Thomas Idzorek, James Xiong, and Roger Ibbotson for a prestigious Graham & Dodd Scroll Award for 2012. Idzorek, CFA, is president of the Morningstar Investment Management division; Xiong, Ph.D., CFA, is a senior research consultant in the Morningstar Investment Management division; and Ibbotson, Ph.D., CFA, is founder of Ibbotson Associates, chairman and chief investment officer of Zebra Capital Management, and professor of finance at the Yale School of Management. Morningstar acquired Ibbotson Associates in 2006. This is the 10th award from the FAJ won for financial writing based on research of Morningstar, Inc. or its subsidiaries. Recent studies have shown that a liquidity investment style—investing in stocks with lower trading volume—has led to excess returns. In "The Liquidity Style of Mutual Funds," the authors examined whether this style premium, previously documented in stock investing, can be applied at the mutual fund level. Across a wide range of mutual fund categories, they found that, on average, mutual funds that held less-liquid stocks significantly outperformed those that held more-liquid stocks. The paper was published in the November/ December 2012 edition of the FAJ and can be found at www.cfapubs.org. "There are many lenses through which we can view investments—large capitalization versus small, growth versus value. Liquidity offers another valuable lens to help investors evaluate and select mutual funds," Joe Mansueto, chairman and chief executive officer of Morningstar, said. "For years, Tom, James, and Roger have been producing innovative research on manager selection, asset allocation, and portfolio construction with an emphasis on theories and techniques that can be put into practice. We're pleased that the FAJ recognized these thought leaders and their contribution to the field." Awarded by the FAJ's Advisory Council and Editorial Board, the Graham and Dodd Awards are given in recognition of excellence in research and financial writing. The FAJ is published six times a year by CFA Institute, the global association of more than 100,000 securities analysts, portfolio managers, strategists, consultants, and other investment specialists. The Journal advances the knowledge and understanding of the practice of investment management through the publication of high-quality, practitioner-relevant research. About Morningstar, Inc.Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individuals, financial advisors, and institutions. Morningstar provides data on approximately 416,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 9 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its registered investment advisor subsidiaries and has approximately $149 billion in assets under advisement and management as of Dec. 31, 2012. The company has operations in 27 countries. The Morningstar Investment Management division is a division of Morningstar and includes Morningstar Associates, Ibbotson Associates, and Morningstar Investment Services, which are registered investment advisors and wholly owned subsidiaries of Morningstar, Inc.